XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.23.3

INVENTORIES, NET | 9 Months Ended
--- | ---
Sep. 30, 2023
Inventory Disclosure [Abstract] |
INVENTORIES, NET | INVENTORIES The following table summarizes our inventories.
As of the Period Ended | September 30, 2023 |  | December 31, 2022
Raw materials | $ | 379.8 |  |  | $ | 342.7 |
Work in process | 113.0 |  |  | 104.6 |
Finished goods | 81.5 |  |  | 86.6 |
Inventories(a) | $ | 574.3 |  |  | $ | 533.9 |
(a) We recorded inventory write-downs of $1.6 and $5.6 related to inventories held by entities impacted by the Russia-Ukraine war during the nine months ended September 30, 2023 and October 1, 2022, respectively. See Note 1, Description of Business and Basis of Presentation, for further information. Government Assistance (ASU 2021-10) Since the start of the COVID-19 pandemic, energy prices have been increasing around the world, particularly in Europe. These increases have prompted governments to put in place measures to shield businesses and consumers from the direct impact of rising prices. These measures include granting subsidies to help offset the high energy prices. ASU 2021-10 requires entities to provide information about the nature of transactions, related policies and effect of government grants on an entity’s financial statements. In particular, in Italy, to qualify for an energy subsidy a company must apply for and receive a certificate attesting that the company is an "energy and gas consuming company" (high energy consumption connected to the production cycle). The amount of subsidies granted is calculated based on a percentage of actual consumption, ranging from 20% to 45%. One of our Italian subsidiaries within our MT segment obtained this certificate and was granted energy subsidies from the Italian government beginning in April 2022. This program concluded in the second quarter of 2023. Accordingly, no energy subsidies were granted for the three months ended September 30, 2023. For the nine months ended September 30, 2023, we recognized a benefit of $6.3 related to energy subsidies, which we recorded within Costs of revenue in our Consolidated Condensed Statements of Operations. Energy subsidies for the three and nine months ended October 1, 2022 were not material. There was no other material government assistance received by the Company or any of our subsidiaries during the periods.

X
- References No definition available. + Details
Name: | us-gaap_InventoryDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
Name: | us-gaap_InventoryDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration