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Segment Information (Notes) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION The Company’s segments are reported on the same basis used by our chief operating decision maker for evaluating performance and for allocating resources. Our three reportable segments are referred to as: Motion Technologies, Industrial Process, and Connect & Control Technologies. Motion Technologies manufactures brake components and specialized sealing solutions, shock absorbers and damping technologies primarily for the global automotive, truck and trailer, public bus and rail transportation markets. Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, energy, mining, and other industrial process markets and is a provider of plant optimization and efficiency solutions and aftermarket services and parts. Connect & Control Technologies manufactures harsh-environment connector solutions, critical energy absorption, flow control components, and composite materials for the aerospace and defense, general industrial, medical, and energy markets. Assets of our reportable segments exclude general corporate assets, which principally consist of cash, investments, deferred taxes, and certain property, plant and equipment. These assets are included within Corporate and Other, which is described further below. Corporate and Other consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs, as well as charges related to certain matters, such as asbestos and environmental liabilities, that are managed at a corporate level and are not included in segment results when evaluating performance or allocating resources. In addition, Corporate and Other includes research and development-related expenses associated with a subsidiary that does not constitute a reportable segment. The following table presents our revenue for each segment and reconciles our total segment revenue to total consolidated revenue.
| Revenue |  |  |  |
For the Year Ended December 31 | 2023 |  | 2022 |  | 2021 |  |  |  |  |  |  |  |  |  |  |  |
Motion Technologies | $ | 1,457.8 |  |  | $ | 1,374.0 |  |  | $ | 1,368.6 |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial Process | 1,129.6 |  |  | 971.0 |  |  | 843.2 |  |  |  |  |  |  |  |  |  |  |  |  |
Connect & Control Technologies | 699.4 |  |  | 645.6 |  |  | 554.7 |  |  |  |  |  |  |  |  |  |  |  |  |
Total segment revenue | 3,286.8 |  |  | 2,990.6 |  |  | 2,766.5 |  |  |  |  |  |  |  |  |  |  |  |  |
Eliminations | (3.8) |  |  | (2.9) |  |  | (1.5) |  |  |  |  |  |  |  |  |  |  |  |  |
Total consolidated revenue | $ | 3,283.0 |  |  | $ | 2,987.7 |  |  | $ | 2,765.0 |  |  |  |  |  |  |  |  |  |  |  |  |
The following table presents our operating income for each segment and reconciles our total segment operating income to income from continuing operations before income tax.
|  |  | Operating Income |  |
For the Year Ended December 31 |  |  |  |  |  |  | 2023 |  | 2022 |  | 2021 |  |  |  |  |  |
Motion Technologies |  |  |  |  |  |  | $ | 230.8 |  |  | $ | 208.5 |  |  | $ | 258.2 |  |  |  |  |  |  |
Industrial Process |  |  |  |  |  |  | 243.6 |  |  | 187.6 |  |  | 126.8 |  |  |  |  |  |  |
Connect & Control Technologies |  |  |  |  |  |  | 107.5 |  |  | 115.8 |  |  | 81.7 |  |  |  |  |  |  |
Total segment operating income |  |  |  |  |  |  | 581.9 |  |  | 511.9 |  |  | 466.7 |  |  |  |  |  |  |
Other corporate costs |  |  |  |  |  |  | (53.7) |  |  | (43.9) |  |  | (36.8) |  |  |  |  |  |  |
Asbestos-related benefit, net(a) |  |  |  |  |  |  | — |  |  | — |  |  | 74.4 |  |  |  |  |  |  |
Interest (expense) income, net |  |  |  |  |  |  | (10.4) |  |  | (6.4) |  |  | 1.1 |  |  |  |  |  |  |
Other non-operating income, net |  |  |  |  |  |  | 1.7 |  |  | 0.2 |  |  | 3.7 |  |  |  |  |  |  |
Income from continuing operations before income tax |  |  |  |  |  |  | $ | 519.5 |  |  | $ | 461.8 |  |  | $ | 509.1 |  |  |  |  |  |  |
(a)The 2021 period includes a pre-tax gain of $88.8 resulting from the InTelCo divestiture transaction. See Note 19, Commitments and Contingencies, for further information. The following table presents our operating margin for each segment. Segment operating margin is calculated as segment operating income divided by segment revenue.
For the Year Ended December 31 |  |  |  |  |  |  |  |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Motion Technologies |  |  |  |  |  |  |  |  |  |  |  |  | 15.8 | % |  | 15.2 | % |  | 18.9 | %
Industrial Process |  |  |  |  |  |  |  |  |  |  |  |  | 21.6 | % |  | 19.3 | % |  | 15.0 | %
Connect & Control Technologies |  |  |  |  |  |  |  |  |  |  |  |  | 15.4 | % |  | 17.9 | % |  | 14.7 | %
The following table presents our assets as of December 31, 2023 and 2022, as well as our capital expenditures and depreciation and amortization expense for the years ended December 31, 2023, 2022, and 2021, by segment.
| Assets |  | Capital Expenditures |  | Depreciation and Amortization
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Motion Technologies | $ | 1,366.6 |  |  | $ | 1,311.9 |  |  | $ | 72.0 |  |  | $ | 73.2 |  |  | $ | 71.1 |  |  | $ | 64.4 |  |  | $ | 59.9 |  |  | $ | 64.1 |
Industrial Process | 1,323.2 |  |  | 1,218.6 |  |  | 17.7 |  |  | 10.9 |  |  | 6.7 |  |  | 21.9 |  |  | 25.3 |  |  | 22.3 |
Connect & Control Technologies | 834.6 |  |  | 751.6 |  |  | 16.1 |  |  | 14.8 |  |  | 8.5 |  |  | 20.3 |  |  | 18.8 |  |  | 21.8 |
Corporate and Other | 408.2 |  |  | 498.2 |  |  | 1.8 |  |  | 5.0 |  |  | 2.1 |  |  | 2.6 |  |  | 3.4 |  |  | 4.9 |
Total | $ | 3,932.6 |  |  | $ | 3,780.3 |  |  | $ | 107.6 |  |  | $ | 103.9 |  |  | $ | 88.4 |  |  | $ | 109.2 |  |  | $ | 107.4 |  |  | $ | 113.1 |
The following table displays consolidated revenue by geographic region. Revenue is attributed to individual regions based on the destination of the product or service delivery.
For the Year Ended December 31, 2023 | Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Eliminations |  | Total
North America(a) | $ | 265.2 |  |  | $ | 660.9 |  |  | $ | 441.1 |  |  | $ | (3.7) |  |  | $ | 1,363.5 |
Europe(b) | 802.7 |  |  | 109.1 |  |  | 134.8 |  |  | — |  |  | 1,046.6 |
Asia(c) | 370.1 |  |  | 118.5 |  |  | 84.1 |  |  | (0.1) |  |  | 572.6 |
Middle East and Africa | 1.5 |  |  | 139.6 |  |  | 28.4 |  |  | — |  |  | 169.5 |
South America | 18.3 |  |  | 101.5 |  |  | 11.0 |  |  | — |  |  | 130.8 |
Total | $ | 1,457.8 |  |  | $ | 1,129.6 |  |  | $ | 699.4 |  |  | $ | (3.8) |  |  | $ | 3,283.0 |
For the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |
North America(a) | $ | 266.9 |  |  | $ | 566.2 |  |  | $ | 390.2 |  |  | $ | (2.8) |  |  | $ | 1,220.5 |
Europe(b) | 756.7 |  |  | 94.6 |  |  | 136.4 |  |  | — |  |  | 987.7 |
Asia(c) | 333.6 |  |  | 102.8 |  |  | 88.1 |  |  | (0.1) |  |  | 524.4 |
Middle East and Africa | 1.3 |  |  | 120.8 |  |  | 22.4 |  |  | — |  |  | 144.5 |
South America | 15.5 |  |  | 86.6 |  |  | 8.5 |  |  | — |  |  | 110.6 |
Total | $ | 1,374.0 |  |  | $ | 971.0 |  |  | $ | 645.6 |  |  | $ | (2.9) |  |  | $ | 2,987.7 |
For the Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |
North America(a) | $ | 249.9 |  |  | $ | 470.1 |  |  | $ | 331.4 |  |  | $ | (1.5) |  |  | $ | 1,049.9 |
Europe(b) | 798.8 |  |  | 96.0 |  |  | 115.5 |  |  | — |  |  | 1,010.3 |
Asia(c) | 307.8 |  |  | 99.8 |  |  | 84.0 |  |  | — |  |  | 491.6 |
Middle East and Africa | 1.0 |  |  | 97.7 |  |  | 18.1 |  |  | — |  |  | 116.8 |
South America | 11.1 |  |  | 79.6 |  |  | 5.7 |  |  | — |  |  | 96.4 |
Total | $ | 1,368.6 |  |  | $ | 843.2 |  |  | $ | 554.7 |  |  | $ | (1.5) |  |  | $ | 2,765.0 |
(a)Includes revenue of $1,075.8, $978.6, and $842.9 from the United States for 2023, 2022, and 2021, respectively. (b)Includes revenue of $387.8, $404.7, and $418.3 from Germany for 2023, 2022, and 2021, respectively. (c)Includes revenue of $351.8, $307.8, and $306.5 from China for 2023, 2022, and 2021, respectively. The following table displays Plant, Property and Equipment (PPE), net by geographic region.
As of December 31 | 2023 |  | 2022
North America(a) | $ | 165.0 |  |  | $ | 156.5 |
Europe(b) | 287.5 |  |  | 272.5 |
Asia(c) | 87.8 |  |  | 79.2 |
Middle East and Africa | 17.8 |  |  | 15.8 |
South America | 2.9 |  |  | 2.8 |
Total | $ | 561.0 |  |  | $ | 526.8 |
(a)Includes PPE, net of $127.1 and $125.2 in the United States as of December 31, 2023 and 2022, respectively. (b)Includes PPE, net of $134.4 and $113.6 in Italy as of December 31, 2023 and 2022, respectively. (c)Includes PPE, net of $63.2 and $52.8 in China as of December 31, 2023 and 2022, respectively.

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