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SEGMENT INFORMATION | 6 Months Ended
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Jun. 29, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s segments are reported on the same basis used by our Chief Executive Officer, who is also our CODM, 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 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, including 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.
| Three Months Ended |  | Six Months Ended |  |  |  |  |  |  |  |  |  |
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023 |  |  |  |  |  |  |  |  |  |
Motion Technologies | $ | 384.5 |  |  | $ | 368.8 |  |  | $ | 776.9 |  |  | $ | 733.6 |  |  |  |  |  |  |  |  |  |  |
Industrial Process | 330.7 |  |  | 293.6 |  |  | 664.6 |  |  | 560.1 |  |  |  |  |  |  |  |  |  |  |
Connect & Control Technologies | 191.8 |  |  | 172.2 |  |  | 376.9 |  |  | 339.8 |  |  |  |  |  |  |  |  |  |  |
Total segment revenue | 907.0 |  |  | 834.6 |  |  | 1,818.4 |  |  | 1,633.5 |  |  |  |  |  |  |  |  |  |  |
Eliminations | (1.1) |  |  | (0.7) |  |  | (1.9) |  |  | (1.7) |  |  |  |  |  |  |  |  |  |  |
Total consolidated revenue | $ | 905.9 |  |  | $ | 833.9 |  |  | $ | 1,816.5 |  |  | $ | 1,631.8 |  |  |  |  |  |  |  |  |  |  |
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.
|  |  |  |  |  |  | Three Months Ended |  | Six Months Ended |  |  |  |
|  |  |  |  |  |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023 |  |  |  |
Motion Technologies |  |  |  |  |  |  | $ | 71.2 |  |  | $ | 57.7 |  |  | $ | 141.8 |  |  | $ | 111.1 |  |  |  |  |
Industrial Process |  |  |  |  |  |  | 65.8 |  |  | 66.4 |  |  | 129.6 |  |  | 121.7 |  |  |  |  |
Connect & Control Technologies |  |  |  |  |  |  | 35.4 |  |  | 28.4 |  |  | 68.1 |  |  | 57.8 |  |  |  |  |
Total segment operating income |  |  |  |  |  |  | 172.4 |  |  | 152.5 |  |  | 339.5 |  |  | 290.6 |  |  |  |  |
Other corporate costs |  |  |  |  |  |  | (13.4) |  |  | (10.5) |  |  | (31.3) |  |  | (24.3) |  |  |  |  |
Interest and non-operating expense, net |  |  |  |  |  |  | (5.6) |  |  | (2.5) |  |  | (10.0) |  |  | (6.0) |  |  |  |  |
Income from continuing operations before income tax |  |  |  |  |  |  | $ | 153.4 |  |  | $ | 139.5 |  |  | $ | 298.2 |  |  | $ | 260.3 |  |  |  |  |
The following table presents our operating margin for each segment. Segment operating margin is calculated as segment operating income divided by segment revenue.
|  |  |  |  | Three Months Ended |  | Six Months Ended
|  |  |  |  |  |  |  |  |  |  |  |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Motion Technologies |  |  |  |  |  |  |  |  |  |  |  |  | 18.5 | % |  | 15.6 | % |  | 18.3 | % |  | 15.1 | %
Industrial Process |  |  |  |  |  |  |  |  |  |  |  |  | 19.9 | % |  | 22.6 | % |  | 19.5 | % |  | 21.7 | %
Connect & Control Technologies |  |  |  |  |  |  |  |  |  |  |  |  | 18.5 | % |  | 16.5 | % |  | 18.1 | % |  | 17.0 | %
The following table presents our total assets, capital expenditures, and depreciation & amortization expense for each segment.
As of and for the Six Months Ended | Total Assets |  | Capital Expenditures |  | Depreciation & Amortization
June 29, 2024 |  | December 31, 2023 |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Motion Technologies | $ | 1,359.4 |  |  | $ | 1,366.6 |  |  | $ | 34.4 |  |  | $ | 29.9 |  |  | $ | 31.3 |  |  | $ | 32.3 |
Industrial Process | 1,844.8 |  |  | 1,323.2 |  |  | 10.8 |  |  | 7.1 |  |  | 23.0 |  |  | 11.1 |
Connect & Control Technologies | 820.1 |  |  | 834.6 |  |  | 5.3 |  |  | 8.3 |  |  | 10.4 |  |  | 9.2 |
Corporate and Other | 386.0 |  |  | 408.2 |  |  | 0.4 |  |  | 1.0 |  |  | 1.3 |  |  | 1.2 |
Total | $ | 4,410.3 |  |  | $ | 3,932.6 |  |  | $ | 50.9 |  |  | $ | 46.3 |  |  | $ | 66.0 |  |  | $ | 53.8 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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