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Segment Information (Notes) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION The Company’s segments are reported on the same basis used by our chief operating decision maker (CODM) for evaluating performance and for allocating resources. The Company’s CODM is the President and Chief Executive Officer. The CODM allocates resources based on revenue and operating income primarily through the annual budget and periodic forecasting process. The CODM considers budget-to-actual variances when making decisions about allocating capital and personnel to the segments. Our three reportable segments are referred to as: Motion Technologies, Industrial Process, and Connect & Control Technologies. Motion Technologies manufactures brake components, 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, marine, 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, cable assemblies, 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 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 segment revenue and operating income for each segment and reconciles to total consolidated revenue, total segment operating income and income from continuing operations before income tax.
For the Year Ended December 31, 2024 | Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Total
Revenue | $ | 1,447.8 |  |  | $ | 1,361.0 |  |  | $ | 825.1 |  |  | $ | 3,633.9 |
Eliminations |  |  |  |  |  |  | (3.2) |
Consolidated revenue |  |  |  |  |  |  | $ | 3,630.7 |
Costs of revenue(a) | 1,016.7 |  |  | 844.2 |  |  | 526.1 |  |  |
Selling, general and administrative expenses(a) | 110.7 |  |  | 215.7 |  |  | 117.7 |  |  |
Research and development expenses(a) | 54.0 |  |  | 24.6 |  |  | 34.5 |  |  |
Other segment expenses(b) | (48.2) |  |  | 0.2 |  |  | 0.7 |  |  |
Segment operating income | 314.6 |  |  | 276.3 |  |  | 146.1 |  |  | 737.0 |
Other corporate costs |  |  |  |  |  |  | (61.0) |
Interest expense |  |  |  |  |  |  | (36.6) |
Interest income |  |  |  |  |  |  | 6.6 |
Other non-operating income, net |  |  |  |  |  |  | 1.6 |
Income from continuing operations before income tax |  |  |  |  |  |  | $ | 647.6 |
For the Year Ended December 31, 2023 | Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Total
Revenue | $ | 1,457.8 |  |  | $ | 1,129.6 |  |  | $ | 699.4 |  |  | $ | 3,286.8 |
Eliminations |  |  |  |  |  |  | (3.8) |
Consolidated revenue |  |  |  |  |  |  | $ | 3,283.0 |
Costs of revenue(a) | 1,053.3 |  |  | 678.4 |  |  | 447.8 |  |  |
Selling, general and administrative expenses(a) | 122.4 |  |  | 192.5 |  |  | 103.2 |  |  |
Research and development expenses(a) | 51.8 |  |  | 15.0 |  |  | 32.7 |  |  |
Other segment expenses(b) | (0.5) |  |  | 0.1 |  |  | 8.2 |  |  |
Segment operating income | 230.8 |  |  | 243.6 |  |  | 107.5 |  |  | 581.9 |
Other corporate costs |  |  |  |  |  |  | (53.7) |
Interest expense |  |  |  |  |  |  | (19.2) |
Interest income |  |  |  |  |  |  | 8.8 |
Other non-operating income, net |  |  |  |  |  |  | 1.7 |
Income from continuing operations before income tax |  |  |  |  |  |  | $ | 519.5 |
For the Year Ended December 31, 2022 | Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Total
Revenue | $ | 1,374.0 |  |  | $ | 971.0 |  |  | $ | 645.6 |  |  | $ | 2,990.6 |
Eliminations |  |  |  |  |  |  | (2.9) |
Consolidated revenue |  |  |  |  |  |  | $ | 2,987.7 |
Costs of revenue(a) | 1,024.6 |  |  | 633.4 |  |  | 410.3 |  |  |
Selling, general and administrative expenses(a) | 91.0 |  |  | 152.5 |  |  | 89.2 |  |  |
Research and development expenses(a) | 50.1 |  |  | 13.8 |  |  | 30.2 |  |  |
Other segment expenses(b) | (0.2) |  |  | (16.3) |  |  | 0.1 |  |  |
Segment operating income | 208.5 |  |  | 187.6 |  |  | 115.8 |  |  | 511.9 |
Other corporate costs |  |  |  |  |  |  | (43.9) |
Interest expense |  |  |  |  |  |  | (10.9) |
Interest income |  |  |  |  |  |  | 4.5 |
Other non-operating income, net |  |  |  |  |  |  | 0.2 |
Income from continuing operations before income tax |  |  |  |  |  |  | $ | 461.8 |
(a)The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM. (b)Other segment items for each reportable segment includes (gain) loss on sale of fixed assets and (gain) loss on sale of businesses. 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 |  |  |  |  |  |  |  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Motion Technologies |  |  |  |  |  |  |  |  |  |  |  |  | 21.7 | % |  | 15.8 | % |  | 15.2 | %
Industrial Process |  |  |  |  |  |  |  |  |  |  |  |  | 20.3 | % |  | 21.6 | % |  | 19.3 | %
Connect & Control Technologies |  |  |  |  |  |  |  |  |  |  |  |  | 17.7 | % |  | 15.4 | % |  | 17.9 | %
The following table presents our assets as of December 31, 2024 and 2023, as well as our capital expenditures and depreciation and amortization expense for the years ended December 31, 2024, 2023, and 2022, by segment.
| Assets |  | Capital Expenditures |  | Depreciation and Amortization
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Motion Technologies | $ | 1,186.6 |  |  | $ | 1,366.6 |  |  | $ | 75.3 |  |  | $ | 72.0 |  |  | $ | 73.2 |  |  | $ | 61.5 |  |  | $ | 64.4 |  |  | $ | 59.9 |
Industrial Process | 1,798.6 |  |  | 1,323.2 |  |  | 34.2 |  |  | 17.7 |  |  | 10.9 |  |  | 45.9 |  |  | 21.9 |  |  | 25.3 |
Connect & Control Technologies | 1,326.8 |  |  | 834.6 |  |  | 13.1 |  |  | 16.1 |  |  | 14.8 |  |  | 27.5 |  |  | 20.3 |  |  | 18.8 |
Corporate and Other | 398.7 |  |  | 408.2 |  |  | 1.3 |  |  | 1.8 |  |  | 5.0 |  |  | 2.4 |  |  | 2.6 |  |  | 3.4 |
Total | $ | 4,710.7 |  |  | $ | 3,932.6 |  |  | $ | 123.9 |  |  | $ | 107.6 |  |  | $ | 103.9 |  |  | $ | 137.3 |  |  | $ | 109.2 |  |  | $ | 107.4 |
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, 2024 | Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Eliminations |  | Total
North America(a) | $ | 256.5 |  |  | $ | 714.6 |  |  | $ | 539.0 |  |  | $ | (2.8) |  |  | $ | 1,507.3 |
Europe(b) | 787.4 |  |  | 176.2 |  |  | 144.6 |  |  | (0.3) |  |  | 1,107.9 |
Asia(c) | 384.7 |  |  | 190.6 |  |  | 95.2 |  |  | (0.1) |  |  | 670.4 |
Middle East and Africa | 1.2 |  |  | 165.9 |  |  | 32.6 |  |  | — |  |  | 199.7 |
South America | 18.0 |  |  | 113.7 |  |  | 13.7 |  |  | — |  |  | 145.4 |
Total | $ | 1,447.8 |  |  | $ | 1,361.0 |  |  | $ | 825.1 |  |  | $ | (3.2) |  |  | $ | 3,630.7 |
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |
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 |
(a)Includes revenue of $1,197.6, $1,075.8, and $978.6 from the United States for 2024, 2023, and 2022, respectively. (b)Includes revenue of $385.9, $387.8, and $404.7 from Germany for 2024, 2023, and 2022, respectively. (c)Includes revenue of $445.3, $351.8, and $307.8 from China for 2024, 2023, and 2022, respectively. The following table displays Plant, Property and Equipment (PPE), net by geographic region.
As of December 31 | 2024 |  | 2023
North America(a) | $ | 160.4 |  |  | $ | 165.0 |
Europe(b) | 300.6 |  |  | 287.5 |
Asia(c) | 91.7 |  |  | 87.8 |
Middle East and Africa | 22.4 |  |  | 17.8 |
South America | 2.1 |  |  | 2.9 |
Total | $ | 577.2 |  |  | $ | 561.0 |
(a)Includes PPE, net of $113.0 and $127.1 in the United States as of December 31, 2024 and 2023, respectively. (b)Includes PPE, net of $154.8 and $134.4 in Italy as of December 31, 2024 and 2023, respectively. (c)Includes PPE, net of $62.3 and $63.2 in China as of December 31, 2024 and 2023, respectively.

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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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