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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Information |
Summary of the Company's significant accounts and balances by segment, reconciled to the consolidated totals | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the Year Ended December 31, 2024
​ |  |  | Americas |  | Europe |  | APMEA |  | Total
​ | ​ | ​ | (in millions)
Net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Net sales from external customers | ​ | ​ | $ | 1,664.9 | ​ | $ | 453.3 | ​ | $ | 134.0 | ​ | $ | 2,252.2
Intersegment sales | ​ | ​ |  | 8.9 | ​ |  | 23.0 | ​ |  | 84.7 | ​ |  | 116.6
Total segment net sales | ​ | ​ | $ | 1,673.8 | ​ | $ | 476.3 | ​ | $ | 218.7 | ​ | $ | 2,368.8
Reconciliation of net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Elimination of intersegment sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (116.6)
Total consolidated net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,252.2
Less (a) | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Segment cost of goods sold | ​ | ​ | ​ | 831.5 | ​ | ​ | 312.6 | ​ | ​ | 154.3 | ​ | ​ | ​
Segment selling, general and administrative | ​ | ​ |  | 409.5 | ​ |  | 99.6 | ​ |  | 37.2 | ​ | ​ | ​
Segment research and development | ​ | ​ |  | 56.8 | ​ |  | 10.9 | ​ |  | 2.7 | ​ | ​ | ​
Segment earnings | ​ | ​ | ​ | 376.0 | ​ | ​ | 53.2 | ​ | ​ | 24.5 | ​ | ​ | 453.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of segment earnings to income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment special items (b) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (7.5)
Corporate operating loss (c) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (55.8)
Consolidated operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 390.4
Interest income | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (8.9)
Interest expense | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 14.7
Other income, net | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (1.4)
Income before income taxes | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 386.0
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the Year Ended December 31, 2023
​ |  |  | Americas |  | Europe |  | APMEA |  | Total
​ | ​ | ​ | (in millions)
Net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Net sales from external customers | ​ | ​ | $ | 1,428.1 | ​ | $ | 512.1 | ​ | $ | 116.1 | ​ | $ | 2,056.3
Intersegment sales | ​ | ​ |  | 7.9 | ​ |  | 24.7 | ​ |  | 85.2 | ​ |  | 117.8
Total segment net sales | ​ | ​ | $ | 1,436.0 | ​ | $ | 536.8 | ​ | $ | 201.3 | ​ | $ | 2,174.1
Reconciliation of net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Elimination of intersegment sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (117.8)
Total consolidated net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,056.3
Less (a) | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Segment cost of goods sold | ​ | ​ | ​ | 709.6 | ​ | ​ | 353.9 | ​ | ​ | 146.0 | ​ | ​ | ​
Segment selling, general and administrative | ​ | ​ |  | 342.5 | ​ |  | 100.7 | ​ |  | 34.2 | ​ | ​ | ​
Segment research and development | ​ | ​ |  | 55.4 | ​ |  | 9.8 | ​ |  | 1.8 | ​ | ​ | ​
Segment earnings | ​ | ​ | ​ | 328.5 | ​ | ​ | 72.4 | ​ | ​ | 19.3 | ​ | ​ | 420.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of segment earnings to income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment special items (b) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (8.5)
Corporate operating loss (c) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (60.8)
Consolidated operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 350.9
Interest income | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (7.2)
Interest expense | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 8.2
Other expense, net | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 0.4
Income before income taxes | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 349.5
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the Year Ended December 31, 2022
​ |  |  | Americas |  | Europe |  | APMEA |  | Total
​ | ​ | ​ | (in millions)
Net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Net sales from external customers | ​ | ​ | $ | 1,390.0 | ​ | $ | 499.1 | ​ | $ | 90.4 | ​ | $ | 1,979.5
Intersegment sales | ​ | ​ |  | 11.1 | ​ | ​ | 24.7 | ​ | ​ | 71.4 | ​ |  | 107.2
Total segment net sales | ​ | ​ | $ | 1,401.1 | ​ | $ | 523.8 | ​ | $ | 161.8 | ​ | $ | 2,086.7
Reconciliation of net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Elimination of intersegment sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (107.2)
Total consolidated net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,979.5
Less (a) | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Segment cost of goods sold | ​ | ​ | ​ | 743.0 | ​ | ​ | 348.8 | ​ | ​ | 120.3 | ​ | ​ | ​
Segment selling, general and administrative | ​ | ​ |  | 322.2 | ​ |  | 93.3 | ​ |  | 26.3 | ​ | ​ | ​
Segment research and development | ​ | ​ |  | 49.8 | ​ |  | 8.3 | ​ |  | 1.3 | ​ | ​ | ​
Segment earnings | ​ | ​ | ​ | 286.1 | ​ | ​ | 73.4 | ​ | ​ | 13.9 | ​ | ​ | 373.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of segment earnings to income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment special items (b) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (8.8)
Corporate operating loss (c) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (49.6)
Consolidated operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 315.0
Interest income | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (0.6)
Interest expense | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 7.0
Other expense, net | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1.0
Income before income taxes | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 307.6
(a) | The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM. Significant segment expenses exclude certain expenses incurred and benefits recognized, see footnote (b). Intersegment expenses are included within the amounts shown.
​
(b) | Segment special items are excluded from segment earnings and defined as nonrecurring and unusual expenses incurred or benefits recognized such as restructuring costs, acquisition-related costs, gain or loss on sale of assets, pension settlements and contingent consideration adjustments.
​
(c) | Corporate expenses are primarily for administrative compensation expense, compliance costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs. Corporate special items are included within the amounts shown and consist of acquisition-related costs.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the Years Ended December 31,
​ |  |  | 2024 |  | 2023 |  | 2022
​ | ​ | ​ | (in millions)
Capital expenditures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Americas | ​ | ​ | $ | 23.8 | ​ | $ | 20.8 | ​ | $ | 16.2
Europe | ​ | ​ |  | 9.6 | ​ |  | 8.0 | ​ |  | 11.2
APMEA | ​ | ​ |  | 1.9 | ​ |  | 0.9 | ​ |  | 0.7
Consolidated capital expenditures | ​ | ​ | $ | 35.3 | ​ | $ | 29.7 | ​ | $ | 28.1
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Americas | ​ | ​ | $ | 42.9 | ​ | $ | 31.5 | ​ | $ | 27.4
Europe | ​ | ​ |  | 9.2 | ​ |  | 9.6 | ​ |  | 10.3
APMEA | ​ | ​ |  | 2.3 | ​ |  | 2.2 | ​ |  | 2.0
Consolidated depreciation and amortization | ​ | ​ | $ | 54.4 | ​ | $ | 43.3 | ​ | $ | 39.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Identifiable assets (at end of period) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Americas | ​ | ​ | $ | 1,728.0 | ​ | $ | 1,605.7 | ​ | $ | 1,222.8
Europe | ​ | ​ |  | 534.1 | ​ |  | 569.1 | ​ |  | 583.5
APMEA | ​ | ​ |  | 134.9 | ​ |  | 134.6 | ​ |  | 124.6
Consolidated identifiable assets | ​ | ​ | $ | 2,397.0 | ​ | $ | 2,309.4 | ​ | $ | 1,930.9
Property, plant and equipment, net (at end of period) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Americas | ​ | ​ | $ | 182.9 | ​ | $ | 174.0 | ​ | $ | 124.1
Europe | ​ | ​ |  | 67.0 | ​ |  | 69.9 | ​ |  | 68.4
APMEA | ​ | ​ |  | 4.9 | ​ |  | 4.3 | ​ |  | 4.3
Consolidated property, plant and equipment, net | ​ | ​ | $ | 254.8 | ​ | $ | 248.2 | ​ | $ | 196.8
Schedule of U.S. net sales and U.S. property, plant and equipment of the Company's Americas segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | December 31,
​ |  |  | 2024 |  | 2023 |  | 2022
​ | ​ | ​ | (in millions)
U.S. net sales | ​ | ​ | $ | 1,558.5 | ​ | $ | 1,324.4 | ​ | $ | 1,301.2
U.S. property, plant and equipment, net (at end of year) | ​ | ​ | $ | 170.9 | ​ | $ | 161.5 | ​ | $ | 119.0
​

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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