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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Sales Information By Reportable Segments | Segment results for the years ended December 31, 2024, 2023 and 2022 based on the Company’s reportable segments are as follows (in millions):
Years Ended December 31, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments
2024 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,850.3 |  |  | $ | 1,315.9 |  |  | $ | 6,812.9 |  |  | $ | 682.8 |  |  | $ | 11,661.9 |
Cost of goods sold |  | 2,150.3 |  |  | 1,052.6 |  |  | 5,021.7 |  |  | 538.2 |  |  | 8,762.8 |
Selling, general and administrative expenses |  | 378.7 |  |  | 111.5 |  |  | 578.4 |  |  | 98.9 |  |  | 1,167.5 |
Engineering expenses |  | 145.5 |  |  | 47.4 |  |  | 287.1 |  |  | 13.0 |  |  | 493.0 |
Income from operations |  | $ | 175.8 |  |  | $ | 104.4 |  |  | $ | 925.7 |  |  | $ | 32.7 |  |  | $ | 1,238.6 |
Depreciation |  | $ | 63.1 |  |  | $ | 35.1 |  |  | $ | 137.9 |  |  | $ | 15.1 |  |  | $ | 251.2 |
Assets |  | 1,527.9 |  |  | 946.9 |  |  | 2,841.4 |  |  | 697.7 |  |  | 6,013.9 |
Capital expenditures |  | 66.2 |  |  | 44.7 |  |  | 278.8 |  |  | 3.6 |  |  | 393.3 |
2023 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 3,752.7 |  |  | $ | 2,234.2 |  |  | $ | 7,540.5 |  |  | $ | 885.0 |  |  | $ | 14,412.4 |
Cost of goods sold |  | 2,788.6 |  |  | 1,629.9 |  |  | 5,514.0 |  |  | 702.5 |  |  | 10,635.0 |
Selling, general and administrative expenses |  | 353.5 |  |  | 162.6 |  |  | 598.0 |  |  | 90.9 |  |  | 1,205.0 |
Engineering expenses |  | 151.3 |  |  | 55.3 |  |  | 327.9 |  |  | 14.3 |  |  | 548.8 |
Income from operations |  | $ | 459.3 |  |  | $ | 386.4 |  |  | $ | 1,100.6 |  |  | $ | 77.3 |  |  | $ | 2,023.6 |
Depreciation |  | $ | 62.3 |  |  | $ | 35.5 |  |  | $ | 115.6 |  |  | $ | 17.0 |  |  | $ | 230.4 |
Assets |  | 1,883.2 |  |  | 1,394.9 |  |  | 3,017.4 |  |  | 875.2 |  |  | 7,170.7 |
Capital expenditures |  | 122.6 |  |  | 75.8 |  |  | 315.4 |  |  | 4.3 |  |  | 518.1 |
2022 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 3,175.1 |  |  | $ | 2,121.6 |  |  | $ | 6,447.3 |  |  | $ | 907.4 |  |  | $ | 12,651.4 |
Cost of goods sold |  | 2,462.8 |  |  | 1,590.1 |  |  | 4,904.8 |  |  | 692.4 |  |  | 9,650.1 |
Selling, general and administrative expenses |  | 305.3 |  |  | 121.9 |  |  | 492.4 |  |  | 83.8 |  |  | 1,003.4 |
Engineering expenses |  | 128.2 |  |  | 35.7 |  |  | 266.0 |  |  | 14.3 |  |  | 444.2 |
Income from operations |  | $ | 278.8 |  |  | $ | 373.9 |  |  | $ | 784.1 |  |  | $ | 116.9 |  |  | $ | 1,553.7 |
Depreciation |  | $ | 60.5 |  |  | $ | 29.4 |  |  | $ | 104.7 |  |  | $ | 14.9 |  |  | $ | 209.5 |
Assets |  | 1,790.3 |  |  | 1,259.8 |  |  | 2,475.6 |  |  | 650.5 |  |  | 6,176.2 |
Capital expenditures |  | 119.6 |  |  | 54.4 |  |  | 207.4 |  |  | 6.9 |  |  | 388.3 |
Reconciliation of Income From Operations from Segment to Consolidated | A reconciliation from the segment information to the consolidated balances for income (loss) from operations and total assets is set forth below (in millions):
| 2024 |  | 2023 |  | 2022
Segment income from operations | $ | 1,238.6 |  |  | $ | 2,023.6 |  |  | $ | 1,553.7 |
Corporate expenses | (212.3) |  |  | (204.9) |  |  | (153.4) |
Amortization of intangibles | (81.0) |  |  | (57.7) |  |  | (60.1) |
Stock compensation expense | (17.9) |  |  | (44.6) |  |  | (32.7) |
Impairment charges | (369.5) |  |  | (4.1) |  |  | (36.0) |
Restructuring and business optimization expenses | (172.7) |  |  | (11.9) |  |  | (6.1) |
Loss on sale of business | (507.3) |  |  | — |  |  | — |
Consolidated income (loss) from operations | $ | (122.1) |  |  | $ | 1,700.4 |  |  | $ | 1,265.4 |
Segment assets | $ | 6,013.9 |  |  | $ | 7,170.7 |  |  | $ | 6,176.2 |
Cash and cash equivalents | 612.7 |  |  | 595.5 |  |  | 789.5 |
Investments in affiliates | 519.6 |  |  | 512.7 |  |  | 436.9 |
Deferred tax assets, other current and noncurrent assets | 1,495.1 |  |  | 1,500.1 |  |  | 1,025.9 |
Intangible assets, net | 728.9 |  |  | 308.8 |  |  | 364.4 |
Goodwill | 1,820.4 |  |  | 1,333.4 |  |  | 1,310.8 |
Consolidated total assets | $ | 11,190.6 |  |  | $ | 11,421.2 |  |  | $ | 10,103.7 |
Reconciliation of Assets from Segment to Consolidated | A reconciliation from the segment information to the consolidated balances for income (loss) from operations and total assets is set forth below (in millions):
| 2024 |  | 2023 |  | 2022
Segment income from operations | $ | 1,238.6 |  |  | $ | 2,023.6 |  |  | $ | 1,553.7 |
Corporate expenses | (212.3) |  |  | (204.9) |  |  | (153.4) |
Amortization of intangibles | (81.0) |  |  | (57.7) |  |  | (60.1) |
Stock compensation expense | (17.9) |  |  | (44.6) |  |  | (32.7) |
Impairment charges | (369.5) |  |  | (4.1) |  |  | (36.0) |
Restructuring and business optimization expenses | (172.7) |  |  | (11.9) |  |  | (6.1) |
Loss on sale of business | (507.3) |  |  | — |  |  | — |
Consolidated income (loss) from operations | $ | (122.1) |  |  | $ | 1,700.4 |  |  | $ | 1,265.4 |
Segment assets | $ | 6,013.9 |  |  | $ | 7,170.7 |  |  | $ | 6,176.2 |
Cash and cash equivalents | 612.7 |  |  | 595.5 |  |  | 789.5 |
Investments in affiliates | 519.6 |  |  | 512.7 |  |  | 436.9 |
Deferred tax assets, other current and noncurrent assets | 1,495.1 |  |  | 1,500.1 |  |  | 1,025.9 |
Intangible assets, net | 728.9 |  |  | 308.8 |  |  | 364.4 |
Goodwill | 1,820.4 |  |  | 1,333.4 |  |  | 1,310.8 |
Consolidated total assets | $ | 11,190.6 |  |  | $ | 11,421.2 |  |  | $ | 10,103.7 |
Property, Plant and Equipment, Right-of-use Lease Assets and Amortizable Intangible Assets | Property, plant and equipment, right-of-use lease assets and amortizable intangible assets by country as of December 31, 2024 and 2023 was as follows (in millions):
| 2024 |  | 2023
United States | $ | 945.8 |  |  | $ | 587.3 |
Germany | 658.4 |  |  | 587.7 |
Brazil | 200.6 |  |  | 271.2 |
Finland | 282.2 |  |  | 232.3 |
France | 163.8 |  |  | 143.2 |
Italy | 86.0 |  |  | 109.4 |
China | 59.1 |  |  | 68.8 |
Denmark | 5.2 |  |  | 66.2 |
Other | 231.5 |  |  | 253.9 |
| $ | 2,632.6 |  |  | $ | 2,320.0 |

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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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