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Segment Reporting (Tables)

12 Months Ended

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 long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets.

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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.

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