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v3.23.3

Segment Information | 9 Months Ended
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Sep. 29, 2023
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION In the first quarter of 2023, the Company realigned its internal organization to align with the Company’s strategy, resulting in changes to the Company’s operating segments. Historically, the Company operated through one reportable segment comprised of two operating segments: (i) Mobility Technologies and (ii) Diagnostics and Repair Technologies. Subsequent to the realignment, the Company now operates through three reportable segments which align to the Company’s three operating segments: (i) Mobility Technologies, (ii) Repair Solutions and (iii) Environmental & Fueling Solutions. The Company’s Coats (Hennessy) business, which is currently held for sale, is presented in Other. The Company’s Global Traffic Technologies business, which was divested during April 2023, is presented in Other for periods prior to the divestiture. Refer to Note 13. Divestitures and Assets and Liabilities Held for Sale for further discussion of the Company’s Coats (Hennessy) and Global Traffic Technologies businesses. Segment operating profit is used as a performance metric by the chief operating decision maker (“CODM”) in determining how to allocate resources and assess performance. Segment operating profit represents total segment sales less operating costs attributable to the segment, which does not include unallocated corporate costs and other operating costs not allocated to the reportable segments as part of the CODM’s assessment of reportable segment operating performance, including stock-based compensation expense, amortization of intangible assets, restructuring costs, transaction- and deal-related costs, and other costs not indicative of the segment’s core operating performance. As part of the CODM’s assessment of the Repair Solutions segment, a capital charge based on the segment’s financing receivables portfolio is assessed by Corporate (the “Repair Solutions Capital Charge”). The unallocated corporate and other operating costs are presented in Corporate & other unallocated costs in the reconciliation to earnings before income taxes below. Intersegment amounts are not significant and have been eliminated. The Company’s CODM does not review any information regarding total assets on a segment basis. Prior period segment results have been presented in conformity with the Company’s new reportable segments. Segment results for the periods indicated were as follows:
| Three Months Ended |  | Nine Months Ended
($ in millions) | September 29, 2023 |  | September 30, 2022 |  | September 29, 2023 |  | September 30, 2022
Sales: |  |  |  |  |  |  |
Mobility Technologies | $ | 247.7 |  |  | $ | 228.5 |  |  | $ | 732.4 |  |  | $ | 646.7 |
Repair Solutions(a) | 160.2 |  |  | 152.7 |  |  | 500.0 |  |  | 466.8 |
Environmental & Fueling Solutions | 331.6 |  |  | 368.5 |  |  | 984.7 |  |  | 1,072.0 |
Other | 25.9 |  |  | 38.3 |  |  | 89.1 |  |  | 127.0 |
Total | $ | 765.4 |  |  | $ | 788.0 |  |  | $ | 2,306.2 |  |  | $ | 2,312.5 |
Segment operating profit: |  |  |  |  |  |  |
Mobility Technologies | $ | 51.4 |  |  | $ | 54.8 |  |  | $ | 144.0 |  |  | $ | 138.5 |
Repair Solutions(b) | 43.3 |  |  | 48.6 |  |  | 132.2 |  |  | 137.2 |
Environmental & Fueling Solutions | 95.7 |  |  | 104.3 |  |  | 271.6 |  |  | 284.8 |
Other | 2.2 |  |  | 1.5 |  |  | 8.2 |  |  | 9.8 |
Segment operating profit | 192.6 |  |  | 209.2 |  |  | 556.0 |  |  | 570.3 |
Corporate & other unallocated costs(b) | (50.0) |  |  | (59.0) |  |  | (159.0) |  |  | (148.8) |
Operating profit | 142.6 |  |  | 150.2 |  |  | 397.0 |  |  | 421.5 |
Interest expense, net | (22.8) |  |  | (17.9) |  |  | (70.7) |  |  | (46.1) |
Gain on sale of business | 0.3 |  |  | — |  |  | 34.4 |  |  | — |
Gain on previously held equity interests from combination of business | — |  |  | — |  |  | — |  |  | 32.7 |
Unrealized (loss) gain on equity securities measured at fair value | — |  |  | (65.8) |  |  | — |  |  | 17.2 |
Other non-operating (expense) income, net | (0.2) |  |  | 1.4 |  |  | (1.6) |  |  | 1.3 |
Earnings before income taxes | $ | 119.9 |  |  | $ | 67.9 |  |  | $ | 359.1 |  |  | $ | 426.6 |
Depreciation expense: |  |  |  |  |  |  |
Mobility Technologies | $ | 8.3 |  |  | $ | 5.8 |  |  | $ | 21.2 |  |  | $ | 16.5 |
Repair Solutions | 0.5 |  |  | 0.4 |  |  | 1.4 |  |  | 1.2 |
Environmental & Fueling Solutions | 1.9 |  |  | 3.2 |  |  | 9.3 |  |  | 10.4 |
Other | — |  |  | — |  |  | — |  |  | 0.9 |
Corporate | 0.3 |  |  | 0.4 |  |  | 0.8 |  |  | 0.8 |
Total | $ | 11.0 |  |  | $ | 9.8 |  |  | $ | 32.7 |  |  | $ | 29.8 |
(a) Includes interest income related to financing receivables of $19.7 million, $17.9 million, $58.5 million and $54.5 million for the three and nine months ended September 29, 2023 and September 30, 2022, respectively. (b) Includes the Repair Solutions Capital Charge of $10.5 million, $10.0 million, $31.0 million and $29.8 million for the three and nine months ended September 29, 2023 and September 30, 2022, 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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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