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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Financial Information and a Reconciliation of Segment | The following tables provide segment financial information and a reconciliation of segment results to consolidated results for the year ended December 31, 2024:
| Engineered Bearings | Industrial Motion | Total
Net sales | $ | 3,034.3 |  | $ | 1,538.7 |  | $ | 4,573.0 |
Cost of products sold(1) | (2,106.9) |  | (1,008.5) |  |
Selling, general and administrative expenses(2) | (419.3) |  | (269.1) |  |
Other segment items(3) | 4.5 |  | (0.1) |  |
Depreciation and amortization(4) | 95.6 |  | 45.5 |  |
Adjusted EBITDA for reportable segments | $ | 608.2 |  | $ | 306.5 |  | $ | 914.7 |
Unallocated corporate expense |  |  | (69.9) |
Impairment, restructuring and reorganization charges |  |  | (17.8) |
Corporate pension and other postretirement benefit income |  |  | 1.3 |
Acquisition-related charges |  |  | (13.0) |
Tax indemnification and related items |  |  | 1.1 |
Gain on divestitures and sale of certain assets |  |  | 14.7 |
CEO succession expenses |  |  | (3.7) |
Property losses and related expenses |  |  | (1.2) |
Depreciation and amortization |  |  | (221.8) |
Interest expense |  |  | (125.1) |
Interest income |  |  | 14.9 |
Income before income taxes |  |  | $ | 494.2 |
Year ended December 31, 2023:
| Engineered Bearings | Industrial Motion | Total
Net sales | $ | 3,257.7 |  | $ | 1,511.3 |  | $ | 4,769.0 |
Cost of products sold(1) | (2,246.0) |  | (979.7) |  |
Selling, general and administrative expenses(2) | (425.4) |  | (253.0) |  |
Other segment items(3) | 4.2 |  | (0.1) |  |
Depreciation and amortization(4) | 92.1 |  | 41.3 |  |
Adjusted EBITDA for reportable segments | $ | 682.6 |  | $ | 319.8 |  | $ | 1,002.4 |
Unallocated corporate expense |  |  | (62.7) |
Impairment, restructuring and reorganization charges |  |  | (59.3) |
Corporate pension and other postretirement benefit expense |  |  | (20.6) |
Acquisition-related charges |  |  | (31.8) |
Gain on divestitures and sale of certain assets |  |  | 5.2 |
Depreciation and amortization |  |  | (201.3) |
Interest expense |  |  | (110.7) |
Interest income |  |  | 9.3 |
Income before income taxes |  |  | $ | 530.5 |
Note 4 - Segment Information (continued) Year ended December 31, 2022:
| Engineered Bearings | Industrial Motion | Total
Net sales | $ | 3,092.6 |  | $ | 1,404.1 |  | $ | 4,496.7 |
Cost of products sold(1) | (2,184.7) |  | (962.8) |  |
Selling, general and administrative expenses(2) | (368.1) |  | (213.6) |  |
Other segment items(3) | 14.7 |  | 1.0 |  |
Depreciation and amortization(4) | 84.0 |  | 35.0 |  |
Adjusted EBITDA for reportable segments | $ | 638.5 |  | $ | 263.7 |  | $ | 902.2 |
Unallocated corporate expense |  |  | (46.3) |
Impairment, restructuring and reorganization charges |  |  | (55.1) |
Corporate pension and other postretirement benefit expense |  |  | (2.9) |
Acquisition-related charges |  |  | (14.8) |
Tax indemnification and related items |  |  | (0.3) |
Gain on divestitures and sale of certain assets |  |  | 2.9 |
Depreciation and amortization |  |  | (164.0) |
Interest expense |  |  | (74.6) |
Interest income |  |  | 3.8 |
Income before income taxes |  |  | $ | 550.9 |
(1) Cost of products sold exclude acquisition-related and reorganization charges, and property losses and related expenses. (2) Selling, general, and administrative expenses exclude acquisition-related charges. (3) Other segments items is Other (expense) income, net and exclude gain on divestitures and sale of certain assets, and tax indemnification and related items. (4) Depreciation and amortization excludes acquisition intangible amortization and depreciation recognized in reorganization charges, if any.
| 2024 | 2023
Assets employed at year-end: |  |
Engineered Bearings | $ | 3,126.1 |  | $ | 3,296.8 |
Industrial Motion | 2,822.6 |  | 2,744.5 |
Corporate (5) | 462.3 |  | 500.4 |
| $ | 6,411.0 |  | $ | 6,541.7 |
(5) Corporate assets include corporate buildings and cash and cash equivalents.
| 2024 | 2023 | 2022
Capital expenditures: |  |  |
Engineered Bearings | $ | 120.3 |  | $ | 140.7 |  | $ | 143.8 |
Industrial Motion | 49.1 |  | 46.2 |  | 33.2 |
Corporate | 0.6 |  | 0.9 |  | 1.4 |
| $ | 170.0 |  | $ | 187.8 |  | $ | 178.4 |
Depreciation and amortization: |  |  |
Engineered Bearings | $ | 108.6 |  | $ | 107.2 |  | $ | 87.6 |
Industrial Motion | 111.6 |  | 92.7 |  | 74.8 |
Corporate | 1.6 |  | 1.4 |  | 1.6 |
| $ | 221.8 |  | $ | 201.3 |  | $ | 164.0 |
Schedule of Geographic Financial Information | Geographic Financial Information:
| 2024 | 2023
Property, Plant and Equipment, net: |  |
United States | $ | 470.0 |  | $ | 446.3 |
China | 264.5 |  | 278.8 |
India | 174.2 |  | 146.2 |
Rest of world | 398.2 |  | 440.6 |
| $ | 1,306.9 |  | $ | 1,311.9 |

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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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