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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information
Note 4 - Segment Information
The Company operates under two reportable segments: (1) Engineered Bearings and (2) Industrial Motion.
Description of types of products and services from which each reportable segment derives its revenues:
The Company's reportable segments are product business units that serve customers in diverse industrial markets. Each reportable segment is managed to address specific customer needs in these diverse market segments.
The Engineered Bearings portfolio features bearings with precision tolerances, proprietary internal geometries and quality materials. Products include tapered, spherical, cylindrical, thrust, ball, plain, miniature, precision and housed unit bearings that deliver strong performance, consistency and reliability. The portfolio serves OEMs and end users in the following markets: industrial distribution, renewable energy, automotive, rail, aerospace, metals and mining, heavy truck, agriculture and turf, and construction. Beyond products sold to OEMs, aftermarket sales to individual end users, equipment owners, operators and maintenance shops are handled directly or through the Company's extensive network of authorized automotive and heavy truck distributors.
The Industrial Motion portfolio features products such as drives, breathers, seals, automatic lubrication systems, linear motion products, chain, belts, couplings, industrial clutches and brakes, and gears and gearboxes. The portfolio products and services are sold to OEMs and end users in markets that place heavy demands on operating equipment they make or use. This includes: industrial distribution, automation, agriculture and turf, services, marine, renewable energy, aerospace and construction. This segment also supports aftermarket sales through its global network of authorized industrial distributors and through the provision of services directly to end users. In addition, the Company’s industrial drivetrain services offer end users a broad portfolio of maintenance support and capabilities that include repair and service for bearings and gearboxes as well as electric motor rewind, repair and services.

Measurement of segment profit or loss and segment assets:
The Company's CODM is the President and Chief Executive Officer. The primary measurement used by the CODM to measure the financial performance of each segment is adjusted EBITDA. The Company's CODM evaluates financial performance and allocates resources based on return on capital and profitable growth. The CODM considers actual and budget results provided on a regular basis for both segment's profit measures when making decisions about allocating capital and personnel to the segments.
The Company adopted the new disclosure requirements under ASU 2023-07, which requires that the Company disclose significant segment expenses. The Company concluded that the significant segment expenses provided to the CODM are: (1) cost of products sold and (2) selling, general and administrative expenses. 2023 and 2022 have been revised to align with the new presentation guidance.
The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies.
Note 4 - Segment Information (continued)
Business Segment Information:
The following tables provide segment financial information and a reconciliation of segment results to consolidated results for the year ended December 31, 2024:
Engineered BearingsIndustrial MotionTotal
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 income1.3 
Acquisition-related charges(13.0)
Tax indemnification and related items1.1 
Gain on divestitures and sale of certain assets14.7 
CEO succession expenses(3.7)
Property losses and related expenses(1.2)
Depreciation and amortization(221.8)
Interest expense(125.1)
Interest income14.9 
Income before income taxes$494.2 
Year ended December 31, 2023:
Engineered BearingsIndustrial MotionTotal
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 assets5.2 
Depreciation and amortization(201.3)
Interest expense(110.7)
Interest income9.3 
Income before income taxes$530.5 
Note 4 - Segment Information (continued)
Year ended December 31, 2022:
Engineered BearingsIndustrial MotionTotal
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 assets2.9 
Depreciation and amortization(164.0)
Interest expense(74.6)
Interest income3.8 
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.

The following tables provide additional segment financial information:
20242023
Assets employed at year-end:
Engineered Bearings$3,126.1 $3,296.8 
Industrial Motion2,822.6 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.

202420232022
Capital expenditures:
Engineered Bearings$120.3 $140.7 $143.8 
Industrial Motion49.1 46.2 33.2 
Corporate0.6 0.9 1.4 
 $170.0 $187.8 $178.4 
Depreciation and amortization:
Engineered Bearings$108.6 $107.2 $87.6 
Industrial Motion111.6 92.7 74.8 
Corporate1.6 1.4 1.6 
 $221.8 $201.3 $164.0 
Note 4 - Segment Information (continued)
Geographic Financial Information:
20242023
Property, Plant and Equipment, net:  
United States$470.0 $446.3 
China 264.5 278.8 
India174.2 146.2 
Rest of world398.2 440.6 
$1,306.9 $1,311.9 
Long-lived assets by geographic area are reported by the location of the subsidiary. Refer to Note 3 - Revenue for further information pertaining to geographic net sales information.