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Segment Reporting | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | 13. SEGMENT REPORTING The Company has two reportable segments: Hydraulics and Electronics. These segments are organized primarily based on the similar nature of products offered for sale, the types of customers served and the methods of distribution and are consistent with how the segments are managed, how resources are allocated and how information is used by the chief operating decision maker. The Company evaluates performance and allocates resources based primarily on segment operating income. Certain costs were not allocated to the business segments as they are not used in evaluating the results of, or in allocating resources to the Company’s segments. These costs are presented in the Corporate and other line item. For the nine months ended September 30, 2023, the unallocated costs totaled $29.1 and included certain corporate costs not deemed to be allocable to either business segment of $1.0, amortization of acquisition-related intangible assets of $24.7 and other acquisition and integration-related costs of $3.4. The accounting p olicies of the Company’s operating segments are the same as those used to prepare the accompanying Consolidated, Unaudited Financial Statements. The following table presents financial information by reportable segment:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | October 1, 2022 |  |  | September 30, 2023 |  |  | October 1, 2022 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Hydraulics |  | $ | 132.0 |  |  | $ | 131.2 |  |  | $ | 432.1 |  |  | $ | 411.1 |
Electronics |  |  | 69.4 |  |  |  | 76.0 |  |  |  | 210.1 |  |  |  | 278.3 |
Total |  | $ | 201.4 |  |  | $ | 207.2 |  |  | $ | 642.2 |  |  | $ | 689.4 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |
Hydraulics |  | $ | 18.4 |  |  | $ | 29.4 |  |  | $ | 73.3 |  |  | $ | 92.1 |
Electronics |  |  | 4.2 |  |  |  | 11.0 |  |  |  | 23.8 |  |  |  | 51.8 |
Corporate and other |  |  | (8.8 | ) |  |  | (9.6 | ) |  |  | (29.1 | ) |  |  | (27.3 | )
Total |  | $ | 13.8 |  |  | $ | 30.7 |  |  | $ | 68.0 |  |  | $ | 116.6 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |
Hydraulics |  | $ | 4.5 |  |  | $ | 5.6 |  |  | $ | 19.5 |  |  | $ | 13.9 |
Electronics |  |  | 1.3 |  |  |  | 2.9 |  |  |  | 6.0 |  |  |  | 8.0 |
Total |  | $ | 5.8 |  |  | $ | 8.4 |  |  | $ | 25.5 |  |  | $ | 21.9 |
|  | September 30, 2023 |  |  | December 31, 2022 |
Total assets |  |  |  |  |  |
Hydraulics |  | $ | 962.6 |  |  | $ | 874.8 |
Electronics |  |  | 605.1 |  |  |  | 567.1 |
Corporate |  |  | 22.9 |  |  |  | 21.8 |
Total |  | $ | 1,590.6 |  |  | $ | 1,463.7 |
Geographic Region Information Net sales are measured based on the geographic destination of sales to the Americas, Europe, the Middle East and Africa (“EMEA”) and Asia Pacific (“APAC”). Tangible long-lived assets are shown based on the physical location of the assets and primarily include net property, plant and equipment and exclude right-of-use assets. The following table presents financial information by region:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | October 1, 2022 |  |  | September 30, 2023 |  |  | October 1, 2022 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 115.1 |  |  | $ | 114.7 |  |  | $ | 351.9 |  |  | $ | 365.6 |
EMEA |  |  | 44.5 |  |  |  | 49.0 |  |  |  | 158.9 |  |  |  | 175.0 |
APAC |  |  | 41.8 |  |  |  | 43.5 |  |  |  | 131.4 |  |  |  | 148.8 |
Total |  | $ | 201.4 |  |  | $ | 207.2 |  |  | $ | 642.2 |  |  | $ | 689.4 |
|  | September 30, 2023 |  |  | December 31, 2022 |
Tangible long-lived assets |  |  |  |  |  |
Americas |  | $ | 145.8 |  |  | $ | 105.7 |
EMEA |  |  | 33.9 |  |  |  | 33.1 |
APAC |  |  | 18.3 |  |  |  | 17.7 |
Total |  | $ | 198.0 |  |  | $ | 156.5 |

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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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