Accounting Policies (Tables)

12 Months Ended

Jan. 01, 2022

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by geographical region for the fiscal years ended January 1, 2022, January 2, 2021 and December 28, 2019, respectively, (in millions):

January 1, 2022	Commercial Systems		Industrial Systems		Climate Solutions		Motion Control Solutions		Total
North America	$	696.0	$	296.2	$	905.9	$	877.0	$	2,775.1
Asia	182.3		186.7		33.7		60.3		463.0
Europe	102.7		46.4		43.6		168.8		361.5
Rest-of-World	51.1		47.0		47.4		65.2		210.7
Total	$	1,032.1	$	576.3	$	1,030.6	$	1,171.3	$	3,810.3

January 2, 2021	Commercial Systems		Industrial Systems		Climate Solutions		Motion Control Solutions		Total
North America	$	566.9	$	291.4	$	752.7	$	572.4	$	2,183.4
Asia	124.9		150.9		27.7		27.5		331.0
Europe	86.1		44.8		30.3		86.4		247.6
Rest-of-World	42.3		41.7		36.1		24.9		145.0
Total	$	820.2	$	528.8	$	846.8	$	711.2	$	2,907.0

December 28, 2019	Commercial Systems		Industrial Systems		Climate Solutions		Motion Control Solutions		Total
North America	$	643.0	$	313.5	$	848.6	$	639.9	$	2,445.0
Asia	107.2		167.0		37.7		30.4		342.3
Europe	135.5		49.2		40.5		91.5		316.7
Rest-of-World	19.6		45.7		41.7		27.0		134.0
Total	$	905.3	$	575.4	$	968.5	$	788.8	$	3,238.0

Research and Development Costs are Expense

The costs are recorded in Operating Expenses in the fiscal year as follows as noted in the table below:

	January 1, 2022		January 2, 2021		December 28, 2019
Research, Development and Engineering Costs	$	74.5	$	67.0	$	64.6

Percentage Distribution Between Major Classes of Inventory

The major classes of inventory at year end are as follows:

	January 1, 2022	January 2, 2021
Raw Material and Work in Process	43.4%	48.7%
Finished Goods and Purchased Parts	56.6%	51.3%

Property, Plant and Equipment

Property, plant and equipment by major classification was as follows (in millions):

	Useful Life (In Years)	January 1, 2022		January 2, 2021
Land and Improvements		$	109.1	$	76.1
Buildings and Improvements	3-50	449.6		290.7
Machinery and Equipment	3-15	1,164.8		978.2
Property, Plant and Equipment		1,723.5		1,345.0
Less: Accumulated Depreciation		(815.0)		(789.5)
Net Property, Plant and Equipment		$	908.5	$	555.5

Earnings Per Share Reconciliation

The following table reconciles the basic and diluted shares used in earnings per share calculations for the fiscal years ended (in millions):

	2021	2020	2019
Denominator for Basic Earnings Per Share	47.3	40.6	42.0
Effect of Dilutive Securities	0.4	0.2	0.2
Denominator for Diluted Earnings Per Share	47.7	40.8	42.2

Accumulated Other Comprehensive Loss

The components of the ending balances of AOCI are as follows (in millions):

	2021		2020
Foreign Currency Translation Adjustments	$	(201.8)	$	(155.7)
Hedging Activities, Net of Tax of $6.6 in 2021 and $7.5 in 2020	21.0		23.5
Pension and Post-Retirement Benefits, Net of Tax of $(4.2) in 2021 and $(9.4) in 2020	(14.3)		(31.1)
Total	$	(195.1)	$	(163.3)