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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Effective during the first quarter of 2023, the Company realigned its four operating segments taking into account the change to its management structure and operating model following completion of the Altra Transaction. All prior periods have been recast to reflect the current segment presentation. The Company is comprised of four operating segments: Industrial Powertrain Solutions (IPS), Power Efficiency Solutions (PES), Automation & Motion Control (AMC) and Industrial Systems.
IPS consists of the majority of the Company's previous Motion Control Solutions (MCS) segment, excluding the conveying and aerospace business units, plus Altra's Power Transmission Technologies segment. The IPS segment designs, produces and services mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes and
gear motors, clutches, brakes, special components products and industrial powertrain components and solutions serving a broad range of markets including food and beverage, bulk handling, eCommerce/warehouse distribution, energy, agricultural machinery, turf & garden and general industrial.
PES consists of the Company's previous Climate Solutions and Commercial Systems segments. The PES segment designs and produces fractional to approximately 5 horsepower AC and DC motors, electronic variable speed controls, fans, and blowers for commercial applications and small motors, electronic variable speed controls and air moving solutions serving markets including residential and light commercial HVAC, water heaters, commercial refrigeration, commercial building ventilation, pool and spa, irrigation, dewatering, agriculture, and general commercial equipment.
AMC consists of the Company's previous MCS aerospace and conveying business units, Altra's Automation & Specialty segment and the Thomson Power Systems business that was previously in the Company's Industrial Systems segment. The AMC segment designs, produces and services conveyor products, conveying automation subsystems, aerospace components, rotary precision motion solutions, high-efficiency miniature motors and motion control products, automation transfer switches, switchgear for industrial applications and automation systems that enable and control the transition of rotary motion to linear motion. These products are used in advanced material handling, aerospace and defense, factory automation, data centers, medical device, packaging, printing, semiconductor, robotic, industrial power tool, mobile off-highway, food & beverage processing and other applications.
Industrial Systems consists of the Company's previous Industrial Systems segment excluding the Thomson Power Systems business. The Industrial Systems segment designs and produces integral motors, alternators for industrial applications, along with aftermarket parts and kits to support such products. These products serve markets including agriculture, marine, mining, oil and gas, food and beverage, data centers, prime and standby power, and general industrial equipment.
The Company evaluates performance based on the segment's income from operations. Corporate costs have been allocated to each segment based on the net sales of each segment. The reported external net sales of each segment are from external customers.
The following sets forth certain financial information attributable to the Company's operating segments, recast as described above, for the three months ended March 31, 2023 and March 31, 2022:
Three Months Ended
March 31, 2023Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
External Sales$414.4 $469.5 $203.2 $137.0 $— $1,224.1 
Intersegment Sales3.5 4.2 5.2 0.7 (13.6)— 
  Total Sales417.9 473.7 208.4 137.7 (13.6)1,224.1 
Gross Profit177.4 117.7 75.4 27.6 — 398.1 
Operating Expenses151.5 72.3 80.6 24.8 — 329.2 
Total Operating Expenses151.5 72.3 80.6 24.8 — 329.2 
Income (Loss) from Operations25.9 45.4 (5.2)2.8 — 68.9 
Depreciation and Amortization41.6 11.7 19.7 3.5 — 76.5 
Capital Expenditures5.4 8.7 3.1 1.5 — 18.7 
March 31, 2022
External Sales$416.3 $567.2 $184.3 $130.7 $— $1,298.5 
Intersegment Sales1.6 2.9 3.4 0.5 (8.4)— 
  Total Sales417.9 570.1 187.7 131.2 (8.4)1,298.5 
Gross Profit154.3 177.5 63.0 27.1 — 421.9 
Operating Expenses108.0 73.1 50.7 20.2 — 252.0 
Total Operating Expenses108.0 73.1 50.7 20.2 — 252.0 
Income from Operations46.3 104.4 12.3 6.9 — 169.9 
Depreciation and Amortization42.6 12.1 19.7 3.5 — 77.9 
Capital Expenditures2.5 7.9 1.6 1.4 — 13.4 
The following table presents identifiable assets information attributable to the Company's operating segments, recast as described above, as of March 31, 2023 and December 31, 2022:
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
Identifiable Assets as of March 31, 2023$8,456.2 $2,234.5 $5,107.5 $749.2 $16,547.4 
Identifiable Assets as of December 31, 20225,028.5 2,234.1 2,202.2 804.1 10,268.9