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OTHER FINANCIAL INFORMATION
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER FINANCIAL INFORMATION OTHER FINANCIAL INFORMATION
Revenue Recognition
The Company recognizes revenue from the sale of electric motors, electrical motion controls, power generation, automation and power transmission products and components, factory automation sub-systems, industrial powertrain solutions, air moving products and specialty electrical components and systems. The Company recognizes revenue when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services.
The following tables presents the Company’s revenues disaggregated by geographical region:
Three Months Ended
September 30, 2023Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$422.6 $367.8 $274.8 $68.3 $1,133.5 
Asia45.7 44.4 22.7 36.4 149.2 
Europe126.3 33.8 100.3 12.9 273.3 
Rest-of-World46.1 15.3 22.0 10.4 93.8 
Total$640.7 $461.3 $419.8 $128.0 $1,649.8 
September 30, 2022Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$321.9 $451.3 $138.3 $79.9 $991.4 
Asia38.2 49.5 4.9 44.8 137.4 
Europe54.5 46.1 37.6 11.7 149.9 
Rest-of-World1.0 22.2 11.8 11.6 46.6 
Total$415.6 $569.1 $192.6 $148.0 $1,325.3 
Nine Months Ended
September 30, 2023Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$1,206.8 $1,094.4 $726.8 $211.8 $3,239.8 
Asia114.1 133.1 50.7 113.9 411.8 
Europe299.8 118.3 251.2 44.0 713.3 
Rest-of-World133.1 45.1 67.4 32.0 277.6 
Total$1,753.8 $1,390.9 $1,096.1 $401.7 $4,642.5 
September 30, 2022Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$907.9 $1,360.7 $418.6 $224.0 $2,911.2 
Asia102.5 154.5 13.4 121.8 392.2 
Europe174.8 140.4 118.3 37.3 470.8 
Rest-of-World68.8 76.1 20.7 33.4 199.0 
Total$1,254.0 $1,731.7 $571.0 $416.5 $3,973.2 
Trade Receivables
The Company's policy for estimating the allowance for credit losses on trade receivables considers several factors including historical write-off experience, overall customer credit quality in relation to general economic and market conditions, and specific customer account analyses to estimate expected credit losses. The specific customer account analysis considers such items as credit worthiness, payment history, and historical bad debt experience. Trade receivables are written off after
exhaustive collection efforts occur and the receivable is deemed uncollectible. Adjustments to the allowance for credit losses are recorded in Operating Expenses.

Inventories
The following table presents approximate percentage distribution between major classes of inventories (percentages as of September 30, 2023 exclude inventories of the industrial motors and generators businesses which have been reclassified to Assets Held for Sale):
September 30, 2023December 31, 2022
Raw Material and Work in Process65.1%57.0%
Finished Goods and Purchased Parts34.9%43.0%

Inventories are stated at the lower of cost or net realizable value. All inventory is valued using the FIFO cost method.
Property, Plant, and Equipment
The following table presents property, plant, and equipment by major classification:
Useful Life in YearsSeptember 30, 2023December 31, 2022
Land and Improvements$139.5 $103.4 
Buildings and Improvements
3 - 50
434.6 401.7 
Machinery and Equipment
3 - 15
1,216.9 1,111.3 
Property, Plant and Equipment1,791.0 1,616.4 
Less: Accumulated Depreciation(735.4)(809.4)
Net Property, Plant and Equipment$1,055.6 $807.0 

For the three and nine months ended September 30, 2023, the Company reclassified $243.8 million of property, plant and equipment and $152.9 million of accumulated depreciation to Noncurrent Assets Held for Sale. See Note 3 – Held for Sale, Acquisitions and Divestitures for additional information.

Supplier Finance Program
The Company's supplier finance program with Bank of America (the "Bank") offers the Company's designated suppliers the option to receive payments of outstanding invoices in advance of the invoice maturity dates at a discount. The Company's payment obligation to the Bank remains subject to the respective supplier's invoice maturity date. The Bank acts as a payment agent, making payments on invoices the Company confirms are valid. The supplier finance program is offered for open account transactions only and may be terminated by either the Company or the Bank upon 15 days notice. The Company has not pledged any assets under this program. The Company has not incurred any subscription, service or other fees related to the Company's supplier finance program. The Company's outstanding obligations under the supplier finance program, which are classified within Accounts Payable, were $66.8 million and $69.9 million as of September 30, 2023 and December 31, 2022, respectively.