Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Reporting (Tables)

v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 28, 2024
Segment Reporting [Abstract]  
Schedule of financial information by reportable segment The following tables set forth our segment information of revenue, significant segment expenses, and operating income from operations for the last three years:

 

 

 

At and for the Year Ended December 28, 2024

 

 

 

Hydraulics

 

 

Electronics

 

 

Unallocated expenses

 

 

Total

 

Net sales from external customers

 

$

537.2

 

 

$

268.7

 

 

$

-

 

 

$

805.9

 

Reportable segment total cost of sales

 

 

371.4

 

 

 

182.2

 

 

 

-

 

 

 

553.6

 

Reportable segment gross profit

 

$

165.8

 

 

$

86.5

 

 

$

-

 

 

$

252.3

 

Selling, engineering and administrative expenses (a)

 

$

59.2

 

 

$

39.1

 

 

$

-

 

 

$

98.3

 

Research and development (b)

 

 

8.1

 

 

 

12.0

 

 

 

-

 

 

 

20.1

 

Indirect expenses (c)

 

 

12.1

 

 

 

5.8

 

 

 

2.7

 

 

 

20.6

 

Amortization of intangible assets (d)

 

 

-

 

 

 

-

 

 

 

31.5

 

 

 

31.5

 

Operating income

 

$

86.4

 

 

$

29.6

 

 

$

(34.2

)

 

$

81.8

 

(a) Selling, engineering, and administrative expenses primarily include selling, general, and administrative costs, information technology, professional services, and facility-related expenses directly incurred by the segments.

(b) Research and development primarily includes engineering-related costs to create new products and to make improvements to products currently in use.

(c) Indirect expenses represent corporate costs and shared expenses allocated to businesses.

(d) Amortization of intangible assets includes those resulting from the acquisition of new businesses.

 

 

 

At and for the Year Ended December 30, 2023

 

 

 

Hydraulics

 

 

Electronics

 

 

Unallocated expenses

 

 

Total

 

Net sales from external customers

 

$

565.8

 

 

$

269.8

 

 

$

-

 

 

$

835.6

 

Reportable segment total cost of sales

 

 

384.0

 

 

 

189.9

 

 

 

-

 

 

 

573.9

 

Reportable segment gross profit

 

$

181.8

 

 

$

79.9

 

 

$

-

 

 

$

261.7

 

Selling, engineering and administrative expenses (a)

 

$

63.5

 

 

$

36.4

 

 

$

-

 

 

$

99.9

 

Research and development (b)

 

 

8.7

 

 

 

10.3

 

 

 

-

 

 

 

19.0

 

Indirect expenses (c)

 

 

16.3

 

 

 

8.5

 

 

 

5.2

 

 

 

30.0

 

Amortization of intangible assets (d)

 

 

-

 

 

 

-

 

 

 

32.9

 

 

 

32.9

 

Operating income

 

$

93.3

 

 

$

24.7

 

 

$

(38.1

)

 

$

79.9

 

(a) Selling, engineering, and administrative expenses primarily include selling, general, and administrative costs, information technology, professional services, and facility-related expenses directly incurred by the segments.

(b) Research and development primarily includes engineering-related costs to create new products and to make improvements to products currently in use.

(c) Indirect expenses represent corporate costs and shared expenses allocated to businesses.

(d) Amortization of intangible assets includes those resulting from the acquisition of new businesses.

 

 

 

At and for the Year Ended December 31, 2022

 

 

 

Hydraulics

 

 

Electronics

 

 

Unallocated expenses

 

 

Total

 

Net sales from external customers

 

$

551.3

 

 

$

334.1

 

 

$

-

 

 

$

885.4

 

Reportable segment total cost of sales

 

 

355.8

 

 

 

231.1

 

 

 

-

 

 

 

586.9

 

Reportable segment gross profit

 

$

195.5

 

 

$

103.0

 

 

$

-

 

 

$

298.5

 

Selling, engineering and administrative expenses (a)

 

$

53.9

 

 

$

34.0

 

 

$

-

 

 

$

87.9

 

Research and development (b)

 

 

8.4

 

 

 

9.0

 

 

 

-

 

 

 

17.4

 

Indirect expenses (c)

 

 

10.5

 

 

 

7.5

 

 

 

9.8

 

 

 

27.8

 

Amortization of intangible assets (d)

 

 

-

 

 

 

-

 

 

 

28.1

 

 

 

28.1

 

Operating income

 

$

122.7

 

 

$

52.5

 

 

$

(37.9

)

 

$

137.3

 

(a) Selling, engineering, and administrative expenses primarily include selling, general, and administrative costs, information technology, professional services, and facility-related expenses directly incurred by the segments.

(b) Research and development primarily includes engineering-related costs to create new products and to make improvements to products currently in use.

(c) Indirect expenses represent corporate costs and shared expenses allocated to businesses.

(d) Amortization of intangible assets includes those resulting from the acquisition of new businesses.

 

 

 

For the year ended

 

 

 

December 28, 2024

 

 

December 30, 2023

 

 

December 31, 2022

 

Capital expenditures

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

19.2

 

 

$

25.7

 

 

$

21.5

 

Electronics

 

 

7.8

 

 

 

8.6

 

 

 

10.4

 

Total

 

$

27.0

 

 

$

34.3

 

 

$

31.9

 

Goodwill

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

287.1

 

 

$

302.1

 

 

$

282.5

 

Electronics

 

 

211.8

 

 

 

211.9

 

 

 

186.0

 

Total

 

$

498.9

 

 

$

514.0

 

 

$

468.5

 

Total assets

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

926.6

 

 

$

976.6

 

 

$

874.8

 

Electronics

 

 

572.4

 

 

 

600.0

 

 

 

567.1

 

Corporate and Other

 

 

6.4

 

 

 

13.8

 

 

 

21.8

 

Total

 

$

1,505.4

 

 

$

1,590.4

 

 

$

1,463.7

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

22.8

 

 

$

22.0

 

 

$

15.9

 

Electronics

 

 

9.1

 

 

 

8.6

 

 

 

7.4

 

Corporate and Other

 

 

31.9

 

 

 

33.2

 

 

 

28.3

 

Total

 

$

63.8

 

 

$

63.8

 

 

$

51.6

 
Schedule of geographic region information Tangible long-lived assets are shown based on the physical location of the assets and primarily include net property, plant and equipment and exclude ROU assets. The following table presents financial information by region:

 

 

2024

 

 

2023

 

 

2022

 

Net sales

 

 

 

 

 

 

 

 

 

Americas

 

$

435.0

 

 

$

460.9

 

 

$

470.4

 

EMEA

 

 

183.8

 

 

 

202.8

 

 

 

223.6

 

APAC

 

 

187.1

 

 

 

171.9

 

 

 

191.4

 

Total

 

$

805.9

 

 

$

835.6

 

 

$

885.4

 

 

 

 

 

 

 

 

 

 

 

Tangible long-lived assets

 

 

 

 

 

 

 

 

 

Americas

 

$

139.1

 

 

$

145.6

 

 

 

 

EMEA

 

 

36.5

 

 

 

37.1

 

 

 

 

APAC

 

 

17.9

 

 

 

19.4

 

 

 

 

Total

 

$

193.5

 

 

$

202.1