REGAL REXNORD CORP, 10-Q filed on 11/5/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-07283  
Entity Registrant Name REGAL REXNORD CORP  
Entity Incorporation, State or Country Code WI  
Entity Tax Identification Number 39-0875718  
Entity Address, Address Line One 111 West Michigan Street  
Entity Address, City or Town Milwaukee  
Entity Address, State or Province WI  
Entity Address, Postal Zip Code 53203  
City Area Code 608  
Local Phone Number 364-8800  
Title of 12(b) Security Common Stock  
Trading Symbol RRX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   66,228,082
Entity Central Index Key 0000082811  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net Sales $ 1,477.4 $ 1,649.8 $ 4,572.7 $ 4,642.5
Cost of Sales 921.1 1,107.6 2,892.3 3,138.4
Gross Profit 556.3 542.2 1,680.4 1,504.1
Operating Expenses 382.2 388.9 1,172.7 1,127.9
Goodwill Impairment 0.0 57.3 0.0 57.3
Asset Impairments 0.0 3.7 1.5 6.1
Loss on Sale of Businesses 0.0 112.7 4.3 112.7
Total Operating Expenses 382.2 562.6 1,178.5 1,304.0
Income (Loss) from Operations 174.1 (20.4) 501.9 200.1
Interest Expense 98.0 111.5 305.1 323.3
Interest Income (5.1) (3.5) (13.2) (40.5)
Other (Income) Expense, Net (0.2) (2.5) 0.4 (6.7)
Income (Loss) before Taxes 81.4 (125.9) 209.6 (76.0)
Provision for Income Taxes 8.4 12.7 53.2 34.9
Net Income (Loss) 73.0 (138.6) 156.4 (110.9)
Less: Net Income Attributable to Noncontrolling Interests 0.3 0.9 1.4 2.4
Net Income (Loss) Attributable to Regal Rexnord Corporation $ 72.7 $ (139.5) $ 155.0 $ (113.3)
Earnings (Loss) Per Share Attributable to Regal Rexnord Corporation:        
Basic (in dollars per share) $ 1.09 $ (2.10) $ 2.33 $ (1.71)
Assuming Dilution (in dollars per share) $ 1.09 $ (2.10) $ 2.32 $ (1.71)
Weighted Average Number of Shares Outstanding:        
Basic (in shares) 66.4 66.3 66.4 66.3
Assuming Dilution (in shares) 66.7 66.3 66.8 66.3
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ 73.0 $ (138.6) $ 156.4 $ (110.9)
Other Comprehensive Income (Loss) Net of Tax:        
Foreign Currency Translation Adjustments 124.7 (86.1) (18.8) (82.1)
Reclassification of Foreign Currency Translation Losses to Earnings (see Note 3 - Acquisitions and Divestitures) 0.0 0.0 121.3 0.0
Hedging Activities:        
(Decrease) Increase in Fair Value of Hedging Activities, Net of Tax Effects of $(2.6) million and $(0.6) million for the Three Months Ended September 30, 2024 and September 30, 2023 and $(2.8) million and $5.9 million for the Nine Months Ended September 30, 2024 and September 30, 2023, Respectively (8.3) (1.8) (9.0) 18.7
Reclassification of Gains included in Net Income (Loss), Net of Tax Effects of $(1.7) million and $(0.7) million for the Three Months Ended September 30, 2024 and September 30, 2023 and $(5.5) million and $(0.5) million for the Nine Months Ended September 30, 2024 and September 30, 2023, Respectively (5.5) (2.4) (17.5) (1.6)
Pension and Post Retirement Plans:        
Increase in Prior Service Cost and Unrecognized Loss, Net of Tax Effects of zero and $(0.1) million for the three and nine months ended September 30, 2024, respectively. 0.0 0.0 (0.4) 0.0
Reclassification Adjustments for Pension and Post Retirement Benefits included in Net Income (Loss), Net of Tax Effects of $0.1 and $(0.1) million for the Three Months Ended September 30, 2024 and September 30, 2023 and $0.1 and $(0.4) million for the Nine Months Ended September 30, 2024 and September 30, 2023, Respectively 0.1 (0.4) 0.4 (1.2)
Other Comprehensive Income (Loss) 111.0 (90.7) 76.0 (66.2)
Comprehensive Income (Loss) 184.0 (229.3) 232.4 (177.1)
Less: Comprehensive Income Attributable to Noncontrolling Interests 0.7 0.5 1.1 1.1
Comprehensive Income (Loss) Attributable to Regal Rexnord Corporation $ 183.3 $ (229.8) $ 231.3 $ (178.2)
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Increase (decrease) in fair value of hedging activities, tax effects $ (2.6) $ (0.6) $ (2.8) $ 5.9
Reclassification of (gains) losses included in net income (loss), tax effects (1.7) (0.7) (5.5) (0.5)
Increase in prior service cost and unrecognized loss, tax effects 0.0   (0.1)  
Reclassification adjustments for pension and post retirement benefits included in net income (loss), tax effects $ 0.1 $ (0.1) $ 0.1 $ (0.4)
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash and Cash Equivalents $ 458.6 $ 574.0
Trade Receivables, Less Allowances of $32.3 million and $30.3 million in 2024 and 2023, Respectively 855.8 921.6
Inventories 1,324.5 1,274.2
Prepaid Expenses and Other Current Assets 285.4 245.6
Assets Held for Sale 31.2 368.6
Total Current Assets 2,955.5 3,384.0
Net Property, Plant and Equipment 961.9 1,041.2
Operating Lease Assets 153.3 172.8
Goodwill 6,557.3 6,553.1
Intangible Assets, Net of Amortization 3,824.5 4,083.4
Deferred Income Tax Benefits 37.0 33.8
Other Noncurrent Assets 69.5 69.0
Noncurrent Assets Held for Sale 0.0 94.1
Total Assets 14,559.0 15,431.4
Current Liabilities:    
Accounts Payable 553.2 549.4
Dividends Payable 23.2 23.2
Accrued Compensation and Employee Benefits 177.8 198.7
Accrued Interest 90.8 85.1
Other Accrued Expenses 318.0 325.2
Current Operating Lease Liabilities 37.1 37.2
Current Maturities of Long-Term Debt 4.7 3.9
Liabilities Held for Sale 3.8 103.7
Total Current Liabilities 1,208.6 1,326.4
Long-Term Debt 5,654.6 6,377.0
Deferred Income Taxes 907.3 1,012.7
Pension and Other Post Retirement Benefits 109.2 120.4
Noncurrent Operating Lease Liabilities 122.6 132.2
Other Noncurrent Liabilities 70.9 77.2
Noncurrent Liabilities Held for Sale 0.0 20.4
Regal Rexnord Corporation Shareholders' Equity:    
Common Stock, $0.01 par value, 150.0 million Shares Authorized, 66.2 million and 66.3 million Shares Issued and Outstanding for 2024 and 2023, Respectively 0.7 0.7
Additional Paid-In Capital 4,652.0 4,646.2
Retained Earnings 2,026.5 1,979.8
Accumulated Other Comprehensive Loss (206.1) (282.4)
Total Regal Rexnord Corporation Shareholders' Equity 6,473.1 6,344.3
Noncontrolling Interests 12.7 20.8
Total Equity 6,485.8 6,365.1
Total Liabilities and Equity $ 14,559.0 $ 15,431.4
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 32.3 $ 30.3
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 150.0 150.0
Common stock, shares issued (in shares) 66.2 66.3
Common stock, shares outstanding (in shares) 66.2 66.3
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Common Stock $0.01 Par Value
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Beginning balance at Dec. 31, 2022 $ 6,422.6 $ 0.7 $ 4,609.6 $ 2,130.0 $ (352.1) $ 34.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (Loss) Income (110.9)     (113.3)   2.4
Other Comprehensive Income (Loss) (66.2)       (64.9) (1.3)
Dividends Declared (69.6)     (69.6)    
Stock Options Exercised (9.2)   (9.2)      
Replacement Equity-Based Awards Granted 4.6   4.6      
Share-Based Compensation 33.4   33.4      
Dividends Declared to Noncontrolling Interests (8.4)         (8.4)
Ending balance at Sep. 30, 2023 6,196.3 0.7 4,638.4 1,947.1 (417.0) 27.1
Beginning balance at Jun. 30, 2023 6,436.9 0.7 4,626.5 2,109.8 (326.7) 26.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (Loss) Income (138.6)     (139.5)   0.9
Other Comprehensive Income (Loss) (90.7)       (90.3) (0.4)
Dividends Declared (23.2)     (23.2)    
Stock Options Exercised (1.0)   (1.0)      
Share-Based Compensation 12.9   12.9      
Ending balance at Sep. 30, 2023 6,196.3 0.7 4,638.4 1,947.1 (417.0) 27.1
Beginning balance at Dec. 31, 2023 6,365.1 0.7 4,646.2 1,979.8 (282.4) 20.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (Loss) Income 156.4     155.0   1.4
Other Comprehensive Income (45.3)       (45.0) (0.3)
Other Comprehensive Income (Loss) 76.0       76.3  
Dividends Declared (69.9)     (69.9)    
Stock Options Exercised (9.5)   (9.5)      
Repurchase of Common Stock (50.0)   (11.6) (38.4)    
Businesses Divested 112.1   121.3     (9.2)
Share-Based Compensation 26.9   26.9      
Ending balance at Sep. 30, 2024 6,485.8 0.7 4,652.0 2,026.5 (206.1) 12.7
Beginning balance at Jun. 30, 2024 6,367.9 0.7 4,656.4 2,015.5 (316.7) 12.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (Loss) Income 73.0     72.7   0.3
Other Comprehensive Income (Loss) 111.0       110.6 0.4
Dividends Declared (23.3)     (23.3)    
Stock Options Exercised (1.1)   (1.1)      
Repurchase of Common Stock (50.0)   (11.6) (38.4)    
Share-Based Compensation 8.3   8.3      
Ending balance at Sep. 30, 2024 $ 6,485.8 $ 0.7 $ 4,652.0 $ 2,026.5 $ (206.1) $ 12.7
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Common stock, par value (in dollars per share) $ 0.01   $ 0.01  
Dividends Declared, per share (in dollars per share) $ 0.35 $ 0.35 $ 1.05 $ 1.05
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ 156.4 $ (110.9)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities (Net of Acquisitions and Divestitures):    
Depreciation 122.6 131.7
Amortization 260.0 222.7
Goodwill Impairment 0.0 57.3
Asset Impairments 1.5 6.1
Loss on Assets Held for Sale 4.3 112.7
Noncash Lease Expense 33.0 31.6
Share-Based Compensation Expense 26.9 49.1
Financing Fee Expense 9.4 29.8
Benefit from Deferred Income Taxes (89.0) (89.4)
Other Non-Cash Changes 6.5 5.6
Change in Operating Assets and Liabilities, Net of Acquisitions and Divestitures    
Receivables 27.3 29.2
Inventories (54.3) 206.7
Accounts Payable 0.7 (18.7)
Other Assets and Liabilities (109.1) (149.5)
Net Cash Provided by Operating Activities 396.2 514.0
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to Property, Plant and Equipment (80.2) (88.7)
Business Acquisitions, Net of Cash Acquired 0.0 (4,870.2)
Proceeds Received from Sales of Property, Plant and Equipment 1.3 6.3
Proceeds Received from Sale of Businesses, Net of Cash Transferred 374.8 0.0
Net Cash Provided by (Used in) Investing Activities 295.9 (4,952.6)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings Under Revolving Credit Facility 1,316.2 1,801.3
Repayments Under Revolving Credit Facility (1,380.5) (2,213.8)
Proceeds from Short-Term Borrowings 0.0 34.7
Repayments of Short-Term Borrowings 0.0 (38.2)
Proceeds from Long-Term Borrowings 0.0 5,532.9
Repayments of Long-Term Borrowings (668.4) (624.7)
Dividends Paid to Shareholders (69.9) (69.6)
Shares Surrendered for Taxes (12.4) (11.5)
Proceeds from the Exercise of Stock Options 4.1 3.1
Financing Fees Paid 0.0 (51.1)
Repurchase of Common Stock (50.0) 0.0
Distributions to Noncontrolling Interests 0.0 (8.4)
Net Cash (Used in) Provided By Financing Activities (860.9) 4,354.7
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS (6.1) (5.8)
Net (Decrease) Increase in Cash and Cash Equivalents (174.9) (89.7)
Cash and Cash Equivalents at Beginning of Period 635.3 688.5
Cash and Cash Equivalents at End of Period 460.4 598.8
Cash Paid For:    
Interest 284.7 209.5
Income taxes 128.9 166.9
Cash and Cash Equivalents Presentation:    
Cash and Cash Equivalents 458.6 540.6
Assets Held for Sale 1.8 58.2
Total Cash and Cash Equivalents $ 460.4 $ 598.8
v3.24.3
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
The accompanying (a) Condensed Consolidated Balance Sheet of Regal Rexnord Corporation (the “Company”), as of December 31, 2023, which has been derived from audited Consolidated Financial Statements, and (b) unaudited interim Condensed Consolidated Financial Statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and September 30, 2023, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.
It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and the Notes thereto included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on February 26, 2024.
In the opinion of management, all adjustments considered necessary for a fair presentation of financial results have been made. Except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the entire year ending December 31, 2024.
The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and revenues and expenses during the periods reported. Actual results could differ from those estimates. The Company uses estimates in accounting for, among other items, allowances for credit losses; excess and obsolete inventory; share-based compensation; acquisitions; product warranty obligations; pension and post-retirement assets and liabilities; derivative fair values; goodwill and other asset impairments; health care reserves; rebates and incentives; litigation claims and contingencies, including environmental matters; and income taxes. The Company accounts for changes to estimates and assumptions when warranted by factually based experience.

The sale of the industrial motors and generators businesses, which closed on April 30, 2024 as further described in Note 3 – Held for Sale, Acquisitions and Divestitures, does not represent a strategic shift that will have a major effect on the Company's operations and financial results and, therefore, did not qualify for presentation as discontinued operations. The assets and liabilities related to these businesses were presented as Assets Held for Sale, Noncurrent Assets Held for Sale, Liabilities Held for Sale and Noncurrent Liabilities Held for Sale on the Company's Condensed Consolidated Balance Sheet as of December 31, 2023. Results for the industrial motors and generators businesses are included in Regal Rexnord's results and related disclosures through the close of sale on April 30, 2024.

Recently Issued Accounting Standards

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires additional information about certain expenses in the notes to financial statements. The new guidance will be effective for annual periods beginning after December 15, 2026. The Company is evaluating the effect of adopting this new accounting guidance.
v3.24.3
OTHER FINANCIAL INFORMATION
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER FINANCIAL INFORMATION OTHER FINANCIAL INFORMATION
Revenue Recognition
The Company recognizes revenue from the sale of premium-efficiency electric motors and air moving subsystems, highly engineered industrial power transmission components and subsystems, and a portfolio of discrete automation products that include controls, actuators, drives, and high-precision servo motors. The Company recognizes revenue when control of the product passes to the customer or the service is provided. Revenue 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, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$431.5 $338.7 $269.2 $— $1,039.4 
Asia39.3 41.8 22.7 — 103.8 
Europe120.8 32.6 88.0 — 241.4 
Rest-of-World52.6 18.5 21.7 — 92.8 
Total$644.2 $431.6 $401.6 $— $1,477.4 
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 
Nine Months Ended
September 30, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$1,306.7 $950.2 $816.9 $79.4 $3,153.2 
Asia133.2 124.6 67.9 44.3 370.0 
Europe367.9 102.4 279.9 17.6 767.8 
Rest-of-World155.3 50.6 59.3 16.5 281.7 
Total$1,963.1 $1,227.8 $1,224.0 $157.8 $4,572.7 
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 
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. 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:
September 30, 2024December 31, 2023
Raw Material and Work in Process67.4%66.7%
Finished Goods and Purchased Parts32.6%33.3%

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, 2024December 31, 2023
Land and Improvements$132.8 $139.2 
Buildings and Improvements
3 - 50
403.7 414.5 
Machinery and Equipment
3 - 15
1,200.6 1,219.4 
Property, Plant and Equipment1,737.1 1,773.1 
Less: Accumulated Depreciation(775.2)(731.9)
Net Property, Plant and Equipment$961.9 $1,041.2 

As of September 30, 2024 and December 31, 2023, $44.7 million and $44.4 million of right-of-use assets were included in Net Property, Plant and Equipment, respectively.

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 or Liabilities Held for Sale, were $42.8 million and $60.8 million as of September 30, 2024 and December 31, 2023, respectively.
v3.24.3
ACQUISITIONS AND DIVESTITURES
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS AND DIVESTITURES ACQUISITIONS AND DIVESTITURES
Industrial Systems Divestiture

On September 23, 2023, the Company signed an agreement to sell its industrial motors and generators businesses which represent the substantial majority of the Industrial Systems operating segment.

The transaction closed on April 30, 2024 for a total purchase price of $446.6 million. The total consideration remains subject to taxes, transaction expenses, working capital adjustments and customary post-closing adjustments. For the three and nine months ended September 30, 2024, the Company recognized a Loss on Sale of Businesses of zero and $4.3 million, respectively. The Company recognized a cumulative loss of $92.0 million on the sale of the industrial motors and generators businesses, which was primarily related to foreign currency translation losses that were reclassified out of accumulated other comprehensive income into earnings at the closing of the transaction.

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture, which are subject to further post-closing adjustment:
April 30, 2024
Purchase price$400.0 
Cash transferred to buyer66.1 
Estimated working capital and other adjustments(19.5)
Total purchase price446.6 
Direct costs to sell(7.3)
Fair value of sale consideration, net(1)
$439.3 
(1) The fair value of sale consideration, net includes an immaterial post-close adjustment to the purchase price for which cash has not yet been received.

The following table summarizes the carrying value of the disposal group and resulting loss on sale:
April 30, 2024
Net assets sold$419.4 
Noncontrolling Interest(9.2)
Accumulated Other Comprehensive Income121.3 
Payables to seller(0.2)
Carrying value of disposal group$531.3 
Loss on Sale of Businesses$(92.0)

The assets and liabilities related to these businesses were included in Assets Held for Sale, Noncurrent Assets Held for Sale, Liabilities Held for Sale and Noncurrent Liabilities Held for Sale as of December 31, 2023, as shown in the table below:
December 31, 2023
Assets Held for Sale
Cash and Cash Equivalents$61.3 
Trade Receivables, Less Allowances88.3 
Inventories199.7 
Prepaid Expenses and Other Current Assets12.2 
  Total Current Assets Held for Sale$361.5 
Net Property, Plant and Equipment96.0 
Operating Lease Assets18.0 
Goodwill54.7 
Intangible Assets, Net of Amortization2.1 
Deferred Income Tax Benefits11.0 
Other Noncurrent Assets— 
Loss on Assets Held for Sale(87.7)
  Total Noncurrent Assets Held for Sale$94.1 
Liabilities Held for Sale
Accounts Payable$67.2 
Accrued Compensation and Employee Benefits11.3 
Other Accrued Expenses21.7 
Current Operating Lease Liabilities3.5 
  Total Current Liabilities Held for Sale$103.7 
Pension and Other Post Retirement Benefits0.9 
Noncurrent Operating Lease Liabilities16.2 
Other Noncurrent Liabilities3.3 
  Total Noncurrent Liabilities Held for Sale$20.4 

In addition to the assets and liabilities of the industrial motors and generators businesses, there are other assets recorded in Assets Held for Sale on the Company's Consolidated Balance Sheet as of December 31, 2023, which are not material.
Altra Transaction

On October 26, 2022, the Company entered into an Agreement and Plan of Merger (the “Altra Merger Agreement”) by and among the Company, Altra Industrial Motion Corp., a Delaware corporation (“Altra”), and Aspen Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”). Altra is a leading global manufacturer of highly-engineered products and sub-systems in the factory automation and industrial power transmission markets. Regal Rexnord entered into the Altra Merger Agreement because it believes it can recognize substantial revenue and cost synergies through the combination. In particular, Altra transforms Regal Rexnord's automation portfolio into a global provider with significant sales into markets with secular growth characteristics. Altra also adds significant capabilities to Regal Rexnord's industrial power transmission portfolio, in particular in clutches and brakes, allowing it to provide a broader offering, and more robust industrial powertrain solutions to its customers.

On March 27, 2023, in accordance with the terms and conditions of the Altra Merger Agreement, Merger Sub merged with and into Altra (the "Altra Merger"), with Altra surviving the Altra Merger as a wholly owned subsidiary of the Company (the “Altra Transaction”).

Pursuant to the Altra Merger Agreement, following the Altra Merger, each of Altra’s issued and outstanding shares of common stock were converted into $62.00 in cash, without interest (the “Altra Merger Consideration”). In addition, all Altra equity awards outstanding immediately prior to the Altra Merger were converted into an award of cash or an award of restricted stock equal to the equivalent value of the original equity award with similar terms and conditions based on the Altra Merger Consideration.

The Company's management determined that the Company is the accounting acquirer in the Altra Transaction based on the facts and circumstances noted within this section and other relevant factors. As such, the Company applied the acquisition method of accounting to the identifiable assets and liabilities of Altra, which have been measured at estimated fair value as of the date of the business combination.

The total purchase price to acquire Altra was $5.1 billion, which consisted of the following:

Cash paid for outstanding Altra Common Stock(1)
$4,051.0 
Stock based compensation(2)
23.1 
Payment of Altra debt(3)
1,061.0 
Pre-existing relationships(4)
(0.5)
Purchase price$5,134.6 

(1) Cash paid for the common stock component of the purchase price was based on 65.3 million shares of outstanding Altra Common Stock as of March 27, 2023 at $62.00 per share, in accordance with the Altra Merger Agreement.
(2) Represents fair value of replacement equity-based awards and Company common stock issued in settlement of other Altra share based awards. The portion of the fair value attributable to pre-acquisition service was recorded as part of the consideration transferred in the Altra Transaction of which $17.3 million was paid in cash during the second quarter of 2023.
(3) Cash paid by the Company to settle (a) the term loan facility, (b) the revolving credit facility and (c) 95.28% of the 6.125% senior notes due 2026 of Stevens Holding Company, Inc., a wholly owned subsidiary of Altra (the "Altra Notes"). $18.1 million of the Altra Notes remained outstanding following the closing of the Altra Transaction. See Note 7 - Debt and Bank Credit Facilities for more information.
(4) Represents effective settlement of outstanding payables and receivables between the Company and Altra. No gain or loss was recognized on this settlement.

Purchase Price Allocation

Altra’s assets and liabilities were measured at estimated fair values at March 27, 2023, primarily using Level 3 inputs. Estimates of fair value represent management’s best estimate of assumptions about future events and uncertainties, including significant judgments related to future cash flows, discount rates, competitive trends, margin and revenue growth assumptions, royalty rates and customer attrition rates and others. Inputs used were generally obtained from historical data supplemented by current and anticipated market conditions and growth rates expected as of the acquisition date.
The Company estimated the fair value of net assets acquired based on information available during the measurement period and as of March 31, 2024, the valuation process to determine the fair values of the net assets acquired during the measurement period was complete. The fair value of the assets acquired and liabilities assumed were as follows:

As Reported as of December 31, 2023Measurement period adjustmentsAs of March 31, 2024
Cash and Cash Equivalents$259.1 $— $259.1 
Trade Receivables258.1 (1.5)256.6 
Inventories387.5 (0.5)387.0 
Prepaid Expenses and Other Current Assets32.4 — 32.4 
Property, Plant and Equipment403.0 (0.5)402.5 
Intangible Assets(2)
2,142.0 — 2,142.0 
Deferred Income Tax Benefits0.7 0.1 0.8 
Operating Lease Assets46.8 — 46.8 
Other Noncurrent Assets12.7 — 12.7 
Accounts Payable(183.3)— (183.3)
Accrued Compensation and Benefits(66.0)— (66.0)
Other Accrued Expenses(1)
(144.6)(0.7)(145.3)
Current Operating Lease Liabilities(12.3)— (12.3)
Current Maturities of Long-Term Debt(0.4)— (0.4)
Long-Term Debt(25.3)— (25.3)
Deferred Income Taxes(533.3)8.2 (525.1)
Pension and Other Post Retirement Benefits(19.8)— (19.8)
Noncurrent Operating Lease Liabilities(29.0)— (29.0)
Other Noncurrent Liabilities(8.3)— (8.3)
Total Identifiable Net Assets2,520.0 5.1 2,525.1 
Goodwill2,614.6 (5.1)2,609.5 
Purchase price$5,134.6 $— $5,134.6 

(1) Includes $60.1 million related to Altra Transaction costs paid by the Company at the closing of the Altra Transaction.
(2) Includes $1,710.0 million related to Customer Relationships, $330.0 million related to Trademarks and $102.0 million related to Technology.

Transaction and Integration Costs

The Company incurred transaction and integration-related costs in connection with the Altra Transaction of approximately $3.9 million and $13.8 million during the three and nine months ended September 30, 2024, which includes legal, professional service and integration costs associated with the Altra Transaction. There were $7.5 million and $82.5 million of transaction and integration-related costs in connection with the Altra Transaction recognized during the three and nine months ended September 30, 2023, which includes legal and professional services and certain employee compensation costs, including severance and retention. These costs were recognized as Operating Expenses in the Company's Condensed Consolidated Statements of Income (Loss).
The Company also incurred $15.7 million of share-based compensation expense during the first quarter of 2023 related to the accelerated vesting of awards for certain former Altra employees. See Note 9 – Shareholders' Equity for additional information.

In connection with the Altra Transaction, the Company incurred additional costs due to the entry into certain financing arrangements. Such financing arrangements are described in Note 7 – Debt and Bank Credit Facilities.

Unaudited Pro Forma Information

The following unaudited supplemental pro forma financial information presents the Company's financial results for the three and nine months ended September 30, 2023. The pro forma financial information below is presented as if the Altra Transaction had occurred on January 2, 2022, the first day of the Company's fiscal year ended December 31, 2022. The pro forma financial information includes, where applicable, adjustments for: (i) additional amortization expense that would have been recognized related to the acquired intangible assets, (ii) additional interest expense on transaction related borrowings less interest income earned on the investment of proceeds from borrowings prior to the close of the Altra Transaction, (iii) additional depreciation expense that would have been recognized related to the acquired property, plant, and equipment, (iv) transaction costs and other one-time non-recurring costs, including share-based compensation expense related to the accelerated vesting of awards for certain former Altra employees, which reduced expenses by $7.5 million and $98.2 million for the three and nine months ended September 30, 2023, (v) additional cost of sales related to the inventory valuation adjustment which reduced expenses by $8.8 million and $52.9 million for the three and nine months ended September 30, 2023, and (vi) the estimated income tax effect on the pro forma adjustments.

The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the Altra Transaction been completed as of the date indicated or the results that may be obtained in the future.

For the Three Months Ended September 30, 2023
For the Nine Months Ended September 30, 2023
Net Sales$1,649.8 $5,093.6 
Net Loss Attributable to Regal Rexnord Corporation$(126.7)$(7.2)
Loss Per Share Attributable to Regal Rexnord Corporation:
   Basic$(1.91)$(0.11)
   Assuming Dilution$(1.91)$(0.11)
v3.24.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustments, hedging activities and pension and post-retirement benefit adjustments are included in Accumulated Other Comprehensive Income (Loss) ("AOCI"), a component of Total Equity.
The following tables present changes in AOCI by component for the three and nine months ended September 30, 2024 and September 30, 2023:
Three Months Ended
September 30, 2024Hedging ActivitiesPension and Post Retirement Benefit AdjustmentsForeign Currency Translation AdjustmentsTotal
Beginning Balance$16.1 $(25.1)$(307.7)$(316.7)
Other Comprehensive (Loss) Income before Reclassifications(10.9)— 124.3 113.4 
Tax Impact2.6 — — 2.6 
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income(7.2)0.2 — (7.0)
Tax Impact1.7 (0.1)— 1.6 
Net Current Period Other Comprehensive (Loss) Income(13.8)0.1 124.3 110.6 
Ending Balance$2.3 $(25.0)$(183.4)$(206.1)
September 30, 2023Hedging ActivitiesPension and Post Retirement Benefit AdjustmentsForeign Currency Translation AdjustmentsTotal
Beginning Balance$38.6 $(14.1)$(351.2)$(326.7)
Other Comprehensive Loss before Reclassifications(2.4)— (85.7)(88.1)
Tax Impact0.6 — — 0.6 
Amounts Reclassified from Accumulated Other Comprehensive Loss(3.1)(0.5)— (3.6)
Tax Impact0.7 0.1 — 0.8 
Net Current Period Other Comprehensive Loss (4.2)(0.4)(85.7)(90.3)
Ending Balance$34.4 $(14.5)$(436.9)$(417.0)
Nine Months Ended
September 30, 2024Hedging ActivitiesPension and Post Retirement Benefit AdjustmentsForeign Currency Translation AdjustmentsTotal
Beginning Balance$28.8 $(25.0)$(286.2)$(282.4)
Other Comprehensive Loss before Reclassifications(11.8)(0.5)(18.5)(30.8)
Tax Impact2.8 0.1 — 2.9 
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income(23.0)0.5 121.3 98.8 
Tax Impact5.5 (0.1)— 5.4 
Net Current Period Other Comprehensive (Loss) Income(26.5)— 102.8 76.3 
Ending Balance$2.3 $(25.0)$(183.4)$(206.1)
September 30, 2023Hedging ActivitiesPension and Post Retirement Benefit AdjustmentsForeign Currency Translation AdjustmentsTotal
Beginning balance$17.3 $(13.3)$(356.1)$(352.1)
Other Comprehensive Income (Loss) before Reclassifications24.6 — (80.8)(56.2)
Tax Impact(5.9)— — (5.9)
Amounts Reclassified from Accumulated Other Comprehensive Loss(2.1)(1.6)— (3.7)
Tax Impact0.5 0.4 — 0.9 
Net Current Period Other Comprehensive Income (Loss)17.1 (1.2)(80.8)(64.9)
Ending Balance$34.4 $(14.5)$(436.9)$(417.0)

The Condensed Consolidated Statements of Income (Loss) line items affected by the hedging activities reclassified from AOCI in the tables above are disclosed in Note 13 - Derivative Financial Instruments.

The reclassification amounts for pension and post-retirement benefit adjustments in the tables above are part of net periodic benefit costs recorded in Other (Income) Expense, Net (see also Note 8 - Retirement Plans).
v3.24.3
GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill

As required, the Company performs an annual impairment test of goodwill as of the end of October, or more frequently if events or circumstances change that would more likely than not reduce the fair value of its reporting units below their carrying value.
The following table presents changes to goodwill during the nine months ended September 30, 2024:
TotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion Control
Balance as of December 31, 2023$6,553.1 $3,747.0 $753.9 $2,052.2 
Acquisitions(5.1)(5.8)— 0.7 
Translation Adjustments9.3 7.9 0.9 0.5 
Balance as of September 30, 2024$6,557.3 $3,749.1 $754.8 $2,053.4 
Cumulative Goodwill Impairment Charges(1)
$223.6 $18.1 $200.4 $5.1 
(1) Excludes impairment charges related to Industrial Systems, since it was sold in April 2024. See Note 3 – Held for Sale, Acquisitions and Divestitures for more information.

Intangible Assets
Intangible assets consist of the following:
 September 30, 2024December 31, 2023
 Weighted Average Amortization Period (Years)Gross ValueAccumulated
Amortization		Net Carrying AmountGross ValueAccumulated
Amortization		Net Carrying Amount
Customer Relationships15$3,963.4 $867.6 $3,095.8 $4,028.5 $746.2 $3,282.3 
Technology13297.7 104.9 192.8 302.6 92.9 209.7 
Trademarks10710.9 175.0 535.9 712.1 120.7 591.4 
Total Intangibles$4,972.0 $1,147.5 $3,824.5 $5,043.2 $959.8 $4,083.4 

Amortization expense recorded for the three and nine months ended September 30, 2024 was $86.8 million and $260.0 million, respectively. Amortization expense recorded for the three and nine months ended September 30, 2023 was $87.0 and $222.7 million, respectively. Amortization expense for 2024 is estimated to be $350.2 million.
    
The following table presents future estimated annual amortization expense for intangible assets:
 YearEstimated Amortization
2025$348.1 
2026344.7 
2027344.6 
2028344.6 
2029342.6 
v3.24.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Effective May 1, 2024, the Company is comprised of three operating segments: Industrial Powertrain Solutions ("IPS"), Power Efficiency Solutions ("PES") and Automation & Motion Control ("AMC").
The IPS segment designs, produces and services a broad portfolio of highly-engineered power transmission products, including mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes and gear
motors, clutches, brakes, and industrial powertrain components and solutions. Increasingly, the segment produces industrial powertrain solutions, which are integrated sub-systems comprised of Regal Rexnord motors plus the critical power transmission components that efficiently transmit motion to power industrial applications. The segment serves a broad range of markets that include general industrial, metals & mining, agricultural and construction, food and beverage, energy, alternative energy and other markets.
The PES segment designs and produces fractional to approximately 5 horsepower AC and DC motors, electronic variable speed controls, electronic drives, fans and blowers, as well as integrated subsystems comprised of two or more of these components. The segment's products are used in residential and light commercial HVAC, water heater, commercial refrigeration, commercial building ventilation, pool and spa, irrigation, dewatering, agriculture and other applications.

The AMC segment designs, produces and services conveyor products, conveying automation subsystems, aerospace components, precision motion control solutions, high-efficiency miniature servo motors, controls, drives and linear actuators, as well as power management products that include automatic transfer switches and paralleling switchgear. The segment sells into markets that include industrial automation, robotics, food and beverage, aerospace, medical, agricultural and construction, general industrial, data center, and other markets.

The Industrial Systems segment designed and produced integral motors, alternators for industrial applications, and sold aftermarket parts and kits to support such products. These products served the general industrial, metals and mining, and food and beverage end markets. As described within Note 3 – Held for Sale, Acquisitions and Divestitures, the sale of the industrial motors and generators business was completed on April 30, 2024 which represented a substantial majority of the Industrial Systems operating segment.

The Company evaluates performance based on the segment's income from operations. Corporate costs have generally been allocated to each segment based on the net sales of each segment.
The following sets forth certain financial information attributable to the Company's operating segments for the three and nine months ended September 30, 2024 and September 30, 2023:
Segment Information
Three Months Ended
September 30, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
External Sales$644.2 $431.6 $401.6 $— $— $1,477.4 
Intersegment Sales2.0 0.5 4.6 — (7.1)— 
  Total Sales646.2 432.1 406.2 — (7.1)1,477.4 
Gross Profit268.0 131.8 156.5 — — 556.3 
Operating Expenses183.5 73.2 125.5 — — 382.2 
Income from Operations84.5 58.6 31.0 — — 174.1 
Depreciation and Amortization69.8 11.4 46.2 — — 127.4 
Capital Expenditures13.7 8.0 7.6 — — 29.3 
September 30, 2023
External Sales$640.7 $461.3 $419.8 $128.0 $— $1,649.8 
Intersegment Sales3.6 3.1 4.2 0.6 (11.5)— 
  Total Sales644.3 464.4 424.0 128.6 (11.5)1,649.8 
Gross Profit215.8 138.0 161.2 27.2 — 542.2 
Operating Expenses175.1 71.5 117.6 24.7 — 388.9 
Goodwill Impairment— — — 57.3 — 57.3 
Asset Impairments1.3 1.5 0.5 0.4 — 3.7 
Loss on Assets Held for Sale— — — 112.7 — 112.7 
Total Operating Expenses176.4 73.0 118.1 195.1 — 562.6 
Income from Operations39.4 65.0 43.1 (167.9)— (20.4)
Depreciation and Amortization75.9 15.8 46.1 3.1 — 140.9 
Capital Expenditures5.8 8.1 9.8 1.5 — 25.2 
Segment Information
Nine Months Ended
September 30, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion Control
Industrial Systems(1)
EliminationsTotal
External Sales$1,963.1 $1,227.8 $1,224.0 $157.8 $— $4,572.7 
Intersegment Sales6.7 6.2 13.5 0.5 (26.9)— 
  Total Sales1,969.8 1,234.0 1,237.5 158.3 (26.9)4,572.7 
Gross Profit803.3 352.3 485.6 39.2 — 1,680.4 
Operating Expenses546.7 219.9 371.5 34.6 — 1,172.7 
Asset Impairments0.2 0.2 1.1 — — 1.5 
Loss on Sale of Businesses— — — 4.3 — 4.3 
Total Operating Expenses546.9 220.1 372.6 38.9 — 1,178.5 
Income from Operations256.4 132.2 113.0 0.3 — 501.9 
Depreciation and Amortization210.7 33.6 137.7 0.6 — 382.6 
Capital Expenditures36.8 19.1 20.0 4.3 — 80.2 
September 30, 2023
External Sales$1,753.8 $1,390.9 $1,096.1 $401.7 $— $4,642.5 
Intersegment Sales11.5 10.8 15.3 2.0 (39.6)— 
  Total Sales1,765.3 1,401.7 1,111.4 403.7 (39.6)4,642.5 
Gross Profit617.6 389.5 412.8 84.2 — 1,504.1 
Operating Expenses510.5 217.8 323.7 75.9 — 1,127.9 
Goodwill Impairment— — — 57.3 57.3 
Asset Impairments1.6 1.5 2.6 0.4 6.1 
Loss on Assets Held for Sale— — — 112.7 112.7 
Total Operating Expenses512.1 219.3 326.3 246.3 — 1,304.0 
Income from Operations105.5 170.2 86.5 (162.1)— 200.1 
Depreciation and Amortization191.9 39.3 113.4 9.8 — 354.4 
Capital Expenditures30.9 25.2 27.2 5.4 — 88.7 
(1) Results for the Industrial Systems segment cover the period through the completed sale on April 30, 2024.

The following table presents identifiable assets information attributable to the Company's operating segments as of September 30, 2024 and December 31, 2023:
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
Identifiable Assets as of September 30, 2024$7,726.3 $1,995.7 $4,837.0 $— $14,559.0 
Identifiable Assets as of December 31, 20238,009.4 2,036.4 4,909.2 476.4 15,431.4 
v3.24.3
DEBT AND BANK CREDIT FACILITIES
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
DEBT AND BANK CREDIT FACILITIES DEBT AND BANK CREDIT FACILITIES
The following table presents the Company’s indebtedness as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
Senior Notes$4,700.0 $4,700.0 
Term Facility780.0 1,053.5 
Land Term Facility95.0 486.8 
Multicurrency Revolving Facility33.8 98.1 
Altra Notes18.1 18.1 
Finance Leases70.6 70.5 
Other7.2 7.5 
Less: Debt Issuance Costs(45.4)(53.6)
Total5,659.3 6,380.9 
Less: Current Maturities4.7 3.9 
Long-Term Debt$5,654.6 $6,377.0 
The below discussion of the Company’s indebtedness should be read in conjunction with the Note 7 – Debt and Bank Credit Facilities in the Company’s 2023 Annual Report on Form 10-K filed on February 26, 2024.

Credit Agreement

On March 28, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. as Administrative Agent and the lenders named therein, which was subsequently amended on November 17, 2022 (the "First Amendment") and November 30, 2022 (the "Assumption Agreement"), which in combination provide for, among other things:

i.an unsecured term loan facility in the initial principal amount of up to $550.0 million, maturing on March 28, 2027, which was upsized by $840.0 million on March 27, 2023 in connection with the Altra Transaction (the "Term Facility");
ii.an unsecured term loan facility in the initial principal amount of $486.8 million, under which the Company's subsidiary Land Newco, Inc. remains the sole borrower, maturing on March 28, 2027 (the "Land Term Facility"); and
iii.an unsecured revolving loan in the initial principal amount of up to $1,000.0 million, maturing on March 28, 2027, which was upsized by $570.0 million on March 27, 2023 in connection with the Altra Transaction (the "Multicurrency Revolving Facility").

The Term Facility requires quarterly amortization at 5.0% per annum, unless previously prepaid. Per the terms of the Credit Agreement, prepayments can be made without penalty and are applied to the next payment due. The Land Term Facility has no required amortization. Borrowings under the Credit Agreement bear interest at floating rates based upon indices determined by the currency of the borrowing (SOFR or an alternative base rate for US Dollar borrowings) or at an alternative base rate, in each case, plus an applicable margin.

Weighted average interest rates on the Term Facility and Land Term facility are as follows:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Term Facility7.2 %7.2 %7.2 %6.9 %
Land Term Facility7.1 %7.2 %7.2 %6.7 %
As of September 30, 2024, the Company had no standby letters of credit issued under the Multicurrency Revolving Facility, and $1,536.2 million of available borrowing capacity. For the three months ended September 30, 2024 and September 30, 2023 under the Multicurrency Revolving Facility, the average daily balance in borrowings was $70.8 million and $123.9 million, respectively. For the nine months ended September 30, 2024 and September 30, 2023 under the Multicurrency Revolving Facility, the average daily balance in borrowings was $78.9 million and $320.0 million, respectively. The Company paid a non-use fee of 0.25% as of September 30, 2024 on the aggregate unused amount of the Multicurrency Revolving Facility at a rate determined by reference to its consolidated funded debt to consolidated EBITDA ratio.

Weighted average interest rates on the Multicurrency Revolving Facility are as follows:

Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Multicurrency Revolving Facility7.2 %7.2 %7.2 %6.6 %

Senior Notes

On January 24, 2023, the Company issued $1,100.0 million aggregate principal amount of its 6.05% senior notes due 2026 (the “2026 Senior Notes”), $1,250.0 million aggregate principal amount of its 6.05% senior notes due 2028 (the “2028 Senior Notes”), $1,100.0 million aggregate principal amount of its 6.30% senior notes due 2030 (the “2030 Senior Notes”) and $1,250.0 million aggregate principal amount of its 6.40% senior notes due 2033 (the “2033 Senior Notes” and, together with the 2026 Senior Notes, 2028 Senior Notes and 2030 Senior Notes, collectively, the “Senior Notes”). The 2026 Senior Notes are scheduled to mature on February 15, 2026, the 2028 Senior Notes are scheduled to mature on April 15, 2028, the 2030 Senior Notes are scheduled to mature on February 15, 2030, and the 2033 Senior Notes are scheduled to mature on April 15, 2033.

The rate of interest on each series of the Senior Notes is subject to an increase of up to 2.00% in the event of certain downgrades in the debt rating of the Senior Notes. Interest on the 2026 Senior Notes and the 2030 Senior Notes is payable semi-annually on February 15 and August 15 of each year, beginning on August 15, 2023. Interest on the 2028 Senior Notes and the 2033 Senior Notes is payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2023.

The Company received $4,647.0 million in net proceeds from the sale of the Senior Notes, after deducting the initial purchasers’ discounts and estimated offering expenses. The Company used a portion of the net proceeds to repay the Company’s outstanding Private Placement Notes and used the remaining net proceeds, together with the incremental term loan commitments under the Term Facility and cash on hand, to fund the consideration for the Altra Transaction, repay certain of Altra’s outstanding indebtedness, and pay certain fees and expenses.

Prior to the consummation of the Altra Transaction, the Company used a portion of the proceeds to repay the outstanding borrowings under the Multicurrency Revolving Facility in January 2023 and invested the remaining net proceeds of approximately $3.6 billion in interest bearing accounts. The Company recognized $29.4 million in Interest Income from the investment in interest bearing accounts prior to the close of the Altra Transaction.

The Senior Notes were issued and sold in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and persons outside the United States in accordance with Regulation S under the Securities Act. Pursuant to a registration rights agreement, the Company agreed to exchange the Senior Notes with registered notes with terms substantially identical to those of the Senior Notes of the corresponding series (the “New Notes”) within 540 days from the date of issuance. The Company and certain subsidiaries that guarantee the Senior Notes filed a registration statement on Form S-4 with the SEC on March 26, 2024, registering an offer to exchange the Senior Notes validly tendered for New Notes of the corresponding series (the “Exchange Offer”). In May 2024, the Company and the guarantor subsidiaries completed the Exchange Offer, exchanging approximately $4,697.1 million in aggregate principal amount of Senior Notes for approximately $4,697.1 million in aggregate principal amount of New Notes of the corresponding series. The aggregate principal amount of Senior Notes not exchanged, approximately $2.9 million, remained outstanding across the four series of Senior Notes. The New Notes consist of approximately $1,099.0 million aggregate principal amount of 6.050% senior notes due 2026, $1,249.4 million aggregate principal amount of 6.050% senior notes due 2028, $1,099.4 million aggregate principal amount of 6.300% senior notes due 2030 and $1,249.3 million aggregate principal amount of 6.400% senior notes due 2033.
Altra Notes

On March 27, 2023, in connection with the Altra Transaction, the Company assumed $18.1 million aggregate principal amount of 6.125% senior notes due 2026 (the “Altra Notes”). The Company purchased 95.28% of the outstanding Altra Notes for total consideration of $382.7 million. See Note 3 – Held for Sale, Acquisitions and Divestitures for more information.

The Altra Notes will mature on October 1, 2026. The Altra Notes may be redeemed at the option of the issuer on or after October 1, 2023. The Notes are guaranteed on a senior unsecured basis by certain of the Company's domestic subsidiaries.

Compliance with Financial Covenants

The Credit Agreement requires the Company to meet specified financial ratios and to satisfy certain financial condition tests. The Company was in compliance with all financial covenants as of September 30, 2024.
Finance leases

The weighted average discount rate associated with the Company's finance leases was 5.2% as of September 30, 2024 and September 30, 2023.

Other Disclosures

Based on rates for instruments with comparable maturities and credit quality, which are classified as Level 2 inputs (see also Note 14 - Fair Value), the approximate fair value of the Senior Notes was $4,923.0 million and $4,802.4 million as of September 30, 2024 and December 31, 2023, respectively, compared to a carrying value of $4,700.0 million as of September 30, 2024 and December 31, 2023. The Company believes that the fair value of all other debt instruments approximates their carrying value.
v3.24.3
RETIREMENT PLANS
 9 Months Ended
Sep. 30, 2024
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
RETIREMENT PLANS RETIREMENT PLANS
The following table presents the Company’s net periodic benefit cost (income) components:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Service Cost0.6 0.6 1.6 1.5 
Interest Cost5.3 5.8 16.1 17.1 
Expected Return on Plan Assets(5.0)(6.8)(15.0)(20.2)
Amortization of Prior Service Cost and Net Actuarial Loss (Gain)0.2 (0.5)0.5 (1.6)
Special Termination Benefits— — 0.2 — 
Net Periodic Benefit Expense (Income)$1.1 $(0.9)$3.4 $(3.2)

The service cost component is included in Cost of Sales and Operating Expenses. All other components of net periodic benefit costs are included in Other (Income) Expense, Net on the Company's Condensed Consolidated Statements of Income (Loss).
For the three months ended September 30, 2024 and September 30, 2023, the Company contributed $10.5 million and $1.9 million, respectively, to post retirement plans. For the nine months ended September 30, 2024 and September 30, 2023, the Company contributed $14.1 million and $5.4 million, respectively. The Company expects to make total contributions of $17.8 million in 2024. The Company contributed a total of $8.3 million in 2023.
For the three months ended September 30, 2024 and September 30, 2023, the Company contributed $11.0 million and $10.5 million, respectively, to defined contribution plans. For the nine months ended September 30, 2024 and September 30, 2023, the Company contributed $33.4 million and $28.0 million, respectively.
v3.24.3
SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Repurchase of Common Stock
At a meeting of the Board of Directors on October 26, 2021, the Company's Board of Directors approved the authorization to purchase up to $500.0 million of shares under the Company's share repurchase program. During the three and nine months ended September 30, 2024, the Company purchased and retired 332,439 shares of its common stock at an average cost of $150.42 per share for a total cost of $50.0 million. There were no repurchases of the Company's shares during the three and nine months ended September 30, 2023.

Based on share repurchase activity since the most recent authorization, as of September 30, 2024, the maximum value of shares of the Company’s common stock available to be purchased was approximately $145.0 million.

Share-Based Compensation

The Company recognized approximately $8.3 million and $12.9 million in share-based compensation expense for the three months ended September 30, 2024 and September 30, 2023, respectively, and approximately $26.9 million and $49.1 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The $49.1 million includes $15.7 million related to the accelerated vesting of awards for certain former Altra employees. The total income tax benefit recognized in the Condensed Consolidated Statements of Income (Loss) for share-based compensation expense was $1.0 million and $2.6 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $4.6 million and $6.3 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The Company recognizes compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award.

During the nine months ended September 30, 2024, the Company granted the following share-based incentive awards:

Award TypeNumber of AwardsWeighted Average Grant-Date Fair Value
Options and SARs98,998 $62.94 
Restricted Stock Units137,169 $164.87 
Performance Share Units55,442 $254.05 
v3.24.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The effective tax rate for the three months ended September 30, 2024 was 10.3% versus (10.1)% for the three months ended September 30, 2023. The effective tax rate for the nine months ended September 30, 2024 and September 30, 2023 was 25.4% and (45.9)%, respectively. The effective tax rate for the three months ended September 30, 2024 was higher than the same period in 2023 due to the impacts of the sale of the industrial motors and generators businesses, partially offset by discrete tax benefits associated with a reduction in withholding taxes. The effective tax rate for the nine months ended September 30, 2024 was higher than the same period in 2023 due to the impacts of the sale of the industrial motors and generators businesses, partially offset by lower non-deductible transaction related expenses from the Altra acquisition and discrete tax benefits associated with a reduction in withholding taxes.

As of September 30, 2024 and December 31, 2023, the Company had approximately $5.7 million and $8.5 million, respectively, of unrecognized tax benefits, all of which would impact the effective income tax rate if recognized. Potential interest and penalties related to unrecognized tax benefits are recorded in income tax expense. The Company had $1.3 million and $1.1 million of accrued interest as of September 30, 2024 and December 31, 2023, respectively.
v3.24.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Diluted earnings per share is calculated based upon earnings applicable to common shares divided by the weighted-average number of common shares outstanding during the period adjusted for the effect of other dilutive securities. The amount of the anti-dilutive shares was 0.3 million and 0.3 million for the three months ended September 30, 2024 and September 30, 2023, respectively. The amount of the anti-dilutive shares was 0.3 million and 0.3 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The following table reconciles the basic and diluted shares used in earnings per share calculations for the three and nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Denominator for Basic Earnings Per Share66.4 66.3 66.4 66.3 
Effect of Dilutive Securities0.3 — 0.4 — 
Denominator for Diluted Earnings Per Share66.7 66.3 66.8 66.3 
v3.24.3
CONTINGENCIES
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
One of the Company's subsidiaries that it acquired in 2007 is subject to numerous claims filed in various jurisdictions relating to certain sub-fractional motors that were primarily manufactured through 2004 and that were included as components of residential and commercial ventilation units manufactured and sold in high volumes by a third party. These ventilation units are subject to product safety requirements and other potential regulation of their performance by government agencies such as the US Consumer Product Safety Commission (“CPSC”). The claims generally allege that the ventilation units were the cause of fires. The Company has recorded an estimated liability for incurred claims. Based on the current facts, the Company cannot assure that these claims, individually or in the aggregate, will not have a material adverse effect on its subsidiary's financial condition. The Company's subsidiary cannot reasonably predict the outcome of these claims, the nature or extent of any CPSC or other remedial actions, if any, that the Company's subsidiary may need to undertake with respect to motors that remain in the field, or the costs that may be incurred, some of which could be significant.

As a result of the Company's acquisition of the Rexnord PMC business, it is entitled to indemnification from third parties to agreements with the Rexnord PMC business against certain contingent liabilities of the Rexnord PMC business, including certain pre-closing environmental liabilities.
The Company believes that, pursuant to the transaction documents related to the Rexnord PMC business' acquisition of the Stearns business from Invensys plc ("Invensys"), Invensys (now known as Schneider Electric) is obligated to defend and indemnify us with respect to the matters described below relating to the Ellsworth Industrial Park Site and to various asbestos claims. The indemnity obligations relating to the matters described below are subject, together with indemnity obligations relating to other matters, to an overall dollar cap equal to the purchase price, which is an amount in excess of $900.0 million. In the event that the Company is unable to recover from Invensys with respect to the matters below, it may be entitled to indemnification from Zurn Water Solutions Corporation (formerly known as Rexnord Corporation) ("Zurn"), subject to certain limitations. The following paragraphs summarize the most significant actions and proceedings:

•In 2002, the Company's subsidiary, Rexnord Industries, LLC ("Rexnord Industries") was named as a potentially responsible party ("PRP"), together with at least ten other companies, at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the "Site"), by the United States Environmental Protection Agency ("USEPA"), and the Illinois Environmental Protection Agency ("IEPA"). Rexnord Industries' Downers Grove property is situated within the Ellsworth Industrial Complex. The USEPA and IEPA allege there have been one or more releases or threatened releases of chlorinated solvents and other hazardous substances, pollutants or contaminants at the Site, allegedly including but not limited to a release or threatened release on or from Rexnord Industries' property. The relief sought by the USEPA and IEPA includes further investigation and potential remediation of the Site and reimbursement of USEPA's past costs. In early 2020, Rexnord Industries entered into an administrative order with the USEPA to do remediation work on its Downers Grove property. The soil excavation work and transporting and disposing of the excavated material was completed in October 2020. An AS/SVE system construction was completed in February 2022 and is anticipated to operate for three years. All previously pending property damage and personal injury lawsuits against Rexnord Industries related to the Site have been settled or dismissed. Pursuant to its indemnity obligation, Invensys continues to defend Rexnord Industries in known matters related to the Site, including the costs of the remediation work pursuant to the 2020 administrative order, and has paid 100% of the costs to date. This
indemnification right would not protect Rexnord Industries against liabilities related to environmental conditions that were unknown to Invensys at the time of the acquisition of the Stearns business from Invensys.

•Multiple lawsuits (with over 350 claimants) are pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain brakes and clutches previously manufactured by the Rexnord PMC business' Stearns brand of brakes and clutches and/or its predecessor owners. Invensys and FMC, prior owners of the Stearns business, have paid 100% of the costs to date related to the Stearns lawsuits. Similarly, the Rexnord PMC business' Prager subsidiary is the subject of claims by multiple claimants alleging personal injuries due to the alleged presence of asbestos in a product allegedly manufactured by Prager. However, all these claims are currently on the Texas Multi-district Litigation inactive docket, and the Company does not believe that they will become active in the future. To date, the Rexnord PMC business' insurance providers have paid 100% of the costs related to the Prager asbestos matters. We believe that the combination of the Company's insurance coverage and the Invensys indemnity obligations will cover any future costs of these matters.
In connection with the Company's acquisition of the Rexnord PMC business, transaction documents related to the Rexnord PMC business’ acquisition of The Falk Corporation from Hamilton Sundstrand Corporation were assigned to Rexnord Industries, and provide Rexnord Industries with indemnification against certain product related asbestos exposure liabilities. The Company believes that, pursuant to such indemnity obligations, Hamilton Sundstrand is obligated to defend and indemnify Rexnord Industries with respect to asbestos claims described below, and that, with respect to these claims, such indemnity obligations are not subject to any time or dollar limitations.

The following paragraph summarizes the most significant actions and proceedings for which Hamilton Sundstrand has accepted responsibility:

•Rexnord Industries is a defendant in multiple lawsuits pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain clutches and drives previously manufactured by The Falk Corporation. The ultimate outcome of these lawsuits cannot presently be determined. Hamilton Sundstrand is defending Rexnord Industries in these lawsuits pursuant to its indemnity obligations and has paid 100% of the costs to date.

The Company is, from time to time, party to litigation and other legal or regulatory proceedings that arise in the normal course of its business operations and the outcomes of which are subject to significant uncertainty, including product warranty and liability claims, contract disputes and environmental, asbestos, intellectual property, employment and other litigation matters. The Company's products are used in a variety of industrial, commercial and residential applications that subject the Company to claims that the use of its products is alleged to have resulted in injury or other damage. Many of these matters will only be resolved when one or more future events occur or fail to occur. Management conducts regular reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. The Company accrues for exposures in amounts that it believes are adequate, and the Company does not believe that the outcome of any such lawsuit individually or collectively will have a material effect on the Company's financial position, its results of operations or its cash flows.
The Company recognizes the cost associated with its standard warranty on its products at the time of sale. The amount recognized is based on historical experience. The following table presents a reconciliation of the changes in accrued warranty costs for the three and nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Beginning Balance$33.4 $39.3 $34.5 $28.8 
Less: Payments(6.5)(5.5)(17.8)(15.8)
Provisions6.6 6.3 17.1 16.3 
Acquisitions— — — 9.8 
Reclassification to Liabilities Held for Sale— (3.4)— (3.4)
Translation Adjustments0.3 (0.3)— 0.7 
Ending Balance$33.8 $36.4 $33.8 $36.4 
These liabilities are included in Other Accrued Expenses and Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative instruments are commodity price risk, currency exchange risk, and interest rate risk. Forward contracts on certain commodities are entered into to manage the price risk associated with forecasted purchases of materials used in the Company's manufacturing process. Forward contracts on certain currencies are entered into to manage forecasted cash flows in certain foreign currencies. Interest rate swaps are utilized to manage interest rate risk associated with the Company's floating rate borrowings.
The Company is exposed to credit losses in the event of non-performance by the counterparties to various financial agreements, including its commodity hedging transactions, foreign currency exchange contracts and interest rate swap agreements. Exposure to counterparty credit risk is managed by limiting counterparties to major international banks and financial institutions meeting established credit guidelines and continually monitoring their compliance with the credit guidelines. The Company does not obtain collateral or other security to support financial instruments subject to credit risk. The Company does not anticipate non-performance by its counterparties, but cannot provide assurances.
The Company recognizes all derivative instruments as either assets or liabilities at fair value on the Condensed Consolidated Balance Sheets. The Company designates commodity forward contracts as cash flow hedges of forecasted purchases of commodities, currency forward contracts as cash flow hedges of forecasted foreign currency cash flows and interest rate swaps as cash flow hedges of forecasted SOFR-based interest payments. There were no significant collateral deposits on derivative financial instruments as of September 30, 2024 or September 30, 2023.
Cash flow hedges
The effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or changes in market value of derivatives not designated as hedges are recognized in current earnings.
As of September 30, 2024 and December 31, 2023, the Company had $4.4 million and $15.1 million, respectively, net of tax, of derivative gains on closed hedge instruments in AOCI that will be realized in earnings when the hedged items impact earnings.
The Company has currency forward contracts with maturities extending through March 2027. The notional amounts expressed in terms of the dollar value of the hedged currency were as follows:
 September 30, 2024December 31, 2023
Chinese Renminbi$405.2 $302.3 
Mexican Peso295.0 101.4 
Euro573.9 465.8 
Indian Rupee36.2 30.1 
British Pound3.5 7.1 

The Company has commodity forward contracts to hedge forecasted purchases of commodities with maturities extending through December 2025. The notional amounts expressed in terms of the dollar value of the hedged item were as follows:
 September 30, 2024December 31, 2023
Copper$58.1 $37.5 
Aluminum0.3 1.4 

The Company entered into two receive variable/pay-fixed forward starting non-amortizing interest rate swaps in June 2020, with a total notional amount of $250.0 million, which were subsequently terminated in March 2022. The cash proceeds of $16.2 million received to settle the terminated swaps is being recognized as a reduction of interest expense via the effective interest rate method through July 2025 when the terminated swaps were scheduled to expire. The Company entered into two additional receive variable/pay-fixed forward starting non-amortizing interest rate swaps in May 2022, with a total notional amount of $250.0 million. These swaps will expire in March 2027.
Fair values of derivative instruments as of September 30, 2024 and December 31, 2023 were:
 September 30, 2024
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued ExpensesOther Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts$— $1.8 $— $— 
Currency Contracts0.5 — 6.0 0.1 
Commodity Contracts2.3 0.4 1.6 — 
Not Designated as Hedging Instruments:
Currency Contracts2.7 — 1.2 — 
Total Derivatives$5.5 $2.2 $8.8 $0.1 
 December 31, 2023
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
Interest Rate Swap Contracts$— $5.3 $— 
Currency Contracts13.1 0.2 1.0 
Commodity Contracts1.0 0.1 0.6 
Not Designated as Hedging Instruments:
Currency Contracts1.3 — 5.9 
Total Derivatives$15.4 $5.6 $7.5 
Derivatives Designated as Cash Flow Hedging Instruments:

The effect of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Income (Loss) and Condensed Consolidated Statements of Comprehensive Income (Loss) were:
Three Months Ended
September 30, 2024September 30, 2023
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$1.2 $(4.9)$(7.2)$(10.9)$(0.9)$(3.7)$2.2 $(2.4)
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain (Loss) Recognized in Cost of Sales0.7 5.1 — 5.8 (3.1)4.6 — 1.5 
Gain Recognized in Interest Expense— — 1.4 1.4 — — 1.6 1.6 
Nine Months Ended
September 30, 2024September 30, 2023
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$1.3 $(9.6)$(3.5)$(11.8)$(0.7)$21.0 $4.3 $24.6 
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain (Loss) Recognized in Cost of Sales(1.1)19.8 — 18.7 (10.9)8.6 — (2.3)
Gain Recognized in Interest Expense— — 4.3 4.3 — — 4.4 4.4 
Derivatives Not Designated as Cash Flow Hedging Instruments:

The effect of derivative instruments not designated as cash flow hedges on the Condensed Consolidated Statements of Income (Loss) were:
Three Months Ended
September 30, 2024September 30, 2023
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain recognized in Cost of Sales$— $— $0.1 $— 
(Loss) Gain recognized in Operating Expenses— (1.7)— 27.4 
Nine Months Ended
September 30, 2024September 30, 2023
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain recognized in Cost of Sales$— $— $0.2 $— 
Gain recognized in Operating Expenses— 6.0 — 14.9 

The AOCI balance related to hedging activities consists of a $2.3 million gain net of tax as of September 30, 2024 which includes $0.6 million of net current deferred gains expected to be reclassified to the Consolidated Statement of Comprehensive
Income in the next twelve months. There were no gains or losses reclassified from AOCI to earnings based on the probability that the forecasted transaction would not occur.

The Company's commodity and currency derivative contracts are subject to master netting agreements with the respective counterparties which allow the Company to net settle transactions with a single net amount payable by one party to another party. The Company has elected to present the derivative assets and derivative liabilities on the Condensed Consolidated Balance Sheets on a gross basis as of September 30, 2024 and December 31, 2023.

The following table presents on a net basis the derivative assets and liabilities that are subject to right of offset under enforceable master netting agreements:
September 30, 2024
Gross Amounts as Presented on the Condensed Consolidated Balance SheetDerivative Contract Amounts Subject to Right of Offset Derivative Contracts as Presented on a Net Basis
Assets$7.7 $(2.0)$5.7 
Liabilities8.9 (2.0)6.9 
December 31, 2023
Gross Amounts as Presented on the Condensed Consolidated Balance SheetDerivative Contract Amounts Subject to Right of OffsetDerivative Contracts as Presented on a Net Basis
Assets$15.7 $(2.6)$13.1 
Liabilities7.5 (2.6)4.9 
v3.24.3
FAIR VALUE
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy:
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2Unadjusted quoted prices in active markets for similar assets or liabilities, or
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or
Inputs other than quoted prices that are observable for the asset or liability
Level 3Unobservable inputs for the asset or liability
The Company uses the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The fair values of cash equivalents and short-term deposits approximate their carrying values as of September 30, 2024 and December 31, 2023, due to the short period of time to maturity and are classified using Level 1 inputs. The fair values of trade receivables and accounts payable approximate the carrying values due to the short period of time to maturity. See Note 7 - Debt and Bank Credit Facilities for disclosure of the approximate fair value of the Company's debt as of September 30, 2024 and December 31, 2023.

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023Classification
Assets:
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts$3.2 $14.4 Level 2
Derivative Commodity Contracts2.3 1.0 Level 2
Other Noncurrent Assets:
Assets Held in Rabbi Trust14.9 12.7 Level 1
Derivative Currency Contracts— 0.2 Level 2
Derivative Commodity Contracts0.4 0.1 Level 2
Interest Rate Swap1.8 5.3 Level 2
Liabilities:
Other Accrued Expenses:
Derivative Currency Contracts7.2 6.9 Level 2
Derivative Commodity Contracts1.6 0.6 Level 2
Other Noncurrent Liabilities:
Derivative Currency Contracts0.1 — Level 2
Derivative Commodity Contracts— — Level 2
Level 1 fair value measurements for assets held in a Rabbi Trust are unadjusted quoted prices.

Level 2 fair value measurements for derivative assets and liabilities are measured using quoted prices in active markets for similar assets and liabilities. Interest rate swaps are valued based on the discounted cash flows using the SOFR forward yield curve for an instrument with similar contractual terms. Foreign currency forwards are valued based on exchange rates quoted by domestic and foreign banks for similar instruments. Commodity forwards are valued based on observable market transactions of forward commodity prices. Senior Notes are valued based on rates for instruments with comparable maturities and credit quality. See Note 7 - Debt and Bank Credit Facilities for further information.
v3.24.3
RESTRUCTURING ACTIVITIES
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING ACTIVITIES RESTRUCTURING ACTIVITIES
The Company incurred restructuring and restructuring-related costs on projects during the three and nine months ended September 30, 2024 and September 30, 2023. The Company has initiated restructuring plans to achieve cost synergies from procurement, distribution efficiencies, footprint rationalization and other general cost savings measures. Restructuring costs include employee termination and plant relocation costs. Restructuring-related costs also include costs directly associated with actions resulting from the Company's simplification initiatives, such as asset write-downs or accelerated depreciation due to shortened useful lives in connection with site closures, discretionary employment benefit costs and other facility rationalization costs. Restructuring costs for employee termination expenses are generally recognized when the severance liability is determined to be probable of being paid and reasonably estimable while plant relocation costs and related costs are generally required to be expensed as incurred.

The following table presents a reconciliation of provisions and payments for the restructuring projects for the three and nine months ended September 30, 2024 and September 30, 2023:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Beginning Balance$16.7 $18.3 $29.1 $15.1 
Acquisition(1)
— — — 0.2 
Provision(2)
10.9 7.1 29.1 26.1 
Less: Payments10.2 4.6 40.8 20.6 
Ending Balance$17.4 $20.8 $17.4 $20.8 

(1) Excludes $12.4 million of severance related to the Altra Transaction, which was paid in the second quarter 2023.
(2) Excludes equipment related write-offs and restructuring related depreciation adjustments. The three and nine months ended September 30, 2023 excludes $7.5 million of accelerated depreciation.    

The following table presents a reconciliation of restructuring costs for restructuring projects for the three and nine months ended September 30, 2024 and September 30, 2023:
Three Months Ended
September 30, 2024September 30, 2023
Restructuring Costs:Cost of SalesOperating ExpensesTotalCost of SalesOperating ExpensesTotal
Employee Termination Expenses$3.1 $7.0 $10.1 $0.4 $2.0 $2.4 
Facility Related Costs2.0 0.1 2.1 9.4 0.1 9.5 
Other Expenses0.2 0.5 0.7 2.8 (0.1)2.7 
  Total Restructuring Costs$5.3 $7.6 $12.9 $12.6 $2.0 $14.6 
Nine Months Ended
September 30, 2024September 30, 2023
Restructuring Costs:Cost of SalesOperating ExpensesTotalCost of SalesOperating ExpensesTotal
Employee Termination Expenses$8.9 $10.2 $19.1 $10.1 $4.9 $15.0 
Facility Related Costs4.9 0.5 5.4 12.4 0.3 12.7 
Other Expenses5.5 1.9 7.4 5.9 — 5.9 
  Total Restructuring Costs$19.3 $12.6 $31.9 $28.4 $5.2 $33.6 
The following table presents restructuring costs by segment for the three and nine months ended September 30, 2024 and September 30, 2023:
Restructuring Costs - Three Months EndedTotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial Systems
September 30, 2024$12.9 $5.3 $1.8 $5.8 $— 
September 30, 2023$14.6 $5.9 $7.5 $1.2 $— 
Restructuring Costs - Nine Months EndedTotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial Systems
September 30, 2024$31.9 $10.4 $11.4 $9.1 $1.0 
September 30, 2023$33.6 $7.5 $22.7 $2.7 $0.7 
The Company's current restructuring activities are expected to continue through 2024. The Company expects to record aggregate future charges of approximately $11.2 million in the remainder of 2024. The Company continues to evaluate operating efficiencies and anticipates incurring additional costs in future periods in connection with these activities.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 72.7 $ (139.5) $ 155.0 $ (113.3)
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and revenues and expenses during the periods reported. Actual results could differ from those estimates. The Company uses estimates in accounting for, among other items, allowances for credit losses; excess and obsolete inventory; share-based compensation; acquisitions; product warranty obligations; pension and post-retirement assets and liabilities; derivative fair values; goodwill and other asset impairments; health care reserves; rebates and incentives; litigation claims and contingencies, including environmental matters; and income taxes. The Company accounts for changes to estimates and assumptions when warranted by factually based experience.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires additional information about certain expenses in the notes to financial statements. The new guidance will be effective for annual periods beginning after December 15, 2026. The Company is evaluating the effect of adopting this new accounting guidance.
v3.24.3
OTHER FINANCIAL INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Disaggregation of Revenue
The following tables presents the Company’s revenues disaggregated by geographical region:
Three Months Ended
September 30, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$431.5 $338.7 $269.2 $— $1,039.4 
Asia39.3 41.8 22.7 — 103.8 
Europe120.8 32.6 88.0 — 241.4 
Rest-of-World52.6 18.5 21.7 — 92.8 
Total$644.2 $431.6 $401.6 $— $1,477.4 
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 
Nine Months Ended
September 30, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$1,306.7 $950.2 $816.9 $79.4 $3,153.2 
Asia133.2 124.6 67.9 44.3 370.0 
Europe367.9 102.4 279.9 17.6 767.8 
Rest-of-World155.3 50.6 59.3 16.5 281.7 
Total$1,963.1 $1,227.8 $1,224.0 $157.8 $4,572.7 
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 
Schedule of Percentage Distribution between Major Classes of Inventory
The following table presents approximate percentage distribution between major classes of inventories:
September 30, 2024December 31, 2023
Raw Material and Work in Process67.4%66.7%
Finished Goods and Purchased Parts32.6%33.3%
Schedule of Property, Plant, and Equipment by Major Classification
The following table presents property, plant, and equipment by major classification:
Useful Life in YearsSeptember 30, 2024December 31, 2023
Land and Improvements$132.8 $139.2 
Buildings and Improvements
3 - 50
403.7 414.5 
Machinery and Equipment
3 - 15
1,200.6 1,219.4 
Property, Plant and Equipment1,737.1 1,773.1 
Less: Accumulated Depreciation(775.2)(731.9)
Net Property, Plant and Equipment$961.9 $1,041.2 
v3.24.3
ACQUISITIONS AND DIVESTITURES (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Asset and Liabilities Businesses Held for Sale
The following table summarizes the fair value of the sale proceeds received in connection with the divestiture, which are subject to further post-closing adjustment:
April 30, 2024
Purchase price$400.0 
Cash transferred to buyer66.1 
Estimated working capital and other adjustments(19.5)
Total purchase price446.6 
Direct costs to sell(7.3)
Fair value of sale consideration, net(1)
$439.3 
(1) The fair value of sale consideration, net includes an immaterial post-close adjustment to the purchase price for which cash has not yet been received.

The following table summarizes the carrying value of the disposal group and resulting loss on sale:
April 30, 2024
Net assets sold$419.4 
Noncontrolling Interest(9.2)
Accumulated Other Comprehensive Income121.3 
Payables to seller(0.2)
Carrying value of disposal group$531.3 
Loss on Sale of Businesses$(92.0)

The assets and liabilities related to these businesses were included in Assets Held for Sale, Noncurrent Assets Held for Sale, Liabilities Held for Sale and Noncurrent Liabilities Held for Sale as of December 31, 2023, as shown in the table below:
December 31, 2023
Assets Held for Sale
Cash and Cash Equivalents$61.3 
Trade Receivables, Less Allowances88.3 
Inventories199.7 
Prepaid Expenses and Other Current Assets12.2 
  Total Current Assets Held for Sale$361.5 
Net Property, Plant and Equipment96.0 
Operating Lease Assets18.0 
Goodwill54.7 
Intangible Assets, Net of Amortization2.1 
Deferred Income Tax Benefits11.0 
Other Noncurrent Assets— 
Loss on Assets Held for Sale(87.7)
  Total Noncurrent Assets Held for Sale$94.1 
Liabilities Held for Sale
Accounts Payable$67.2 
Accrued Compensation and Employee Benefits11.3 
Other Accrued Expenses21.7 
Current Operating Lease Liabilities3.5 
  Total Current Liabilities Held for Sale$103.7 
Pension and Other Post Retirement Benefits0.9 
Noncurrent Operating Lease Liabilities16.2 
Other Noncurrent Liabilities3.3 
  Total Noncurrent Liabilities Held for Sale$20.4 
Schedule of Business Acquisitions
The total purchase price to acquire Altra was $5.1 billion, which consisted of the following:

Cash paid for outstanding Altra Common Stock(1)
$4,051.0 
Stock based compensation(2)
23.1 
Payment of Altra debt(3)
1,061.0 
Pre-existing relationships(4)
(0.5)
Purchase price$5,134.6 

(1) Cash paid for the common stock component of the purchase price was based on 65.3 million shares of outstanding Altra Common Stock as of March 27, 2023 at $62.00 per share, in accordance with the Altra Merger Agreement.
(2) Represents fair value of replacement equity-based awards and Company common stock issued in settlement of other Altra share based awards. The portion of the fair value attributable to pre-acquisition service was recorded as part of the consideration transferred in the Altra Transaction of which $17.3 million was paid in cash during the second quarter of 2023.
(3) Cash paid by the Company to settle (a) the term loan facility, (b) the revolving credit facility and (c) 95.28% of the 6.125% senior notes due 2026 of Stevens Holding Company, Inc., a wholly owned subsidiary of Altra (the "Altra Notes"). $18.1 million of the Altra Notes remained outstanding following the closing of the Altra Transaction. See Note 7 - Debt and Bank Credit Facilities for more information.
(4) Represents effective settlement of outstanding payables and receivables between the Company and Altra. No gain or loss was recognized on this settlement.
Schedule of Assets Acquired and Liabilities Assumed The fair value of the assets acquired and liabilities assumed were as follows:
As Reported as of December 31, 2023Measurement period adjustmentsAs of March 31, 2024
Cash and Cash Equivalents$259.1 $— $259.1 
Trade Receivables258.1 (1.5)256.6 
Inventories387.5 (0.5)387.0 
Prepaid Expenses and Other Current Assets32.4 — 32.4 
Property, Plant and Equipment403.0 (0.5)402.5 
Intangible Assets(2)
2,142.0 — 2,142.0 
Deferred Income Tax Benefits0.7 0.1 0.8 
Operating Lease Assets46.8 — 46.8 
Other Noncurrent Assets12.7 — 12.7 
Accounts Payable(183.3)— (183.3)
Accrued Compensation and Benefits(66.0)— (66.0)
Other Accrued Expenses(1)
(144.6)(0.7)(145.3)
Current Operating Lease Liabilities(12.3)— (12.3)
Current Maturities of Long-Term Debt(0.4)— (0.4)
Long-Term Debt(25.3)— (25.3)
Deferred Income Taxes(533.3)8.2 (525.1)
Pension and Other Post Retirement Benefits(19.8)— (19.8)
Noncurrent Operating Lease Liabilities(29.0)— (29.0)
Other Noncurrent Liabilities(8.3)— (8.3)
Total Identifiable Net Assets2,520.0 5.1 2,525.1 
Goodwill2,614.6 (5.1)2,609.5 
Purchase price$5,134.6 $— $5,134.6 

(1) Includes $60.1 million related to Altra Transaction costs paid by the Company at the closing of the Altra Transaction.
(2) Includes $1,710.0 million related to Customer Relationships, $330.0 million related to Trademarks and $102.0 million related to Technology.
Schedule of Pro Forma Information
The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the Altra Transaction been completed as of the date indicated or the results that may be obtained in the future.

For the Three Months Ended September 30, 2023
For the Nine Months Ended September 30, 2023
Net Sales$1,649.8 $5,093.6 
Net Loss Attributable to Regal Rexnord Corporation$(126.7)$(7.2)
Loss Per Share Attributable to Regal Rexnord Corporation:
   Basic$(1.91)$(0.11)
   Assuming Dilution$(1.91)$(0.11)
v3.24.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax
The following tables present changes in AOCI by component for the three and nine months ended September 30, 2024 and September 30, 2023:
Three Months Ended
September 30, 2024Hedging ActivitiesPension and Post Retirement Benefit AdjustmentsForeign Currency Translation AdjustmentsTotal
Beginning Balance$16.1 $(25.1)$(307.7)$(316.7)
Other Comprehensive (Loss) Income before Reclassifications(10.9)— 124.3 113.4 
Tax Impact2.6 — — 2.6 
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income(7.2)0.2 — (7.0)
Tax Impact1.7 (0.1)— 1.6 
Net Current Period Other Comprehensive (Loss) Income(13.8)0.1 124.3 110.6 
Ending Balance$2.3 $(25.0)$(183.4)$(206.1)
September 30, 2023Hedging ActivitiesPension and Post Retirement Benefit AdjustmentsForeign Currency Translation AdjustmentsTotal
Beginning Balance$38.6 $(14.1)$(351.2)$(326.7)
Other Comprehensive Loss before Reclassifications(2.4)— (85.7)(88.1)
Tax Impact0.6 — — 0.6 
Amounts Reclassified from Accumulated Other Comprehensive Loss(3.1)(0.5)— (3.6)
Tax Impact0.7 0.1 — 0.8 
Net Current Period Other Comprehensive Loss (4.2)(0.4)(85.7)(90.3)
Ending Balance$34.4 $(14.5)$(436.9)$(417.0)
Nine Months Ended
September 30, 2024Hedging ActivitiesPension and Post Retirement Benefit AdjustmentsForeign Currency Translation AdjustmentsTotal
Beginning Balance$28.8 $(25.0)$(286.2)$(282.4)
Other Comprehensive Loss before Reclassifications(11.8)(0.5)(18.5)(30.8)
Tax Impact2.8 0.1 — 2.9 
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income(23.0)0.5 121.3 98.8 
Tax Impact5.5 (0.1)— 5.4 
Net Current Period Other Comprehensive (Loss) Income(26.5)— 102.8 76.3 
Ending Balance$2.3 $(25.0)$(183.4)$(206.1)
September 30, 2023Hedging ActivitiesPension and Post Retirement Benefit AdjustmentsForeign Currency Translation AdjustmentsTotal
Beginning balance$17.3 $(13.3)$(356.1)$(352.1)
Other Comprehensive Income (Loss) before Reclassifications24.6 — (80.8)(56.2)
Tax Impact(5.9)— — (5.9)
Amounts Reclassified from Accumulated Other Comprehensive Loss(2.1)(1.6)— (3.7)
Tax Impact0.5 0.4 — 0.9 
Net Current Period Other Comprehensive Income (Loss)17.1 (1.2)(80.8)(64.9)
Ending Balance$34.4 $(14.5)$(436.9)$(417.0)
v3.24.3
GOODWILL AND INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes to Goodwill
The following table presents changes to goodwill during the nine months ended September 30, 2024:
TotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion Control
Balance as of December 31, 2023$6,553.1 $3,747.0 $753.9 $2,052.2 
Acquisitions(5.1)(5.8)— 0.7 
Translation Adjustments9.3 7.9 0.9 0.5 
Balance as of September 30, 2024$6,557.3 $3,749.1 $754.8 $2,053.4 
Cumulative Goodwill Impairment Charges(1)
$223.6 $18.1 $200.4 $5.1 
(1) Excludes impairment charges related to Industrial Systems, since it was sold in April 2024. See Note 3 – Held for Sale, Acquisitions and Divestitures for more information.
Schedule of Finite-Lived Intangible Assets
Intangible assets consist of the following:
 September 30, 2024December 31, 2023
 Weighted Average Amortization Period (Years)Gross ValueAccumulated
Amortization		Net Carrying AmountGross ValueAccumulated
Amortization		Net Carrying Amount
Customer Relationships15$3,963.4 $867.6 $3,095.8 $4,028.5 $746.2 $3,282.3 
Technology13297.7 104.9 192.8 302.6 92.9 209.7 
Trademarks10710.9 175.0 535.9 712.1 120.7 591.4 
Total Intangibles$4,972.0 $1,147.5 $3,824.5 $5,043.2 $959.8 $4,083.4 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents future estimated annual amortization expense for intangible assets:
 YearEstimated Amortization
2025$348.1 
2026344.7 
2027344.6 
2028344.6 
2029342.6 
v3.24.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Segments
The following sets forth certain financial information attributable to the Company's operating segments for the three and nine months ended September 30, 2024 and September 30, 2023:
Segment Information
Three Months Ended
September 30, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
External Sales$644.2 $431.6 $401.6 $— $— $1,477.4 
Intersegment Sales2.0 0.5 4.6 — (7.1)— 
  Total Sales646.2 432.1 406.2 — (7.1)1,477.4 
Gross Profit268.0 131.8 156.5 — — 556.3 
Operating Expenses183.5 73.2 125.5 — — 382.2 
Income from Operations84.5 58.6 31.0 — — 174.1 
Depreciation and Amortization69.8 11.4 46.2 — — 127.4 
Capital Expenditures13.7 8.0 7.6 — — 29.3 
September 30, 2023
External Sales$640.7 $461.3 $419.8 $128.0 $— $1,649.8 
Intersegment Sales3.6 3.1 4.2 0.6 (11.5)— 
  Total Sales644.3 464.4 424.0 128.6 (11.5)1,649.8 
Gross Profit215.8 138.0 161.2 27.2 — 542.2 
Operating Expenses175.1 71.5 117.6 24.7 — 388.9 
Goodwill Impairment— — — 57.3 — 57.3 
Asset Impairments1.3 1.5 0.5 0.4 — 3.7 
Loss on Assets Held for Sale— — — 112.7 — 112.7 
Total Operating Expenses176.4 73.0 118.1 195.1 — 562.6 
Income from Operations39.4 65.0 43.1 (167.9)— (20.4)
Depreciation and Amortization75.9 15.8 46.1 3.1 — 140.9 
Capital Expenditures5.8 8.1 9.8 1.5 — 25.2 
Segment Information
Nine Months Ended
September 30, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion Control
Industrial Systems(1)
EliminationsTotal
External Sales$1,963.1 $1,227.8 $1,224.0 $157.8 $— $4,572.7 
Intersegment Sales6.7 6.2 13.5 0.5 (26.9)— 
  Total Sales1,969.8 1,234.0 1,237.5 158.3 (26.9)4,572.7 
Gross Profit803.3 352.3 485.6 39.2 — 1,680.4 
Operating Expenses546.7 219.9 371.5 34.6 — 1,172.7 
Asset Impairments0.2 0.2 1.1 — — 1.5 
Loss on Sale of Businesses— — — 4.3 — 4.3 
Total Operating Expenses546.9 220.1 372.6 38.9 — 1,178.5 
Income from Operations256.4 132.2 113.0 0.3 — 501.9 
Depreciation and Amortization210.7 33.6 137.7 0.6 — 382.6 
Capital Expenditures36.8 19.1 20.0 4.3 — 80.2 
September 30, 2023
External Sales$1,753.8 $1,390.9 $1,096.1 $401.7 $— $4,642.5 
Intersegment Sales11.5 10.8 15.3 2.0 (39.6)— 
  Total Sales1,765.3 1,401.7 1,111.4 403.7 (39.6)4,642.5 
Gross Profit617.6 389.5 412.8 84.2 — 1,504.1 
Operating Expenses510.5 217.8 323.7 75.9 — 1,127.9 
Goodwill Impairment— — — 57.3 57.3 
Asset Impairments1.6 1.5 2.6 0.4 6.1 
Loss on Assets Held for Sale— — — 112.7 112.7 
Total Operating Expenses512.1 219.3 326.3 246.3 — 1,304.0 
Income from Operations105.5 170.2 86.5 (162.1)— 200.1 
Depreciation and Amortization191.9 39.3 113.4 9.8 — 354.4 
Capital Expenditures30.9 25.2 27.2 5.4 — 88.7 
(1) Results for the Industrial Systems segment cover the period through the completed sale on April 30, 2024.

The following table presents identifiable assets information attributable to the Company's operating segments as of September 30, 2024 and December 31, 2023:
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
Identifiable Assets as of September 30, 2024$7,726.3 $1,995.7 $4,837.0 $— $14,559.0 
Identifiable Assets as of December 31, 20238,009.4 2,036.4 4,909.2 476.4 15,431.4 
v3.24.3
DEBT AND BANK CREDIT FACILITIES (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Indebtedness
The following table presents the Company’s indebtedness as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
Senior Notes$4,700.0 $4,700.0 
Term Facility780.0 1,053.5 
Land Term Facility95.0 486.8 
Multicurrency Revolving Facility33.8 98.1 
Altra Notes18.1 18.1 
Finance Leases70.6 70.5 
Other7.2 7.5 
Less: Debt Issuance Costs(45.4)(53.6)
Total5,659.3 6,380.9 
Less: Current Maturities4.7 3.9 
Long-Term Debt$5,654.6 $6,377.0 
Weighted average interest rates on the Term Facility and Land Term facility are as follows:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Term Facility7.2 %7.2 %7.2 %6.9 %
Land Term Facility7.1 %7.2 %7.2 %6.7 %
Weighted average interest rates on the Multicurrency Revolving Facility are as follows:

Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Multicurrency Revolving Facility7.2 %7.2 %7.2 %6.6 %
v3.24.3
RETIREMENT PLANS (Tables)
 9 Months Ended
Sep. 30, 2024
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Schedule of Net Periodic Defined Benefit Pension Income
The following table presents the Company’s net periodic benefit cost (income) components:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Service Cost0.6 0.6 1.6 1.5 
Interest Cost5.3 5.8 16.1 17.1 
Expected Return on Plan Assets(5.0)(6.8)(15.0)(20.2)
Amortization of Prior Service Cost and Net Actuarial Loss (Gain)0.2 (0.5)0.5 (1.6)
Special Termination Benefits— — 0.2 — 
Net Periodic Benefit Expense (Income)$1.1 $(0.9)$3.4 $(3.2)
v3.24.3
SHAREHOLDERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award
During the nine months ended September 30, 2024, the Company granted the following share-based incentive awards:

Award TypeNumber of AwardsWeighted Average Grant-Date Fair Value
Options and SARs98,998 $62.94 
Restricted Stock Units137,169 $164.87 
Performance Share Units55,442 $254.05 
v3.24.3
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Basic and Diluted Shares Used in EPS The following table reconciles the basic and diluted shares used in earnings per share calculations for the three and nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Denominator for Basic Earnings Per Share66.4 66.3 66.4 66.3 
Effect of Dilutive Securities0.3 — 0.4 — 
Denominator for Diluted Earnings Per Share66.7 66.3 66.8 66.3 
v3.24.3
CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Accrued Warranty Costs The following table presents a reconciliation of the changes in accrued warranty costs for the three and nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Beginning Balance$33.4 $39.3 $34.5 $28.8 
Less: Payments(6.5)(5.5)(17.8)(15.8)
Provisions6.6 6.3 17.1 16.3 
Acquisitions— — — 9.8 
Reclassification to Liabilities Held for Sale— (3.4)— (3.4)
Translation Adjustments0.3 (0.3)— 0.7 
Ending Balance$33.8 $36.4 $33.8 $36.4 
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Forward Contracts
The Company has currency forward contracts with maturities extending through March 2027. The notional amounts expressed in terms of the dollar value of the hedged currency were as follows:
 September 30, 2024December 31, 2023
Chinese Renminbi$405.2 $302.3 
Mexican Peso295.0 101.4 
Euro573.9 465.8 
Indian Rupee36.2 30.1 
British Pound3.5 7.1 

The Company has commodity forward contracts to hedge forecasted purchases of commodities with maturities extending through December 2025. The notional amounts expressed in terms of the dollar value of the hedged item were as follows:
 September 30, 2024December 31, 2023
Copper$58.1 $37.5 
Aluminum0.3 1.4 
Schedule of Fair Values of Derivative Instruments
Fair values of derivative instruments as of September 30, 2024 and December 31, 2023 were:
 September 30, 2024
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued ExpensesOther Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts$— $1.8 $— $— 
Currency Contracts0.5 — 6.0 0.1 
Commodity Contracts2.3 0.4 1.6 — 
Not Designated as Hedging Instruments:
Currency Contracts2.7 — 1.2 — 
Total Derivatives$5.5 $2.2 $8.8 $0.1 
 December 31, 2023
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
Interest Rate Swap Contracts$— $5.3 $— 
Currency Contracts13.1 0.2 1.0 
Commodity Contracts1.0 0.1 0.6 
Not Designated as Hedging Instruments:
Currency Contracts1.3 — 5.9 
Total Derivatives$15.4 $5.6 $7.5 
Schedule of Cash Flow Hedging Instruments
Derivatives Designated as Cash Flow Hedging Instruments:

The effect of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Income (Loss) and Condensed Consolidated Statements of Comprehensive Income (Loss) were:
Three Months Ended
September 30, 2024September 30, 2023
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$1.2 $(4.9)$(7.2)$(10.9)$(0.9)$(3.7)$2.2 $(2.4)
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain (Loss) Recognized in Cost of Sales0.7 5.1 — 5.8 (3.1)4.6 — 1.5 
Gain Recognized in Interest Expense— — 1.4 1.4 — — 1.6 1.6 
Nine Months Ended
September 30, 2024September 30, 2023
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$1.3 $(9.6)$(3.5)$(11.8)$(0.7)$21.0 $4.3 $24.6 
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain (Loss) Recognized in Cost of Sales(1.1)19.8 — 18.7 (10.9)8.6 — (2.3)
Gain Recognized in Interest Expense— — 4.3 4.3 — — 4.4 4.4 
Derivatives Not Designated as Cash Flow Hedging Instruments:

The effect of derivative instruments not designated as cash flow hedges on the Condensed Consolidated Statements of Income (Loss) were:
Three Months Ended
September 30, 2024September 30, 2023
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain recognized in Cost of Sales$— $— $0.1 $— 
(Loss) Gain recognized in Operating Expenses— (1.7)— 27.4 
Nine Months Ended
September 30, 2024September 30, 2023
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain recognized in Cost of Sales$— $— $0.2 $— 
Gain recognized in Operating Expenses— 6.0 — 14.9 
Schedule of Derivatives Under Enforceable Master Netting Agreements
The following table presents on a net basis the derivative assets and liabilities that are subject to right of offset under enforceable master netting agreements:
September 30, 2024
Gross Amounts as Presented on the Condensed Consolidated Balance SheetDerivative Contract Amounts Subject to Right of Offset Derivative Contracts as Presented on a Net Basis
Assets$7.7 $(2.0)$5.7 
Liabilities8.9 (2.0)6.9 
December 31, 2023
Gross Amounts as Presented on the Condensed Consolidated Balance SheetDerivative Contract Amounts Subject to Right of OffsetDerivative Contracts as Presented on a Net Basis
Assets$15.7 $(2.6)$13.1 
Liabilities7.5 (2.6)4.9 
v3.24.3
FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets And Liabilities at Fair Value
The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023Classification
Assets:
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts$3.2 $14.4 Level 2
Derivative Commodity Contracts2.3 1.0 Level 2
Other Noncurrent Assets:
Assets Held in Rabbi Trust14.9 12.7 Level 1
Derivative Currency Contracts— 0.2 Level 2
Derivative Commodity Contracts0.4 0.1 Level 2
Interest Rate Swap1.8 5.3 Level 2
Liabilities:
Other Accrued Expenses:
Derivative Currency Contracts7.2 6.9 Level 2
Derivative Commodity Contracts1.6 0.6 Level 2
Other Noncurrent Liabilities:
Derivative Currency Contracts0.1 — Level 2
Derivative Commodity Contracts— — Level 2
v3.24.3
RESTRUCTURING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve
The following table presents a reconciliation of provisions and payments for the restructuring projects for the three and nine months ended September 30, 2024 and September 30, 2023:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Beginning Balance$16.7 $18.3 $29.1 $15.1 
Acquisition(1)
— — — 0.2 
Provision(2)
10.9 7.1 29.1 26.1 
Less: Payments10.2 4.6 40.8 20.6 
Ending Balance$17.4 $20.8 $17.4 $20.8 

(1) Excludes $12.4 million of severance related to the Altra Transaction, which was paid in the second quarter 2023.
(2) Excludes equipment related write-offs and restructuring related depreciation adjustments. The three and nine months ended September 30, 2023 excludes $7.5 million of accelerated depreciation.
Schedule of Reconciliation Of Expenses By Type
The following table presents a reconciliation of restructuring costs for restructuring projects for the three and nine months ended September 30, 2024 and September 30, 2023:
Three Months Ended
September 30, 2024September 30, 2023
Restructuring Costs:Cost of SalesOperating ExpensesTotalCost of SalesOperating ExpensesTotal
Employee Termination Expenses$3.1 $7.0 $10.1 $0.4 $2.0 $2.4 
Facility Related Costs2.0 0.1 2.1 9.4 0.1 9.5 
Other Expenses0.2 0.5 0.7 2.8 (0.1)2.7 
  Total Restructuring Costs$5.3 $7.6 $12.9 $12.6 $2.0 $14.6 
Nine Months Ended
September 30, 2024September 30, 2023
Restructuring Costs:Cost of SalesOperating ExpensesTotalCost of SalesOperating ExpensesTotal
Employee Termination Expenses$8.9 $10.2 $19.1 $10.1 $4.9 $15.0 
Facility Related Costs4.9 0.5 5.4 12.4 0.3 12.7 
Other Expenses5.5 1.9 7.4 5.9 — 5.9 
  Total Restructuring Costs$19.3 $12.6 $31.9 $28.4 $5.2 $33.6 
The following table presents restructuring costs by segment for the three and nine months ended September 30, 2024 and September 30, 2023:
Restructuring Costs - Three Months EndedTotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial Systems
September 30, 2024$12.9 $5.3 $1.8 $5.8 $— 
September 30, 2023$14.6 $5.9 $7.5 $1.2 $— 
Restructuring Costs - Nine Months EndedTotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial Systems
September 30, 2024$31.9 $10.4 $11.4 $9.1 $1.0 
September 30, 2023$33.6 $7.5 $22.7 $2.7 $0.7 
v3.24.3
OTHER FINANCIAL INFORMATION - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Net Sales $ 1,477.4 $ 1,649.8 $ 4,572.7 $ 4,642.5
Industrial Powertrain Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 644.2 640.7 1,963.1 1,753.8
Power Efficiency Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 431.6 461.3 1,227.8 1,390.9
Automation & Motion Control        
Disaggregation of Revenue [Line Items]        
Net Sales 401.6 419.8 1,224.0 1,096.1
Industrial Systems        
Disaggregation of Revenue [Line Items]        
Net Sales 0.0 128.0 157.8 401.7
North America        
Disaggregation of Revenue [Line Items]        
Net Sales 1,039.4 1,133.5 3,153.2 3,239.8
North America | Industrial Powertrain Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 431.5 422.6 1,306.7 1,206.8
North America | Power Efficiency Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 338.7 367.8 950.2 1,094.4
North America | Automation & Motion Control        
Disaggregation of Revenue [Line Items]        
Net Sales 269.2 274.8 816.9 726.8
North America | Industrial Systems        
Disaggregation of Revenue [Line Items]        
Net Sales 0.0 68.3 79.4 211.8
Asia        
Disaggregation of Revenue [Line Items]        
Net Sales 103.8 149.2 370.0 411.8
Asia | Industrial Powertrain Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 39.3 45.7 133.2 114.1
Asia | Power Efficiency Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 41.8 44.4 124.6 133.1
Asia | Automation & Motion Control        
Disaggregation of Revenue [Line Items]        
Net Sales 22.7 22.7 67.9 50.7
Asia | Industrial Systems        
Disaggregation of Revenue [Line Items]        
Net Sales 0.0 36.4 44.3 113.9
Europe        
Disaggregation of Revenue [Line Items]        
Net Sales 241.4 273.3 767.8 713.3
Europe | Industrial Powertrain Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 120.8 126.3 367.9 299.8
Europe | Power Efficiency Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 32.6 33.8 102.4 118.3
Europe | Automation & Motion Control        
Disaggregation of Revenue [Line Items]        
Net Sales 88.0 100.3 279.9 251.2
Europe | Industrial Systems        
Disaggregation of Revenue [Line Items]        
Net Sales 0.0 12.9 17.6 44.0
Rest-of-World        
Disaggregation of Revenue [Line Items]        
Net Sales 92.8 93.8 281.7 277.6
Rest-of-World | Industrial Powertrain Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 52.6 46.1 155.3 133.1
Rest-of-World | Power Efficiency Solutions        
Disaggregation of Revenue [Line Items]        
Net Sales 18.5 15.3 50.6 45.1
Rest-of-World | Automation & Motion Control        
Disaggregation of Revenue [Line Items]        
Net Sales 21.7 22.0 59.3 67.4
Rest-of-World | Industrial Systems        
Disaggregation of Revenue [Line Items]        
Net Sales $ 0.0 $ 10.4 $ 16.5 $ 32.0
v3.24.3
OTHER FINANCIAL INFORMATION - Schedule of Percentage Distribution Between Major Classes of Inventory (Details) - Inventory Concentration Risk - Inventories
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Raw Material and Work in Process    
Inventory [Line Items]    
Percentage of total inventory (in percent) 67.40% 66.70%
Finished Goods and Purchased Parts    
Inventory [Line Items]    
Percentage of total inventory (in percent) 32.60% 33.30%
v3.24.3
OTHER FINANCIAL INFORMATION - Schedule of Property, Plant, and Equipment by Major Classification (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment $ 1,737.1 $ 1,773.1
Less: Accumulated Depreciation (775.2) (731.9)
Net Property, Plant and Equipment 961.9 1,041.2
Land and Improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment 132.8 139.2
Buildings and Improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment $ 403.7 414.5
Buildings and Improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life in Years 3 years  
Buildings and Improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life in Years 50 years  
Machinery and Equipment    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment $ 1,200.6 $ 1,219.4
Machinery and Equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life in Years 3 years  
Machinery and Equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life in Years 15 years  
v3.24.3
OTHER FINANCIAL INFORMATION - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
ROU assets within property, plant and equipment $ 44.7 $ 44.4
Timing period 15 days  
Supplier financing obligations $ 42.8 $ 60.8
v3.24.3
ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 30, 2024
Mar. 27, 2023
Sep. 30, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Business Acquisition [Line Items]                
Loss on sale of business     $ 0.0 $ 112.7   $ 4.3 $ 112.7  
Share-based payment arrangement, accelerated cost             15.7  
Altra Merger Agreement                
Business Acquisition [Line Items]                
Share price (in dollars per share)   $ 62.00            
Purchase price   $ 5,134.6            
Payment of altra transaction expenses     3.9 7.5   13.8 82.5  
Share-based payment arrangement, accelerated cost         $ 15.7      
Altra Merger Agreement | Acquisition-related Costs                
Business Acquisition [Line Items]                
Revenues       7.5     98.2  
Altra Merger Agreement | Fair Value Adjustment to Inventory                
Business Acquisition [Line Items]                
Revenues       $ 8.8     $ 52.9  
Held for sale | Industrial Systems                
Business Acquisition [Line Items]                
Total purchase price $ 446.6              
Loss on sale of business $ 92.0   $ 0.0     $ 4.3   $ 92.0
v3.24.3
ACQUISITIONS AND DIVESTITURES - Schedule of Fair Value of Sales Proceeds (Details) - Held for sale - Industrial Systems
$ in Millions
Apr. 30, 2024
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Purchase price $ 400.0
Cash transferred to buyer 66.1
Estimated working capital and other adjustments (19.5)
Total purchase price 446.6
Direct costs to sell (7.3)
Fair value of sale consideration, net $ 439.3
v3.24.3
ACQUISITIONS AND DIVESTITURES - Schedule of Carrying Value of the Disposal Group (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Loss on Sale of Businesses   $ 0.0 $ (112.7) $ (4.3) $ (112.7)  
Held for sale | Industrial Systems            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Net assets sold $ 419.4          
Noncontrolling Interest (9.2)          
Accumulated Other Comprehensive Income 121.3          
Payables to seller (0.2)          
Carrying value of disposal group 531.3          
Loss on Sale of Businesses $ (92.0) $ 0.0   $ (4.3)   $ (92.0)
v3.24.3
ACQUISITIONS AND DIVESTITURES - Schedule of Asset and Liabilities Businesses Held for Sale (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Assets Held for Sale      
Cash and Cash Equivalents $ 1.8   $ 58.2
Total Current Assets Held for Sale 31.2 $ 368.6  
Total Noncurrent Assets Held for Sale 0.0 94.1  
Liabilities Held for Sale      
Liabilities Held for Sale 3.8 103.7  
Total Noncurrent Liabilities Held for Sale $ 0.0 20.4  
Held for sale | Industrial Systems      
Assets Held for Sale      
Cash and Cash Equivalents   61.3  
Trade Receivables, Less Allowances   88.3  
Inventories   199.7  
Prepaid Expenses and Other Current Assets   12.2  
Total Current Assets Held for Sale   361.5  
Net Property, Plant and Equipment   96.0  
Operating Lease Assets   18.0  
Goodwill   54.7  
Intangible Assets, Net of Amortization   2.1  
Deferred Income Tax Benefits   11.0  
Other Noncurrent Assets   0.0  
Loss on Assets Held for Sale   (87.7)  
Total Noncurrent Assets Held for Sale   94.1  
Liabilities Held for Sale      
Accounts Payable   67.2  
Accrued Compensation and Employee Benefits   11.3  
Other Accrued Expenses   21.7  
Current Operating Lease Liabilities   3.5  
Liabilities Held for Sale   103.7  
Pension and Other Post Retirement Benefits   0.9  
Noncurrent Operating Lease Liabilities   16.2  
Other Noncurrent Liabilities   3.3  
Total Noncurrent Liabilities Held for Sale   $ 20.4  
v3.24.3
ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Mar. 27, 2023
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
May 31, 2024
Dec. 31, 2023
Jan. 24, 2023
Business Acquisition [Line Items]                  
Stock based compensation   $ 8.3 $ 12.9   $ 26.9 $ 49.1      
Common stock, shares outstanding (in shares)   66.2     66.2     66.3  
Long-term debt   $ 5,659.3     $ 5,659.3     $ 6,380.9  
Senior Notes                  
Business Acquisition [Line Items]                  
Long-term debt             $ 2.9    
Senior Notes Due 2026 | Senior Notes                  
Business Acquisition [Line Items]                  
Debt instrument interest rate (in percent)             6.05%   6.05%
Altra Merger Agreement                  
Business Acquisition [Line Items]                  
Cash paid for outstanding Altra common stock $ 4,051.0     $ 17.3          
Stock based compensation 23.1                
Payment of Altra debt 1,061.0                
Pre-existing relationships (0.5)                
Purchase price $ 5,134.6                
Share price (in dollars per share) $ 62.00                
Altra Merger Agreement | Senior Notes Due 2026 | Senior Notes                  
Business Acquisition [Line Items]                  
Percentage of debt outstanding 95.28%                
Debt instrument interest rate (in percent) 6.125%                
Long-term debt $ 18.1                
Altra Merger Agreement | Altra Industrial Motion Corp                  
Business Acquisition [Line Items]                  
Common stock, shares outstanding (in shares) 65.3                
v3.24.3
ACQUISITIONS AND DIVESTITURES - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill $ 6,557.3   $ 6,553.1
Altra Merger Agreement      
Business Acquisition [Line Items]      
Cash and Cash Equivalents   $ 259.1  
Trade Receivables   256.6  
Inventories   387.0  
Prepaid Expenses and Other Current Assets   32.4  
Property, Plant and Equipment   402.5  
Intangible Assets   2,142.0  
Deferred Income Tax Benefits   0.8  
Operating Lease Assets   46.8  
Other Noncurrent Assets   12.7  
Accounts Payable   (183.3)  
Accrued Compensation and Benefits   (66.0)  
Other Accrued Expenses   (145.3)  
Current Operating Lease Liabilities   (12.3)  
Current Maturities of Long-Term Debt   (0.4)  
Long-Term Debt   (25.3)  
Deferred Income Taxes   (525.1)  
Pension and Other Post Retirement Benefits   (19.8)  
Noncurrent Operating Lease Liabilities   (29.0)  
Other Noncurrent Liabilities   (8.3)  
Total Identifiable Net Assets   2,525.1  
Goodwill   2,609.5  
Purchase price   5,134.6  
Transaction costs   60.1  
Altra Merger Agreement | As Originally Reported      
Business Acquisition [Line Items]      
Cash and Cash Equivalents     259.1
Trade Receivables     258.1
Inventories     387.5
Prepaid Expenses and Other Current Assets     32.4
Property, Plant and Equipment     403.0
Intangible Assets     2,142.0
Deferred Income Tax Benefits     0.7
Operating Lease Assets     46.8
Other Noncurrent Assets     12.7
Accounts Payable     (183.3)
Accrued Compensation and Benefits     (66.0)
Other Accrued Expenses     (144.6)
Current Operating Lease Liabilities     (12.3)
Current Maturities of Long-Term Debt     (0.4)
Long-Term Debt     (25.3)
Deferred Income Taxes     (533.3)
Pension and Other Post Retirement Benefits     (19.8)
Noncurrent Operating Lease Liabilities     (29.0)
Other Noncurrent Liabilities     (8.3)
Total Identifiable Net Assets     2,520.0
Goodwill     2,614.6
Purchase price     $ 5,134.6
Altra Merger Agreement | Effect of Change      
Business Acquisition [Line Items]      
Trade Receivables   (1.5)  
Inventories   (0.5)  
Property, Plant and Equipment   (0.5)  
Deferred Income Tax Benefits   0.1  
Other Accrued Expenses   (0.7)  
Deferred Income Taxes   8.2  
Total Identifiable Net Assets   5.1  
Goodwill   (5.1)  
Altra Merger Agreement | Customer Relationships      
Business Acquisition [Line Items]      
Intangible Assets   1,710.0  
Altra Merger Agreement | Trademarks      
Business Acquisition [Line Items]      
Intangible Assets   330.0  
Altra Merger Agreement | Technology      
Business Acquisition [Line Items]      
Intangible Assets   $ 102.0  
v3.24.3
ACQUISITIONS AND DIVESTITURES - Schedule of Altra Pro Forma Information (Details) - Altra Merger Agreement - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Business Acquisition [Line Items]    
Net Sales $ 1,649.8 $ 5,093.6
Net Loss Attributable to Regal Rexnord Corporation $ (126.7) $ (7.2)
Basic (in dollars per share) $ (1.91) $ (0.11)
Assuming Dilution (in dollars per share) $ (1.91) $ (0.11)
v3.24.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 6,367.9 $ 6,436.9 $ 6,365.1 $ 6,422.6
Other Comprehensive Income (Loss) 111.0 (90.7) 76.0 (66.2)
Ending balance 6,485.8 6,196.3 6,485.8 6,196.3
Total        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (316.7) (326.7) (282.4) (352.1)
Other Comprehensive (Loss) Income before Reclassifications 113.4 (88.1) (30.8) (56.2)
Tax Impact 2.6 0.6 2.9 (5.9)
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (7.0) (3.6) 98.8 (3.7)
Tax Impact 1.6 0.8 5.4 0.9
Other Comprehensive Income (Loss) 110.6 (90.3) 76.3 (64.9)
Ending balance (206.1) (417.0) (206.1) (417.0)
Hedging Activities        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 16.1 38.6 28.8 17.3
Other Comprehensive (Loss) Income before Reclassifications (10.9) (2.4) (11.8) 24.6
Tax Impact 2.6 0.6 2.8 (5.9)
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (7.2) (3.1) (23.0) (2.1)
Tax Impact 1.7 0.7 5.5 0.5
Other Comprehensive Income (Loss) (13.8) (4.2) (26.5) 17.1
Ending balance 2.3 34.4 2.3 34.4
Pension and Post Retirement Benefit Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (25.1) (14.1) (25.0) (13.3)
Other Comprehensive (Loss) Income before Reclassifications 0.0 0.0 (0.5) 0.0
Tax Impact 0.0 0.0 0.1 0.0
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income 0.2 (0.5) 0.5 (1.6)
Tax Impact (0.1) 0.1 (0.1) 0.4
Other Comprehensive Income (Loss) 0.1 (0.4) 0.0 (1.2)
Ending balance (25.0) (14.5) (25.0) (14.5)
Foreign Currency Translation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (307.7) (351.2) (286.2) (356.1)
Other Comprehensive (Loss) Income before Reclassifications 124.3 (85.7) (18.5) (80.8)
Tax Impact 0.0 0.0 0.0 0.0
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income 0.0 0.0 121.3 0.0
Tax Impact 0.0 0.0 0.0 0.0
Other Comprehensive Income (Loss) 124.3 (85.7) 102.8 (80.8)
Ending balance $ (183.4) $ (436.9) $ (183.4) $ (436.9)
v3.24.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes to Goodwill (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 6,553.1
Acquisitions (5.1)
Translation Adjustments 9.3
Ending balance 6,557.3
Cumulative goodwill impairment charges 223.6
Industrial Powertrain Solutions  
Goodwill [Roll Forward]  
Beginning balance 3,747.0
Acquisitions (5.8)
Translation Adjustments 7.9
Ending balance 3,749.1
Cumulative goodwill impairment charges 18.1
Power Efficiency Solutions  
Goodwill [Roll Forward]  
Beginning balance 753.9
Acquisitions 0.0
Translation Adjustments 0.9
Ending balance 754.8
Cumulative goodwill impairment charges 200.4
Automation & Motion Control  
Goodwill [Roll Forward]  
Beginning balance 2,052.2
Acquisitions 0.7
Translation Adjustments 0.5
Ending balance 2,053.4
Cumulative goodwill impairment charges $ 5.1
v3.24.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Value $ 4,972.0 $ 5,043.2
Accumulated Amortization 1,147.5 959.8
Net Carrying Amount $ 3,824.5 4,083.4
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period (Years) 15 years  
Gross Value $ 3,963.4 4,028.5
Accumulated Amortization 867.6 746.2
Net Carrying Amount $ 3,095.8 3,282.3
Technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period (Years) 13 years  
Gross Value $ 297.7 302.6
Accumulated Amortization 104.9 92.9
Net Carrying Amount $ 192.8 209.7
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period (Years) 10 years  
Gross Value $ 710.9 712.1
Accumulated Amortization 175.0 120.7
Net Carrying Amount $ 535.9 $ 591.4
v3.24.3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 86.8 $ 87.0 $ 260.0 $ 222.7
Estimated amortization expense remainder of year $ 350.2   $ 350.2  
v3.24.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 348.1
2026 344.7
2027 344.6
2028 344.6
2029 $ 342.6
v3.24.3
SEGMENT INFORMATION (Details)
$ in Millions
 3 Months Ended 9 Months Ended
May 01, 2024
segment
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]            
Number of operating segments | segment 3          
Total Sales   $ 1,477.4 $ 1,649.8 $ 4,572.7 $ 4,642.5  
Gross Profit   556.3 542.2 1,680.4 1,504.1  
Operating Expenses   382.2 388.9 1,172.7 1,127.9  
Goodwill Impairment   0.0 57.3 0.0 57.3  
Asset Impairments   0.0 3.7 1.5 6.1  
Loss on Sale of Businesses   0.0 112.7 4.3 112.7  
Total Operating Expenses   382.2 562.6 1,178.5 1,304.0  
Income from Operations   174.1 (20.4) 501.9 200.1  
Depreciation and Amortization   127.4 140.9 382.6 354.4  
Capital Expenditures   29.3 25.2 80.2 88.7  
Assets   14,559.0   14,559.0   $ 15,431.4
Industrial Powertrain Solutions            
Segment Reporting Information [Line Items]            
Total Sales   644.2 640.7 1,963.1 1,753.8  
Assets   7,726.3   7,726.3   8,009.4
Power Efficiency Solutions            
Segment Reporting Information [Line Items]            
Total Sales   431.6 461.3 1,227.8 1,390.9  
Assets   1,995.7   1,995.7   2,036.4
Automation & Motion Control            
Segment Reporting Information [Line Items]            
Total Sales   401.6 419.8 1,224.0 1,096.1  
Assets   4,837.0   4,837.0   4,909.2
Industrial Systems            
Segment Reporting Information [Line Items]            
Total Sales   0.0 128.0 157.8 401.7  
Assets   0.0   0.0   $ 476.4
Intersegment Eliminations            
Segment Reporting Information [Line Items]            
Total Sales   7.1 11.5 26.9 39.6  
Intersegment Eliminations | Industrial Powertrain Solutions            
Segment Reporting Information [Line Items]            
Total Sales   (2.0) (3.6) (6.7) (11.5)  
Intersegment Eliminations | Power Efficiency Solutions            
Segment Reporting Information [Line Items]            
Total Sales   (0.5) (3.1) (6.2) (10.8)  
Intersegment Eliminations | Automation & Motion Control            
Segment Reporting Information [Line Items]            
Total Sales   (4.6) (4.2) (13.5) (15.3)  
Intersegment Eliminations | Industrial Systems            
Segment Reporting Information [Line Items]            
Total Sales   0.0 (0.6) (0.5) (2.0)  
Operating Segments | Industrial Powertrain Solutions            
Segment Reporting Information [Line Items]            
Total Sales   646.2 644.3 1,969.8 1,765.3  
Gross Profit   268.0 215.8 803.3 617.6  
Operating Expenses   183.5 175.1 546.7 510.5  
Goodwill Impairment     0.0   0.0  
Asset Impairments     1.3 0.2 1.6  
Loss on Sale of Businesses     0.0 0.0 0.0  
Total Operating Expenses     176.4 546.9 512.1  
Income from Operations   84.5 39.4 256.4 105.5  
Depreciation and Amortization   69.8 75.9 210.7 191.9  
Capital Expenditures   13.7 5.8 36.8 30.9  
Operating Segments | Power Efficiency Solutions            
Segment Reporting Information [Line Items]            
Total Sales   432.1 464.4 1,234.0 1,401.7  
Gross Profit   131.8 138.0 352.3 389.5  
Operating Expenses   73.2 71.5 219.9 217.8  
Goodwill Impairment     0.0   0.0  
Asset Impairments     1.5 0.2 1.5  
Loss on Sale of Businesses     0.0 0.0 0.0  
Total Operating Expenses     73.0 220.1 219.3  
Income from Operations   58.6 65.0 132.2 170.2  
Depreciation and Amortization   11.4 15.8 33.6 39.3  
Capital Expenditures   8.0 8.1 19.1 25.2  
Operating Segments | Automation & Motion Control            
Segment Reporting Information [Line Items]            
Total Sales   406.2 424.0 1,237.5 1,111.4  
Gross Profit   156.5 161.2 485.6 412.8  
Operating Expenses   125.5 117.6 371.5 323.7  
Goodwill Impairment     0.0   0.0  
Asset Impairments     0.5 1.1 2.6  
Loss on Sale of Businesses     0.0 0.0 0.0  
Total Operating Expenses     118.1 372.6 326.3  
Income from Operations   31.0 43.1 113.0 86.5  
Depreciation and Amortization   46.2 46.1 137.7 113.4  
Capital Expenditures   7.6 9.8 20.0 27.2  
Operating Segments | Industrial Systems            
Segment Reporting Information [Line Items]            
Total Sales   0.0 128.6 158.3 403.7  
Gross Profit   0.0 27.2 39.2 84.2  
Operating Expenses   0.0 24.7 34.6 75.9  
Goodwill Impairment     57.3   57.3  
Asset Impairments     0.4 0.0 0.4  
Loss on Sale of Businesses     112.7 4.3 112.7  
Total Operating Expenses     195.1 38.9 246.3  
Income from Operations   0.0 (167.9) 0.3 (162.1)  
Depreciation and Amortization   0.0 3.1 0.6 9.8  
Capital Expenditures   $ 0.0 $ 1.5 $ 4.3 $ 5.4  
v3.24.3
DEBT AND BANK CREDIT FACILITIES - Schedule of Indebtedness (Details) - USD ($)
$ in Millions
Sep. 30, 2024
May 31, 2024
Dec. 31, 2023
Mar. 28, 2022
Debt Instrument [Line Items]        
Finance Leases $ 70.6   $ 70.5  
Less: Debt Issuance Costs (45.4)   (53.6)  
Total 5,659.3   6,380.9  
Less: Current Maturities 4.7   3.9  
Long-Term Debt 5,654.6   6,377.0  
Senior Notes        
Debt Instrument [Line Items]        
Long-term debt, gross 4,700.0   4,700.0  
Total   $ 2.9    
Senior Notes | Altra Notes        
Debt Instrument [Line Items]        
Long-term debt, gross 18.1   18.1  
Line of Credit | Term Facility        
Debt Instrument [Line Items]        
Long-term debt, gross 780.0   1,053.5  
Line of Credit | Land Term Facility        
Debt Instrument [Line Items]        
Long-term debt, gross 95.0   486.8 $ 486.8
Line of Credit | Multicurrency Revolving Facility        
Debt Instrument [Line Items]        
Long-term debt, gross 33.8   98.1  
Other        
Debt Instrument [Line Items]        
Long-term debt, gross $ 7.2   $ 7.5  
v3.24.3
DEBT AND BANK CREDIT FACILITIES - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Mar. 27, 2023
Jan. 24, 2023
Mar. 28, 2022
May 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Debt Instrument [Line Items]                  
Long-term debt         $ 5,659,300,000   $ 5,659,300,000   $ 6,380,900,000
Finance Leases         5.20% 5.20% 5.20% 5.20%  
Senior Notes                  
Debt Instrument [Line Items]                  
Long-term debt, gross         $ 4,700,000,000   $ 4,700,000,000   4,700,000,000
Principal amount       $ 4,697,100,000          
Possible increase in interest rate (in percent)   2.00%              
Proceeds from senior notes   $ 4,647,000,000              
Interest bearing deposits   3,600,000,000              
Interest income   $ 29,400,000              
Term of debt   540 days              
Extinguishment of debt       4,697,100,000          
Long-term debt       2,900,000          
Fair value of debt         4,923,000,000   4,923,000,000   4,802,400,000
Senior Notes Due 2026 | Senior Notes                  
Debt Instrument [Line Items]                  
Principal amount   $ 1,100,000,000   $ 1,099,000,000          
Debt instrument interest rate (in percent)   6.05%   6.05%          
Senior Notes Due 2026 | Altra Merger Agreement | Senior Notes                  
Debt Instrument [Line Items]                  
Debt instrument interest rate (in percent) 6.125%                
Long-term debt $ 18,100,000                
Percentage of debt outstanding 95.28%                
Debt assumed $ 382,700,000                
Senior Notes Due 2028 | Senior Notes                  
Debt Instrument [Line Items]                  
Principal amount   $ 1,250,000,000   $ 1,249,400,000          
Debt instrument interest rate (in percent)   6.05%   6.05%          
Senior Notes Due 2030 | Senior Notes                  
Debt Instrument [Line Items]                  
Principal amount   $ 1,100,000,000   $ 1,099,400,000          
Debt instrument interest rate (in percent)   6.30%   6.30%          
Senior Notes Due 2033 | Senior Notes                  
Debt Instrument [Line Items]                  
Principal amount   $ 1,250,000,000   $ 1,249,300,000          
Debt instrument interest rate (in percent)   6.40%   6.40%          
Term Facility | Line of Credit                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity     $ 550,000,000            
Additional borrowing capacity 840,000,000                
Long-term debt, gross         780,000,000.0   780,000,000.0   1,053,500,000
Amortization rate per annum (in percent)     5.00%            
Land Term Facility | Line of Credit                  
Debt Instrument [Line Items]                  
Long-term debt, gross     $ 486,800,000   95,000,000.0   95,000,000.0   486,800,000
Multicurrency Revolving Facility | Line of Credit                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity     $ 1,000,000,000            
Additional borrowing capacity $ 570,000,000                
Long-term debt, gross         33,800,000   33,800,000   $ 98,100,000
Available borrowing capacity         1,536,200,000   1,536,200,000    
Average daily balance         70,800,000 $ 123,900,000 $ 78,900,000 $ 320,000,000.0  
Non-use fee, percentage (in percent)             0.25%    
Multicurrency Revolving Facility | Letter of Credit                  
Debt Instrument [Line Items]                  
Long-term line of credit         $ 0   $ 0    
v3.24.3
DEBT AND BANK CREDIT FACILITIES - Schedule of Weighted Average Interest (Details) - Line of Credit
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Term Facility        
Debt Instrument [Line Items]        
Weighted average interest rate, over time 7.20% 7.20% 7.20% 6.90%
Land Term Facility        
Debt Instrument [Line Items]        
Weighted average interest rate (in percent) 7.10% 7.20% 7.20% 6.70%
Multicurrency Revolving Facility        
Debt Instrument [Line Items]        
Weighted average interest rate, over time 7.20% 7.20% 7.20% 6.60%
v3.24.3
RETIREMENT PLANS - Schedule of Net Periodic Defined Benefit Pension Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]        
Service Cost $ 0.6 $ 0.6 $ 1.6 $ 1.5
Interest Cost 5.3 5.8 16.1 17.1
Expected Return on Plan Assets (5.0) (6.8) (15.0) (20.2)
Amortization of Prior Service Cost and Net Actuarial Loss (Gain) 0.2 (0.5) 0.5 (1.6)
Special Termination Benefits 0.0 0.0 0.2 0.0
Net Periodic Benefit Expense (Income) $ 1.1 $ (0.9) $ 3.4 $ (3.2)
v3.24.3
RETIREMENT PLANS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Other Postretirement Benefits Plan          
Defined Contribution Plan Disclosure [Line Items]          
Contributions $ 10.5 $ 1.9 $ 14.1 $ 5.4  
Expected contributions 17.8   17.8   $ 8.3
Pension Plan          
Defined Contribution Plan Disclosure [Line Items]          
Contributions $ 11.0 $ 10.5 $ 33.4 $ 28.0  
v3.24.3
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Oct. 26, 2021
Stockholders' Equity Note [Abstract]          
Stock repurchase program, authorized amount         $ 500.0
Stock repurchased and retired (in shares) 332,439 0 332,439 0  
Shares repurchased (in dollars per share) $ 150.42   $ 150.42    
Stock repurchased and retired $ 50.0   $ 50.0    
Remaining shares to be repurchased, amount 145.0   145.0    
Compensation expense 8.3 $ 12.9 26.9 $ 49.1  
Share-based payment arrangement, accelerated cost       15.7  
Excess income tax benefit recognized related to share-based compensation $ 1.0 $ 2.6 $ 4.6 $ 6.3  
v3.24.3
SHAREHOLDERS' EQUITY - Schedule of Share-Based Incentive Plan Grant Activity for Options and SAR's (Details)
 9 Months Ended
Sep. 30, 2024
$ / shares
shares
Options and SARs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options granted (in shares) | shares 98,998
Options granted, weighted average exercise price (in dollars per share) | $ / shares $ 62.94
Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards other than options granted (in shares) | shares 137,169
Awards other than options granted, weighted average fair value at grant date (in dollars per share) | $ / shares $ 164.87
Performance Share Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards other than options granted (in shares) | shares 55,442
Awards other than options granted, weighted average fair value at grant date (in dollars per share) | $ / shares $ 254.05
v3.24.3
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]          
Effective tax rate 10.30% (10.10%) 25.40% (45.90%)  
Unrecognized tax benefits $ 5.7   $ 5.7   $ 8.5
Accrued interest $ 1.3   $ 1.3   $ 1.1
v3.24.3
EARNINGS PER SHARE (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Shares excluded from the calculation of the effect of dilutive securities (in shares) 0.3 0.3 0.3 0.3
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Denominator for Basic Earnings Per Share (in shares) 66.4 66.3 66.4 66.3
Effect of Dilutive Securities (in shares) 0.3 0.0 0.4 0.0
Denominator for Diluted Earnings Per Share (in shares) 66.7 66.3 66.8 66.3
v3.24.3
CONTINGENCIES - Narrative (Details)
$ in Millions
 1 Months Ended 9 Months Ended 12 Months Ended
Feb. 28, 2022
Sep. 30, 2024
USD ($)
subsidiary
claimant
Dec. 31, 2022
entity
Commitments and Contingencies Disclosure [Abstract]      
Number of subsidiaries involved in litigation | subsidiary   1  
Long-term purchase commitment | $   $ 900.0  
Number of other entities named potential responsible parties in loss contingency | entity     10
Loss contingency operation period 3 years    
Loss contingency, full amount paid   100.00%  
Loss contingency, claims settled and dismissed, number | claimant   350  
v3.24.3
CONTINGENCIES - Schedule of Changes in Accrued Warranty (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]        
Beginning Balance $ 33.4 $ 39.3 $ 34.5 $ 28.8
Less: Payments (6.5) (5.5) (17.8) (15.8)
Provisions 6.6 6.3 17.1 16.3
Acquisitions 0.0 0.0 0.0 9.8
Reclassification to Liabilities Held for Sale 0.0 (3.4) 0.0 (3.4)
Translation Adjustments 0.3 (0.3) 0.0 0.7
Ending Balance $ 33.8 $ 36.4 $ 33.8 $ 36.4
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)
 1 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2022
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
May 31, 2022
USD ($)
derivative_instrument
Jun. 30, 2020
USD ($)
derivative_instrument
Derivative [Line Items]          
Derivative gains, net of tax   $ 4,400,000 $ 15,100,000    
Net AOCI hedging component   2,300,000      
Net current deferred gain expected to be realized in the next twelve months   $ 600,000      
Forward Contracts          
Derivative [Line Items]          
Number of derivative instruments | derivative_instrument       2 2
Notional amount of instrument       $ 250,000,000 $ 250,000,000
Proceeds from derivative instrument $ 16,200,000        
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Notional Amounts of Forward Contracts (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
May 31, 2022
Jun. 30, 2020
Forward Contracts        
Derivative [Line Items]        
Notional amount of instrument     $ 250,000,000 $ 250,000,000
Forward Contracts | Chinese Renminbi        
Derivative [Line Items]        
Notional amount of instrument $ 405,200,000 $ 302,300,000    
Forward Contracts | Mexican Peso        
Derivative [Line Items]        
Notional amount of instrument 295,000,000.0 101,400,000    
Forward Contracts | Euro        
Derivative [Line Items]        
Notional amount of instrument 573,900,000 465,800,000    
Forward Contracts | Indian Rupee        
Derivative [Line Items]        
Notional amount of instrument 36,200,000 30,100,000    
Forward Contracts | British Pound        
Derivative [Line Items]        
Notional amount of instrument 3,500,000 7,100,000    
Commodity Contracts | Copper        
Derivative [Line Items]        
Notional amount of instrument 58,100,000 37,500,000    
Commodity Contracts | Aluminum        
Derivative [Line Items]        
Notional amount of instrument $ 300,000 $ 1,400,000    
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Values of Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Derivative asset, current $ 5.5 $ 15.4
Derivative asset, noncurrent 2.2 5.6
Derivative liability, current 8.8 $ 7.5
Derivative liability, noncurrent $ 0.1  
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Accrued Liabilities, Current Other Accrued Liabilities, Current
Designated as Hedging Instruments: | Interest Rate Swap    
Derivative [Line Items]    
Derivative asset, current $ 0.0 $ 0.0
Derivative asset, noncurrent 1.8 5.3
Derivative liability, current 0.0 0.0
Derivative liability, noncurrent 0.0  
Designated as Hedging Instruments: | Currency Contracts    
Derivative [Line Items]    
Derivative asset, current 0.5 13.1
Derivative asset, noncurrent 0.0 0.2
Derivative liability, current 6.0 1.0
Derivative liability, noncurrent 0.1  
Designated as Hedging Instruments: | Commodity Contracts    
Derivative [Line Items]    
Derivative asset, current 2.3 1.0
Derivative asset, noncurrent 0.4 0.1
Derivative liability, current 1.6 0.6
Derivative liability, noncurrent 0.0  
Not Designated as Hedging Instruments: | Currency Contracts    
Derivative [Line Items]    
Derivative asset, current 2.7 1.3
Derivative asset, noncurrent 0.0 0.0
Derivative liability, current 1.2 $ 5.9
Derivative liability, noncurrent $ 0.0  
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Cash Flow Hedging Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Derivative [Line Items]          
Gain (Loss) Recognized in Other Comprehensive Income (Loss)     $ 4.4   $ 15.1
Cash Flow Hedging | Designated as Hedging Instruments:          
Derivative [Line Items]          
Gain (Loss) Recognized in Other Comprehensive Income (Loss) $ (10.9) $ (2.4) (11.8) $ 24.6  
Cash Flow Hedging | Designated as Hedging Instruments: | Cost of Sales          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 5.8 1.5 18.7 (2.3)  
Cash Flow Hedging | Designated as Hedging Instruments: | Interest Expense          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 1.4 1.6 4.3 4.4  
Cash Flow Hedging | Designated as Hedging Instruments: | Commodity Forwards          
Derivative [Line Items]          
Gain (Loss) Recognized in Other Comprehensive Income (Loss) 1.2 (0.9) 1.3 (0.7)  
Cash Flow Hedging | Designated as Hedging Instruments: | Commodity Forwards | Cost of Sales          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 0.7 (3.1) (1.1) (10.9)  
Cash Flow Hedging | Designated as Hedging Instruments: | Commodity Forwards | Interest Expense          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 0.0 0.0 0.0 0.0  
Cash Flow Hedging | Designated as Hedging Instruments: | Currency Forwards          
Derivative [Line Items]          
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (4.9) (3.7) (9.6) 21.0  
Cash Flow Hedging | Designated as Hedging Instruments: | Currency Forwards | Cost of Sales          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 5.1 4.6 19.8 8.6  
Cash Flow Hedging | Designated as Hedging Instruments: | Currency Forwards | Interest Expense          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 0.0 0.0 0.0 0.0  
Cash Flow Hedging | Designated as Hedging Instruments: | Interest Rate Swaps          
Derivative [Line Items]          
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (7.2) 2.2 (3.5) 4.3  
Cash Flow Hedging | Designated as Hedging Instruments: | Interest Rate Swaps | Cost of Sales          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 0.0 0.0 0.0 0.0  
Cash Flow Hedging | Designated as Hedging Instruments: | Interest Rate Swaps | Interest Expense          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 1.4 1.6 4.3 4.4  
Cash Flow Hedging | Not Designated as Hedging Instruments: | Commodity Forwards | Cost of Sales          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 0.0 0.1 0.0 0.2  
Cash Flow Hedging | Not Designated as Hedging Instruments: | Commodity Forwards | Operating Expenses          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 0.0 0.0 0.0 0.0  
Cash Flow Hedging | Not Designated as Hedging Instruments: | Currency Forwards | Cost of Sales          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) 0.0 0.0 0.0 0.0  
Cash Flow Hedging | Not Designated as Hedging Instruments: | Currency Forwards | Operating Expenses          
Derivative [Line Items]          
Amounts Reclassified from Other Comprehensive Income (Loss) $ (1.7) $ 27.4 $ 6.0 $ 14.9  
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivatives Under Enforceable Master Netting Agreements (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Offsetting Derivative Assets [Abstract]    
Gross Amounts as Presented on the Condensed Consolidated Balance Sheet $ 7.7 $ 15.7
Derivative Contract Amounts Subject to Right of Offset (2.0) (2.6)
Derivative Contracts as Presented on a Net Basis 5.7 13.1
Offsetting Derivative Liabilities [Abstract]    
Gross Amounts as Presented on the Condensed Consolidated Balance Sheet 8.9 7.5
Derivative Contract Amounts Subject to Right of Offset (2.0) (2.6)
Derivative Contracts as Presented on a Net Basis $ 6.9 $ 4.9
v3.24.3
FAIR VALUE (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, current $ 5.5 $ 15.4
Derivative asset, noncurrent 2.2 5.6
Derivative liability, current 8.8 7.5
Derivative liability, noncurrent 0.1  
Assets Held in Rabbi Trust | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, noncurrent 14.9 12.7
Derivative Currency Contracts | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, current 3.2 14.4
Derivative asset, noncurrent 0.0 0.2
Derivative liability, current 7.2 6.9
Derivative liability, noncurrent 0.1 0.0
Derivative Commodity Contracts | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, current 2.3 1.0
Derivative asset, noncurrent 0.4 0.1
Derivative liability, current 1.6 0.6
Derivative liability, noncurrent 0.0 0.0
Interest Rate Swaps | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, noncurrent $ 1.8 $ 5.3
v3.24.3
RESTRUCTURING ACTIVITIES - Schedule of Restructuring Reserve (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring Reserve [Roll Forward]          
Beginning Balance $ 16.7 $ 18.3   $ 29.1 $ 15.1
Acquisition 0.0 0.0   0.0 0.2
Provision 10.9 7.1   29.1 26.1
Less: Payments 10.2 4.6   40.8 20.6
Ending Balance $ 17.4 20.8 $ 18.3 $ 17.4 20.8
Accelerated depreciation   $ 7.5     $ 7.5
Altra Merger Agreement          
Restructuring Reserve [Roll Forward]          
Severance costs     $ 12.4    
v3.24.3
RESTRUCTURING ACTIVITIES - Schedule of Reconciliation of Expenses by Type (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring costs $ 12.9 $ 14.6 $ 31.9 $ 33.6
Total restructuring and restructuring-related costs 12.9 14.6 31.9 33.6
Industrial Powertrain Solutions        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and restructuring-related costs 5.3 5.9 10.4 7.5
Power Efficiency Solutions        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and restructuring-related costs 1.8 7.5 11.4 22.7
Automation & Motion Control        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and restructuring-related costs 5.8 1.2 9.1 2.7
Industrial Systems        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and restructuring-related costs 0.0 0.0 1.0 0.7
Employee Termination Expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 10.1 2.4 19.1 15.0
Facility Related Costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 2.1 9.5 5.4 12.7
Other Expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 0.7 2.7 7.4 5.9
Cost of Sales        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 5.3 12.6 19.3 28.4
Cost of Sales | Employee Termination Expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 3.1 0.4 8.9 10.1
Cost of Sales | Facility Related Costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 2.0 9.4 4.9 12.4
Cost of Sales | Other Expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 0.2 2.8 5.5 5.9
Operating Expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 7.6 2.0 12.6 5.2
Operating Expenses | Employee Termination Expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 7.0 2.0 10.2 4.9
Operating Expenses | Facility Related Costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 0.1 0.1 0.5 0.3
Operating Expenses | Other Expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs $ 0.5 $ (0.1) $ 1.9 $ 0.0
v3.24.3
RESTRUCTURING ACTIVITIES - Narrative (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Restructuring and Related Activities [Abstract]  
Expected future restructuring charges $ 11.2