REGAL REXNORD CORP, 10-K filed on 2/21/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 19, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Entity File Number 1-7283    
Entity Registrant Name REGAL REXNORD CORPORATION    
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 ($0.01 Par Value)    
Trading Symbol RRX    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 8.9
Entity Common Stock, Shares Outstanding   66,268,365  
Documents Incorporated by Reference
Certain information contained in the Proxy Statement for the Annual Meeting of Shareholders to be held on April 29, 2025 (the “2025 Proxy Statement”) is incorporated by reference into Part III hereof.
    
Entity Central Index Key 0000082811    
Amendment Flag false    
Document Year Focus 2024    
Document Period Focus FY    
Document Annual Report true    
Document Transition Report false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Milwaukee, Wisconsin
Auditor Firm ID 34
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CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net Sales $ 6,033.8 $ 6,250.7 $ 5,217.9
Cost of Sales 3,842.8 4,183.4 3,548.2
Gross Profit 2,191.0 2,067.3 1,669.7
Operating Expenses 1,548.5 1,537.4 978.4
Goodwill Impairment 0.0 57.3 0.0
Asset Impairments 4.0 7.8 0.9
Loss on Sale of Businesses 8.5 87.7 0.0
Total Operating Expenses 1,561.0 1,690.2 979.3
Income from Operations 630.0 377.1 690.4
Interest Expense 399.7 431.0 87.2
Interest Income (18.8) (43.6) (5.2)
Other Expense (Income), Net 1.1 (8.7) (5.4)
Income (Loss) before Taxes 248.0 (1.6) 613.8
Provision for Income Taxes 49.6 52.7 118.9
Net Income (Loss) 198.4 (54.3) 494.9
Less: Net Income Attributable to Noncontrolling Interests 2.2 3.1 6.0
Net Income (Loss) Attributable to Regal Rexnord Corporation $ 196.2 $ (57.4) $ 488.9
Earnings (Loss) Per Share Attributable to Regal Rexnord Corporation:      
Basic (in dollars per share) $ 2.96 $ (0.87) $ 7.33
Assuming Dilution (in dollars per share) $ 2.94 $ (0.87) $ 7.29
Weighted Average Number of Shares Outstanding:      
Basic (in shares) 66.4 66.3 66.7
Assuming Dilution (in shares) 66.7 66.3 67.1
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net Income (Loss) $ 198.4 $ (54.3) $ 494.9
Translation:      
Foreign Currency Translation Adjustments (251.6) 69.4 (157.9)
Reclassification of Foreign Currency Translation Losses to Earnings (see Note 3 - Acquisitions and Divestitures) 121.3 0.0 0.0
Hedging Activities:      
(Decrease) Increase in Fair Value of Hedging Activities, Net of Tax Effects of $(4.5) Million in 2024, $6.8 Million in 2023 and $1.5 Million in 2022 (14.1) 21.4 4.6
Reclassification of Gains Included in Net Income (Loss), Net of Tax Effects of $(6.4) Million in 2024, $(3.1) Million in 2023 and $(2.6) Million in 2022 (20.2) (9.9) (8.3)
Reclassification of Gains Included in Net Income (Loss), Net of Tax Effects of $(6.4) Million in 2024, $(3.1) Million in 2023 and $(2.6) Million in 2022 (34.3) 11.5 (3.7)
Pension and Post Retirement Plans:      
Decrease (Increase) in Prior Service Cost and Unrecognized Loss, Net of Tax Effects of $1.2 million in 2024, $(3.3) million in 2023 and zero in 2022 3.7 (10.4) 0.1
Amortization of Prior Service Cost and Unrecognized (Gain) Loss Included in Net Periodic Pension Cost, Net of Tax Effects of $(0.1) Million in 2024, $(0.4) Million in 2023 and $0.2 Million in 2022 (0.2) (1.3) 0.9
Amortization of Prior Service Cost and Unrecognized (Gain) Loss Included in Net Periodic Pension Cost, Net of Tax Effects of $(0.1) Million in 2024, $(0.4) Million in 2023 and $0.2 Million in 2022 3.5 (11.7) 1.0
Other Comprehensive (Loss) Income (161.1) 69.2 (160.6)
Comprehensive Income 37.3 14.9 334.3
Less: Comprehensive Income Attributable to Noncontrolling Interest 1.4 2.6 2.4
Comprehensive Income Attributable to Regal Rexnord Corporation $ 35.9 $ 12.3 $ 331.9
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Increase (decrease) in fair value of hedging activities, tax effects $ (4.5) $ 6.8 $ 1.5
Net income (loss), net of tax effects (6.4) (3.1) (2.6)
Tax effect of pension benefits prior service cost arising during period 1.2 (3.3) 0.0
Amortization of prior service cost and unrecognized loss included in net periodic pension cost, tax effects $ (0.1) $ (0.4) $ 0.2
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash and Cash Equivalents $ 393.5 $ 574.0
Trade Receivables, Less Allowances of $29.9 Million in 2024 and $30.3 Million in 2023 842.8 921.6
Inventories 1,227.5 1,274.2
Prepaid Expenses and Other Current Assets 267.9 245.6
Assets Held for Sale 19.6 368.6
Total Current Assets 2,751.3 3,384.0
Net Property, Plant and Equipment 921.0 1,041.2
Operating Lease Assets 141.3 172.8
Goodwill 6,458.9 6,553.1
Intangible Assets, Net of Amortization 3,664.5 4,083.4
Deferred Income Tax Benefits 30.0 33.8
Other Noncurrent Assets 66.7 69.0
Noncurrent Assets Held for Sale 0.0 94.1
Total Assets 14,033.7 15,431.4
Current Liabilities:    
Accounts Payable 542.8 549.4
Dividends Payable 23.2 23.2
Accrued Compensation and Benefits 191.3 198.7
Accrued Interest 84.0 85.1
Other Accrued Expenses 333.8 325.2
Current Operating Lease Liabilities 35.6 37.2
Current Maturities of Long-Term Debt 5.0 3.9
Liabilities Held for Sale 0.0 103.7
Total Current Liabilities 1,215.7 1,326.4
Long-Term Debt 5,452.7 6,377.0
Deferred Income Taxes 815.5 1,012.7
Pension and Other Post Retirement Benefits 109.5 120.4
Noncurrent Operating Lease Liabilities 114.1 132.2
Other Noncurrent Liabilities 59.0 77.2
Noncurrent Liabilities Held for Sale 0.0 20.4
Contingencies (see Note 11 - Contingencies)
Regal Rexnord Corporation Shareholders' Equity:    
Common Stock, $0.01 Par Value, 150.0 Million Shares Authorized, 66.3 Million Shares Issued and Outstanding at December 31, 2024 and 2023 0.7 0.7
Additional Paid-In Capital 4,658.0 4,646.2
Retained Earnings 2,043.8 1,979.8
Accumulated Other Comprehensive Loss (442.7) (282.4)
Total Regal Rexnord Corporation Shareholders' Equity 6,259.8 6,344.3
Noncontrolling Interests 7.4 20.8
Total Equity 6,267.2 6,365.1
Total Liabilities and Equity $ 14,033.7 $ 15,431.4
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 29.9 $ 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) 66.3 66.3
Common stock, shares outstanding (in shares) 66.3 66.3
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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Beginning balance at Jan. 01, 2022 $ 6,408.2 $ 0.7 $ 4,651.8 $ 1,912.6 $ (195.1) $ 38.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 494.9     488.9   6.0
Other Comprehensive Income (Loss) (160.6)       (157.0) (3.6)
Dividends declared (91.7)     (91.7)    
Stock Options Exercised (5.3)   (5.3)      
Share-Based Compensation 22.5   22.5      
Repurchase of Common Stock (239.2)   (59.4) (179.8)    
Dividends Declared to Noncontrolling Interests (6.2)         (6.2)
Ending 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 income (loss) (54.3)     (57.4)   3.1
Other Comprehensive Income (Loss) 69.2       69.7 (0.5)
Dividends declared (92.8)     (92.8)    
Stock Options Exercised (9.6)   (9.6)      
Share-Based Compensation 41.6   41.6      
Replacement Equity-Based Awards Granted 4.6   4.6      
Dividends Declared to Noncontrolling Interests (16.2)         (16.2)
Ending 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 income (loss) 198.4     196.2   2.2
Other Comprehensive Loss (282.4)       (281.6) (0.8)
Other Comprehensive Income (Loss) (161.1)          
Dividends declared (93.0)     (93.0)    
Stock Options Exercised (12.2)   (12.2)      
Share-Based Compensation 34.8   34.8      
Repurchase of Common Stock (50.0)   (10.8) (39.2)    
Businesses Divested 109.8       121.3 (11.5)
Dividends Declared to Noncontrolling Interests (3.3)         (3.3)
Ending balance at Dec. 31, 2024 $ 6,267.2 $ 0.7 $ 4,658.0 $ 2,043.8 $ (442.7) $ 7.4
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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Dividends declared (in dollars per share) $ 1.40 $ 1.40 $ 1.38
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ 198.4 $ (54.3) $ 494.9
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities (Net of Acquisitions and Divestitures):      
Depreciation 165.3 185.0 121.9
Amortization 346.5 307.8 185.5
Goodwill Impairment 0.0 57.3 0.0
Asset Impairments 4.0 7.8 0.9
Loss on Sale of Businesses 8.5 87.7 0.0
Noncash Lease Expense 43.5 42.9 31.9
Share-Based Compensation Expense 34.8 58.2 22.5
Financing Fee Expense 13.1 32.8 19.6
Benefit from Deferred Income Taxes (152.3) (115.3) (80.1)
Gain on Sale of Assets (3.1) (0.6) (3.7)
Other Non-Cash Changes 8.9 9.6 6.4
Change in Operating Assets and Liabilities, Net of Acquisitions and Divestitures      
Receivables 23.0 51.7 (38.1)
Inventories 23.9 262.6 (174.4)
Accounts Payable (0.4) (70.1) (129.5)
Other Assets and Liabilities (104.7) (147.8) (21.6)
Net Cash Provided by Operating Activities 609.4 715.3 436.2
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to Property, Plant and Equipment (109.5) (119.1) (83.8)
Business Acquisitions, Net of Cash Acquired 0.0 (4,870.2) (35.0)
Proceeds Received from Sales of Property, Plant and Equipment 4.9 6.3 5.5
Proceeds Received from Sale of Businesses, Net of Cash Transferred 380.0 0.0 0.0
Net Cash Provided by (Used in) Investing Activities 275.4 (4,983.0) (113.3)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings Under Revolving Credit Facility 1,626.7 2,294.1 2,119.6
Repayments Under Revolving Credit Facility (1,684.8) (2,625.0) (2,427.3)
Proceeds from Short-Term Borrowings 0.0 58.0 10.2
Repayments of Short-Term Borrowings 0.0 (61.2) (9.1)
Proceeds from Long-Term Borrowings 0.0 5,532.9 1,536.8
Repayments of Long-Term Borrowings (880.2) (826.3) (1,123.7)
Dividends Paid to Shareholders (93.0) (92.8) (90.9)
Proceeds from the Exercise of Stock Options 4.9 3.3 5.1
Shares Surrendered for Taxes (15.8) (12.1) (8.9)
Financing Fees Paid (0.3) (51.1) (40.6)
Repurchase of Common Stock (50.0) 0.0 (239.2)
Distributions to Noncontrolling Interests (3.3) (16.2) (6.2)
Net Cash (Used in) Provided by Financing Activities (1,095.8) 4,203.6 (274.2)
EFFECT OF EXCHANGE RATES ON CASH and CASH EQUIVALENTS (30.8) 10.9 (33.0)
Net (Decrease) Increase in Cash and Cash Equivalents (241.8) (53.2) 15.7
Cash and Cash Equivalents at Beginning of Period 635.3 688.5 672.8
Cash and Cash Equivalents at End of Period 393.5 635.3 688.5
Cash Paid For:      
Interest 380.3 319.6 66.7
Income Taxes 177.1 206.9 187.6
Cash and Cash Equivalents Presentation:      
Cash and Cash Equivalents 393.5 574.0 688.5
Assets Held for Sale 0.0 61.3 0.0
Total Cash and Cash Equivalents $ 393.5 $ 635.3 $ 688.5
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Nature of Operations
 12 Months Ended
Dec. 31, 2024
Nature of Operations [Abstract]  
Nature of Operations Nature of Operations
Regal Rexnord Corporation (the “Company”) is a United States-based multi-national corporation. The Company and its associates around the world help create a better tomorrow by providing sustainable solutions that power, transmit and control motion. The Company’s electric motors and air moving subsystems provide the power to create motion. A portfolio of highly engineered power transmission components and subsystems efficiently transmit motion to power industrial applications. Our automation offering, comprised of controls, actuators, drives, and small, precision motors control motion in applications ranging from factory automation to providing precision control in surgical tools. The Company operates through its three segments: Industrial Powertrain Solutions ("IPS"), Power Efficiency Solutions ("PES") and Automation & Motion Control ("AMC"). See Note 5 - Segment Information.

The sale of the industrial motors and generators businesses, which closed on April 30, 2024 as further described in Note 3 – Acquisitions and Divestitures, did 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.
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Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Accounting Policies Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. In addition, the Company has joint ventures that are consolidated in accordance with consolidation accounting guidance. All intercompany accounts and transactions are eliminated.
Use of Estimates
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”), which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the 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, allowance 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.
Acquisitions
The Company recognizes assets acquired, liabilities assumed, contractual contingencies and contingent consideration at their fair value on the acquisition date. The operating results of the acquired companies are included in the Company’s consolidated financial statements from the date of acquisition.
Acquisition-related costs are expensed as incurred, restructuring costs are recognized as post-acquisition expense and changes in deferred tax asset valuation allowances and income tax uncertainties after the measurement period are recorded in Provision for Income Taxes. See Note 3 - Acquisitions and Divestitures for more 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.
For a limited number of contracts, the Company recognizes revenue over time in proportion to costs incurred. The pricing of products sold is generally supported by customer purchase orders, and accounts receivable collection is reasonably assured. Estimated discounts and rebates are recorded as a reduction of gross sales in the same period revenue is recognized. Product returns and credits are estimated and recorded at the time of shipment based upon historical experience. Shipping and handling costs are recorded as revenue when billed to the customers. The costs incurred from shipping are recorded in Cost of Sales and handling costs incurred in connection with selling and distribution activities are recorded in Operating Expenses.
The Company derives a significant portion of its revenues from several original equipment manufacturing ("OEM") customers. Despite this relative concentration, there were no customers that accounted for more than 10% of consolidated net sales in 2024, 2023 or 2022.
Nature of Goods and Services
The Company sells products with multiple applications as well as customized products that have a single application such as those manufactured for its OEM customers. Products include, but are not limited to, automation components and sub-systems, bearings, air-moving systems, clutches and brakes, conveyor technologies, couplings, premium efficiency electric motors, electronic components, gearing, industrial powertrains, linear motion components, power transmission components, switchgear, transfer switches and controls, and miniature servo motors.
Nature of Performance Obligations
The Company’s contracts with customers typically consist of purchase orders, invoices and master supply agreements. At contract inception, across all three segments, the Company assesses the goods and services promised in its sales arrangements with customers and identifies a performance obligation for each promise to transfer to the customer a good or service that is distinct. The Company’s primary performance obligations consist of product sales and customized systems/solutions.
Product:
The nature of products varies from segment to segment but across all segments, individual products are generally not integrated and represent separate performance obligations.
Customized systems/solutions:
The Company provides customized systems/solutions which consist of multiple products engineered and designed to specific customer specification, combined or integrated into one combined solution for a specific customer application. The goods are transferred to the customer and revenue is typically recognized over time as the performance obligations are satisfied.
When Performance Obligations are Satisfied
For performance obligations related to substantially all of the Company's product sales, the Company determines that the customer obtains control upon shipment and recognizes revenue accordingly. Once a product has shipped, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from the asset. The Company considers control to have transferred upon shipment because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risks and rewards of ownership of the asset.
For a limited number of contracts, the Company transfers control and recognizes revenue over time. The Company satisfies its performance obligations over time and the Company uses a cost-based input method to measure progress. In applying the cost-based method of revenue recognition, the Company uses actual costs incurred to date relative to the total estimated costs for the contract in conjunction with the customer's commitment to perform in determining the amount of revenue to recognize. The Company has determined that the cost-based input method provides a faithful depiction of the transfer of goods to the customer.
Payment Terms
The arrangement with the customer states the final terms of the sale, including the description, quantity, and price of each product or service purchased. Payment terms vary by customer but typically range from due upon delivery to 120 days after delivery. For contracts recognized at a point in time, revenue recognition and billing typically occur simultaneously. The Company generally has payment terms with its customers of one year or less and has elected the practical expedient applicable to such contracts not to consider the time value of money. For contracts recognized using the cost-based input method, revenue recognized in excess of customer billings and billings in excess of revenue recognized are reviewed to determine the contract asset or contract liability position and classified as such on the Consolidated Balance Sheet.
Returns, Refunds and Warranties
The Company’s contracts do not explicitly offer a “general” right of return to its customers (e.g. customers ordered excess products and return unused items). Warranties are classified as either assurance type or service type warranties. A warranty is considered an assurance type warranty if it provides the customer with assurance that the product will function as intended. A warranty that goes above and beyond ensuring basic functionality is considered a service type warranty. The Company generally only offers limited warranties which are considered to be assurance type warranties and are not accounted for as separate performance obligations. Customers generally receive repair or replacement on products that do not function to specification. Estimated product warranties are provided for specific product groups and the Company accrues for estimated future warranty cost in the period in which the sale is recognized. The Company estimates the accrual requirements based on historical warranty loss experience and the cost is included in Cost of Sales. See Note 11 - Contingencies for more information.
Volume Rebates
In some cases, the nature of the Company’s contract may give rise to variable consideration including volume based sales incentives. If the customer achieves specific sales targets, it is entitled to rebates. The Company estimates the projected amount of the rebates that will be achieved and recognizes the estimated costs as a reduction to Net Sales as revenue is recognized.
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by geographical region for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively:
December 31, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$1,734.9 $1,276.5 $1,088.8 $79.4 $4,179.6 
Asia172.7 167.7 91.5 44.3 476.2 
Europe482.0 133.9 372.7 17.6 1,006.2 
Rest-of-World208.5 66.0 80.8 16.5 371.8 
Total$2,598.1 $1,644.1 $1,633.8 $157.8 $6,033.8 
December 31, 2023Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$1,636.1 $1,419.2 $1,006.3 $274.6 $4,336.2 
Asia168.9 178.7 76.1 146.6 570.3 
Europe420.5 149.7 342.6 55.8 968.6 
Rest-of-World178.0 61.3 91.8 44.5 375.6 
Total$2,403.5 $1,808.9 $1,516.8 $521.5 $6,250.7 

December 31, 2022Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$1,232.2 $1,766.9 $559.0 $298.5 $3,856.6 
Asia140.6 188.1 17.0 159.1 504.8 
Europe240.0 182.2 154.2 50.7 627.1 
Rest-of-World53.5 90.0 42.1 43.8 229.4 
Total$1,666.3 $2,227.2 $772.3 $552.1 $5,217.9 

Practical Expedients and Exemptions

The Company typically expenses incremental direct costs of obtaining a contract, primarily sales commissions, as incurred because the amortization period is expected to be 12 months or less. Contract costs are included in Operating Expenses in the accompanying Consolidated Statements of Income (Loss).
Due to the short nature of the Company’s contracts, the Company has adopted a practical expedient to not disclose revenue allocated to remaining performance obligations as substantially all of its contracts have original terms of 12 months or less.

The Company typically does not include in its transaction price any amounts collected from customers for sales taxes.
Research, Development and Engineering
The Company performs research, development and engineering activities relating to new product development and the improvement of current products. The Company's research, development and engineering expenses consist primarily of costs for: (i) salaries and related personnel expenses; (ii) the design and development of new energy efficient products and enhancements; (iii) quality assurance and testing; and (iv) other related overhead. The Company's research, development and engineering efforts tend to be targeted toward developing new products that would allow it to gain additional market share, whether in new or existing segments.
Research, development and engineering costs are expensed as incurred. The costs are primarily recorded in Operating Expenses and were as follows for the years noted in the table below:
December 31, 2024December 31, 2023December 31, 2022
Research, Development and Engineering Costs$176.4 $171.0 $106.6 

Cash and Cash Equivalents
Cash equivalents consist of highly liquid investments which are readily convertible to cash, present insignificant risk of changes in value due to interest rate fluctuations and have original or purchased maturities of three months or less.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents. The Company has material deposits with global financial institutions. The Company performs periodic evaluations of the relative credit standing of its financial institutions and monitors the amount of exposure.
Concentration of credit risk with respect to trade accounts receivable is limited due to the large number of customers and their dispersion across many geographic areas. The Company monitors credit risk associated with its trade receivables.
Trade Receivables
The Company's policy for estimating the allowance for credit losses on trade receivables considers several factors including historical write-off experience, overall customer credit quality in relation to general economic and market conditions, and specific customer account analyses to estimate expected credit losses. The specific customer account analysis considers such items as, credit worthiness, payment history, and historical bad debt experience. Trade receivables are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. Adjustments to the allowance for credit losses are recorded in Operating Expenses. Trade receivables acquired in the Altra Transaction (see Note 3 - Acquisitions and Divestitures) were recorded at fair value at the acquisition date in an amount that reflected expected credit losses, and accordingly, an allowance for credit losses was not separately presented and disclosed.
Inventories
The major classes of inventory at year end are as follows:
December 31, 2024December 31, 2023
Raw Material and Work in Process67.8%66.7%
Finished Goods and Purchased Parts32.2%33.3%

Inventories are stated at the lower of cost or net realizable value, using the FIFO cost method. Material, labor and factory overhead costs are included in the inventories.

The Company reviews inventories for excess and obsolete products or components. Based on an analysis of historical usage and management's evaluation of estimated future demand, market conditions and alternative uses for possible excess or obsolete parts, the Company records an excess and obsolete reserve.
Property, Plant and Equipment
Property, Plant and Equipment are stated at cost. Depreciation of plant and equipment is provided principally on a straight-line basis over the estimated useful lives (3 to 50 years) of the depreciable assets. Accelerated methods are used for income tax purposes.

Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures which extend the useful lives of existing equipment are capitalized and depreciated.

Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset.

Property, plant and equipment by major classification was as follows:
Useful Life (In Years)December 31, 2024December 31, 2023
Land and Improvements$134.5 $139.2 
Buildings and Improvements
3-50
387.2 414.5 
Machinery, Equipment and Other
3-15
1,189.8 1,219.4 
  Property, Plant and Equipment1,711.5 1,773.1 
Less: Accumulated Depreciation(790.5)(731.9)
  Net Property, Plant and Equipment$921.0 $1,041.2 

As of December 31, 2024 and December 31, 2023, $44.7 million and $44.4 million of ROU assets (as defined in Note 8 - Leases) were included in Net Property, Plant and Equipment, respectively.

Goodwill
The Company evaluates the carrying amount of goodwill annually as of October or more frequently if events or circumstances indicate that the goodwill might be impaired. Factors that could trigger an impairment review include significant underperformance relative to historical or forecasted operating results, a significant decrease in the market value of an asset or significant negative industry or economic trends. Reporting units with recent impairments or those with goodwill resulting from recent acquisitions generally present the highest risk of impairment.

When testing goodwill for impairment, companies have the option to first assess qualitative factors to determine whether a quantitative test is necessary. In performing qualitative assessments, the Company evaluates, among other things, actual and forecasted operating results, certain market factors, including discount rates and peer company EBITDA multiples, and the passing margin of prior quantitative tests. In performing quantitative tests, the Company uses a weighting of the market approach and the income approach (discounted cash flow method). In the market approach, the Company applies performance multiples from comparable public companies, adjusted for relative risk, profitability, and growth considerations, to each reporting unit's performance measure to estimate fair value. The key assumptions used in the discounted cash flow method used to estimate fair value include discount rates, revenue and EBITDA margin projections and terminal value rates because such assumptions are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using market and industry data as well as Company-specific risk factors for each reporting unit. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. Terminal value rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant discount rate and long-term growth rates.

For the 2024 annual goodwill test, the Company performed a qualitative assessment to evaluate goodwill for each of its reporting units, except for two reporting units in the Automation & Motion Control segment which were quantitatively tested. For each of the reporting units qualitatively assessed, the Company concluded that it was more likely that not that the fair value exceeded the carrying value and thus a quantitative test was not necessary. For each of the two reporting units that were quantitatively tested, the fair value exceeded the carrying value and thus no goodwill impairments were recorded. There were no goodwill impairments recorded as a result of the 2023 and 2022 annual tests. In 2023 and 2022, the Company performed a quantitative test for all the reporting units. Some of the key considerations used in the Company's impairment testing included (i) market pricing of guideline publicly traded companies (ii) cost of capital, including the risk-free interest rate, and (iii) recent historical and projected operating results of the subject reporting unit. There is inherent uncertainty included in the assumptions
used in goodwill impairment testing. A change to any of the assumptions could lead to a future impairment that could be material. See Note 4 - Goodwill and Intangible Assets for more information.

During 2023, the prospective sale of the industrial motors and generators businesses triggered an interim goodwill impairment test. As a result, the Company recorded $57.3 million of goodwill impairment charges for its global industrial motors reporting unit. See Note 3 - Acquisitions and Divestitures for further information. In 2023, the transaction price for the proposed sale of the industrial motors and generators businesses was used as a key input into testing each of the reporting units.
Intangible Assets
Intangible assets with finite lives are amortized over their estimated useful lives using the straight line method. The Company evaluates amortizing intangibles whenever events or circumstances have occurred that indicate carrying values may not be recoverable. If an indicator is present, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the primary asset to estimate recoverability of the asset group. If such estimated future cash flows are less than carrying value, an impairment would be recognized. There was no impairment of intangible assets during 2024, 2023 or 2022.
Long-Lived Assets Impairment
The Company evaluates the recoverability of the carrying amount of property, plant and equipment assets (collectively, "long-lived assets") whenever events or changes in circumstance indicate that the carrying amount of an asset may not be fully recoverable through future cash flows. Factors that could trigger an impairment review include a significant decrease in the market value of an asset or significant negative economic trends. For long-lived assets, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the primary asset to estimate recoverability of the asset group. If the asset is not recoverable, the asset is written down to fair value. In 2024, 2023 and 2022, the Company concluded it had asset impairments of $4.0 million, $7.8 million and $0.9 million, respectively, which were related to assets held for sale, and a loss on sale of businesses of $8.5 million, $87.7 million and zero, respectively, which were primarily related to the sale of the industrial motors and generators businesses.

Earnings (Loss) Per Share
Diluted earnings per share is computed 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 dilutive securities. Share based compensation awards for common shares where the exercise price was above the market price have been excluded from the calculation of the effect of dilutive securities shown below; the amount of these shares were 0.3 million in 2024, 0.4 million in 2023 and 0.2 million in 2022. The following table reconciles the basic and diluted shares used in earnings (loss) per share calculations for the years ended:
202420232022
Denominator for Basic Earnings Per Share66.4 66.3 66.7 
Effect of Dilutive Securities(1)
0.3 — 0.4 
Denominator for Diluted Earnings Per Share66.7 66.3 67.1 
(1) 2023 excludes 0.4 million of share based compensation awards as the Company had a net loss during the year.

Defined Benefit Pension Plans
The majority of the defined benefit pension plans covering the Company's domestic associates have been closed to new associates and frozen for existing associates. Most of the Company's foreign associates are covered by government sponsored plans in the countries in which they are employed. The Company's obligations under its defined benefit pension plans are determined with the assistance of actuarial firms. The actuaries, under management's direction, make certain assumptions regarding such factors as withdrawal rates and mortality rates. The actuaries also provide information and recommendations from which management makes further assumptions on such factors as the long-term expected rate of return on plan assets, the discount rate on benefit obligations and where applicable the rate of annual compensation increases.

Based upon the assumptions made, the investments made by the plans, overall conditions and movement in financial markets, life-spans of benefit recipients and other factors, annual expenses and recorded assets or liabilities of these defined benefit pension plans may change significantly from year to year.

The service cost component of the Company's net periodic benefit cost is included in Cost of Sales and Operating Expenses. All other components of net periodic benefit costs are included in Other (Income) Expenses, net on the Company's Consolidated Statements of Income (Loss). See Note 7 – Retirement Plans for more information.
Derivative Financial Instruments
Derivative instruments are recorded on the Consolidated Balance Sheets at fair value. Any fair value changes are recorded in Net Income (Loss) or Accumulated Other Comprehensive Income (Loss) ("AOCI") as determined under accounting guidance that establishes criteria for designation and effectiveness of the hedging relationships. Cash inflows and outflows related to derivative instruments are included as a component of Operating, Investing, or Financing Cash Flows within the Consolidated Statements of Cash Flows.

The Company uses derivative instruments to manage its exposure to fluctuations in certain raw material commodity pricing, fluctuations in the cost of forecasted foreign currency transactions, and variability in interest rate exposure on floating rate borrowings. The majority of derivative instruments have been designated as cash flow hedges. See Note 12 – Derivative Financial Instruments for more information.

Income Taxes
The Company accounts for income taxes in accordance with Accounting Standards Codification ("ASC") 740, Accounting for Income Taxes (“ASC 740”). Deferred tax assets and liabilities arise from temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and consideration of operating loss and tax credit carryforwards. Deferred income taxes are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled. The impact on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Valuation allowances are provided to reduce deferred tax assets to the amount that will more likely than not be realized. This requires management to make judgments and estimates regarding the amount and timing of the reversal of taxable temporary differences, expected future taxable income, and the impact of tax planning strategies.

Uncertainty exists regarding tax positions taken in previously filed tax returns which remain subject to examination, along with positions expected to be taken in future returns. The Company provides for unrecognized tax benefits, based on the technical merits, when it is more likely than not that an uncertain tax position will not be sustained upon examination. Adjustments are made to the uncertain tax positions when facts and circumstances change, such as the closing of a tax audit; changes in applicable tax laws, including tax case rulings and legislative guidance; or expiration of the applicable statute of limitations. See Note 10 – Income Taxes for more information.

Foreign Currency Translation
For those operations using a functional currency other than the US Dollar, assets and liabilities are translated into US Dollars at year-end exchange rates, and revenues and expenses are translated at monthly average rates. The resulting translation adjustments are recorded as a separate component of Shareholders' Equity. Foreign currency remeasurement gains and losses are included in Operating Expenses in the Consolidated Statements of Income (Loss).

Product Warranty Reserves
The Company maintains reserves for product warranty to cover the stated warranty periods for its products. Such reserves are established based on an evaluation of historical warranty experience and specific significant warranty matters when they become known and can reasonably be estimated. See Note 11 – Contingencies for more information.

Accumulated Other Comprehensive Income (Loss)
Foreign currency translation adjustments, unrealized gains and losses on derivative instruments designated as hedges and pension and post retirement liability adjustments are included in Shareholders' Equity under AOCI.
The components of the ending balances of AOCI are as follows:
 20242023
Foreign Currency Translation Adjustments$(415.7)$(286.2)
Hedging Activities, Net of Tax of $(2.1) in 2024 and $8.8 in 2023
(5.5)28.8 
Pension and Post-Retirement Benefits, Net of Tax of $(6.7) in 2024 and $(7.8) in 2023
(21.5)(25.0)
Total$(442.7)$(282.4)
Legal Claims and Contingent Liabilities
The Company is subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty and 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. The Company records expenses and liabilities when the Company believes that an obligation of the Company or a subsidiary on a specific matter is probable and there is a basis to reasonably estimate the value of the obligation, and such assessment inherently involves an exercise in judgment. This methodology is used for legal claims that are filed against the Company or a subsidiary from time to time. The uncertainty that is associated with such matters frequently requires adjustments to the liabilities previously recorded. See Note 11 – Contingencies for more information.

Fair Values of Financial Instruments
The fair values of cash equivalents, term deposits, trade receivables and accounts payable approximate their carrying values due to the short period of time to maturity. The fair value of fixed rate debt is estimated using discounted cash flows based on rates for instruments with comparable maturities and credit ratings as further described in Note 6 – Debt and Bank Credit Facilities. The fair value of pension assets and derivative instruments is determined based on the methods disclosed in Note 7 - Retirement Plans and Note 12 – Derivative Financial Instruments.

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 following information presents changes to the Company's outstanding obligations under the supplier finance program, which are classified within Accounts Payable, during the year ended December 31, 2024:

Balance as of December 31, 2023$60.8 
Plus: Obligations Added169.7 
Less: Obligations Settled189.5 
Balance as of December 31, 2024$41.0 

New Accounting Standards

New Accounting Standards Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU requires enhanced segment disclosures, such as significant segment expenses, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this new accounting guidance in 2024, and has included the required disclosures within Note 5 - Segment Information.

In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The Company adopted this new accounting guidance during the first quarter of 2023, except that the requirement to include roll forward information became effective for fiscal years beginning after December 15, 2023. The Company completed the adoption of this new accounting guidance in 2024, and has included the required roll forward disclosures within this Note.

Recently Issued Accounting Standards
In November 2024, the FASB issued 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.

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires consistent categories and greater disaggregation of information in the rate reconciliation, income taxes paid disaggregated by jurisdiction and certain other amendments. The new guidance will be effective for annual periods beginning after December 15, 2024. The Company is evaluating the effect of adopting this new accounting guidance.
v3.25.0.1
Acquisitions and Divestitures
 12 Months Ended
Dec. 31, 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 represented the substantial majority of the Industrial Systems operating segment.
The transaction closed on April 30, 2024 for a total purchase price of $444.0 million. For the years ended December 31, 2024 and December 31, 2023, the Company recognized a Loss on Sale of Businesses related to the sale of the industrial motors and generators businesses of $7.7 million and $87.7 million, respectively, in the Consolidated Statements of Income (Loss). The Company recognized a cumulative loss of $95.4 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:
April 30, 2024
Purchase price$400.0 
Cash transferred to buyer64.5 
Estimated working capital and other adjustments(20.5)
Total purchase price444.0 
Direct costs to sell(7.3)
Fair value of sale consideration, net(1)
$436.7 
(1) The fair value of sale consideration, net includes an immaterial post-close adjustment to the purchase price for which cash was received in January 2025.
The following table summarizes the carrying value of the disposal group and resulting loss on sale:
April 30, 2024
Net assets sold$420.2 
Noncontrolling Interest(9.2)
Accumulated Other Comprehensive Income121.3 
Payables to seller(0.2)
Carrying value of disposal group$532.1 
Loss on Sale of Businesses$(95.4)
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 
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 6 - 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.

Summary of Significant Fair Value Methods
The methods used to determine the fair value of significant identifiable assets and liabilities included in the allocation of purchase price are discussed below.

Inventories
Acquired inventory was comprised of finished goods, work in process and raw materials. The fair value of finished goods was calculated as the estimated selling price, adjusted for costs of the selling effort and a reasonable profit allowance relating to the selling effort. The fair value of work in process inventory was primarily calculated as the estimated selling price, adjusted for estimated costs to complete the manufacturing, estimated costs of the selling effort, as well as a reasonable profit margin on the remaining manufacturing and selling effort. The fair value of raw materials and supplies was determined based on replacement cost which approximates historical carrying value.

Property, Plant and Equipment
The preliminary fair value of Property, Plant, and Equipment was determined using either the cost approach, which relies on an estimate of replacement costs of the new assets and estimated accrued depreciation, or the market approach.

Identifiable Intangible Assets
The fair value and weighted average useful life of the identifiable intangible assets are as follows:
Fair ValueWeighted Average Useful Life (Years)
Customer Relationships(1)
$1,710.0 14.0
Trademarks(2)
330.0 10.0
Technology(3)
102.0 13.0
Total Identifiable Intangible Assets$2,142.0 

(1) The fair value of Customer Relationships was valued using a multi-period excess earnings method, a form of the income approach, which incorporates the estimated future cash flows to be generated from Altra's existing customer base.
(2) The Altra Trademarks were valued using the relief from royalty method, which considers both the market approach and the income approach.
(3) The Altra Technology was valued using the relief from royalty method, which considers both the market approach and the income approach.

The intangible assets related to definite-lived customer relationships, trademarks and technology are amortized over their estimated useful lives.

Leases, including right-of-use ("ROU") assets and lease liabilities
Lease liabilities were measured as of the effective date of the acquisition at the present value of future minimum lease payments over the remaining lease term and the incremental borrowing rate of the Company as if the acquired leases were new leases as of the acquisition date. ROU assets recorded within “Operating Lease Assets” are equal to the amount of the lease liability at the acquisition date adjusted for any off-market terms of the lease. The remaining lease term was based on the remaining term at the acquisition date plus any renewal or extension options that the Company is reasonably certain will be exercised.

Deferred Income Tax Assets and Liabilities
The acquisition was structured as a merger, and therefore the Company assumed the historical tax basis of Altra’s assets and liabilities. The deferred income tax assets and liabilities include the expected future federal, state, and foreign tax consequences associated with temporary differences between the fair values of the assets acquired and liabilities assumed and the respective tax bases. Tax rates utilized in calculating deferred income taxes generally represent the enacted statutory tax rates at the effective date of the acquisition in the jurisdictions in which legal title of the underlying asset or liability resides. See Note 10 - Income Taxes for further information related to income taxes.

Other Assets Acquired and Liabilities Assumed (excluding Goodwill)
The Company utilized the carrying values, net of allowances, to value accounts receivable and accounts payable as well as other current assets and liabilities, as it was determined that carrying values represented the fair value of those items at the acquisition date. Accounts receivable reflect the best estimate at the acquisition date of the contractual cash flows expected to be collected.

Goodwill
The excess of the consideration for the acquisition over the fair value of net assets acquired was recorded as goodwill. The goodwill is attributable to expected synergies and expanded market opportunities from combining the Company’s operations with those of Altra. The goodwill created in the acquisition is not expected to be deductible for tax purposes.

Transaction and Integration Costs
The Company incurred transaction and integration-related costs in connection with the Altra Transaction of approximately $23.5 million during the year ended December 31, 2024, which includes legal, professional service and integration costs associated with the Altra Transaction. During the year ended December 31, 2023 the Company incurred $86.9 million of costs related to the Altra Transaction, 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 6 – 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 years ended December 31, 2023 and December 31, 2022, respectively, as if the Altra Transaction had occurred on January 2, 2022, the first day of the Company's 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 $102.6 million and increased expenses by $102.6 million for the years ended December 31, 2023 and December 31, 2022, respectively, (v) additional cost of sales related to the inventory valuation and lease ROU assets valuation adjustments which reduced expenses by $54.5 million and increased expenses by $54.5 million for the years ended December 31, 2023 and December 31, 2022, respectively 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 Year Ended December 31, 2023For the Year Ended December 31, 2022
Net Sales$6,701.8 $7,163.4 
Net Income Attributable to Regal Rexnord Corporation$50.1 $131.1 
Earnings Per Share Attributable to Regal Rexnord Corporation:
   Basic$0.76 $1.97 
   Assuming Dilution$0.75 $1.95 
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following information presents changes to goodwill during the periods indicated:
TotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial Systems
Balance as of December 31, 2022$4,018.8 $2,290.0 $752.3 $865.0 $111.5 
Acquisitions2,614.6 1,438.3 — 1,176.3 — 
Reclassification to Noncurrent Assets Held for Sale(53.9)— — — (53.9)
Impairment Charges(57.3)— — — (57.3)
Translation and Other30.9 18.7 1.6 10.9 (0.3)
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 and Other(89.1)(44.0)(4.7)(40.4)— 
Balance as of December 31, 2024$6,458.9 $3,697.2 $749.2 $2,012.5 $— 
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 - Acquisitions and Divestitures for more information.

Intangible Assets
Intangible assets consist of the following:
December 31, 2024December 31, 2023
Weighted Average Amortization Period (Years)Gross AmountAccumulated AmortizationNet Carrying AmountGross AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships15$3,892.8 $915.1 $2,977.7 $4,028.5 $746.2 $3,282.3 
Technology13293.0 109.0 184.0 302.6 92.9 209.7 
Trademarks10692.3 189.4 502.9 712.1 120.7 591.4 
Total Intangibles$4,878.1 $1,213.5 $3,664.6 $5,043.2 $959.8 $4,083.4 
While the Company believes its customer relationships are long-term in nature, the Company's contractual customer relationships are generally short-term. Useful lives are established at acquisition based on historical attrition rates.
Amortization expense was $346.5 million in 2024, $307.8 million in 2023 and $185.5 million in 2022.

The following table presents estimated future amortization expense:
YearEstimated Amortization
2025$341.9 
2026338.6 
2027338.5 
2028338.5 
2029333.5 
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's operations are organized and managed based on similar product offerings and end markets in the following three reportable 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 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 metals and mining, general industrial, energy, alternative energy, machinery / off-highway, discrete automation 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 commercial HVAC, water heaters, commercial refrigeration, commercial building ventilation, pool and spa, irrigation, dewatering, agricultural, conveying 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 – Acquisitions and Divestitures, the sale of the industrial motors and generators business, which represented a substantial majority of the Industrial Systems operating segment, was completed on April 30, 2024.
The chief operating decision maker ("CODM") of the Company is its chief executive officer. Among other considerations, the CODM evaluates performance and allocates resources based on the segment's income from operations. The Company also regularly provides to the CODM information on adjusted cost of sales and adjusted engineering, selling and administration expenses, which are significant expenses.

The following sets forth certain financial information attributable to the Company's operating segments for the year ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively:
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
December 31, 2024
Total Sales$2,614.1 $1,656.5 $1,652.8 $158.3 $(47.9)$6,033.8 
Intersegment Sales16.0 12.4 19.0 0.5 (47.9)— 
Net Sales(1)
2,598.1 1,644.1 1,633.8 157.8 — 6,033.8 
Adjusted Cost of Sales(2)
1,541.5 1,171.4 1,024.5 118.4 3,855.8 
Adjusted Engineering, Selling and Administration Expenses(3)
483.1 273.2 342.9 29.0 1,128.2 
Other Segment Items(4)
250.8 36.9 122.0 10.1 419.8 
Income from Operations322.7 162.6 144.4 0.3 — 630.0 
Interest Expense399.7 
Interest Income(18.8)
Other Expense, Net1.1 
Income before Taxes248.0 
Other Supplemental Disclosures
Amortization201.5 7.7 137.1 0.2 — 346.5 
Depreciation80.7 37.0 47.2 0.4 165.3 
Other significant noncash items:
Asset Impairment1.1 1.1 1.8 — — 4.0 
Loss on Sale of Businesses1.7 1.4 1.1 4.3 — 8.5 
Capital Expenditures50.3 25.0 29.9 4.3 — 109.5 
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
December 31, 2023
Total Sales$2,418.4 $1,826.6 $1,537.7 $524.1 $(56.1)$6,250.7 
Intersegment Sales14.9 17.7 20.9 2.6 (56.1)— 
Net Sales(1)
2,403.5 1,808.9 1,516.8 521.5 — 6,250.7 
Adjusted Cost of Sales(2)
1,516.9 1,293.4 950.7 414.1 — 4,175.1 
Adjusted Engineering, Selling and Administration Expenses(3)
433.2 279.5 291.1 84.8 — 1,088.6 
Other Segment Items(4)
301.6 18.6 136.0 153.7 — 609.9 
Income (Loss) from Operations151.8217.4139.0(131.1)— 377.1
Interest Expense431.0 
Interest Income(43.6)
Other Income, Net(8.7)
Loss before Taxes(1.6)
Other Supplemental Disclosures
Amortization181.4 8.3 117.2 0.9 — 307.8 
Depreciation91.8 43.0 41.0 9.2 — 185.0 
Other significant noncash items:
     Goodwill Impairment— — — 57.3 — 57.3 
     Asset Impairments2.5 1.5 3.4 0.4 — 7.8 
     Loss on Sale of Businesses— — — 87.7 — 87.7 
Capital Expenditures41.3 35.0 34.6 8.2 — 119.1 
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
December 31, 2022
Total Sales$1,673.6 $2,237.6 $788.1 $554.0 $(35.4)$5,217.9 
Intersegment Sales7.3 10.4 15.8 1.9 (35.4)— 
Net Sales(1)
1,666.3 2,227.2 772.3 552.1 — 5,217.9 
Adjusted Cost of Sales(2)
997.7 1,610.0 498.7 422.7 — 3,529.1 
Adjusted Engineering, Selling and Administration Expenses(3)
276.4 269.0 131.1 84.2 — 760.7 
Other Segment Items(4)
150.0 21.3 64.3 2.1 — 237.7 
Income from Operations242.2326.978.243.1— 690.4
Interest Expense87.2 
Interest Income(5.2)
Other Income, Net(5.4)
Income before Taxes613.8 
Other Supplemental Disclosures
Amortization119.5 8.4 56.8 0.8 — 185.5 
Depreciation49.5 38.5 21.2 12.7 — 121.9 
Other significant noncash items:
     Asset Impairment0.9 — — — — 0.9 
Capital Expenditures18.8 41.9 11.2 11.9 — 83.8 
(1) Represents revenues from external customers.
(2) Adjusted Cost of Sales includes costs associated with producing goods for sale, such as materials, labor and overhead costs, and intercompany cost of sales. Adjusted Cost of Sales differs from Cost of Sales reported under US GAAP primarily because it includes intercompany cost of sales and excludes certain costs, primarily restructuring and related expenses. The difference is included in Other Segment Items.
(3) Adjusted Engineering, Selling and Administration Expenses includes operating expenses such as engineering, selling and administration expenses, as well as hedging, foreign currency gains and losses and certain overhead expenses. Adjusted Engineering, Selling and Administration Expenses differs from Operating Expenses reported under US GAAP primarily because it excludes costs such as significant noncash items, restructuring and related costs, and transaction and integration related costs. The difference is included in Other Segment Items.
(4) Other Segment Items includes other significant noncash items, intangible amortization, as well as restructuring and related costs, transaction and integration related costs, certain overhead expenses and the elimination of intercompany cost of sales.

The following table presents total identifiable assets attributable to the Company's operating segments as of December 31, 2024 and December 31, 2023:
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
Identifiable Assets as of December 31, 2024$7,528.8 $1,862.5 $4,642.4 $— $14,033.7 
Identifiable Assets as of December 31, 20238,009.4 2,036.4 4,909.2 476.4 15,431.4 

The following sets forth net sales by country in which the Company operates for 2024, 2023 and 2022, respectively:
Net Sales
202420232022
US$3,644.0 $3,840.4 $3,332.5 
Rest of the World2,389.8 2,410.3 1,885.4 
Total$6,033.8 $6,250.7 $5,217.9 

US net sales for 2024, 2023 and 2022 represented 60.4%, 61.4% and 63.9% of total net sales, respectively. No individual foreign country represented a material portion of total net sales for any of the years presented.

The following sets forth net property, plant and equipment by country in which the Company operates for 2024 and 2023, respectively:
Net Property, Plant and Equipment
20242023
US$411.9 $441.1 
Mexico154.2 203.8 
Germany92.7 113.0 
China50.9 45.8 
Rest of the World211.3 237.5 
Total$921.0 $1,041.2 

No other individual foreign country represented a material portion of net property, plant and equipment for any of the years presented.
v3.25.0.1
Debt and Bank Credit Facilities
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt and Bank Credit Facilities Debt and Bank Credit Facilities
The Company's indebtedness as of December 31, 2024 and December 31, 2023 was as follows:
December 31, 2024December 31, 2023
Senior Notes$4,700.0 $4,700.0 
Term Facility665.0 1,053.5 
Land Term Facility— 486.8 
Multicurrency Revolving Facility40.0 98.1 
Altra Notes18.1 18.1 
Finance Leases70.1 70.5 
Other6.6 7.5 
Less: Debt Issuance Costs(42.1)(53.6)
Total5,457.7 6,380.9 
Less: Current Maturities5.0 3.9 
Non-Current Portion$5,452.7 $6,377.0 

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 be applied to the next payment due. 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:
Year Ended
December 31, 2024December 31, 2023
Term Facility7.0 %7.0 %
Land Term Facility7.1 %6.8 %

As of December 31, 2024 the Company had no standby letters of credit issued under the Multicurrency Revolving Facility and $1,530.0 million of available borrowing capacity. The average daily balance in borrowings under the Multicurrency Revolving Facility was $72.0 million and $283.1 million for the years ended December 31, 2024 and December 31, 2023, respectively. The Company paid a non-use fee of 0.25% as of December 31, 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:
Year Ended
December 31, 2024December 31, 2023
Multicurrency Revolving Facility7.0 %6.4 %

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 offering expenses. The Company used a portion of the net proceeds to repay the Company’s $500.0 million 3.90% notes originally issued on April 7, 2022 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 repurchased 95.28% of the outstanding Altra Notes for total consideration of $382.7 million. See Note 3 – 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 December 31, 2024.

Finance Leases

See Note 8 - Leases for the weighted average discount rate associated with the Company's finance leases in 2024 and 2023.

Other Disclosures

The fair value of the Senior Notes is based on rates for instruments with comparable maturities and credit quality, which is considered a Level 2 fair value measurement (see also Note 13 – Fair Value). The approximate fair value of the Senior Notes was $4,795.2 million and $4,802.4 million as of December 31, 2024 and December 31, 2023, respectively, compared to a carrying value of $4,700.0 million as of December 31, 2024 and December 31, 2023. The Company believes that the fair value of all other debt instruments approximates their carrying value.

Maturities of long-term debt outstanding as of December 31, 2024, excluding debt issuance costs, are as follows:
YearAmount of Maturity
2025$5.0 
20261,123.1 
2027710.5 
20281,260.9 
20294.3 
Thereafter2,396.0 
Total$5,499.8 
v3.25.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
Retirement Plans
The Company sponsors pension and other post-retirement benefit plans for certain associates. Most of the Company's associates are accumulating retirement income benefits through defined contribution plans. The majority of the Company's defined benefit pension plans covering the Company's domestic associates have been closed to new associates and frozen for existing associates, however certain employees represented by collective bargaining continue to earn benefits. Certain foreign associates are covered by government sponsored plans in the countries in which they are employed.
Defined Benefit Pension Plans
Benefits provided under defined benefit pension plans are based, depending on the plan, on associates' average earnings and years of credited service, or a benefit multiplier times years of service. Funding of these qualified defined benefit pension plans is in accordance with federal laws and regulations. The actuarial valuation measurement date for pension plans is the calendar year end of each year.
The Company's target allocation, target return and actual weighted-average asset allocation by asset category are as follows:

TargetActual Allocation
AllocationReturn20242023
Equity Investments20.6%
5.2 - 7.5%
15.6%14.7%
Fixed Income66.8%
3.7 - 7.0%
70.3%68.2%
Other12.6%
0.5% - 7.0%
14.1%17.1%
Total100.0%5.5%100.0%100.0%

During 2024, the Company maintained its dynamic de-risking investment strategy designed to allow the plans to attain and/or maintain fully funded status levels while reducing volatility, in order to further increase the overall fixed income portfolio to meet allocation targets in such a manner that its interest rate sensitivity correlates highly with that of the liabilities of the plans while other asset classes are intended to provide additional return with associated higher levels of risk. This strategy is designed to result in improved funding levels and less required contributions over time. Allocation targets have been established to fit this strategy in response to increased funded ratio thresholds along a glidepath. The long-term rate of return assumptions consider historic returns and volatilities adjusted for changes in overall economic conditions that may affect future returns and a weighting of each investment class.

The following table presents a reconciliation of the funded status of the defined benefit pension plans:
20242023
Change in Projected Benefit Obligation:
Obligation at Beginning of Period$483.1 $440.3 
Service Cost2.0 2.1 
Interest Cost21.3 22.8 
Actuarial (Gain) Loss(25.8)20.1 
Less: Benefits Paid34.3 34.4 
Settlements(0.7)(3.9)
Foreign Currency Translation(8.3)6.0 
Other Events13.8 — 
(Divestitures) Acquisitions(1.1)30.1 
Obligation at End of Period$450.0 $483.1 
Change in Fair Value of Plan Assets:
Fair Value of Plan Assets at Beginning of Period$367.7 $346.2 
Actual Return on Plan Assets(1.9)34.2 
Employer Contributions16.6 8.3 
Less: Benefits Paid34.3 34.4 
Settlements(0.7)(3.9)
Foreign Currency Translation(3.3)3.6 
Other Events2.1 — 
(Divestitures) Acquisitions(1.1)13.7 
Fair Value of Plan Assets at End of Period$345.1 $367.7 
Funded Status$(104.9)$(115.4)
The actuarial gain for 2024 was primarily due to an increase in discount rates. The actuarial loss for 2023 was primarily due to a decrease in discount rates.
The funded status as of December 31, 2024 included domestic plans of $(52.4) million and international plans of $(52.5) million. The funded status as of December 31, 2023 included domestic plans of $(64.5) million and international plans of $(50.9) million.
Funded Status and Expense

The Company recognized the funded status of its defined benefit pension plans on the Consolidated Balance Sheets as follows:
20242023
Other Noncurrent Assets$5.3 $4.1 
Accrued Compensation and Benefits(7.6)(6.6)
Pension and Other Post Retirement Benefits (a)
(102.6)(112.9)
Total$(104.9)$(115.4)
(a) Excludes post-retirement health care plans included on the Consolidated Balance Sheets
Amounts Recognized in Accumulated Other Comprehensive Loss
Net Actuarial Gain$32.0 $35.6 
Prior Service Cost0.3 0.3 
Total$32.3 $35.9 

The accumulated benefit obligation for all defined benefit pension plans was $438.7 million and $475.6 million as of December 31, 2024 and December 31, 2023, respectively.
Defined pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2024 and December 31, 2023 were as follows:

20242023
Projected Benefit Obligation$415.1 $445.7 
Accumulated Benefit Obligation408.5 442.1 
Fair Value of Plan Assets304.9 326.4 

Defined pension plans with projected benefit obligations in excess of plan assets as of December 31, 2024 and December 31, 2023 were as follows:

20242023
Projected Benefit Obligation$415.1 $447.2 
Accumulated Benefit Obligation408.5 443.3 
Fair Value of Plan Assets304.9 327.7 

The following weighted average assumptions were used to determine the projected benefit obligation as of December 31, 2024 and December 31, 2023, respectively:
20242023
Discount Rate5.4%4.7%

The objective of the discount rate assumption is to reflect the rate at which the pension benefits could be effectively settled. In making the determination, the Company takes into account the timing and amount of benefits that would be available under the plans. The methodology for selecting the discount rate was to match the plan's cash flows to that of a theoretical bond portfolio yield curve.

Certain of the Company's defined benefit pension plan obligations are based on years of service rather than on projected compensation percentage increases. For those plans that use compensation increases in the calculation of benefit obligations and net periodic pension cost, the Company used an assumed rate of compensation increase of 3.0% and 2.8% for the years ended December 31, 2024 and December 31, 2023, respectively.
Net periodic pension benefit costs and the net actuarial loss and prior service cost recognized in OCI for the defined benefit pension plans were as follows:
202420232022
Service Cost$2.0 $2.1 $1.4 
Interest Cost21.3 22.8 14.0 
Expected Return on Plan Assets(20.0)(27.1)(20.3)
Amortization of Net Actuarial (Gain) Loss(0.2)(1.8)1.0 
Amortization of Prior Service Cost0.1 0.1 0.1 
Curtailment Expense— 0.2 — 
Net Periodic Benefit Cost$3.2 $(3.7)$(3.8)
Change in Obligations Recognized in OCI, Net of Tax
    Prior Service Cost$0.1 $0.1 $0.1 
    Net Actuarial (Gain) Loss(3.7)(14.4)0.7 
Total Recognized in OCI$(3.6)$(14.3)$0.8 

The amortization of any prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of associates expected to receive benefits under the plans. The amortization of the net actuarial loss is determined using a straight-line amortization of the loss over the average remaining life expectancy of the associates expected to receive benefits under the plans.
The following weighted average assumptions were used to determine net periodic pension cost for 2024, 2023 and 2022, respectively.
202420232022
Discount Rate4.7%5.2%2.7%
Expected Long-Term Rate of Return on Assets5.1%6.6%4.6%

Pension Assets
The Company classifies its investments into Level 1, which refers to securities valued using quoted prices from active markets for identical assets, Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available, and Level 3, which refers to securities valued based on significant unobservable inputs. Mutual funds are valued at the unadjusted quoted market prices for the securities. Common collective trust funds are valued based on the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient to estimate fair value. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. Investments in units of collective trust funds and short-term investment funds, comprised of cash and money market funds, are valued at their respective published market prices as reported by the funds daily. Certain international plans hold insurance contracts. The fair value of these contracts is calculated by projecting expected future cash flows from the contract and discounting them to present value based on current market rates. The contracts are included within Level 3 of the hierarchy as the assumptions used to project expected future cash flows are based on actuarial estimates and are unobservable.

Pension assets by type and level are as follows:
December 31, 2024
TotalLevel 1Level 3
Cash and Cash Equivalents$4.3 $4.3 $— 
Mutual Funds:
International Equity Funds6.0 6.0 — 
Fixed Income Funds10.2 10.2 — 
Other5.1 1.0 4.1 
Insurance Contracts21.1 — 21.1 
$46.7 $21.5 $25.2 
Investments Measured at Net Asset Value298.4 
Total$345.1 
December 31, 2023
TotalLevel 1Level 3
Cash and Cash Equivalents$4.9 $4.9 $— 
Mutual Funds:
US Equity Funds1.8 1.8 — 
International Equity Funds9.5 9.5 — 
Fixed Income Funds3.8 3.8 — 
Other6.1 1.8 4.3 
Insurance Contracts23.7 — 23.7 
$49.8 $21.8 $28.0 
Investments Measured at Net Asset Value317.9 
Total$367.7 
The Company had no assets classified within Level 2 of the hierarchy as of December 31, 2024 and December 31, 2023.

The following table sets forth additional disclosures for the fair value measurement of the fair value of pension plan assets that calculate fair value based on NAV per share practical expedient as of December 31, 2024 and December 31, 2023:
20242023
Common Collective Trust Funds$298.4 $317.9 

The 2024 and 2023 common collective trust funds are investments in the following portfolios:
•Mercer US Small/Midcap Equity Portfolio - seeks to provide long term total returns comprised primarily of capital appreciation by investing in equity securities issued by small to medium capitalization US companies;
•Mercer Non-US Core Equity Portfolio - seeks to provide long term total return, which includes capital appreciation and income, by investing in equity securities of non-US companies;
•Mercer Global Low Volatility Equity Portfolio - seeks to provide long term total return, which includes capital appreciation and income, by investing in equity securities of US and foreign issuers;
•Mercer US Large Cap Passive Equity Portfolio - seeks to approximate, as closely as possible, the performance of the S&P 500 Index over the long term by investing in the equity securities comprising the index in approximately the same proportions as they are represented in the index;
•Mercer Emerging Markets Equity Portfolio - seeks to provide long term total return, which includes capital appreciation and income, by investing equity securities of companies that are located in emerging markets, other investments that are tied economically to emerging markets, as well as in American, European and Global Depository Receipts;
•Mercer Active Long Corporate Fixed Income Portfolio - seeks to maximize long term total return by investing on high quality US corporate bonds;
•Mercer Opportunistic Fixed Income Portfolio - seeks to provide long term total return, which includes capital appreciation and income, by investing in high yield bonds and emerging markets debt;
•Mercer Long Strips Fixed Income Portfolio - seeks to extend the duration of plan assets by investing in US Treasury STRIPS with a maturity of greater than 20 years;
•Mercer Core Real Estate Portfolio - seeks to earn attractive risk-adjusted returns on a diversified portfolio of private real estate, by systematically favoring the market segments and opportunities believed to offer the most attractive relative value at a given point in time;
•Mercer Active Intermediate Credit Fixed Income Portfolio - seeks to maximize long-term total return relative to the Bloomberg Barclays US Intermediate Credit Index;
•Mercer Long Duration Passive Fixed Income Portfolio - seeks to match the total return of the Bloomberg US Long Government Bond Index.
The 2024 and 2023 common collective trust funds are available for immediate redemption.

The table below sets forth a summary of changes in the Company's Level 3 assets in its pension plan investments as of December 31, 2024 and December 31, 2023:
20242023
OtherInsurance ContractsTotalOtherInsurance ContractsTotal
Beginning balance$4.3 $23.7 $28.0 $— $20.9 $20.9 
Acquisition— — — 4.3 — 4.3 
Net Sales— (0.3)(0.3)— (0.8)(0.8)
Net Gains (Losses)0.1 (0.8)(0.7)— 2.7 2.7 
Translation(0.3)(1.5)(1.8)— 0.9 0.9 
Ending balance$4.1 $21.1 $25.2 $4.3 $23.7 $28.0 

The Company made contributions to its defined benefit plan of $16.6 million and $8.3 million for the years ended December 31, 2024 and December 31, 2023.

The Company estimates that in 2025 it will make contributions in the amount of $14.7 million to fund its defined benefit pension plans.
The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
YearExpected Payments
2025$38.4 
202637.3 
202736.5 
202836.7 
202936.0 
2030-2034176.1 

Post-Retirement Health Care Plans

The Company's other post-retirement health care plans were not significant during 2024 and 2023.
Defined Contribution Plans
Company contributions to domestic defined contribution plans totaled $29.5 million, $24.3 million and $16.2 million in 2024, 2023 and 2022, respectively. Company contributions to non-US defined contribution plans were $14.0 million, $15.7 million and $7.8 million in 2024, 2023 and 2022, respectively.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company leases certain manufacturing facilities, warehouses/distribution centers, office space, machinery, equipment, IT assets, and vehicles. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, it is considered to be or contain a lease. Right-of-use ("ROU") assets and lease liabilities are recognized at lease commencement date based on the present value of the future lease payments over the expected lease term.

As most of the Company's leases do not provide an implicit rate, the Company determines its incremental borrowing rate based on its unsecured borrowing rate, adjusted for collateralization and lease term, at the lease commencement date. For leases denominated in a currency other than the US dollar, the incremental borrowing rate is estimated based upon the sovereign treasury rate for the currency in which the lease liability is denominated when the Company takes possession of the leased asset, adjusted for various factors, such as term and internal credit spread. The ROU asset also includes any lease payments made and excludes lease incentive and initial direct costs incurred.

Leases entered into may include one or more options to renew. The renewal terms can extend the lease term from one to twenty-five years. The exercise of lease renewal options is at the Company's sole discretion. Renewal option periods are included in the measurement of the ROU asset and lease liability when the exercise is reasonably certain to occur. Some leases include options to terminate the lease upon breach of contract and are remeasured at that point in time.

The depreciable life of leased assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Some of the Company's lease agreements include rental payments adjusted periodically for inflation or are based on an index rate. These increases are reflected as variable lease payments and are included in the measurement of the ROU asset and lease liability. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating leases are included in the following asset and liability accounts on the Company's Consolidated Balance Sheets: Operating Lease Assets, Current Operating Lease Liabilities, and Noncurrent Operating Lease Liabilities. ROU assets and liabilities arising from finance leases are included in the following asset and liability accounts on the Company's Consolidated Balance Sheets: Net Property, Plant and Equipment (see Note 2 - Accounting Policies), Current Maturities of Long-Term Debt and Long-Term Debt (see Note 6 - Debt and Bank Credit Facilities).
Short-term and variable lease expense was immaterial. The components of lease expense were as follows:
202420232022
Operating Lease Cost$55.1 $56.1 $40.7 
Finance Lease Cost:
   Amortization of ROU Assets3.6 3.2 3.2 
   Interest on Lease Liabilities3.6 3.7 3.8 
Total Lease Expense$62.3 $63.0 $47.7 

Maturity of lease liabilities as of December 31, 2024 were as follows:
Operating LeasesFinance LeasesTotal
2025$45.4 $8.2 $53.6 
202639.2 8.2 47.4 
202730.4 8.3 38.7 
202819.2 7.4 26.6 
202911.0 6.8 17.8 
Thereafter75.3 62.2 137.5 
Total Lease Payments$220.5 $101.1 $321.6 
Less: Interest(70.8)(31.0)(101.8)
Present Value of Lease Liabilities$149.7 $70.1 $219.8 

Other information related to leases was as follows:
Supplemental Cash Flow Information:202420232022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows - Operating Leases$51.4 $56.2 $38.4 
Operating Cash Flows - Finance Leases3.6 3.7 3.8 
Financing Cash Flows - Finance Leases3.9 3.3 2.9 
Leased Assets Obtained in Exchange for New Finance Lease Liabilities3.9 0.6 — 
Leased Assets Obtained in Exchange for New Operating Lease Liabilities22.8 115.7 31.4 
Weighted Average Remaining Lease Term (Years)
Operating Leases7.3 years7.2 years5.5 years
Finance Leases14.8 years16.1 years17.0 years
Weighted Average Discount Rate
Operating Leases8.1 %8.1 %8.0 %
Finance Leases5.2 %5.2 %5.2 %
The Company had no material operating or finance leases that have been entered into but not yet commenced as of December 31, 2024.
Leases Leases
The Company leases certain manufacturing facilities, warehouses/distribution centers, office space, machinery, equipment, IT assets, and vehicles. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, it is considered to be or contain a lease. Right-of-use ("ROU") assets and lease liabilities are recognized at lease commencement date based on the present value of the future lease payments over the expected lease term.

As most of the Company's leases do not provide an implicit rate, the Company determines its incremental borrowing rate based on its unsecured borrowing rate, adjusted for collateralization and lease term, at the lease commencement date. For leases denominated in a currency other than the US dollar, the incremental borrowing rate is estimated based upon the sovereign treasury rate for the currency in which the lease liability is denominated when the Company takes possession of the leased asset, adjusted for various factors, such as term and internal credit spread. The ROU asset also includes any lease payments made and excludes lease incentive and initial direct costs incurred.

Leases entered into may include one or more options to renew. The renewal terms can extend the lease term from one to twenty-five years. The exercise of lease renewal options is at the Company's sole discretion. Renewal option periods are included in the measurement of the ROU asset and lease liability when the exercise is reasonably certain to occur. Some leases include options to terminate the lease upon breach of contract and are remeasured at that point in time.

The depreciable life of leased assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Some of the Company's lease agreements include rental payments adjusted periodically for inflation or are based on an index rate. These increases are reflected as variable lease payments and are included in the measurement of the ROU asset and lease liability. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating leases are included in the following asset and liability accounts on the Company's Consolidated Balance Sheets: Operating Lease Assets, Current Operating Lease Liabilities, and Noncurrent Operating Lease Liabilities. ROU assets and liabilities arising from finance leases are included in the following asset and liability accounts on the Company's Consolidated Balance Sheets: Net Property, Plant and Equipment (see Note 2 - Accounting Policies), Current Maturities of Long-Term Debt and Long-Term Debt (see Note 6 - Debt and Bank Credit Facilities).
Short-term and variable lease expense was immaterial. The components of lease expense were as follows:
202420232022
Operating Lease Cost$55.1 $56.1 $40.7 
Finance Lease Cost:
   Amortization of ROU Assets3.6 3.2 3.2 
   Interest on Lease Liabilities3.6 3.7 3.8 
Total Lease Expense$62.3 $63.0 $47.7 

Maturity of lease liabilities as of December 31, 2024 were as follows:
Operating LeasesFinance LeasesTotal
2025$45.4 $8.2 $53.6 
202639.2 8.2 47.4 
202730.4 8.3 38.7 
202819.2 7.4 26.6 
202911.0 6.8 17.8 
Thereafter75.3 62.2 137.5 
Total Lease Payments$220.5 $101.1 $321.6 
Less: Interest(70.8)(31.0)(101.8)
Present Value of Lease Liabilities$149.7 $70.1 $219.8 

Other information related to leases was as follows:
Supplemental Cash Flow Information:202420232022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows - Operating Leases$51.4 $56.2 $38.4 
Operating Cash Flows - Finance Leases3.6 3.7 3.8 
Financing Cash Flows - Finance Leases3.9 3.3 2.9 
Leased Assets Obtained in Exchange for New Finance Lease Liabilities3.9 0.6 — 
Leased Assets Obtained in Exchange for New Operating Lease Liabilities22.8 115.7 31.4 
Weighted Average Remaining Lease Term (Years)
Operating Leases7.3 years7.2 years5.5 years
Finance Leases14.8 years16.1 years17.0 years
Weighted Average Discount Rate
Operating Leases8.1 %8.1 %8.0 %
Finance Leases5.2 %5.2 %5.2 %
The Company had no material operating or finance leases that have been entered into but not yet commenced as of December 31, 2024.
v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [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. The authorization has no expiration date. In 2024, the Company acquired 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. In 2023, the Company did not acquire any shares of its common stock. In 2022, the Company acquired and retired 1,698,227 shares of its common stock at an average cost of $140.89 per share for a total cost of $239.2 million.

Based on share repurchase activity since the most recent authorization, as of December 31, 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 $34.8 million, $58.2 million and $22.5 million in share-based compensation expense in 2024, 2023 and 2022, respectively. In connection with the Altra Transaction, the Company 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. The total income tax benefit recognized in the Consolidated Statements of Income (Loss) for share-based compensation expense was $4.8 million, $10.5 million and $5.4 million in 2024, 2023 and 2022, 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. The total fair value of shares and options vested was $46.2 million, $35.4 million and $25.6 million in 2024, 2023 and 2022, respectively.

Total unrecognized compensation cost related to share-based compensation awards was approximately $39.3 million, net of estimated forfeitures, which the Company expects to recognize over a weighted average period of approximately 1.8 years as of December 31, 2024.

During 2023, the Company's shareholders approved the 2023 Equity Incentive Plan ("2023 Plan"). The 2023 Plan authorized the issuance of 5.6 million shares of common stock for equity-based awards and terminated any further grants under prior equity plans. Approximately 5.0 million shares were available for future grant or payment under the 2023 Plan as of December 31, 2024.

Options and Stock Appreciation Rights

The Company uses several forms of share-based incentive awards including non-qualified stock options and stock settled stock appreciation rights (“SARs”). SARs are the right to receive stock in an amount equal to the appreciation in value of a share of stock over the base price per share. Shares granted generally vest over three years on the anniversary date of the grant date. Generally all grants expire 10 years from the grant date. All grants are made at prices equal to the fair market value of the stock on the grant date. For the years ended December 31, 2024, December 31, 2023 and December 31, 2022, expired and canceled shares were immaterial.

The table below presents share-based compensation activity for 2024, 2023 and 2022:
202420232022
Total Intrinsic Value of Share-Based Incentive Awards Exercised$22.0$6.2$7.8
Cash Received from Stock Option Exercises4.92.53.5
Income Tax Benefit from the Exercise of Stock Options21.25.36.1
Total Fair Value of Share-Based Incentive Awards Vested13.410.98.2

The weighted average assumptions used in the Company's Black-Scholes valuation related to grants for options and SARs were as follows:
202420232022
Per Share Weighted Average Fair Value of Grants$62.85$54.20$42.21
Risk-Free Interest Rate4.3%4.1%1.8%
Expected Life (Years)5.05.04.0
Expected Volatility38.0%35.8%35.3%
Expected Dividend Yield0.8%0.9%0.9%

The average risk-free interest rate is based on US Treasury security rates in effect as of the grant date. The expected dividend yield is based on the projected annual dividend as a percentage of the estimated market value of the Company's common stock as of the grant date. The Company estimated the expected volatility using a weighted average of daily historical volatility of the Company's stock price over the expected term of the award. The Company estimated the expected term using historical data.

Following is a summary of share-based incentive plan activity (options and SARs) for 2024:
Number of Shares Under Options and SARsSharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (years)Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023829,417$101.44 
Granted
98,998168.43 
Exercised(275,347)85.85 
Forfeited(24,574)151.93 
Outstanding as of December 31, 2024628,494$116.90 6.0$25.2 
Exercisable as of December 31, 2024443,632$99.47 5.0$24.7 

Compensation expense recognized related to options and SARs was $5.1 million, $7.4 million and $6.1 million for 2024, 2023 and 2022, respectively.

As of December 31, 2024, there was $5.6 million of unrecognized compensation cost related to non-vested options and SARs that is expected to be recognized as a charge to earnings over a weighted average period of 1.8 years.

The amount of options and SARs expected to vest is materially consistent with those outstanding and not yet exercisable.

Restricted Stock Awards and Restricted Stock Units

Restricted stock awards ("RSAs") and restricted stock units ("RSUs") consist of shares or the rights to shares of the Company's stock. The awards are restricted such that they are subject to substantial risk of forfeiture and to restrictions on their sale or other transfer. As defined in the individual grant agreements, acceleration of vesting may occur under a change in control, or death, disability or normal retirement of the grantee.

Following is the summary of RSAs activity for 2024:
SharesWeighted Average Fair Value at Grant DateWeighted Average Remaining Contractual Term (years)
Unvested RSAs as of December 31, 202321,997$133.41 0.9
Granted
—— 
Vested(18,451)132.49 
Forfeited(1,555)135.50 
Unvested RSAs as of December 31, 20241,991$136.77 1.9
There was no grant of RSAs in 2024. The weighted average grant date fair value of awards granted was $134.71 and $131.27 in 2023 and 2022, respectively.

Other than RSAs that were issued to replace equity awards held by employees of Altra at the time of the Altra acquisition in the prior year, RSAs vest on the one year anniversary of the grant date, provided the holder of the shares is continuously employed by or in the service of the Company until the vesting date. Compensation expense recognized related to the RSAs was $0.9 million, $2.3 million and $1.4 million for 2024, 2023 and 2022, respectively.

As of December 31, 2024, there was $0.2 million of unrecognized compensation cost related to non-vested RSAs that is expected to be recognized as a charge to earnings over a weighted average period of 1.9 years.

Following is the summary of RSUs activity for 2024:
SharesWeighted Average Fair Value at Grant DateWeighted Average Remaining Contractual Term (years)
Unvested RSUs as of December 31, 2023263,596$143.43 1.9
Granted
142,551165.10 
Vested(121,447)143.18 
Forfeited(42,527)153.56 
Unvested RSUs as of December 31, 2024242,173$154.79 1.8

The weighted average grant date fair value of awards granted was $165.10, $141.89 and $147.70 in 2024, 2023 and 2022, respectively.

Other than RSUs that were issued to replace equity awards held by employees of Altra at the time of the Altra acquisition in the prior year, RSUs vest one third each year on the anniversary of the grant date, provided the holder of the shares is continuously employed by the Company until the vesting date. Compensation expense recognized related to the RSUs was $17.3 million, $24.7 million and $10.3 million for 2024, 2023 and 2022, respectively.

As of December 31, 2024, there was $18.3 million of unrecognized compensation cost related to non-vested RSUs that is expected to be recognized as a charge to earnings over a weighted average period of 1.8 years.

Performance Share Units

Performance share unit awards ("PSUs") consist of shares or the rights to shares of the Company's stock which are awarded to associates of the Company. These shares are payable upon the determination that the Company achieved certain established performance targets and can range from 0% to 200% of the targeted payout based on the actual results. PSUs have a performance period of 3 years, vest three years from the grant date and are issued at a performance target of 100%. The PSUs have performance criteria based on a return on invested capital metric or they have performance criteria using returns relative to the Company's peer group. As set forth in the individual grant agreements, acceleration of vesting may occur under a change in control, death or disability. There are no voting rights with these instruments until vesting occurs and a share of stock is issued. PSUs with a performance criteria using returns relative to the Company's peer group are valued using a Monte Carlo simulation method as of the grant date while PSUs with a performance criteria based on a return on invested capital are valued using the closing market price less net present value of dividends as of the grant date.

The assumptions used in the Company's Monte Carlo simulation related to grants for PSUs were as follows:
December 31, 2024December 31, 2023December 31, 2022
Risk-free interest rate4.5%4.4%1.8%
Expected life (years)3.03.03.0
Expected volatility36.0%41.0%38.0%
Expected dividend yield—%—%—%
Following is the summary of PSUs activity for 2024:
SharesWeighted Average Fair Value at Grant DateWeighted Average Remaining Contractual Term (years)
Unvested PSUs as of December 31, 2023125,902$197.36 1.9
Granted68,350254.05 
Vested(43,708)151.05 
Forfeited(8,458)190.97 
Unvested PSUs as of December 31, 2024142,086$229.60 1.8

The weighted average grant date fair value of awards granted was $254.05, $235.77 and $151.27 in 2024, 2023 and 2022, respectively.
Compensation expense for PSUs is recognized based on the Monte Carlo simulation value or the expected payout ratio depending upon the performance criterion for the award, net of estimated forfeitures. Compensation expense recognized related to PSUs was $11.5 million, $8.1 million and $4.7 million for 2024, 2023 and 2022, respectively. Total unrecognized compensation expense for all PSUs granted as of December 31, 2024 was $15.2 million and it is expected to be recognized as a charge to earnings over a weighted average period of 1.8 years.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before taxes consisted of the following:
202420232022
US$(169.2)$(389.5)$221.2 
Foreign417.2 387.9 392.6 
Total$248.0 $(1.6)$613.8 

The provision for income taxes is summarized as follows:
202420232022
Current
US Federal $45.9 $39.6 $101.6 
US State10.0 6.4 10.2 
 Foreign146.0 122.0 87.2 
$201.9 $168.0 $199.0 
Deferred
US Federal $(89.6)$(84.3)$(50.7)
US State(15.3)(9.4)(12.1)
 Foreign(47.4)(21.6)(17.3)
(152.3)(115.3)(80.1)
Total$49.6 $52.7 $118.9 
A reconciliation of the federal statutory expense (benefit) and the income tax expense reflected in the Consolidated Statements of Income (Loss) follows:
202420232022
Federal Statutory Expense (Benefit)$52.1 $(0.4)$128.9 
State Income Taxes, Net of Federal Benefit(3.2)(8.6)3.2 
Effect of Impairments and Divestitures21.2 35.0 — 
Foreign Rate Differential(8.3)(10.8)(1.4)
Research and Development Credit(8.7)(8.7)(9.7)
Valuation Allowance(6.6)4.3 0.2 
Tax on Repatriation5.3 25.8 7.2 
Transaction Costs— 6.9 — 
US Tax on Foreign Operations(6.6)14.2 6.7 
Deferred Tax Remeasurement(1.1)3.4 (2.4)
Other5.5 (8.4)(13.8)
Income Tax Expense$49.6 $52.7 $118.9 

Deferred taxes arise primarily from differences in amounts reported for tax and financial statement purposes. The Company's net deferred tax liability was $785.5 million as of December 31, 2024, classified on the Consolidated Balance Sheet as a net non-current deferred income tax benefit of $30.0 million and a net non-current deferred income tax liability of $815.5 million. As of December 31, 2023, the Company's net deferred tax liability was $978.9 million classified on the Consolidated Balance Sheet as a net non-current deferred income tax asset of $33.8 million and a net non-current deferred income tax liability of $1,012.7 million.

The components of this net deferred tax liability are as follows:
December 31, 2024December 31, 2023
Accrued Benefits$53.1 $65.4 
Bad Debt Allowances7.4 7.9 
Warranty Accruals7.6 8.4 
Derivative Instruments2.6 — 
Inventory33.7 8.6 
Tax Loss Carryforward14.8 16.1 
Operating Lease Liability56.5 67.4 
Deferred Interest92.6 43.7 
Other35.0 32.3 
    Deferred Tax Assets before Valuation Allowance303.3 249.8 
Valuation Allowance(8.3)(11.0)
    Total Deferred Tax Assets295.0 238.8 
Property Related(83.3)(92.5)
Intangible Items(936.4)(1,026.6)
Accrued Liabilities(11.8)(29.9)
Derivative Instruments— (8.3)
Operating Lease Asset(49.0)(60.4)
    Deferred Tax Liabilities(1,080.5)(1,217.7)
Net Deferred Tax Liability$(785.5)$(978.9)
Following is a reconciliation of the beginning and ending amount of unrecognized tax benefits:
Unrecognized Tax Benefits, January 1, 2022$8.8 
Gross Increases from Current Period Tax Positions0.6 
Settlements with Taxing Authorities(2.0)
Lapse of Statute of Limitations(1.7)
Unrecognized Tax Benefits, December 31, 2022$5.7 
Gross Increases from Current Period Tax Positions0.3 
Gross Increases from Acquisitions3.8 
Lapse of Statute of Limitations(1.3)
Unrecognized Tax Benefits, December 31, 2023$8.5 
Gross Increases from Current Period Tax Positions0.8 
Acquisition Measurement Period Adjustment(2.8)
Lapse of Statute of Limitations(2.3)
Unrecognized Tax Benefits, December 31, 2024$4.2 

Unrecognized tax benefits as of December 31, 2024 amount to $4.2 million, 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. During 2024, 2023 and 2022, the Company recognized approximately $(0.3) million, $(0.1) million and $(0.1) million of net interest income, respectively. The Company had approximately $0.7 million, $1.1 million and $1.2 million of accrued interest as of December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

Due to statute expirations, approximately $1.8 million of the unrecognized tax benefits, including accrued interest, could reasonably change in the coming year.

The Company conducts business globally and, as a result, files income tax returns in the US federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The US Internal Revenue Service is currently conducting an audit of the Company's 2022 income tax return. No material deficiencies have been assessed related to ongoing audits as of December 31, 2024. With few exceptions, the Company is no longer subject to US federal and state/local income tax examinations by tax authorities for years prior to 2021, and the Company is no longer subject to non-US income tax examinations by tax authorities for years prior to 2020.

As of December 31, 2024 and December 31, 2023 the Company had approximately $14.8 million and $16.1 million, respectively, of tax effected net operating losses in various jurisdictions with a portion expiring over a period of up to 15 years and the remaining without expiration.

Valuation allowances totaling $8.3 million and $11.0 million as of December 31, 2024 and December 31, 2023, respectively, have been established for deferred income tax assets primarily related to certain subsidiary loss carryforwards that may not be realized. Realization of the net deferred income tax assets is dependent on generating sufficient taxable income prior to their expiration. Although realization is not assured, management believes it is more-likely-than-not that the net deferred income tax assets will be realized. The amount of the net deferred income tax assets considered realizable, however, could change in the near term if future taxable income during the carryforward period fluctuates.
The Company continues to treat approximately $213.0 million of earnings from certain foreign entities as permanently reinvested and has not recorded a deferred tax liability for the local withholding taxes of approximately $16.9 million on those earnings.
v3.25.0.1
Contingencies
 12 Months Ended
Dec. 31, 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, 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. The construction of an AS/SVE system was completed and became operational in February 2022. The system continues to operate pending the US EPA's approval of a pilot study work plan for an on site chemical oxidation soil remediation system. Soil remediation is expected to continue for a minimum of 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 products 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 is a reconciliation of the changes in accrued warranty costs for 2024 and 2023:
December 31, 2024December 31, 2023
Beginning Balance$34.5 $28.8 
    Less: Payments21.9 23.4 
    Provisions21.5 21.8 
    Acquisitions— 9.8 
    Reclassification to Liabilities Held for Sale— (3.4)
    Translation Adjustments(0.7)0.9 
Ending Balance$33.4 $34.5 

These liabilities are included in Other Accrued Expenses and Other Noncurrent Liabilities on the Consolidated Balance Sheets.
v3.25.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 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 in the 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 December 31, 2024 or December 31, 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 December 31, 2024 and December 31, 2023, the Company had $(0.8) million and $15.1 million, net of tax, of derivative losses and gains, respectively, on closed hedge instruments in AOCI that will be realized in earnings when the hedged items impact earnings.
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:
December 31, 2024December 31, 2023
Copper$41.7 $37.5 
Aluminum— 1.4 

The Company has currency forward contracts with maturities extending through December 2025. The notional amounts expressed in terms of the dollar value of the hedged currency were as follows:
December 31, 2024December 31, 2023
Mexican Peso$233.2 $101.4 
Chinese Renminbi359.5 302.3 
Indian Rupee23.0 30.1 
Euro1,221.5 465.8 
Canadian Dollar52.2 — 
British Pound6.1 7.1 

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 will be 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 $250.0 million to hedge the floating rate interest of the Term Facility. These swaps will expire in March 2027.
Fair values of derivative instruments as of December 31, 2024 and December 31, 2023 were:
December 31, 2024
Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
   Interest Rate Swap Contracts$— $5.5 $— 
   Currency Contracts0.1 — 8.0 
   Commodity Contracts0.1 — 4.4 
Not Designated as Hedging Instruments:
   Currency Contracts0.9 — 5.6 
Total Derivatives$1.1 $5.5 $18.0 
December 31, 2023
Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
   Interest Rate Swap Contracts$— $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 Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income for 2024, 2023 and 2022 were:
2024
Interest
CommodityCurrencyRate
ForwardsForwardsSwapsTotal
(Loss) Gain Recognized in Other Comprehensive Loss $(4.5)$(14.3)$0.2 $(18.6)
Amounts Reclassified from Other Comprehensive Income (Loss):
(Loss) Gain Recognized in Cost of Sales(1.3)22.3 — 21.0 
Gain Recognized in Interest Expense— — 5.6 5.6 
2023
Interest
CommodityCurrencyRate
ForwardsForwardsSwapsTotal
(Loss) Gain recognized in Other Comprehensive Loss$(0.5)$31.2 $(2.5)$28.2 
Amounts reclassified from Other Comprehensive Income (Loss):
(Loss) Gain recognized in Cost of Sales(13.6)20.8 — 7.2 
Gain recognized in Interest Expense— — 5.9 5.9 
2022
Interest
CommodityCurrencyRate
ForwardsForwardsSwapsTotal
(Loss) Gain recognized in Other Comprehensive Loss$(23.5)$11.4 $18.2 $6.1 
Amounts reclassified from Other Comprehensive Income (Loss):
Gain recognized in Net Sales— 0.1 — 0.1 
Gain recognized in Cost of Sales3.5 6.1 — 9.6 
Gain recognized in Interest Expense— — 1.3 1.3 

The ineffective portion of hedging instruments recognized was immaterial for all periods presented.

Derivatives Not Designated as Cash Flow Hedging Instruments

The effect of derivative instruments not designated as cash flow hedges on the Consolidated Statements of Income (Loss) for 2024, 2023 and 2022 were:
2024
Commodity ForwardsCurrency ForwardsTotal
Gain recognized in Operating Expenses— 4.6 4.6 
2023
Commodity ForwardsCurrency ForwardsTotal
Gain recognized in Cost of Sales$0.3 $— $0.3 
Loss recognized in Operating Expenses— (17.8)(17.8)

2022
Commodity ForwardsCurrency ForwardsTotal
Loss recognized in Cost of Sales$(0.6)$— $(0.6)
Gain recognized in Operating Expenses— 10.2 10.2 

The AOCI balance related to hedging activities of a $(5.5) million loss net of tax as of December 31, 2024 includes $(9.8) million of net current deferred losses expected to be reclassified to the Consolidated Statement of Income (Loss) 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 Consolidated Balance Sheets on a gross basis for the periods ended December 31, 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:
December 31, 2024
Gross Amounts as Presented in the Consolidated Balance SheetDerivative Contract Amounts Subject to Right of OffsetDerivative Contracts as Presented on a Net Basis
Assets$6.6 $(1.1)$5.5 
Liabilities18.0 (1.1)16.9 
December 31, 2023
Gross Amounts as Presented in the 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 
v3.25.0.1
Fair Value
 12 Months Ended
Dec. 31, 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 December 31, 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 6 - Debt and Bank Credit Facilities for disclosure of the approximate fair value of the Company's debt as of December 31, 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 December 31, 2024 and December 31, 2023, respectively:
December 31, 2024December 31, 2023
Classification
Assets:
  Prepaid Expenses and Other Current Assets:
     Derivative Currency Contracts$1.0 $14.4 Level 2
     Derivative Commodity Contracts0.1 1.0 Level 2
  Other Noncurrent Assets:
Interest Rate Swap5.5 5.3 Level 2
Assets Held in Rabbi Trust14.6 12.7 Level 1
     Derivative Currency Contracts— 0.2 Level 2
     Derivative Commodity Contracts— 0.1 Level 2
Liabilities:
  Other Accrued Expenses:
     Derivative Currency Contracts13.6 6.9 Level 2
     Derivative Commodity Contracts4.4 0.6 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 6 - Debt and Bank Credit Facilities for further information.
v3.25.0.1
Restructuring Activities
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Activities Restructuring Activities
The Company incurred restructuring and restructuring-related costs on projects during 2024, 2023 and 2022. 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 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 is a reconciliation of provisions and payments for the restructuring projects for 2024 and 2023:
December 31, 2024December 31, 2023
Beginning Balance$29.1 $15.1 
Acquisition(1)
— 0.2 
Provision(2)
41.3 42.2 
Less: Payments54.1 28.4 
Ending Balance$16.3 $29.1 
(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 twelve month period ended December 31, 2023 excludes $19.3 million of accelerated depreciation.

The following is a reconciliation of expenses by type for the restructuring projects in 2024, 2023 and 2022:
202420232022
Restructuring Costs:Cost of SalesOperating ExpensesTotalCost of SalesOperating ExpensesTotalCost of SalesOperating ExpensesTotal
Severance Expense$11.2 $14.7 $25.9 $12.1 $15.2 $27.3 $25.1 $6.4 $31.5 
Facility Related Costs7.8 1.5 9.3 25.5 0.3 25.8 13.5 1.1 14.6 
Other Expenses6.5 2.4 8.9 7.8 0.6 8.4 0.3 0.4 0.7 
Total Restructuring Costs$25.5 $18.6 $44.1 $45.4 $16.1 $61.5 $38.9 $7.9 $46.8 

The following table shows the allocation of Restructuring Expenses by segment for 2024, 2023 and 2022:
TotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial Systems
Restructuring Expenses - 2024$44.1 $21.7 $11.3 $10.1 $1.0 
Restructuring Expenses - 2023$61.5 $27.0 $30.4 $3.2 $0.9 
Restructuring Expenses - 2022$46.8 $11.8 $19.4 $14.1 $1.5 

The Company expects to record aggregate future charges of approximately $29.8 million in 2025. The Company continues to evaluate operating efficiencies and anticipates incurring additional costs in future periods in connection with these activities.
v3.25.0.1
Schedule II Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II Valuation and Qualifying Accounts
SCHEDULE II
REGAL REXNORD CORPORATION
VALUATION AND QUALIFYING ACCOUNTS
Balance Beginning of YearCharged to ExpensesDeductions (a)Adjustments (b)Balance End of Year
(Dollars in Millions)
Allowance for Credit Losses:
2024$30.3 $3.4 $(3.8)$— $29.9 
202330.9 (0.4)(4.1)3.9 30.3 
202218.7 2.9 (1.7)11.0 30.9 

(a) Deductions consist of write offs charged against the allowance for doubtful accounts.
(b) Adjustments for 2023 and 2022 consist of purchase accounting adjustment and translation. See Note 2 - Accounting Policies for additional information. 2023 adjustments also include $5.8 million reclassified to Assets Held for Sale for the industrial motors and generators businesses within the Industrial Systems segment. See Note 3 - Acquisitions and Divestitures for more information.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income Attributable to Regal Beloit Corporation $ 196.2 $ (57.4) $ 488.9
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our global risk management policy provides a uniform approach for monitoring, identifying, measuring and responding to enterprise-wide risk to minimize potential disruptions to business operations and harm to reputation. Our global risk management policies framework encompasses, enterprise risk management, business continuity and cybersecurity. Cybersecurity risk is a key component of our overall global risk management policy. The Company’s cybersecurity program is focused on the following areas:

•Governance: In furtherance of the Board’s risk management oversight objectives, the Company convenes a Risk Committee comprised of key functional and business leaders. Among other members, the Risk Committee includes our Chief Information Security Officer (“CISO”), our Senior Director of Global Risk and Property Management, our Vice President, Internal Audit, our Vice President, Environmental, Health and Safety and members of the Legal and Compliance teams. This diverse group supports a strong focus on cybersecurity, business continuity, and associated enterprise risks. The Risk Committee's members are charged with, among other things, identifying and assessing significant and emerging risks, as well as working with executive leadership teams to develop and execute plans, responses and mitigation strategies to address significant cybersecurity risks, that could otherwise negatively impact our ability to achieve our objectives. The Risk Committee’s cybersecurity management function addresses the Company’s information security challenges and risks from various IT-related sources.

•Collaborative Approach: The Company has developed and implemented a robust approach to identify, prevent and mitigate cybersecurity threats and incidents. This is supported by clear and direct cross-functional escalation paths to ensure proper handling and analysis so that decisions regarding response, materiality and any resulting disclosure and reporting of such incidents are clearly allocated and can be made in a timely manner.
•Technical Safeguards: The Company employs industry accepted security tools, techniques, and system monitoring to protect the confidentiality of our systems and data. Maintaining the privacy and security of our associate, customer, and third-party data is paramount. The Company deploys technical safeguards which include, but are not limited to, encryption, multi-factor authentication, network segmentation, privilege access management and, endpoint detection and response. These safeguards are evaluated on a routine basis with the intention of identifying and remediating potential vulnerabilities and enhancing the overall security framework.
•Incident Response and Recovery Planning: The Company has established and maintains a comprehensive cyber incident response policy. This policy provides direction and guidance to address and manage security incidents, including identification, classification, and response.
•Third-Party Risk Management: The Company maintains a risk-based approach to third party engagement and the cybersecurity risks associated therewith. This approach adheres to Company-policy, which includes regularly evaluating and identifying material risks from cybersecurity threats associated with third parties’ access to our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems.
•Education and Awareness: The Company provides annual mandatory global information security training and certification for personnel regarding cybersecurity threats. This training is offered in 20 languages to maximize associate accessibility and comprehension. The Company administers monthly targeted trainings and phishing simulations for our associates. Training sessions and additional phishing simulations are automatically deployed based on success and failure rates. In October 2024, the Company observed Cybersecurity Awareness Month with additional
opportunities for engagement, interactive training and education. These activities are designed to develop a mature and vigilant, risk-aware culture among our associates.

The Company completes periodic assessments and testing of its practices addressing cybersecurity threats and incidents. These efforts include, but are not limited to, audits, assessments, tabletop exercises, and vulnerability testing and are focused on evaluation of cybersecurity policy efficacy. These assessments and testing efforts are supported by third-party consultants who specialize in cyber-risk mitigation. The results of these third-party engagements are used to inform enhancements and adjustments to our cybersecurity policies and practices.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company’s cybersecurity policies and standards are fully integrated into our overall risk management process and were created based upon the National Institute of Standards and Technology cybersecurity framework and other applicable industry standards. The Company endeavors to manage cybersecurity risks through a comprehensive and multidisciplinary approach that emphasizes confidentiality, security, and availability of our information by deploying processes to support identification of cybersecurity threats and using tools for prevention and mitigation of cybersecurity incidents. To the extent that cybersecurity incidents may occur, the Company has established cross functional procedures that enable a prompt and effective response to cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our full Board is responsible for the oversight of the Company's operational and strategic risk management processes.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
To gather information about risks to the organization, including cybersecurity, the Risk Committee identifies primary areas that generate enterprise risk and then distributes a survey to a group of our top leaders. The Risk Committee periodically summarizes its activities and findings (including the results of its survey and heat map analysis) related to cybersecurity and other risks directly to our CEO, as well as the Audit Committee and our full Board. The Risk Committee’s work is also used by our management team as part of our disclosure controls and procedures to ensure that information regarding material risks applicable to the Company are appropriately disclosed in our public filings.
While our Board maintains responsibility for oversight of all areas of risk management, it relies on our Audit Committee to address significant financial risk exposure we may face and the steps management has taken to monitor, control and report such exposures. These risks are further reported to the full Board, as appropriate.
The Risk Committee receives prompt information regarding any cybersecurity incident in accordance with our cyber incident response policy and crisis communication procedures. The Risk Committee, in concert with the executive leadership team, evaluate this information and escalates notice to the Board, as appropriate.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
To gather information about risks to the organization, including cybersecurity, the Risk Committee identifies primary areas that generate enterprise risk and then distributes a survey to a group of our top leaders. The Risk Committee periodically summarizes its activities and findings (including the results of its survey and heat map analysis) related to cybersecurity and other risks directly to our CEO, as well as the Audit Committee and our full Board. The Risk Committee’s work is also used by our management team as part of our disclosure controls and procedures to ensure that information regarding material risks applicable to the Company are appropriately disclosed in our public filings.
While our Board maintains responsibility for oversight of all areas of risk management, it relies on our Audit Committee to address significant financial risk exposure we may face and the steps management has taken to monitor, control and report such exposures. These risks are further reported to the full Board, as appropriate.
The Risk Committee receives prompt information regarding any cybersecurity incident in accordance with our cyber incident response policy and crisis communication procedures. The Risk Committee, in concert with the executive leadership team, evaluate this information and escalates notice to the Board, as appropriate.
Cybersecurity Risk Role of Management [Text Block]
The CISO works collaboratively with the Risk Committee. The CISO has implemented and monitors a program designed to protect the Company’s information systems and to promptly respond to any cybersecurity incidents in accordance with the documented incident response plans. To facilitate the success of the Company’s cybersecurity risk management program, multidisciplinary teams are engaged to identify, classify, and address cybersecurity threats and incidents. Through prompt notifications and ongoing communications, the CISO and other key management personnel work to monitor, prevent, detect, mitigate and remediate cybersecurity threats and incidents.
The Company’s cybersecurity programs are supported by experienced and knowledgeable leaders. The CISO has served in various roles related to information technology and information security for over 20 years. The CISO maintains relevant certifications, including Certified Information Systems Security Manager (“CISM”) and Certified Information Systems Auditor (“CISA”). Additionally, several cybersecurity team members reporting directly to the CISO maintain certifications, including CISM, CISA and Certified Information System Security Professionals (“CISSP”). The Company’s Chief Digital & Information Officer has over 30 years of experience with information technology and digital strategy. The Company’s CEO, CFO and General Counsel each have over 20 years of experience managing risk at the Company or at similar companies or in related settings, including risks arising from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The CISO has implemented and monitors a program designed to protect the Company’s information systems and to promptly respond to any cybersecurity incidents in accordance with the documented incident response plans.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has served in various roles related to information technology and information security for over 20 years. The CISO maintains relevant certifications, including Certified Information Systems Security Manager (“CISM”) and Certified Information Systems Auditor (“CISA”). Additionally, several cybersecurity team members reporting directly to the CISO maintain certifications, including CISM, CISA and Certified Information System Security Professionals (“CISSP”). The Company’s Chief Digital & Information Officer has over 30 years of experience with information technology and digital strategy. The Company’s CEO, CFO and General Counsel each have over 20 years of experience managing risk at the Company or at similar companies or in related settings, including risks arising from cybersecurity threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Through prompt notifications and ongoing communications, the CISO and other key management personnel work to monitor, prevent, detect, mitigate and remediate cybersecurity threats and incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. In addition, the Company has joint ventures that are consolidated in accordance with consolidation accounting guidance. All intercompany accounts and transactions are eliminated.
Use of Estimates
Use of Estimates
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”), which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the 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, allowance 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.
Acquisitions
Acquisitions
The Company recognizes assets acquired, liabilities assumed, contractual contingencies and contingent consideration at their fair value on the acquisition date. The operating results of the acquired companies are included in the Company’s consolidated financial statements from the date of acquisition.
Acquisition-related costs are expensed as incurred, restructuring costs are recognized as post-acquisition expense and changes in deferred tax asset valuation allowances and income tax uncertainties after the measurement period are recorded in Provision for Income Taxes. See Note 3 - Acquisitions and Divestitures for more information.
Revenue Recognition
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.
For a limited number of contracts, the Company recognizes revenue over time in proportion to costs incurred. The pricing of products sold is generally supported by customer purchase orders, and accounts receivable collection is reasonably assured. Estimated discounts and rebates are recorded as a reduction of gross sales in the same period revenue is recognized. Product returns and credits are estimated and recorded at the time of shipment based upon historical experience. Shipping and handling costs are recorded as revenue when billed to the customers. The costs incurred from shipping are recorded in Cost of Sales and handling costs incurred in connection with selling and distribution activities are recorded in Operating Expenses.
The Company derives a significant portion of its revenues from several original equipment manufacturing ("OEM") customers. Despite this relative concentration, there were no customers that accounted for more than 10% of consolidated net sales in 2024, 2023 or 2022.
Nature of Goods and Services
The Company sells products with multiple applications as well as customized products that have a single application such as those manufactured for its OEM customers. Products include, but are not limited to, automation components and sub-systems, bearings, air-moving systems, clutches and brakes, conveyor technologies, couplings, premium efficiency electric motors, electronic components, gearing, industrial powertrains, linear motion components, power transmission components, switchgear, transfer switches and controls, and miniature servo motors.
Nature of Performance Obligations
The Company’s contracts with customers typically consist of purchase orders, invoices and master supply agreements. At contract inception, across all three segments, the Company assesses the goods and services promised in its sales arrangements with customers and identifies a performance obligation for each promise to transfer to the customer a good or service that is distinct. The Company’s primary performance obligations consist of product sales and customized systems/solutions.
Product:
The nature of products varies from segment to segment but across all segments, individual products are generally not integrated and represent separate performance obligations.
Customized systems/solutions:
The Company provides customized systems/solutions which consist of multiple products engineered and designed to specific customer specification, combined or integrated into one combined solution for a specific customer application. The goods are transferred to the customer and revenue is typically recognized over time as the performance obligations are satisfied.
When Performance Obligations are Satisfied
For performance obligations related to substantially all of the Company's product sales, the Company determines that the customer obtains control upon shipment and recognizes revenue accordingly. Once a product has shipped, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from the asset. The Company considers control to have transferred upon shipment because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risks and rewards of ownership of the asset.
For a limited number of contracts, the Company transfers control and recognizes revenue over time. The Company satisfies its performance obligations over time and the Company uses a cost-based input method to measure progress. In applying the cost-based method of revenue recognition, the Company uses actual costs incurred to date relative to the total estimated costs for the contract in conjunction with the customer's commitment to perform in determining the amount of revenue to recognize. The Company has determined that the cost-based input method provides a faithful depiction of the transfer of goods to the customer.
Payment Terms
The arrangement with the customer states the final terms of the sale, including the description, quantity, and price of each product or service purchased. Payment terms vary by customer but typically range from due upon delivery to 120 days after delivery. For contracts recognized at a point in time, revenue recognition and billing typically occur simultaneously. The Company generally has payment terms with its customers of one year or less and has elected the practical expedient applicable to such contracts not to consider the time value of money. For contracts recognized using the cost-based input method, revenue recognized in excess of customer billings and billings in excess of revenue recognized are reviewed to determine the contract asset or contract liability position and classified as such on the Consolidated Balance Sheet.
Returns, Refunds and Warranties
The Company’s contracts do not explicitly offer a “general” right of return to its customers (e.g. customers ordered excess products and return unused items). Warranties are classified as either assurance type or service type warranties. A warranty is considered an assurance type warranty if it provides the customer with assurance that the product will function as intended. A warranty that goes above and beyond ensuring basic functionality is considered a service type warranty. The Company generally only offers limited warranties which are considered to be assurance type warranties and are not accounted for as separate performance obligations. Customers generally receive repair or replacement on products that do not function to specification. Estimated product warranties are provided for specific product groups and the Company accrues for estimated future warranty cost in the period in which the sale is recognized. The Company estimates the accrual requirements based on historical warranty loss experience and the cost is included in Cost of Sales. See Note 11 - Contingencies for more information.
Volume Rebates
In some cases, the nature of the Company’s contract may give rise to variable consideration including volume based sales incentives. If the customer achieves specific sales targets, it is entitled to rebates. The Company estimates the projected amount of the rebates that will be achieved and recognizes the estimated costs as a reduction to Net Sales as revenue is recognized.
Practical Expedients and Exemptions

The Company typically expenses incremental direct costs of obtaining a contract, primarily sales commissions, as incurred because the amortization period is expected to be 12 months or less. Contract costs are included in Operating Expenses in the accompanying Consolidated Statements of Income (Loss).
Due to the short nature of the Company’s contracts, the Company has adopted a practical expedient to not disclose revenue allocated to remaining performance obligations as substantially all of its contracts have original terms of 12 months or less.
The Company typically does not include in its transaction price any amounts collected from customers for sales taxes.
Research, Development and Engineering
Research, Development and Engineering
The Company performs research, development and engineering activities relating to new product development and the improvement of current products. The Company's research, development and engineering expenses consist primarily of costs for: (i) salaries and related personnel expenses; (ii) the design and development of new energy efficient products and enhancements; (iii) quality assurance and testing; and (iv) other related overhead. The Company's research, development and engineering efforts tend to be targeted toward developing new products that would allow it to gain additional market share, whether in new or existing segments.
Research, development and engineering costs are expensed as incurred.
Cash And Cash Equivalents
Cash and Cash Equivalents
Cash equivalents consist of highly liquid investments which are readily convertible to cash, present insignificant risk of changes in value due to interest rate fluctuations and have original or purchased maturities of three months or less.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents. The Company has material deposits with global financial institutions. The Company performs periodic evaluations of the relative credit standing of its financial institutions and monitors the amount of exposure.
Concentration of credit risk with respect to trade accounts receivable is limited due to the large number of customers and their dispersion across many geographic areas. The Company monitors credit risk associated with its trade receivables.
Trade Receivables
Trade Receivables
The Company's policy for estimating the allowance for credit losses on trade receivables considers several factors including historical write-off experience, overall customer credit quality in relation to general economic and market conditions, and specific customer account analyses to estimate expected credit losses. The specific customer account analysis considers such items as, credit worthiness, payment history, and historical bad debt experience. Trade receivables are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. Adjustments to the allowance for credit losses are recorded in Operating Expenses. Trade receivables acquired in the Altra Transaction (see Note 3 - Acquisitions and Divestitures) were recorded at fair value at the acquisition date in an amount that reflected expected credit losses, and accordingly, an allowance for credit losses was not separately presented and disclosed.
Inventories
Inventories
Inventories are stated at the lower of cost or net realizable value, using the FIFO cost method. Material, labor and factory overhead costs are included in the inventories.

The Company reviews inventories for excess and obsolete products or components. Based on an analysis of historical usage and management's evaluation of estimated future demand, market conditions and alternative uses for possible excess or obsolete parts, the Company records an excess and obsolete reserve.
Property, Plant and Equipment
Property, Plant and Equipment
Property, Plant and Equipment are stated at cost. Depreciation of plant and equipment is provided principally on a straight-line basis over the estimated useful lives (3 to 50 years) of the depreciable assets. Accelerated methods are used for income tax purposes.

Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures which extend the useful lives of existing equipment are capitalized and depreciated.
Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset.
Goodwill And Intangible Assets
Goodwill
The Company evaluates the carrying amount of goodwill annually as of October or more frequently if events or circumstances indicate that the goodwill might be impaired. Factors that could trigger an impairment review include significant underperformance relative to historical or forecasted operating results, a significant decrease in the market value of an asset or significant negative industry or economic trends. Reporting units with recent impairments or those with goodwill resulting from recent acquisitions generally present the highest risk of impairment.

When testing goodwill for impairment, companies have the option to first assess qualitative factors to determine whether a quantitative test is necessary. In performing qualitative assessments, the Company evaluates, among other things, actual and forecasted operating results, certain market factors, including discount rates and peer company EBITDA multiples, and the passing margin of prior quantitative tests. In performing quantitative tests, the Company uses a weighting of the market approach and the income approach (discounted cash flow method). In the market approach, the Company applies performance multiples from comparable public companies, adjusted for relative risk, profitability, and growth considerations, to each reporting unit's performance measure to estimate fair value. The key assumptions used in the discounted cash flow method used to estimate fair value include discount rates, revenue and EBITDA margin projections and terminal value rates because such assumptions are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using market and industry data as well as Company-specific risk factors for each reporting unit. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. Terminal value rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant discount rate and long-term growth rates.

For the 2024 annual goodwill test, the Company performed a qualitative assessment to evaluate goodwill for each of its reporting units, except for two reporting units in the Automation & Motion Control segment which were quantitatively tested. For each of the reporting units qualitatively assessed, the Company concluded that it was more likely that not that the fair value exceeded the carrying value and thus a quantitative test was not necessary. For each of the two reporting units that were quantitatively tested, the fair value exceeded the carrying value and thus no goodwill impairments were recorded. There were no goodwill impairments recorded as a result of the 2023 and 2022 annual tests. In 2023 and 2022, the Company performed a quantitative test for all the reporting units. Some of the key considerations used in the Company's impairment testing included (i) market pricing of guideline publicly traded companies (ii) cost of capital, including the risk-free interest rate, and (iii) recent historical and projected operating results of the subject reporting unit. There is inherent uncertainty included in the assumptions
used in goodwill impairment testing. A change to any of the assumptions could lead to a future impairment that could be material. See Note 4 - Goodwill and Intangible Assets for more information.

During 2023, the prospective sale of the industrial motors and generators businesses triggered an interim goodwill impairment test. As a result, the Company recorded $57.3 million of goodwill impairment charges for its global industrial motors reporting unit. See Note 3 - Acquisitions and Divestitures for further information. In 2023, the transaction price for the proposed sale of the industrial motors and generators businesses was used as a key input into testing each of the reporting units.
Intangible Assets
Intangible assets with finite lives are amortized over their estimated useful lives using the straight line method. The Company evaluates amortizing intangibles whenever events or circumstances have occurred that indicate carrying values may not be recoverable. If an indicator is present, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the primary asset to estimate recoverability of the asset group. If such estimated future cash flows are less than carrying value, an impairment would be recognized. There was no impairment of intangible assets during 2024, 2023 or 2022.
Long-Lived Assets Impairment
Long-Lived Assets Impairment
The Company evaluates the recoverability of the carrying amount of property, plant and equipment assets (collectively, "long-lived assets") whenever events or changes in circumstance indicate that the carrying amount of an asset may not be fully recoverable through future cash flows. Factors that could trigger an impairment review include a significant decrease in the market value of an asset or significant negative economic trends. For long-lived assets, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the primary asset to estimate recoverability of the asset group. If the asset is not recoverable, the asset is written down to fair value. In 2024, 2023 and 2022, the Company concluded it had asset impairments of $4.0 million, $7.8 million and $0.9 million, respectively, which were related to assets held for sale, and a loss on sale of businesses of $8.5 million, $87.7 million and zero, respectively, which were primarily related to the sale of the industrial motors and generators businesses.
Earnings (Loss) Per Share
Earnings (Loss) Per Share
Diluted earnings per share is computed 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 dilutive securities. Share based compensation awards for common shares where the exercise price was above the market price have been excluded from the calculation of the effect of dilutive securities shown below;
Defined Benefit Pension Plans
Defined Benefit Pension Plans
The majority of the defined benefit pension plans covering the Company's domestic associates have been closed to new associates and frozen for existing associates. Most of the Company's foreign associates are covered by government sponsored plans in the countries in which they are employed. The Company's obligations under its defined benefit pension plans are determined with the assistance of actuarial firms. The actuaries, under management's direction, make certain assumptions regarding such factors as withdrawal rates and mortality rates. The actuaries also provide information and recommendations from which management makes further assumptions on such factors as the long-term expected rate of return on plan assets, the discount rate on benefit obligations and where applicable the rate of annual compensation increases.

Based upon the assumptions made, the investments made by the plans, overall conditions and movement in financial markets, life-spans of benefit recipients and other factors, annual expenses and recorded assets or liabilities of these defined benefit pension plans may change significantly from year to year.

The service cost component of the Company's net periodic benefit cost is included in Cost of Sales and Operating Expenses. All other components of net periodic benefit costs are included in Other (Income) Expenses, net on the Company's Consolidated Statements of Income (Loss). See Note 7 – Retirement Plans for more information.
Derivative Financial Instruments
Derivative Financial Instruments
Derivative instruments are recorded on the Consolidated Balance Sheets at fair value. Any fair value changes are recorded in Net Income (Loss) or Accumulated Other Comprehensive Income (Loss) ("AOCI") as determined under accounting guidance that establishes criteria for designation and effectiveness of the hedging relationships. Cash inflows and outflows related to derivative instruments are included as a component of Operating, Investing, or Financing Cash Flows within the Consolidated Statements of Cash Flows.

The Company uses derivative instruments to manage its exposure to fluctuations in certain raw material commodity pricing, fluctuations in the cost of forecasted foreign currency transactions, and variability in interest rate exposure on floating rate borrowings. The majority of derivative instruments have been designated as cash flow hedges. See Note 12 – Derivative Financial Instruments for more information.
Income Taxes
Income Taxes
The Company accounts for income taxes in accordance with Accounting Standards Codification ("ASC") 740, Accounting for Income Taxes (“ASC 740”). Deferred tax assets and liabilities arise from temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and consideration of operating loss and tax credit carryforwards. Deferred income taxes are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled. The impact on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Valuation allowances are provided to reduce deferred tax assets to the amount that will more likely than not be realized. This requires management to make judgments and estimates regarding the amount and timing of the reversal of taxable temporary differences, expected future taxable income, and the impact of tax planning strategies.

Uncertainty exists regarding tax positions taken in previously filed tax returns which remain subject to examination, along with positions expected to be taken in future returns. The Company provides for unrecognized tax benefits, based on the technical merits, when it is more likely than not that an uncertain tax position will not be sustained upon examination. Adjustments are made to the uncertain tax positions when facts and circumstances change, such as the closing of a tax audit; changes in applicable tax laws, including tax case rulings and legislative guidance; or expiration of the applicable statute of limitations. See Note 10 – Income Taxes for more information.
Foreign Currency Translation
Foreign Currency Translation
For those operations using a functional currency other than the US Dollar, assets and liabilities are translated into US Dollars at year-end exchange rates, and revenues and expenses are translated at monthly average rates. The resulting translation adjustments are recorded as a separate component of Shareholders' Equity. Foreign currency remeasurement gains and losses are included in Operating Expenses in the Consolidated Statements of Income (Loss).
Product Warranty Reserves
Product Warranty Reserves
The Company maintains reserves for product warranty to cover the stated warranty periods for its products. Such reserves are established based on an evaluation of historical warranty experience and specific significant warranty matters when they become known and can reasonably be estimated. See Note 11 – Contingencies for more information.
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Foreign currency translation adjustments, unrealized gains and losses on derivative instruments designated as hedges and pension and post retirement liability adjustments are included in Shareholders' Equity under AOCI.
Legal Claims and Contingent Liabilities
Legal Claims and Contingent Liabilities
The Company is subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty and 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. The Company records expenses and liabilities when the Company believes that an obligation of the Company or a subsidiary on a specific matter is probable and there is a basis to reasonably estimate the value of the obligation, and such assessment inherently involves an exercise in judgment. This methodology is used for legal claims that are filed against the Company or a subsidiary from time to time. The uncertainty that is associated with such matters frequently requires adjustments to the liabilities previously recorded. See Note 11 – Contingencies for more information.
Fair Values of Financial Instruments
Fair Values of Financial Instruments
The fair values of cash equivalents, term deposits, trade receivables and accounts payable approximate their carrying values due to the short period of time to maturity. The fair value of fixed rate debt is estimated using discounted cash flows based on rates for instruments with comparable maturities and credit ratings as further described in Note 6 – Debt and Bank Credit Facilities. The fair value of pension assets and derivative instruments is determined based on the methods disclosed in Note 7 - Retirement Plans and Note 12 – Derivative Financial Instruments.
Supplier Finance Program
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.
New Accounting Standards
New Accounting Standards

New Accounting Standards Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU requires enhanced segment disclosures, such as significant segment expenses, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this new accounting guidance in 2024, and has included the required disclosures within Note 5 - Segment Information.

In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The Company adopted this new accounting guidance during the first quarter of 2023, except that the requirement to include roll forward information became effective for fiscal years beginning after December 15, 2023. The Company completed the adoption of this new accounting guidance in 2024, and has included the required roll forward disclosures within this Note.

Recently Issued Accounting Standards
In November 2024, the FASB issued 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.

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires consistent categories and greater disaggregation of information in the rate reconciliation, income taxes paid disaggregated by jurisdiction and certain other amendments. The new guidance will be effective for annual periods beginning after December 15, 2024. The Company is evaluating the effect of adopting this new accounting guidance.
v3.25.0.1
Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by geographical region for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively:
December 31, 2024Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$1,734.9 $1,276.5 $1,088.8 $79.4 $4,179.6 
Asia172.7 167.7 91.5 44.3 476.2 
Europe482.0 133.9 372.7 17.6 1,006.2 
Rest-of-World208.5 66.0 80.8 16.5 371.8 
Total$2,598.1 $1,644.1 $1,633.8 $157.8 $6,033.8 
December 31, 2023Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$1,636.1 $1,419.2 $1,006.3 $274.6 $4,336.2 
Asia168.9 178.7 76.1 146.6 570.3 
Europe420.5 149.7 342.6 55.8 968.6 
Rest-of-World178.0 61.3 91.8 44.5 375.6 
Total$2,403.5 $1,808.9 $1,516.8 $521.5 $6,250.7 

December 31, 2022Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
North America$1,232.2 $1,766.9 $559.0 $298.5 $3,856.6 
Asia140.6 188.1 17.0 159.1 504.8 
Europe240.0 182.2 154.2 50.7 627.1 
Rest-of-World53.5 90.0 42.1 43.8 229.4 
Total$1,666.3 $2,227.2 $772.3 $552.1 $5,217.9 
Schedule of Research and Development Costs are Expense The costs are primarily recorded in Operating Expenses and were as follows for the years noted in the table below:
December 31, 2024December 31, 2023December 31, 2022
Research, Development and Engineering Costs$176.4 $171.0 $106.6 
Schedule of Percentage Distribution Between Major Classes of Inventory
The major classes of inventory at year end are as follows:
December 31, 2024December 31, 2023
Raw Material and Work in Process67.8%66.7%
Finished Goods and Purchased Parts32.2%33.3%
Schedule of Property, Plant and Equipment
Property, plant and equipment by major classification was as follows:
Useful Life (In Years)December 31, 2024December 31, 2023
Land and Improvements$134.5 $139.2 
Buildings and Improvements
3-50
387.2 414.5 
Machinery, Equipment and Other
3-15
1,189.8 1,219.4 
  Property, Plant and Equipment1,711.5 1,773.1 
Less: Accumulated Depreciation(790.5)(731.9)
  Net Property, Plant and Equipment$921.0 $1,041.2 
Schedule of Earnings (Loss) Per Share The following table reconciles the basic and diluted shares used in earnings (loss) per share calculations for the years ended:
202420232022
Denominator for Basic Earnings Per Share66.4 66.3 66.7 
Effect of Dilutive Securities(1)
0.3 — 0.4 
Denominator for Diluted Earnings Per Share66.7 66.3 67.1 
(1) 2023 excludes 0.4 million of share based compensation awards as the Company had a net loss during the year.
Schedule of Accumulated Other Comprehensive Income (Loss)
The components of the ending balances of AOCI are as follows:
 20242023
Foreign Currency Translation Adjustments$(415.7)$(286.2)
Hedging Activities, Net of Tax of $(2.1) in 2024 and $8.8 in 2023
(5.5)28.8 
Pension and Post-Retirement Benefits, Net of Tax of $(6.7) in 2024 and $(7.8) in 2023
(21.5)(25.0)
Total$(442.7)$(282.4)
Schedule of Supplier Finance Program The following information presents changes to the Company's outstanding obligations under the supplier finance program, which are classified within Accounts Payable, during the year ended December 31, 2024:
Balance as of December 31, 2023$60.8 
Plus: Obligations Added169.7 
Less: Obligations Settled189.5 
Balance as of December 31, 2024$41.0 
v3.25.0.1
Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 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:
April 30, 2024
Purchase price$400.0 
Cash transferred to buyer64.5 
Estimated working capital and other adjustments(20.5)
Total purchase price444.0 
Direct costs to sell(7.3)
Fair value of sale consideration, net(1)
$436.7 
(1) The fair value of sale consideration, net includes an immaterial post-close adjustment to the purchase price for which cash was received in January 2025.
The following table summarizes the carrying value of the disposal group and resulting loss on sale:
April 30, 2024
Net assets sold$420.2 
Noncontrolling Interest(9.2)
Accumulated Other Comprehensive Income121.3 
Payables to seller(0.2)
Carrying value of disposal group$532.1 
Loss on Sale of Businesses$(95.4)
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 
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 6 - 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 Fair Value and Weighted Average Useful Life of Identifiable Intangible Assets
The fair value and weighted average useful life of the identifiable intangible assets are as follows:
Fair ValueWeighted Average Useful Life (Years)
Customer Relationships(1)
$1,710.0 14.0
Trademarks(2)
330.0 10.0
Technology(3)
102.0 13.0
Total Identifiable Intangible Assets$2,142.0 

(1) The fair value of Customer Relationships was valued using a multi-period excess earnings method, a form of the income approach, which incorporates the estimated future cash flows to be generated from Altra's existing customer base.
(2) The Altra Trademarks were valued using the relief from royalty method, which considers both the market approach and the income approach.
(3) The Altra Technology was valued using the relief from royalty method, which considers both the market approach and the income approach.
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 Year Ended December 31, 2023For the Year Ended December 31, 2022
Net Sales$6,701.8 $7,163.4 
Net Income Attributable to Regal Rexnord Corporation$50.1 $131.1 
Earnings Per Share Attributable to Regal Rexnord Corporation:
   Basic$0.76 $1.97 
   Assuming Dilution$0.75 $1.95 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes to Goodwill
The following information presents changes to goodwill during the periods indicated:
TotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial Systems
Balance as of December 31, 2022$4,018.8 $2,290.0 $752.3 $865.0 $111.5 
Acquisitions2,614.6 1,438.3 — 1,176.3 — 
Reclassification to Noncurrent Assets Held for Sale(53.9)— — — (53.9)
Impairment Charges(57.3)— — — (57.3)
Translation and Other30.9 18.7 1.6 10.9 (0.3)
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 and Other(89.1)(44.0)(4.7)(40.4)— 
Balance as of December 31, 2024$6,458.9 $3,697.2 $749.2 $2,012.5 $— 
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 - Acquisitions and Divestitures for more information.
Schedule of Finite-Lived Intangible Assets
Intangible assets consist of the following:
December 31, 2024December 31, 2023
Weighted Average Amortization Period (Years)Gross AmountAccumulated AmortizationNet Carrying AmountGross AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships15$3,892.8 $915.1 $2,977.7 $4,028.5 $746.2 $3,282.3 
Technology13293.0 109.0 184.0 302.6 92.9 209.7 
Trademarks10692.3 189.4 502.9 712.1 120.7 591.4 
Total Intangibles$4,878.1 $1,213.5 $3,664.6 $5,043.2 $959.8 $4,083.4 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents estimated future amortization expense:
YearEstimated Amortization
2025$341.9 
2026338.6 
2027338.5 
2028338.5 
2029333.5 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule Of Reportable Segments
The following sets forth certain financial information attributable to the Company's operating segments for the year ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively:
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
December 31, 2024
Total Sales$2,614.1 $1,656.5 $1,652.8 $158.3 $(47.9)$6,033.8 
Intersegment Sales16.0 12.4 19.0 0.5 (47.9)— 
Net Sales(1)
2,598.1 1,644.1 1,633.8 157.8 — 6,033.8 
Adjusted Cost of Sales(2)
1,541.5 1,171.4 1,024.5 118.4 3,855.8 
Adjusted Engineering, Selling and Administration Expenses(3)
483.1 273.2 342.9 29.0 1,128.2 
Other Segment Items(4)
250.8 36.9 122.0 10.1 419.8 
Income from Operations322.7 162.6 144.4 0.3 — 630.0 
Interest Expense399.7 
Interest Income(18.8)
Other Expense, Net1.1 
Income before Taxes248.0 
Other Supplemental Disclosures
Amortization201.5 7.7 137.1 0.2 — 346.5 
Depreciation80.7 37.0 47.2 0.4 165.3 
Other significant noncash items:
Asset Impairment1.1 1.1 1.8 — — 4.0 
Loss on Sale of Businesses1.7 1.4 1.1 4.3 — 8.5 
Capital Expenditures50.3 25.0 29.9 4.3 — 109.5 
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
December 31, 2023
Total Sales$2,418.4 $1,826.6 $1,537.7 $524.1 $(56.1)$6,250.7 
Intersegment Sales14.9 17.7 20.9 2.6 (56.1)— 
Net Sales(1)
2,403.5 1,808.9 1,516.8 521.5 — 6,250.7 
Adjusted Cost of Sales(2)
1,516.9 1,293.4 950.7 414.1 — 4,175.1 
Adjusted Engineering, Selling and Administration Expenses(3)
433.2 279.5 291.1 84.8 — 1,088.6 
Other Segment Items(4)
301.6 18.6 136.0 153.7 — 609.9 
Income (Loss) from Operations151.8217.4139.0(131.1)— 377.1
Interest Expense431.0 
Interest Income(43.6)
Other Income, Net(8.7)
Loss before Taxes(1.6)
Other Supplemental Disclosures
Amortization181.4 8.3 117.2 0.9 — 307.8 
Depreciation91.8 43.0 41.0 9.2 — 185.0 
Other significant noncash items:
     Goodwill Impairment— — — 57.3 — 57.3 
     Asset Impairments2.5 1.5 3.4 0.4 — 7.8 
     Loss on Sale of Businesses— — — 87.7 — 87.7 
Capital Expenditures41.3 35.0 34.6 8.2 — 119.1 
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
December 31, 2022
Total Sales$1,673.6 $2,237.6 $788.1 $554.0 $(35.4)$5,217.9 
Intersegment Sales7.3 10.4 15.8 1.9 (35.4)— 
Net Sales(1)
1,666.3 2,227.2 772.3 552.1 — 5,217.9 
Adjusted Cost of Sales(2)
997.7 1,610.0 498.7 422.7 — 3,529.1 
Adjusted Engineering, Selling and Administration Expenses(3)
276.4 269.0 131.1 84.2 — 760.7 
Other Segment Items(4)
150.0 21.3 64.3 2.1 — 237.7 
Income from Operations242.2326.978.243.1— 690.4
Interest Expense87.2 
Interest Income(5.2)
Other Income, Net(5.4)
Income before Taxes613.8 
Other Supplemental Disclosures
Amortization119.5 8.4 56.8 0.8 — 185.5 
Depreciation49.5 38.5 21.2 12.7 — 121.9 
Other significant noncash items:
     Asset Impairment0.9 — — — — 0.9 
Capital Expenditures18.8 41.9 11.2 11.9 — 83.8 
(1) Represents revenues from external customers.
(2) Adjusted Cost of Sales includes costs associated with producing goods for sale, such as materials, labor and overhead costs, and intercompany cost of sales. Adjusted Cost of Sales differs from Cost of Sales reported under US GAAP primarily because it includes intercompany cost of sales and excludes certain costs, primarily restructuring and related expenses. The difference is included in Other Segment Items.
(3) Adjusted Engineering, Selling and Administration Expenses includes operating expenses such as engineering, selling and administration expenses, as well as hedging, foreign currency gains and losses and certain overhead expenses. Adjusted Engineering, Selling and Administration Expenses differs from Operating Expenses reported under US GAAP primarily because it excludes costs such as significant noncash items, restructuring and related costs, and transaction and integration related costs. The difference is included in Other Segment Items.
(4) Other Segment Items includes other significant noncash items, intangible amortization, as well as restructuring and related costs, transaction and integration related costs, certain overhead expenses and the elimination of intercompany cost of sales.

The following table presents total identifiable assets attributable to the Company's operating segments as of December 31, 2024 and December 31, 2023:
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
Identifiable Assets as of December 31, 2024$7,528.8 $1,862.5 $4,642.4 $— $14,033.7 
Identifiable Assets as of December 31, 20238,009.4 2,036.4 4,909.2 476.4 15,431.4 
Schedule of Financial Information Attributable To Geographic Regions
The following sets forth net sales by country in which the Company operates for 2024, 2023 and 2022, respectively:
Net Sales
202420232022
US$3,644.0 $3,840.4 $3,332.5 
Rest of the World2,389.8 2,410.3 1,885.4 
Total$6,033.8 $6,250.7 $5,217.9 
The following sets forth net property, plant and equipment by country in which the Company operates for 2024 and 2023, respectively:
Net Property, Plant and Equipment
20242023
US$411.9 $441.1 
Mexico154.2 203.8 
Germany92.7 113.0 
China50.9 45.8 
Rest of the World211.3 237.5 
Total$921.0 $1,041.2 
v3.25.0.1
Debt and Bank Credit Facilities (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Indebtedness
The Company's indebtedness as of December 31, 2024 and December 31, 2023 was as follows:
December 31, 2024December 31, 2023
Senior Notes$4,700.0 $4,700.0 
Term Facility665.0 1,053.5 
Land Term Facility— 486.8 
Multicurrency Revolving Facility40.0 98.1 
Altra Notes18.1 18.1 
Finance Leases70.1 70.5 
Other6.6 7.5 
Less: Debt Issuance Costs(42.1)(53.6)
Total5,457.7 6,380.9 
Less: Current Maturities5.0 3.9 
Non-Current Portion$5,452.7 $6,377.0 
Weighted average interest rates on the Term Facility and Land Term facility are as follows:
Year Ended
December 31, 2024December 31, 2023
Term Facility7.0 %7.0 %
Land Term Facility7.1 %6.8 %
Weighted average interest rates on the Multicurrency Revolving Facility are as follows:
Year Ended
December 31, 2024December 31, 2023
Multicurrency Revolving Facility7.0 %6.4 %
Schedule of Maturities of Long-Term Debt
Maturities of long-term debt outstanding as of December 31, 2024, excluding debt issuance costs, are as follows:
YearAmount of Maturity
2025$5.0 
20261,123.1 
2027710.5 
20281,260.9 
20294.3 
Thereafter2,396.0 
Total$5,499.8 
v3.25.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Pension Assets Investment
The Company's target allocation, target return and actual weighted-average asset allocation by asset category are as follows:

TargetActual Allocation
AllocationReturn20242023
Equity Investments20.6%
5.2 - 7.5%
15.6%14.7%
Fixed Income66.8%
3.7 - 7.0%
70.3%68.2%
Other12.6%
0.5% - 7.0%
14.1%17.1%
Total100.0%5.5%100.0%100.0%
Schedule of Reconciliation of Funded Status of The Defined Benefit Plans
The following table presents a reconciliation of the funded status of the defined benefit pension plans:
20242023
Change in Projected Benefit Obligation:
Obligation at Beginning of Period$483.1 $440.3 
Service Cost2.0 2.1 
Interest Cost21.3 22.8 
Actuarial (Gain) Loss(25.8)20.1 
Less: Benefits Paid34.3 34.4 
Settlements(0.7)(3.9)
Foreign Currency Translation(8.3)6.0 
Other Events13.8 — 
(Divestitures) Acquisitions(1.1)30.1 
Obligation at End of Period$450.0 $483.1 
Change in Fair Value of Plan Assets:
Fair Value of Plan Assets at Beginning of Period$367.7 $346.2 
Actual Return on Plan Assets(1.9)34.2 
Employer Contributions16.6 8.3 
Less: Benefits Paid34.3 34.4 
Settlements(0.7)(3.9)
Foreign Currency Translation(3.3)3.6 
Other Events2.1 — 
(Divestitures) Acquisitions(1.1)13.7 
Fair Value of Plan Assets at End of Period$345.1 $367.7 
Funded Status$(104.9)$(115.4)
Schedule of Amounts Recognized in Balance Sheet of Defined Benefit Plans
The Company recognized the funded status of its defined benefit pension plans on the Consolidated Balance Sheets as follows:
20242023
Other Noncurrent Assets$5.3 $4.1 
Accrued Compensation and Benefits(7.6)(6.6)
Pension and Other Post Retirement Benefits (a)
(102.6)(112.9)
Total$(104.9)$(115.4)
(a) Excludes post-retirement health care plans included on the Consolidated Balance Sheets
Amounts Recognized in Accumulated Other Comprehensive Loss
Net Actuarial Gain$32.0 $35.6 
Prior Service Cost0.3 0.3 
Total$32.3 $35.9 
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets
Defined pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2024 and December 31, 2023 were as follows:

20242023
Projected Benefit Obligation$415.1 $445.7 
Accumulated Benefit Obligation408.5 442.1 
Fair Value of Plan Assets304.9 326.4 

Defined pension plans with projected benefit obligations in excess of plan assets as of December 31, 2024 and December 31, 2023 were as follows:

20242023
Projected Benefit Obligation$415.1 $447.2 
Accumulated Benefit Obligation408.5 443.3 
Fair Value of Plan Assets304.9 327.7 
Schedule of Weighted-Average Assumptions Used to Determine Projected Benefit Obligation
The following weighted average assumptions were used to determine the projected benefit obligation as of December 31, 2024 and December 31, 2023, respectively:
20242023
Discount Rate5.4%4.7%
Schedule of Net Periodic Pension Benefit Costs for The Defined Benefit Plans
Net periodic pension benefit costs and the net actuarial loss and prior service cost recognized in OCI for the defined benefit pension plans were as follows:
202420232022
Service Cost$2.0 $2.1 $1.4 
Interest Cost21.3 22.8 14.0 
Expected Return on Plan Assets(20.0)(27.1)(20.3)
Amortization of Net Actuarial (Gain) Loss(0.2)(1.8)1.0 
Amortization of Prior Service Cost0.1 0.1 0.1 
Curtailment Expense— 0.2 — 
Net Periodic Benefit Cost$3.2 $(3.7)$(3.8)
Change in Obligations Recognized in OCI, Net of Tax
    Prior Service Cost$0.1 $0.1 $0.1 
    Net Actuarial (Gain) Loss(3.7)(14.4)0.7 
Total Recognized in OCI$(3.6)$(14.3)$0.8 
Schedule of Assumptions Used to Determine Net Periodic Pension Cost
The following weighted average assumptions were used to determine net periodic pension cost for 2024, 2023 and 2022, respectively.
202420232022
Discount Rate4.7%5.2%2.7%
Expected Long-Term Rate of Return on Assets5.1%6.6%4.6%
Schedule of Fair Value of Plan Assets
Pension assets by type and level are as follows:
December 31, 2024
TotalLevel 1Level 3
Cash and Cash Equivalents$4.3 $4.3 $— 
Mutual Funds:
International Equity Funds6.0 6.0 — 
Fixed Income Funds10.2 10.2 — 
Other5.1 1.0 4.1 
Insurance Contracts21.1 — 21.1 
$46.7 $21.5 $25.2 
Investments Measured at Net Asset Value298.4 
Total$345.1 
December 31, 2023
TotalLevel 1Level 3
Cash and Cash Equivalents$4.9 $4.9 $— 
Mutual Funds:
US Equity Funds1.8 1.8 — 
International Equity Funds9.5 9.5 — 
Fixed Income Funds3.8 3.8 — 
Other6.1 1.8 4.3 
Insurance Contracts23.7 — 23.7 
$49.8 $21.8 $28.0 
Investments Measured at Net Asset Value317.9 
Total$367.7 
The following table sets forth additional disclosures for the fair value measurement of the fair value of pension plan assets that calculate fair value based on NAV per share practical expedient as of December 31, 2024 and December 31, 2023:
20242023
Common Collective Trust Funds$298.4 $317.9 
Schedule of Level Three Defined Benefit Plan Assets
The table below sets forth a summary of changes in the Company's Level 3 assets in its pension plan investments as of December 31, 2024 and December 31, 2023:
20242023
OtherInsurance ContractsTotalOtherInsurance ContractsTotal
Beginning balance$4.3 $23.7 $28.0 $— $20.9 $20.9 
Acquisition— — — 4.3 — 4.3 
Net Sales— (0.3)(0.3)— (0.8)(0.8)
Net Gains (Losses)0.1 (0.8)(0.7)— 2.7 2.7 
Translation(0.3)(1.5)(1.8)— 0.9 0.9 
Ending balance$4.1 $21.1 $25.2 $4.3 $23.7 $28.0 
Schedule of Pension Benefit Payments Expected Future Service
The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
YearExpected Payments
2025$38.4 
202637.3 
202736.5 
202836.7 
202936.0 
2030-2034176.1 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Costs The components of lease expense were as follows:
202420232022
Operating Lease Cost$55.1 $56.1 $40.7 
Finance Lease Cost:
   Amortization of ROU Assets3.6 3.2 3.2 
   Interest on Lease Liabilities3.6 3.7 3.8 
Total Lease Expense$62.3 $63.0 $47.7 
Other information related to leases was as follows:
Supplemental Cash Flow Information:202420232022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows - Operating Leases$51.4 $56.2 $38.4 
Operating Cash Flows - Finance Leases3.6 3.7 3.8 
Financing Cash Flows - Finance Leases3.9 3.3 2.9 
Leased Assets Obtained in Exchange for New Finance Lease Liabilities3.9 0.6 — 
Leased Assets Obtained in Exchange for New Operating Lease Liabilities22.8 115.7 31.4 
Weighted Average Remaining Lease Term (Years)
Operating Leases7.3 years7.2 years5.5 years
Finance Leases14.8 years16.1 years17.0 years
Weighted Average Discount Rate
Operating Leases8.1 %8.1 %8.0 %
Finance Leases5.2 %5.2 %5.2 %
Schedule of Finance Lease Maturities
Maturity of lease liabilities as of December 31, 2024 were as follows:
Operating LeasesFinance LeasesTotal
2025$45.4 $8.2 $53.6 
202639.2 8.2 47.4 
202730.4 8.3 38.7 
202819.2 7.4 26.6 
202911.0 6.8 17.8 
Thereafter75.3 62.2 137.5 
Total Lease Payments$220.5 $101.1 $321.6 
Less: Interest(70.8)(31.0)(101.8)
Present Value of Lease Liabilities$149.7 $70.1 $219.8 
Schedule of Operating Lease Maturities
Maturity of lease liabilities as of December 31, 2024 were as follows:
Operating LeasesFinance LeasesTotal
2025$45.4 $8.2 $53.6 
202639.2 8.2 47.4 
202730.4 8.3 38.7 
202819.2 7.4 26.6 
202911.0 6.8 17.8 
Thereafter75.3 62.2 137.5 
Total Lease Payments$220.5 $101.1 $321.6 
Less: Interest(70.8)(31.0)(101.8)
Present Value of Lease Liabilities$149.7 $70.1 $219.8 
v3.25.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of share-based compensation activity
The table below presents share-based compensation activity for 2024, 2023 and 2022:
202420232022
Total Intrinsic Value of Share-Based Incentive Awards Exercised$22.0$6.2$7.8
Cash Received from Stock Option Exercises4.92.53.5
Income Tax Benefit from the Exercise of Stock Options21.25.36.1
Total Fair Value of Share-Based Incentive Awards Vested13.410.98.2
Schedule of Assumptions used in Valuation for Options, SAR's, and Performance Share Units
The weighted average assumptions used in the Company's Black-Scholes valuation related to grants for options and SARs were as follows:
202420232022
Per Share Weighted Average Fair Value of Grants$62.85$54.20$42.21
Risk-Free Interest Rate4.3%4.1%1.8%
Expected Life (Years)5.05.04.0
Expected Volatility38.0%35.8%35.3%
Expected Dividend Yield0.8%0.9%0.9%
The assumptions used in the Company's Monte Carlo simulation related to grants for PSUs were as follows:
December 31, 2024December 31, 2023December 31, 2022
Risk-free interest rate4.5%4.4%1.8%
Expected life (years)3.03.03.0
Expected volatility36.0%41.0%38.0%
Expected dividend yield—%—%—%
Schedule of Share-based Incentive Plan Grant Activity (Options and SAR's)
Following is a summary of share-based incentive plan activity (options and SARs) for 2024:
Number of Shares Under Options and SARsSharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (years)Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023829,417$101.44 
Granted
98,998168.43 
Exercised(275,347)85.85 
Forfeited(24,574)151.93 
Outstanding as of December 31, 2024628,494$116.90 6.0$25.2 
Exercisable as of December 31, 2024443,632$99.47 5.0$24.7 
RSA Award Activity
Following is the summary of RSAs activity for 2024:
SharesWeighted Average Fair Value at Grant DateWeighted Average Remaining Contractual Term (years)
Unvested RSAs as of December 31, 202321,997$133.41 0.9
Granted
—— 
Vested(18,451)132.49 
Forfeited(1,555)135.50 
Unvested RSAs as of December 31, 20241,991$136.77 1.9
RSU Award Activity
Following is the summary of RSUs activity for 2024:
SharesWeighted Average Fair Value at Grant DateWeighted Average Remaining Contractual Term (years)
Unvested RSUs as of December 31, 2023263,596$143.43 1.9
Granted
142,551165.10 
Vested(121,447)143.18 
Forfeited(42,527)153.56 
Unvested RSUs as of December 31, 2024242,173$154.79 1.8
PSU Award Activity
Following is the summary of PSUs activity for 2024:
SharesWeighted Average Fair Value at Grant DateWeighted Average Remaining Contractual Term (years)
Unvested PSUs as of December 31, 2023125,902$197.36 1.9
Granted68,350254.05 
Vested(43,708)151.05 
Forfeited(8,458)190.97 
Unvested PSUs as of December 31, 2024142,086$229.60 1.8
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Taxes and Noncontrolling Interest
Income (loss) before taxes consisted of the following:
202420232022
US$(169.2)$(389.5)$221.2 
Foreign417.2 387.9 392.6 
Total$248.0 $(1.6)$613.8 
Schedule of Provision for Income Taxes
The provision for income taxes is summarized as follows:
202420232022
Current
US Federal $45.9 $39.6 $101.6 
US State10.0 6.4 10.2 
 Foreign146.0 122.0 87.2 
$201.9 $168.0 $199.0 
Deferred
US Federal $(89.6)$(84.3)$(50.7)
US State(15.3)(9.4)(12.1)
 Foreign(47.4)(21.6)(17.3)
(152.3)(115.3)(80.1)
Total$49.6 $52.7 $118.9 
Schedule of Federal Statutory Expense (Benefit) and the Income Tax Expense
A reconciliation of the federal statutory expense (benefit) and the income tax expense reflected in the Consolidated Statements of Income (Loss) follows:
202420232022
Federal Statutory Expense (Benefit)$52.1 $(0.4)$128.9 
State Income Taxes, Net of Federal Benefit(3.2)(8.6)3.2 
Effect of Impairments and Divestitures21.2 35.0 — 
Foreign Rate Differential(8.3)(10.8)(1.4)
Research and Development Credit(8.7)(8.7)(9.7)
Valuation Allowance(6.6)4.3 0.2 
Tax on Repatriation5.3 25.8 7.2 
Transaction Costs— 6.9 — 
US Tax on Foreign Operations(6.6)14.2 6.7 
Deferred Tax Remeasurement(1.1)3.4 (2.4)
Other5.5 (8.4)(13.8)
Income Tax Expense$49.6 $52.7 $118.9 
Schedule of Components Of Net Deferred Tax Asset (Liability)
The components of this net deferred tax liability are as follows:
December 31, 2024December 31, 2023
Accrued Benefits$53.1 $65.4 
Bad Debt Allowances7.4 7.9 
Warranty Accruals7.6 8.4 
Derivative Instruments2.6 — 
Inventory33.7 8.6 
Tax Loss Carryforward14.8 16.1 
Operating Lease Liability56.5 67.4 
Deferred Interest92.6 43.7 
Other35.0 32.3 
    Deferred Tax Assets before Valuation Allowance303.3 249.8 
Valuation Allowance(8.3)(11.0)
    Total Deferred Tax Assets295.0 238.8 
Property Related(83.3)(92.5)
Intangible Items(936.4)(1,026.6)
Accrued Liabilities(11.8)(29.9)
Derivative Instruments— (8.3)
Operating Lease Asset(49.0)(60.4)
    Deferred Tax Liabilities(1,080.5)(1,217.7)
Net Deferred Tax Liability$(785.5)$(978.9)
Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits
Following is a reconciliation of the beginning and ending amount of unrecognized tax benefits:
Unrecognized Tax Benefits, January 1, 2022$8.8 
Gross Increases from Current Period Tax Positions0.6 
Settlements with Taxing Authorities(2.0)
Lapse of Statute of Limitations(1.7)
Unrecognized Tax Benefits, December 31, 2022$5.7 
Gross Increases from Current Period Tax Positions0.3 
Gross Increases from Acquisitions3.8 
Lapse of Statute of Limitations(1.3)
Unrecognized Tax Benefits, December 31, 2023$8.5 
Gross Increases from Current Period Tax Positions0.8 
Acquisition Measurement Period Adjustment(2.8)
Lapse of Statute of Limitations(2.3)
Unrecognized Tax Benefits, December 31, 2024$4.2 
v3.25.0.1
Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Changes in Accrued Warranty Costs The following is a reconciliation of the changes in accrued warranty costs for 2024 and 2023:
December 31, 2024December 31, 2023
Beginning Balance$34.5 $28.8 
    Less: Payments21.9 23.4 
    Provisions21.5 21.8 
    Acquisitions— 9.8 
    Reclassification to Liabilities Held for Sale— (3.4)
    Translation Adjustments(0.7)0.9 
Ending Balance$33.4 $34.5 
v3.25.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Forward Contracts
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:
December 31, 2024December 31, 2023
Copper$41.7 $37.5 
Aluminum— 1.4 

The Company has currency forward contracts with maturities extending through December 2025. The notional amounts expressed in terms of the dollar value of the hedged currency were as follows:
December 31, 2024December 31, 2023
Mexican Peso$233.2 $101.4 
Chinese Renminbi359.5 302.3 
Indian Rupee23.0 30.1 
Euro1,221.5 465.8 
Canadian Dollar52.2 — 
British Pound6.1 7.1 
Schedule of Fair Values of Derivative Instruments
Fair values of derivative instruments as of December 31, 2024 and December 31, 2023 were:
December 31, 2024
Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
   Interest Rate Swap Contracts$— $5.5 $— 
   Currency Contracts0.1 — 8.0 
   Commodity Contracts0.1 — 4.4 
Not Designated as Hedging Instruments:
   Currency Contracts0.9 — 5.6 
Total Derivatives$1.1 $5.5 $18.0 
December 31, 2023
Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
   Interest Rate Swap Contracts$— $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
The effect of derivative instruments designated as cash flow hedges on the Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income for 2024, 2023 and 2022 were:
2024
Interest
CommodityCurrencyRate
ForwardsForwardsSwapsTotal
(Loss) Gain Recognized in Other Comprehensive Loss $(4.5)$(14.3)$0.2 $(18.6)
Amounts Reclassified from Other Comprehensive Income (Loss):
(Loss) Gain Recognized in Cost of Sales(1.3)22.3 — 21.0 
Gain Recognized in Interest Expense— — 5.6 5.6 
2023
Interest
CommodityCurrencyRate
ForwardsForwardsSwapsTotal
(Loss) Gain recognized in Other Comprehensive Loss$(0.5)$31.2 $(2.5)$28.2 
Amounts reclassified from Other Comprehensive Income (Loss):
(Loss) Gain recognized in Cost of Sales(13.6)20.8 — 7.2 
Gain recognized in Interest Expense— — 5.9 5.9 
2022
Interest
CommodityCurrencyRate
ForwardsForwardsSwapsTotal
(Loss) Gain recognized in Other Comprehensive Loss$(23.5)$11.4 $18.2 $6.1 
Amounts reclassified from Other Comprehensive Income (Loss):
Gain recognized in Net Sales— 0.1 — 0.1 
Gain recognized in Cost of Sales3.5 6.1 — 9.6 
Gain recognized in Interest Expense— — 1.3 1.3 
Schedule of Derivatives Not Designated as Cash Flow Hedging Instruments
The effect of derivative instruments not designated as cash flow hedges on the Consolidated Statements of Income (Loss) for 2024, 2023 and 2022 were:
2024
Commodity ForwardsCurrency ForwardsTotal
Gain recognized in Operating Expenses— 4.6 4.6 
2023
Commodity ForwardsCurrency ForwardsTotal
Gain recognized in Cost of Sales$0.3 $— $0.3 
Loss recognized in Operating Expenses— (17.8)(17.8)

2022
Commodity ForwardsCurrency ForwardsTotal
Loss recognized in Cost of Sales$(0.6)$— $(0.6)
Gain recognized in Operating Expenses— 10.2 10.2 
Schedule of Derivatives Offsetting Disclosures
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:
December 31, 2024
Gross Amounts as Presented in the Consolidated Balance SheetDerivative Contract Amounts Subject to Right of OffsetDerivative Contracts as Presented on a Net Basis
Assets$6.6 $(1.1)$5.5 
Liabilities18.0 (1.1)16.9 
December 31, 2023
Gross Amounts as Presented in the 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 
v3.25.0.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2024 and December 31, 2023, respectively:
December 31, 2024December 31, 2023
Classification
Assets:
  Prepaid Expenses and Other Current Assets:
     Derivative Currency Contracts$1.0 $14.4 Level 2
     Derivative Commodity Contracts0.1 1.0 Level 2
  Other Noncurrent Assets:
Interest Rate Swap5.5 5.3 Level 2
Assets Held in Rabbi Trust14.6 12.7 Level 1
     Derivative Currency Contracts— 0.2 Level 2
     Derivative Commodity Contracts— 0.1 Level 2
Liabilities:
  Other Accrued Expenses:
     Derivative Currency Contracts13.6 6.9 Level 2
     Derivative Commodity Contracts4.4 0.6 Level 2
v3.25.0.1
Restructuring Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve
The following is a reconciliation of provisions and payments for the restructuring projects for 2024 and 2023:
December 31, 2024December 31, 2023
Beginning Balance$29.1 $15.1 
Acquisition(1)
— 0.2 
Provision(2)
41.3 42.2 
Less: Payments54.1 28.4 
Ending Balance$16.3 $29.1 
(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 twelve month period ended December 31, 2023 excludes $19.3 million of accelerated depreciation.
Schedule of Restructuring and Related Costs
The following is a reconciliation of expenses by type for the restructuring projects in 2024, 2023 and 2022:
202420232022
Restructuring Costs:Cost of SalesOperating ExpensesTotalCost of SalesOperating ExpensesTotalCost of SalesOperating ExpensesTotal
Severance Expense$11.2 $14.7 $25.9 $12.1 $15.2 $27.3 $25.1 $6.4 $31.5 
Facility Related Costs7.8 1.5 9.3 25.5 0.3 25.8 13.5 1.1 14.6 
Other Expenses6.5 2.4 8.9 7.8 0.6 8.4 0.3 0.4 0.7 
Total Restructuring Costs$25.5 $18.6 $44.1 $45.4 $16.1 $61.5 $38.9 $7.9 $46.8 

The following table shows the allocation of Restructuring Expenses by segment for 2024, 2023 and 2022:
TotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial Systems
Restructuring Expenses - 2024$44.1 $21.7 $11.3 $10.1 $1.0 
Restructuring Expenses - 2023$61.5 $27.0 $30.4 $3.2 $0.9 
Restructuring Expenses - 2022$46.8 $11.8 $19.4 $14.1 $1.5 
v3.25.0.1
Nature of Operations (Details)
 8 Months Ended
Dec. 31, 2024
segment
Nature of Operations [Abstract]  
Number of operating segments 3
v3.25.0.1
Accounting Policies - Narrative (Details)
shares in Millions
 8 Months Ended 12 Months Ended
Apr. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2024
USD ($)
unit
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Property, Plant and Equipment [Line Items]          
Number of operating segments | segment   3      
Payment terms     due upon delivery to 120 days after delivery    
Amortization period   12 months 12 months    
Research development and engineering costs     $ 176,400,000 $ 171,000,000.0 $ 106,600,000
ROU assets   $ 44,700,000 $ 44,700,000 44,400,000  
Number of reporting units | unit     2    
Goodwill impairment     $ 0 57,300,000 0
Impairment of intangible assets     0 0 0
Asset Impairments     4,000,000 7,800,000 900,000
Loss on sale of businesses     $ 8,500,000 $ 87,700,000 $ 0
Shares excluded from the calculation of the effect of dilutive securities (in shares) | shares     0.3 0.4 0.2
Timing period   15 days 15 days    
Reporting Unit One          
Property, Plant and Equipment [Line Items]          
Goodwill impairment     $ 0 $ 0 $ 0
Reporting Unit Two          
Property, Plant and Equipment [Line Items]          
Goodwill impairment       0 0
Industrial Systems | Held for sale          
Property, Plant and Equipment [Line Items]          
Loss on sale of businesses $ 95,400,000   $ 8,500,000 $ 87,700,000 $ 0
v3.25.0.1
Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenue $ 6,033.8 $ 6,250.7 $ 5,217.9
Industrial Powertrain Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 2,598.1 2,403.5 1,666.3
Power Efficiency Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 1,644.1 1,808.9 2,227.2
Automation & Motion Control      
Disaggregation of Revenue [Line Items]      
Revenue 1,633.8 1,516.8 772.3
Industrial Systems      
Disaggregation of Revenue [Line Items]      
Revenue 157.8 521.5 552.1
North America      
Disaggregation of Revenue [Line Items]      
Revenue 4,179.6 4,336.2 3,856.6
North America | Industrial Powertrain Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 1,734.9 1,636.1 1,232.2
North America | Power Efficiency Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 1,276.5 1,419.2 1,766.9
North America | Automation & Motion Control      
Disaggregation of Revenue [Line Items]      
Revenue 1,088.8 1,006.3 559.0
North America | Industrial Systems      
Disaggregation of Revenue [Line Items]      
Revenue 79.4 274.6 298.5
Asia      
Disaggregation of Revenue [Line Items]      
Revenue 476.2 570.3 504.8
Asia | Industrial Powertrain Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 172.7 168.9 140.6
Asia | Power Efficiency Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 167.7 178.7 188.1
Asia | Automation & Motion Control      
Disaggregation of Revenue [Line Items]      
Revenue 91.5 76.1 17.0
Asia | Industrial Systems      
Disaggregation of Revenue [Line Items]      
Revenue 44.3 146.6 159.1
Europe      
Disaggregation of Revenue [Line Items]      
Revenue 1,006.2 968.6 627.1
Europe | Industrial Powertrain Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 482.0 420.5 240.0
Europe | Power Efficiency Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 133.9 149.7 182.2
Europe | Automation & Motion Control      
Disaggregation of Revenue [Line Items]      
Revenue 372.7 342.6 154.2
Europe | Industrial Systems      
Disaggregation of Revenue [Line Items]      
Revenue 17.6 55.8 50.7
Rest-of-World      
Disaggregation of Revenue [Line Items]      
Revenue 371.8 375.6 229.4
Rest-of-World | Industrial Powertrain Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 208.5 178.0 53.5
Rest-of-World | Power Efficiency Solutions      
Disaggregation of Revenue [Line Items]      
Revenue 66.0 61.3 90.0
Rest-of-World | Automation & Motion Control      
Disaggregation of Revenue [Line Items]      
Revenue 80.8 91.8 42.1
Rest-of-World | Industrial Systems      
Disaggregation of Revenue [Line Items]      
Revenue $ 16.5 $ 44.5 $ 43.8
v3.25.0.1
Accounting Policies - Schedule of Inventories (Details) - Inventories - Inventory Concentration Risk
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Raw Material and Work in Process    
Inventory [Line Items]    
Concentration risk 67.80% 66.70%
Finished Goods and Purchased Parts    
Inventory [Line Items]    
Concentration risk 32.20% 33.30%
v3.25.0.1
Accounting Policies - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment $ 1,711.5 $ 1,773.1
Less: Accumulated Depreciation (790.5) (731.9)
Net Property, Plant and Equipment 921.0 1,041.2
Land and Improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment 134.5 139.2
Buildings and Improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment 387.2 414.5
Machinery, Equipment and Other    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment $ 1,189.8 $ 1,219.4
Minimum | Buildings and Improvements    
Property, Plant and Equipment [Line Items]    
Useful Life (In Years) 3 years  
Minimum | Machinery, Equipment and Other    
Property, Plant and Equipment [Line Items]    
Useful Life (In Years) 3 years  
Maximum | Buildings and Improvements    
Property, Plant and Equipment [Line Items]    
Useful Life (In Years) 50 years  
Maximum | Machinery, Equipment and Other    
Property, Plant and Equipment [Line Items]    
Useful Life (In Years) 15 years  
v3.25.0.1
Accounting Policies - Schedule of Earnings (Loss) Per Share (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Denominator for Basic Earnings Per Share (in shares) 66.4 66.3 66.7
Effect of Dilutive Securities (in shares) 0.3 0.0 0.4
Denominator for Diluted Earnings Per Share (in shares) 66.7 66.3 67.1
Shares excluded from the calculation of the effect of dilutive securities (in shares) 0.3 0.4 0.2
Share-Based Payment Arrangement      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Shares excluded from the calculation of the effect of dilutive securities (in shares)   0.4  
v3.25.0.1
Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' equity, including portion attributable to noncontrolling interest $ 6,267.2 $ 6,365.1 $ 6,422.6 $ 6,408.2
Foreign Currency Translation Adjustments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' equity, including portion attributable to noncontrolling interest (415.7) (286.2)    
Hedging Activities, Net of Tax        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' equity, including portion attributable to noncontrolling interest (5.5) 28.8    
AOCI including portion attributable to noncontrolling interest, tax (2.1) 8.8    
Pension and Post-Retirement Benefits, Net of Tax        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' equity, including portion attributable to noncontrolling interest (21.5) (25.0)    
AOCI including portion attributable to noncontrolling interest, tax (6.7) (7.8)    
Accumulated Other Comprehensive Loss        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' equity, including portion attributable to noncontrolling interest $ (442.7) $ (282.4) $ (352.1) $ (195.1)
v3.25.0.1
Accounting Policies - Schedule of Supplier Finance Program (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Supplier Finance Program, Obligation [Roll Forward]  
Balance at beginning of period $ 60.8
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current
Plus: Obligations Added $ 169.7
Less: Obligations Settled 189.5
Balance at end of period $ 41.0
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current
v3.25.0.1
Acquisitions and Divestitures - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended 15 Months Ended
Apr. 30, 2024
Mar. 27, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Business Acquisition [Line Items]              
Loss on sale of businesses       $ 8.5 $ 87.7 $ 0.0  
Altra Merger Agreement              
Business Acquisition [Line Items]              
Share price (in dollars per share)   $ 62.00          
Purchase price   $ 5,134.6          
Transaction related costs       23.5 86.9    
Share-based payment arrangement, accelerated cost     $ 15.7        
Altra Merger Agreement | Transaction Costs and Other One Time Non Recurring Costs              
Business Acquisition [Line Items]              
Revenues         102.6 102.6  
Altra Merger Agreement | Inventory Valuation Adjustment              
Business Acquisition [Line Items]              
Revenues         54.5 54.5  
Held for sale | Industrial Systems              
Business Acquisition [Line Items]              
Total purchase price $ 444.0            
Loss on sale of business, net       7.7      
Loss on sale of businesses $ 95.4     $ 8.5 $ 87.7 $ 0.0  
Held for sale | Industrial Systems              
Business Acquisition [Line Items]              
Loss on sale of businesses             $ 95.4
v3.25.0.1
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 64.5
Estimated working capital and other adjustments (20.5)
Total purchase price 444.0
Direct costs to sell (7.3)
Fair value of sale consideration, net $ 436.7
v3.25.0.1
Acquisitions and Divestitures - Schedule of Carrying Value of the Disposal Group (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss on Sale of Businesses   $ (8.5) $ (87.7) $ 0.0
Held for sale | Industrial Systems        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net assets sold $ 420.2      
Noncontrolling Interest (9.2)      
Accumulated Other Comprehensive Income 121.3      
Payables to seller (0.2)      
Carrying value of disposal group 532.1      
Loss on Sale of Businesses $ (95.4) $ (8.5) $ (87.7) $ 0.0
v3.25.0.1
Acquisitions and Divestitures - Schedule of Asset and Liabilities Businesses Held for Sale (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets Held for Sale      
Assets Held for Sale $ 0.0 $ 61.3 $ 0.0
Total Current Assets Held for Sale 19.6 368.6  
Total Noncurrent Assets Held for Sale 0.0 94.1  
Liabilities Held for Sale      
Total Current Liabilities Held for Sale 0.0 103.7  
Total Noncurrent Liabilities Held for Sale $ 0.0 20.4  
Held for sale | Industrial Systems      
Assets Held for Sale      
Assets Held for Sale   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  
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  
Total Current 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  
v3.25.0.1
Acquisitions and Divestitures - Schedule of Purchase Price (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 27, 2023
Jun. 30, 2023
Dec. 31, 2024
May 31, 2024
Dec. 31, 2023
Jan. 24, 2023
Business Acquisition [Line Items]            
Common stock, shares outstanding (in shares)     66.3   66.3  
Long-term debt     $ 5,499.8      
Senior Notes            
Business Acquisition [Line Items]            
Long-term debt       $ 2.9    
Senior Notes Due 2026 | Senior Notes            
Business Acquisition [Line Items]            
Interest rate       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%          
Interest rate 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          
v3.25.0.1
Acquisitions and Divestitures - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]        
Goodwill   $ 6,458.9 $ 6,553.1 $ 4,018.8
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]        
Measurement period adjustments, Trade Receivables (1.5)      
Measurement period adjustments, Inventories (0.5)      
Measurement period adjustments, Property, Plant, and Equipment (0.5)      
Measurement period adjustments, Deferred Income Tax Benefits 0.1      
Measurement period adjustments, Other Accrued Expenses (0.7)      
Measurement period adjustments, Deferred Income Taxes 8.2      
Measurement period adjustments, Goodwill (5.1)      
Measurement period adjustments, Net Assets 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      
v3.25.0.1
Acquisitions and Divestitures - Schedule of Fair Value and Weighted Average Useful Life of Identifiable Intangible Assets) (Details) - Altra Merger Agreement
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 2,142.0
Customer Relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 1,710.0
Weighted Average Useful Life (Years) 14 years
Trademarks  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 330.0
Weighted Average Useful Life (Years) 10 years
Technology  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 102.0
Weighted Average Useful Life (Years) 13 years
v3.25.0.1
Acquisitions and Divestitures - Schedule of Altra Pro Forma Information (Details) - Altra Merger Agreement - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]    
Net Sales $ 6,701.8 $ 7,163.4
Net Income Attributable to Regal Rexnord Corporation $ 50.1 $ 131.1
Basic (in dollars per share) $ 0.76 $ 1.97
Assuming Diluted (in dollars per share) $ 0.75 $ 1.95
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Changes To Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Goodwill, beginning balance $ 6,553.1 $ 4,018.8  
Acquisitions   2,614.6  
Reclassification to Noncurrent Assets Held for Sale   (53.9)  
Acquisitions (5.1)    
Impairment Charges 0.0 (57.3) $ 0.0
Translation and Other (89.1) 30.9  
Goodwill, ending balance 6,458.9 6,553.1 4,018.8
Cumulative Goodwill Impairment Charges 223.6    
Industrial Powertrain Solutions      
Goodwill [Roll Forward]      
Goodwill, beginning balance 3,747.0 2,290.0  
Acquisitions   1,438.3  
Reclassification to Noncurrent Assets Held for Sale   0.0  
Acquisitions (5.8)    
Impairment Charges   0.0  
Translation and Other (44.0) 18.7  
Goodwill, ending balance 3,697.2 3,747.0 2,290.0
Cumulative Goodwill Impairment Charges 18.1    
Power Efficiency Solutions      
Goodwill [Roll Forward]      
Goodwill, beginning balance 753.9 752.3  
Acquisitions   0.0  
Reclassification to Noncurrent Assets Held for Sale   0.0  
Acquisitions 0.0    
Impairment Charges   0.0  
Translation and Other (4.7) 1.6  
Goodwill, ending balance 749.2 753.9 752.3
Cumulative Goodwill Impairment Charges 200.4    
Automation & Motion Control      
Goodwill [Roll Forward]      
Goodwill, beginning balance 2,052.2 865.0  
Acquisitions   1,176.3  
Reclassification to Noncurrent Assets Held for Sale   0.0  
Acquisitions 0.7    
Impairment Charges   0.0  
Translation and Other (40.4) 10.9  
Goodwill, ending balance 2,012.5 2,052.2 865.0
Cumulative Goodwill Impairment Charges 5.1    
Industrial Systems      
Goodwill [Roll Forward]      
Goodwill, beginning balance 0.0 111.5  
Acquisitions   0.0  
Reclassification to Noncurrent Assets Held for Sale   (53.9)  
Acquisitions 0.0    
Impairment Charges   (57.3)  
Translation and Other 0.0 (0.3)  
Goodwill, ending balance 0.0 $ 0.0 $ 111.5
Cumulative Goodwill Impairment Charges $ 0.0    
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Amount $ 4,878.1 $ 5,043.2
Accumulated Amortization 1,213.5 959.8
Net Carrying Amount $ 3,664.6 4,083.4
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period (Years) 15 years  
Gross Amount $ 3,892.8 4,028.5
Accumulated Amortization 915.1 746.2
Net Carrying Amount $ 2,977.7 3,282.3
Technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period (Years) 13 years  
Gross Amount $ 293.0 302.6
Accumulated Amortization 109.0 92.9
Net Carrying Amount $ 184.0 209.7
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period (Years) 10 years  
Gross Amount $ 692.3 712.1
Accumulated Amortization 189.4 120.7
Net Carrying Amount $ 502.9 $ 591.4
v3.25.0.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangible assets $ 346.5 $ 307.8 $ 185.5
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Estimated Amortization (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 341.9
2026 338.6
2027 338.5
2028 338.5
2029 $ 333.5
v3.25.0.1
Segment Information - Narrative (Details) - segment
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Number of reportable segments 3    
Geographic Concentration Risk | Sales Revenue, Net | US      
Segment Reporting Information [Line Items]      
Concentration risk 60.40% 61.40% 63.90%
v3.25.0.1
Segment Information - Schedule of Financial Information Attributable to the Reporting Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net Sales $ 6,033.8 $ 6,250.7 $ 5,217.9
Adjusted Cost of Sales 3,855.8 4,175.1 3,529.1
Adjusted Engineering, Selling and Administration Expenses 1,128.2 1,088.6 760.7
Other Segment Items 419.8 609.9 237.7
Income from Operations 630.0 377.1 690.4
Interest Expense 399.7 431.0 87.2
Interest Income (18.8) (43.6) (5.2)
Other Expense (Income), Net 1.1 (8.7) (5.4)
Income (Loss) before Taxes 248.0 (1.6) 613.8
Other Supplemental Disclosures      
Amortization 346.5 307.8 185.5
Depreciation 165.3 185.0 121.9
Goodwill Impairment 0.0 57.3 0.0
Asset Impairments 4.0 7.8 0.9
Loss on Assets Held for Sale 8.5 87.7 0.0
Capital Expenditures 109.5 119.1 83.8
Industrial Powertrain Solutions      
Segment Reporting Information [Line Items]      
Net Sales 2,598.1 2,403.5 1,666.3
Other Supplemental Disclosures      
Goodwill Impairment   0.0  
Power Efficiency Solutions      
Segment Reporting Information [Line Items]      
Net Sales 1,644.1 1,808.9 2,227.2
Other Supplemental Disclosures      
Goodwill Impairment   0.0  
Automation & Motion Control      
Segment Reporting Information [Line Items]      
Net Sales 1,633.8 1,516.8 772.3
Other Supplemental Disclosures      
Goodwill Impairment   0.0  
Industrial Systems      
Segment Reporting Information [Line Items]      
Net Sales 157.8 521.5 552.1
Other Supplemental Disclosures      
Goodwill Impairment   57.3  
Operating Segments, Excluding Intersegment Elimination      
Segment Reporting Information [Line Items]      
Net Sales (47.9) (56.1) (35.4)
Operating Segments, Excluding Intersegment Elimination | Industrial Powertrain Solutions      
Segment Reporting Information [Line Items]      
Net Sales 2,614.1 2,418.4 1,673.6
Operating Segments, Excluding Intersegment Elimination | Power Efficiency Solutions      
Segment Reporting Information [Line Items]      
Net Sales 1,656.5 1,826.6 2,237.6
Operating Segments, Excluding Intersegment Elimination | Automation & Motion Control      
Segment Reporting Information [Line Items]      
Net Sales 1,652.8 1,537.7 788.1
Operating Segments, Excluding Intersegment Elimination | Industrial Systems      
Segment Reporting Information [Line Items]      
Net Sales 158.3 524.1 554.0
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Net Sales (47.9) (56.1) (35.4)
Intersegment Eliminations | Industrial Powertrain Solutions      
Segment Reporting Information [Line Items]      
Net Sales (16.0) (14.9) (7.3)
Intersegment Eliminations | Power Efficiency Solutions      
Segment Reporting Information [Line Items]      
Net Sales (12.4) (17.7) (10.4)
Intersegment Eliminations | Automation & Motion Control      
Segment Reporting Information [Line Items]      
Net Sales (19.0) (20.9) (15.8)
Intersegment Eliminations | Industrial Systems      
Segment Reporting Information [Line Items]      
Net Sales (0.5) (2.6) (1.9)
Operating Segments | Industrial Powertrain Solutions      
Segment Reporting Information [Line Items]      
Net Sales 2,598.1 2,403.5 1,666.3
Adjusted Cost of Sales 1,541.5 1,516.9 997.7
Adjusted Engineering, Selling and Administration Expenses 483.1 433.2 276.4
Other Segment Items 250.8 301.6 150.0
Income from Operations 322.7 151.8 242.2
Other Supplemental Disclosures      
Amortization 201.5 181.4 119.5
Depreciation 80.7 91.8 49.5
Goodwill Impairment   0.0  
Asset Impairments 1.1 2.5 0.9
Loss on Assets Held for Sale 1.7 0.0  
Capital Expenditures 50.3 41.3 18.8
Operating Segments | Power Efficiency Solutions      
Segment Reporting Information [Line Items]      
Net Sales 1,644.1 1,808.9 2,227.2
Adjusted Cost of Sales 1,171.4 1,293.4 1,610.0
Adjusted Engineering, Selling and Administration Expenses 273.2 279.5 269.0
Other Segment Items 36.9 18.6 21.3
Income from Operations 162.6 217.4 326.9
Other Supplemental Disclosures      
Amortization 7.7 8.3 8.4
Depreciation 37.0 43.0 38.5
Goodwill Impairment   0.0  
Asset Impairments 1.1 1.5 0.0
Loss on Assets Held for Sale 1.4 0.0  
Capital Expenditures 25.0 35.0 41.9
Operating Segments | Automation & Motion Control      
Segment Reporting Information [Line Items]      
Net Sales 1,633.8 1,516.8 772.3
Adjusted Cost of Sales 1,024.5 950.7 498.7
Adjusted Engineering, Selling and Administration Expenses 342.9 291.1 131.1
Other Segment Items 122.0 136.0 64.3
Income from Operations 144.4 139.0 78.2
Other Supplemental Disclosures      
Amortization 137.1 117.2 56.8
Depreciation 47.2 41.0 21.2
Goodwill Impairment   0.0  
Asset Impairments 1.8 3.4 0.0
Loss on Assets Held for Sale 1.1 0.0  
Capital Expenditures 29.9 34.6 11.2
Operating Segments | Industrial Systems      
Segment Reporting Information [Line Items]      
Net Sales 157.8 521.5 552.1
Adjusted Cost of Sales 118.4 414.1 422.7
Adjusted Engineering, Selling and Administration Expenses 29.0 84.8 84.2
Other Segment Items 10.1 153.7 2.1
Income from Operations 0.3 (131.1) 43.1
Other Supplemental Disclosures      
Amortization 0.2 0.9 0.8
Depreciation 0.4 9.2 12.7
Goodwill Impairment   57.3  
Asset Impairments 0.0 0.4 0.0
Loss on Assets Held for Sale 4.3 87.7  
Capital Expenditures $ 4.3 $ 8.2 $ 11.9
v3.25.0.1
Segment Information - Schedule of Identifiable Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Identifiable assets $ 14,033.7 $ 15,431.4
Industrial Powertrain Solutions    
Segment Reporting Information [Line Items]    
Identifiable assets 7,528.8 8,009.4
Power Efficiency Solutions    
Segment Reporting Information [Line Items]    
Identifiable assets 1,862.5 2,036.4
Automation & Motion Control    
Segment Reporting Information [Line Items]    
Identifiable assets 4,642.4 4,909.2
Industrial Systems    
Segment Reporting Information [Line Items]    
Identifiable assets $ 0.0 $ 476.4
v3.25.0.1
Segment Information - Schedule of Financial Information Attributable to Geographic Regions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Sales $ 6,033.8 $ 6,250.7 $ 5,217.9
Net Property, Plant and Equipment 921.0 1,041.2  
US      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Sales 3,644.0 3,840.4 3,332.5
Net Property, Plant and Equipment 411.9 441.1  
Mexico      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Property, Plant and Equipment 154.2 203.8  
Germany      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Property, Plant and Equipment 92.7 113.0  
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Property, Plant and Equipment 50.9 45.8  
Rest of the World      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Sales 2,389.8 2,410.3 $ 1,885.4
Net Property, Plant and Equipment $ 211.3 $ 237.5  
v3.25.0.1
Debt and Bank Credit Facilities - Schedule Of Indebtedness (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Mar. 28, 2022
Debt Instrument [Line Items]      
Finance Leases $ 70.1 $ 70.5  
Less: Debt Issuance Costs (42.1) (53.6)  
Total 5,457.7 6,380.9  
Less: Current Maturities 5.0 3.9  
Non-Current Portion 5,452.7 6,377.0  
Senior Notes      
Debt Instrument [Line Items]      
Long-term debt 4,700.0 4,700.0  
Senior Notes | Altra Notes      
Debt Instrument [Line Items]      
Long-term debt 18.1 18.1  
Line of Credit | Term Facility      
Debt Instrument [Line Items]      
Long-term debt 665.0 1,053.5  
Line of Credit | Land Term Facility      
Debt Instrument [Line Items]      
Long-term debt 0.0 486.8 $ 486.8
Line of Credit | Multicurrency Revolving Facility      
Debt Instrument [Line Items]      
Long-term debt 40.0 98.1  
Other      
Debt Instrument [Line Items]      
Long-term debt $ 6.6 $ 7.5  
v3.25.0.1
Debt and Bank Credit Facilities - Narrative (Details)
 1 Months Ended 12 Months Ended
Mar. 27, 2023
USD ($)
Jan. 24, 2023
USD ($)
series
Mar. 28, 2022
USD ($)
May 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]            
Interest bearing deposits   $ 3,600,000,000        
Long-term debt         $ 5,499,800,000  
Altra Merger Agreement            
Debt Instrument [Line Items]            
Repayments of debt $ 1,061,000,000          
Term Facility            
Debt Instrument [Line Items]            
Amortization rate per annum     5.00%      
Line of Credit | Term Facility            
Debt Instrument [Line Items]            
Maximum borrowing capacity     $ 550,000,000      
Line of credit facility, additional borrowing capacity 840,000,000          
Long-term debt         665,000,000.0 $ 1,053,500,000
Line of Credit | Land Term Facility            
Debt Instrument [Line Items]            
Long-term debt     486,800,000   0 486,800,000
Line of Credit | Multicurrency Revolving Facility            
Debt Instrument [Line Items]            
Maximum borrowing capacity $ 570,000,000   $ 1,000,000,000      
Long-term debt         40,000,000.0 98,100,000
Available borrowing capacity under the facility         1,530,000,000  
Average balance outstanding under the facility         $ 72,000,000.0 283,100,000
Non-use fee, percentage         0.25%  
Letter of Credit | Multicurrency Revolving Facility            
Debt Instrument [Line Items]            
Long-term line of credit         $ 0  
Senior Notes            
Debt Instrument [Line Items]            
Long-term debt         4,700,000,000 4,700,000,000
Principal amount       $ 4,697,100,000    
Possible increase in interest rate   2.00%        
Proceeds from senior notes   $ 4,647,000,000        
Extinguishment of debt       4,697,100,000    
Interest income   $ 29,400,000        
Term of debt   540 days        
Long-term debt       2,900,000    
Number of debt series | series   4        
Fair value of debt         4,795,200,000 4,802,400,000
Senior Notes | Senior Notes Due 2026            
Debt Instrument [Line Items]            
Principal amount   $ 1,100,000,000   $ 1,099,000,000    
Interest rate   6.05%   6.05%    
Senior Notes | Senior Notes Due 2026 | Altra Merger Agreement            
Debt Instrument [Line Items]            
Interest rate 6.125%          
Long-term debt $ 18,100,000          
Percentage of debt outstanding 95.28%          
Consideration transferred $ 382,700,000          
Senior Notes | Senior Notes Due 2028            
Debt Instrument [Line Items]            
Principal amount   $ 1,250,000,000   $ 1,249,400,000    
Interest rate   6.05%   6.05%    
Senior Notes | Senior Notes Due 2030            
Debt Instrument [Line Items]            
Principal amount   $ 1,100,000,000   $ 1,099,400,000    
Interest rate   6.30%   6.30%    
Senior Notes | Senior Notes Due 2033            
Debt Instrument [Line Items]            
Principal amount   $ 1,250,000,000   $ 1,249,300,000    
Interest rate   6.40%   6.40%    
Other            
Debt Instrument [Line Items]            
Long-term debt         $ 6,600,000 $ 7,500,000
Private Placement Notes            
Debt Instrument [Line Items]            
Interest rate   3.90%        
Repayments of debt   $ 500,000,000        
v3.25.0.1
Debt and Bank Credit Facilities - Schedule of Weighted Average Interest (Details) - Line of Credit
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Term Facility    
Debt Instrument [Line Items]    
Weighted average interest rate 7.00% 7.00%
Land Term Facility    
Debt Instrument [Line Items]    
Weighted average interest rate 7.10% 6.80%
Multicurrency Revolving Facility    
Debt Instrument [Line Items]    
Weighted average interest rate 7.00% 6.40%
v3.25.0.1
Debt and Bank Credit Facilities - Schedule of Maturities Of Long-Term Debt (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 5.0
2026 1,123.1
2027 710.5
2028 1,260.9
2029 4.3
Thereafter 2,396.0
Total $ 5,499.8
v3.25.0.1
Retirement Plans - Schedule of Defined Benefit Pension Assets Investment (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Target allocation 100.00%  
Target return 5.50%  
Actual allocation 100.00% 100.00%
Equity Investments    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation 20.60%  
Target return, minimum 5.20%  
Target return, maximum 7.50%  
Actual allocation 15.60% 14.70%
Fixed Income    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation 66.80%  
Target return, minimum 3.70%  
Target return, maximum 7.00%  
Actual allocation 70.30% 68.20%
Other    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation 12.60%  
Target return, minimum 0.50%  
Target return, maximum 7.00%  
Actual allocation 14.10% 17.10%
v3.25.0.1
Retirement Plans - Schedule of Reconciliation of Funded Status of The Defined Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Change in Projected Benefit Obligation:      
Obligation at Beginning of Period $ 483.1 $ 440.3  
Service Cost 2.0 2.1 $ 1.4
Interest Cost 21.3 22.8 14.0
Actuarial (Gain) Loss (25.8) 20.1  
Less: Benefits Paid 34.3 34.4  
Settlements (0.7) (3.9)  
Foreign Currency Translation (8.3) 6.0  
Other Events 13.8 0.0  
(Divestitures) Acquisitions (1.1) 30.1  
Obligation at End of Period 450.0 483.1 440.3
Change in Fair Value of Plan Assets:      
Fair Value of Plan Assets at Beginning of Period 367.7 346.2  
Actual Return on Plan Assets (1.9) 34.2  
Employer Contributions 16.6 8.3  
Less: Benefits Paid 34.3 34.4  
Settlements (0.7) (3.9)  
Foreign Currency Translation (3.3) 3.6  
Other Events 2.1 0.0  
(Divestitures) Acquisitions (1.1) 13.7  
Fair Value of Plan Assets at End of Period 345.1 367.7 $ 346.2
Funded Status $ (104.9) $ (115.4)  
v3.25.0.1
Retirement Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Funded (unfunded) status of plan $ (104.9) $ (115.4)  
Accumulated benefit obligation $ 438.7 $ 475.6  
Defined benefit plan compensation increase assumption 3.00% 2.80%  
Employer contributions $ 16.6 $ 8.3  
Expected contribution to defined benefit pension plans 14.7    
US      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Funded (unfunded) status of plan (52.4) (64.5)  
Employer contributions 29.5 24.3 $ 16.2
International Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Funded (unfunded) status of plan (52.5) (50.9)  
Employer contributions $ 14.0 $ 15.7 $ 7.8
v3.25.0.1
Retirement Plans - Schedule of Amounts Recognized in Balance Sheet of Defined Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Other Noncurrent Assets $ 5.3 $ 4.1
Accrued Compensation and Benefits (7.6) (6.6)
Pension and Other Post Retirement Benefits (102.6) (112.9)
Total (104.9) (115.4)
Net Actuarial Gain 32.0 35.6
Prior Service Cost 0.3 0.3
Total $ 32.3 $ 35.9
v3.25.0.1
Retirement Plans - Schedule of Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Projected Benefit Obligation $ 415.1 $ 445.7
Accumulated Benefit Obligation 408.5 442.1
Fair Value of Plan Assets $ 304.9 $ 326.4
v3.25.0.1
Retirement Plans - Schedule of Projected Benefit Obligations in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Projected Benefit Obligation $ 415.1 $ 447.2
Accumulated Benefit Obligation 408.5 443.3
Fair Value of Plan Assets $ 304.9 $ 327.7
v3.25.0.1
Retirement Plans - Schedule of Weighted-Average Assumptions Used to Determine Projected Benefit Obligation (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Discount Rate 5.40% 4.70%  
Discount Rate 4.70% 5.20% 2.70%
Expected Long-Term Rate of Return on Assets 5.10% 6.60% 4.60%
v3.25.0.1
Retirement Plans - Schedule of Net Periodic Benefit Costs and Benefit Payments Expected Future Service (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Service Cost $ 2.0 $ 2.1 $ 1.4
Interest Cost 21.3 22.8 14.0
Expected Return on Plan Assets (20.0) (27.1) (20.3)
Amortization of Net Actuarial (Gain) Loss (0.2) (1.8) 1.0
Amortization of Prior Service Cost 0.1 0.1 0.1
Curtailment Expense 0.0 0.2 0.0
Net Periodic Benefit Cost 3.2 (3.7) (3.8)
Prior Service Cost 0.1 0.1 0.1
Net Actuarial (Gain) Loss (3.7) (14.4) 0.7
Total Recognized in OCI (3.6) $ (14.3) $ 0.8
2025 38.4    
2026 37.3    
2027 36.5    
2028 36.7    
2029 36.0    
2030-2034 $ 176.1    
Defined Benefit Plan Net Periodic Benefit Cost Credit Interest Cost Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag Interest Cost    
Defined Benefit Plan Net Periodic Benefit Cost Credit Expected Return Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag Expected Return on Plan Assets    
v3.25.0.1
Retirement Plans - Schedule of Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 345.1 $ 367.7 $ 346.2
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 21.5 21.8  
Level 1 | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 4.3 4.9  
Level 1 | US Equity Funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   1.8  
Level 1 | International Equity Funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 6.0 9.5  
Level 1 | Fixed Income      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 10.2 3.8  
Level 1 | Other      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 1.0 1.8  
Level 1 | Insurance Contracts      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0.0 0.0  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 25.2 28.0 20.9
Level 3 | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0.0 0.0  
Level 3 | US Equity Funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0.0  
Level 3 | International Equity Funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0.0 0.0  
Level 3 | Fixed Income      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0.0 0.0  
Level 3 | Other      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 4.1 4.3  
Level 3 | Insurance Contracts      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 21.1 23.7 $ 20.9
Net Asset Value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 298.4 317.9  
Net Asset Value | Common Collective Trust Funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 298.4 317.9  
Estimate of Fair Value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 46.7 49.8  
Estimate of Fair Value | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 4.3 4.9  
Estimate of Fair Value | US Equity Funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   1.8  
Estimate of Fair Value | International Equity Funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 6.0 9.5  
Estimate of Fair Value | Fixed Income      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 10.2 3.8  
Estimate of Fair Value | Other      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 5.1 6.1  
Estimate of Fair Value | Insurance Contracts      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 21.1 $ 23.7  
v3.25.0.1
Retirement Plans - Schedule of Level 3 Pension plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Change in Fair Value of Plan Assets:    
Fair Value of Plan Assets at Beginning of Period $ 367.7 $ 346.2
Fair Value of Plan Assets at End of Period 345.1 367.7
Level 3    
Change in Fair Value of Plan Assets:    
Fair Value of Plan Assets at Beginning of Period 28.0 20.9
Acquisition 0.0 4.3
Net Sales (0.3) (0.8)
Net Gains (Losses) (0.7) 2.7
Translation (1.8) 0.9
Fair Value of Plan Assets at End of Period 25.2 28.0
Level 3 | Other    
Change in Fair Value of Plan Assets:    
Fair Value of Plan Assets at Beginning of Period 4.3 0.0
Acquisition 0.0 4.3
Net Sales 0.0 0.0
Net Gains (Losses) 0.1 0.0
Translation (0.3) 0.0
Fair Value of Plan Assets at End of Period 4.1 4.3
Level 3 | Insurance Contracts    
Change in Fair Value of Plan Assets:    
Fair Value of Plan Assets at Beginning of Period 23.7 20.9
Acquisition 0.0 0.0
Net Sales (0.3) (0.8)
Net Gains (Losses) (0.8) 2.7
Translation (1.5) 0.9
Fair Value of Plan Assets at End of Period $ 21.1 $ 23.7
v3.25.0.1
Leases - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
option
Lessee, Lease, Description [Line Items]  
Number of options to renew 1
Minimum  
Lessee, Lease, Description [Line Items]  
Lessee, renewal term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lessee, renewal term 25 years
v3.25.0.1
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating Lease Cost $ 55.1 $ 56.1 $ 40.7
Finance Lease Cost:      
Amortization of ROU Assets 3.6 3.2 3.2
Interest on Lease Liabilities 3.6 3.7 3.8
Total Lease Expense $ 62.3 $ 63.0 $ 47.7
v3.25.0.1
Leases - Schedule of Lease Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 45.4  
2026 39.2  
2027 30.4  
2028 19.2  
2029 11.0  
Thereafter 75.3  
Total Lease Payments 220.5  
Less: Interest $ (70.8)  
Finance lease, liability, statement of financial position [Extensible Enumeration] Less: Current Maturities, Non-Current Portion Less: Current Maturities, Non-Current Portion
Present Value of Lease Liabilities $ 149.7  
Finance Leases    
2025 8.2  
2026 8.2  
2027 8.3  
2028 7.4  
2029 6.8  
Thereafter 62.2  
Total Lease Payments 101.1  
Less: Interest (31.0)  
Present Value of Lease Liabilities 70.1 $ 70.5
Total    
2025 53.6  
2026 47.4  
2027 38.7  
2028 26.6  
2029 17.8  
Thereafter 137.5  
Total Lease Payments 321.6  
Less: Interest (101.8)  
Present Value of Lease Liabilities $ 219.8  
v3.25.0.1
Leases - Schedule of Supplemental Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating Cash Flows - Operating Leases $ 51.4 $ 56.2 $ 38.4
Operating Cash Flows - Finance Leases 3.6 3.7 3.8
Financing Cash Flows - Finance Leases 3.9 3.3 2.9
Leased Assets Obtained in Exchange for New Finance Lease Liabilities 3.9 0.6 0.0
Leased Assets Obtained in Exchange for New Operating Lease Liabilities $ 22.8 $ 115.7 $ 31.4
Weighted Average Remaining Lease Term (Years)      
Operating Leases 7 years 3 months 18 days 7 years 2 months 12 days 5 years 6 months
Finance Leases 14 years 9 months 18 days 16 years 1 month 6 days 17 years
Weighted Average Discount Rate      
Operating Leases 8.10% 8.10% 8.00%
Finance Leases 5.20% 5.20% 5.20%
v3.25.0.1
Shareholders' Equity - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 27, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock repurchase program, authorized amount           $ 500,000,000.0
Stock acquired and retired (in shares)     332,439 0 1,698,227  
Treasury stock acquired (in dollars per share)     $ 150.42   $ 140.89  
Stock repurchased     $ 50,000,000.0   $ 239,200,000  
Share-based compensation expense     34,800,000 $ 58,200,000 22,500,000  
Income tax benefit recognized for share-based compensation     4,800,000 10,500,000 5,400,000  
Fair value of shares and options vested     46,200,000 35,400,000 25,600,000  
Unrecognized compensation cost related to share-based compensation     $ 39,300,000      
Share-based compensation expected to recognize over a weighted average period, years     1 year 9 months 18 days      
Altra Merger Agreement            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based payment arrangement, accelerated cost   $ 15,700,000        
Stock based compensation $ 23,100,000          
SARs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period     3 years      
Expiration period     10 years      
Options and SAR's            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based compensation expected to recognize over a weighted average period, years     1 year 9 months 18 days      
Stock based compensation     $ 5,100,000 7,400,000 6,100,000  
Compensation costs not yet recognized     $ 5,600,000      
Restricted Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based compensation expected to recognize over a weighted average period, years     1 year 10 months 24 days      
Award vesting period     1 year      
Stock based compensation     $ 900,000 $ 2,300,000 $ 1,400,000  
Compensation costs not yet recognized     $ 200,000      
Grants in period (in shares)     0      
Weighted average grant date fair value (in dollars per share)     $ 0 $ 134.71 $ 131.27  
Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based compensation expected to recognize over a weighted average period, years     1 year 9 months 18 days      
Stock based compensation     $ 17,300,000 $ 24,700,000 $ 10,300,000  
Compensation costs not yet recognized     $ 18,300,000      
Grants in period (in shares)     142,551      
Weighted average grant date fair value (in dollars per share)     $ 165.10 $ 141.89 $ 147.70  
Restricted Stock Units (RSUs) | Tranche one            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation granted percentage     33.00%      
Restricted Stock Units (RSUs) | Tranche two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation granted percentage     33.00%      
Restricted Stock Units (RSUs) | Tranche three            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation granted percentage     33.00%      
Performance Share Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based compensation expected to recognize over a weighted average period, years     1 year 9 months 18 days      
Award vesting period     3 years      
Expiration period     3 years      
Stock based compensation     $ 11,500,000 $ 8,100,000 $ 4,700,000  
Compensation costs not yet recognized     $ 15,200,000      
Grants in period (in shares)     68,350      
Weighted average grant date fair value (in dollars per share)     $ 254.05 $ 235.77 $ 151.27  
Potential payout as a percentage of target     100.00%      
Performance Share Units | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Potential payout as a percentage of target     0.00%      
Performance Share Units | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Potential payout as a percentage of target     200.00%      
2019 Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share repurchase program, remaining authorized amount     $ 145,000,000.0      
2023 Plan | Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Authorized shares of common stock (in shares)     5,600,000      
Share available for future grant or payment under the various plans (in shares)     5,000,000.0      
v3.25.0.1
Shareholders' Equity - Schedule Of Share-Based Compensation Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Cash Received from Stock Option Exercises $ 4.9 $ 3.3 $ 5.1
SARs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Intrinsic Value of Share-Based Incentive Awards Exercised 22.0 6.2 7.8
Cash Received from Stock Option Exercises 4.9 2.5 3.5
Income Tax Benefit from the Exercise of Stock Options 21.2 5.3 6.1
Total Fair Value of Share-Based Incentive Awards Vested $ 13.4 $ 10.9 $ 8.2
v3.25.0.1
Shareholders' Equity - Schedule of Assumptions Used in Black Scholes valuation for Options and SAR's (Details) - SARs - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Per Share Weighted Average Fair Value of Grants (in dollars per share) $ 62.85 $ 54.20 $ 42.21
Risk-Free Interest Rate 4.30% 4.10% 1.80%
Expected Life (Years) 5 years 5 years 4 years
Expected Volatility 38.00% 35.80% 35.30%
Expected Dividend Yield 0.80% 0.90% 0.90%
v3.25.0.1
Shareholders' Equity - Schedule of Share-Based Incentive Plan Grant Activity (Details) - Options and SAR's
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Shares  
Outstanding, beginning balance (in shares) | shares 829,417
Granted (in shares) | shares 98,998
Exercised (in shares) | shares (275,347)
Forfeited (in shares) | shares (24,574)
Outstanding, ending balance (in shares) | shares 628,494
Exercisable, ending balance (in shares) | shares 443,632
Weighted Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 101.44
Granted (in dollars per share) | $ / shares 168.43
Exercised (in dollars per share) | $ / shares 85.85
Forfeited (in dollars per share) | $ / shares 151.93
Ending balance (in dollars per share) | $ / shares 116.90
Exercisable, end of period (in dollars per share) | $ / shares $ 99.47
Outstanding weighted average remaining contractual terms (years) 6 years
Exercisable weighted average remaining contractual term (years) 5 years
Outstanding aggregate intrinsic value | $ $ 25.2
Exercisable aggregate intrinsic value | $ $ 24.7
v3.25.0.1
Shareholders' Equity - Schedule of Other than Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock      
Shares      
Unvested shares, beginning balance (in shares) 21,997    
Granted (in shares) 0    
Vested (in shares) (18,451)    
Forfeited (in shares) (1,555)    
Unvested shares, ending balance (in shares) 1,991 21,997  
Weighted Average Fair Value at Grant Date      
Beginning balance (in dollars per share) $ 133.41    
Granted (in dollars per share) 0 $ 134.71 $ 131.27
Vested (in dollars per share) 132.49    
Forfeited (in dollars per share) 135.50    
Ending balance (in dollars per share) $ 136.77 $ 133.41  
Weighted Average Remaining Contractual Term (years) 1 year 10 months 24 days 10 months 24 days  
Restricted Stock Units (RSUs)      
Shares      
Unvested shares, beginning balance (in shares) 263,596    
Granted (in shares) 142,551    
Vested (in shares) (121,447)    
Forfeited (in shares) (42,527)    
Unvested shares, ending balance (in shares) 242,173 263,596  
Weighted Average Fair Value at Grant Date      
Beginning balance (in dollars per share) $ 143.43    
Granted (in dollars per share) 165.10 $ 141.89 147.70
Vested (in dollars per share) 143.18    
Forfeited (in dollars per share) 153.56    
Ending balance (in dollars per share) $ 154.79 $ 143.43  
Weighted Average Remaining Contractual Term (years) 1 year 9 months 18 days 1 year 10 months 24 days  
Performance Share Units      
Shares      
Unvested shares, beginning balance (in shares) 125,902    
Granted (in shares) 68,350    
Vested (in shares) (43,708)    
Forfeited (in shares) (8,458)    
Unvested shares, ending balance (in shares) 142,086 125,902  
Weighted Average Fair Value at Grant Date      
Beginning balance (in dollars per share) $ 197.36    
Granted (in dollars per share) 254.05 $ 235.77 $ 151.27
Vested (in dollars per share) 151.05    
Forfeited (in dollars per share) 190.97    
Ending balance (in dollars per share) $ 229.60 $ 197.36  
Weighted Average Remaining Contractual Term (years) 1 year 9 months 18 days 1 year 10 months 24 days  
v3.25.0.1
Shareholders' Equity - Schedule of Assumptions Used in Monte Carlo Valuation for Performance Share Units (Details) - Performance Share Units
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-Free Interest Rate 4.50% 4.40% 1.80%
Expected Life (Years) 3 years 3 years 3 years
Expected Volatility 36.00% 41.00% 38.00%
Expected Dividend Yield 0.00% 0.00% 0.00%
v3.25.0.1
Income Taxes - Schedule of Income (Loss) Before Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
US $ (169.2) $ (389.5) $ 221.2
Foreign 417.2 387.9 392.6
Income (Loss) before Taxes $ 248.0 $ (1.6) $ 613.8
v3.25.0.1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current      
US Federal $ 45.9 $ 39.6 $ 101.6
US State 10.0 6.4 10.2
Foreign 146.0 122.0 87.2
Total 201.9 168.0 199.0
Deferred      
US Federal (89.6) (84.3) (50.7)
US State (15.3) (9.4) (12.1)
Foreign (47.4) (21.6) (17.3)
Total (152.3) (115.3) (80.1)
Total $ 49.6 $ 52.7 $ 118.9
v3.25.0.1
Income Taxes - Schedule of Federal Statutory Expense (Benefit) and the Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Federal Statutory Expense (Benefit) $ 52.1 $ (0.4) $ 128.9
State Income Taxes, Net of Federal Benefit (3.2) (8.6) 3.2
Effect of Impairments and Divestitures 21.2 35.0 0.0
Foreign Rate Differential (8.3) (10.8) (1.4)
Research and Development Credit (8.7) (8.7) (9.7)
Valuation Allowance (6.6) 4.3 0.2
Tax on Repatriation 5.3 25.8 7.2
Transaction Costs 0.0 6.9 0.0
US Tax on Foreign Operations (6.6) 14.2 6.7
Deferred Tax Remeasurement (1.1) 3.4 (2.4)
Other 5.5 (8.4) (13.8)
Total $ 49.6 $ 52.7 $ 118.9
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2022
Income Tax Examination [Line Items]        
Deferred tax liabilities, net $ 785.5 $ 978.9    
Deferred tax assets 295.0 238.8    
Unrecognized tax benefits 4.2 8.5 $ 5.7 $ 8.8
Unrecognized tax benefits, interest on income taxes expense (0.3) (0.1) (0.1)  
Unrecognized tax benefits, accrued interest 0.7 1.1 $ 1.2  
Unrecognized tax benefits including accrued that could change in coming year 1.8      
Net operating losses $ 14.8 16.1    
Tax effected net operating losses, expiration period 15 years      
Valuation allowance $ 8.3 11.0    
Undistributed earnings of foreign subsidiaries 213.0      
Deferred tax liability for local withholding taxes, not recorded 16.9      
Deferred Income Tax Asset, Net        
Income Tax Examination [Line Items]        
Deferred tax assets 30.0 33.8    
Deferred Income Tax Liabilities, Net        
Income Tax Examination [Line Items]        
Deferred tax liabilities, net $ 815.5 $ 1,012.7    
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Asset (Liability) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Accrued Benefits $ 53.1 $ 65.4
Bad Debt Allowances 7.4 7.9
Warranty Accruals 7.6 8.4
Derivative Instruments 2.6 0.0
Inventory 33.7 8.6
Tax Loss Carryforward 14.8 16.1
Operating Lease Liability 56.5 67.4
Deferred Tax Asset, Interest Carryforward 92.6 43.7
Other 35.0 32.3
Deferred Tax Assets before Valuation Allowance 303.3 249.8
Valuation Allowance (8.3) (11.0)
Total Deferred Tax Assets 295.0 238.8
Property Related (83.3) (92.5)
Intangible Items (936.4) (1,026.6)
Accrued Liabilities (11.8) (29.9)
Derivative Instruments 0.0 (8.3)
Operating Lease Asset (49.0) (60.4)
Deferred Tax Liabilities (1,080.5) (1,217.7)
Net Deferred Tax Liability $ (785.5) $ (978.9)
v3.25.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits - beginning of year $ 8.5 $ 5.7 $ 8.8
Gross Increases from Current Period Tax Positions 0.8 0.3 0.6
Gross Increases from Acquisitions   3.8  
Acquisition Measurement Period Adjustment (2.8)    
Settlements with Taxing Authorities     (2.0)
Lapse of Statute of Limitations (2.3) (1.3) (1.7)
Unrecognized tax benefits - end of year $ 4.2 $ 8.5 $ 5.7
v3.25.0.1
Contingencies - Narrative (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2022
Dec. 31, 2024
USD ($)
subsidiary
claim
Dec. 31, 2002
entity
Commitments and Contingencies Disclosure [Abstract]      
Number of subsidiaries involved in litigation | subsidiary   1  
Purchase price | $   $ 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%  
Number of claims | claim   350  
v3.25.0.1
Contingencies - Schedule of Changes in Accrued Warranty Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]    
Beginning Balance $ 34.5 $ 28.8
Less: Payments 21.9 23.4
Provisions 21.5 21.8
Acquisitions 0.0 9.8
Reclassification to Liabilities Held for Sale 0.0 (3.4)
Translation Adjustments (0.7) 0.9
Ending Balance $ 33.4 $ 34.5
v3.25.0.1
Derivative Financial Instruments - Narrative (Details)
 1 Months Ended 12 Months Ended
Mar. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
May 31, 2022
USD ($)
derivativeInstrument
Jun. 30, 2020
USD ($)
derivativeInstrument
Derivative [Line Items]          
Derivative gains (losses), net of tax   $ (800,000) $ 15,100,000    
AOCI balance related to hedging activities of loss   (5,500,000)      
Net current deferred losses expected to be realized   $ (9,800,000)      
Foreign Exchange Forward          
Derivative [Line Items]          
Number of derivative instruments | derivativeInstrument       2 2
Notional amount of derivative       $ 250,000,000 $ 250,000,000
Proceeds from derivative instrument $ 16,200,000        
v3.25.0.1
Derivative Financial Instruments - Schedule of Notional Amounts (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
May 31, 2022
Jun. 30, 2020
Foreign Exchange Forward        
Derivative [Line Items]        
Notional amount of derivative     $ 250,000,000 $ 250,000,000
Foreign Exchange Forward | Mexican Peso        
Derivative [Line Items]        
Notional amount of derivative $ 233,200,000 $ 101,400,000    
Foreign Exchange Forward | Chinese Renminbi        
Derivative [Line Items]        
Notional amount of derivative 359,500,000 302,300,000    
Foreign Exchange Forward | Indian Rupee        
Derivative [Line Items]        
Notional amount of derivative 23,000,000.0 30,100,000    
Foreign Exchange Forward | Euro        
Derivative [Line Items]        
Notional amount of derivative 1,221,500,000 465,800,000    
Foreign Exchange Forward | Canadian Dollar        
Derivative [Line Items]        
Notional amount of derivative 52,200,000 0    
Foreign Exchange Forward | British Pound        
Derivative [Line Items]        
Notional amount of derivative 6,100,000 7,100,000    
Copper | Commodity Forwards        
Derivative [Line Items]        
Notional amount of derivative 41,700,000 37,500,000    
Aluminum | Commodity Forwards        
Derivative [Line Items]        
Notional amount of derivative $ 0 $ 1,400,000    
v3.25.0.1
Derivative Financial Instruments - Schedule of Fair Values of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Derivative asset, current $ 1.1 $ 15.4
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current
Derivative asset, noncurrent $ 5.5 $ 5.6
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Derivative liability, current $ 18.0 $ 7.5
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Accrued Liabilities, Current Other Accrued Liabilities, Current
Designated As Hedging Instruments | Interest Rate Swap Contracts    
Derivative [Line Items]    
Derivative asset, current $ 0.0 $ 0.0
Derivative asset, noncurrent 5.5 5.3
Derivative liability, current 0.0 0.0
Designated As Hedging Instruments | Currency Contracts    
Derivative [Line Items]    
Derivative asset, current 0.1 13.1
Derivative asset, noncurrent 0.0 0.2
Derivative liability, current 8.0 1.0
Designated As Hedging Instruments | Commodity Contracts    
Derivative [Line Items]    
Derivative asset, current 0.1 1.0
Derivative asset, noncurrent 0.0 0.1
Derivative liability, current 4.4 0.6
Not Designated As Hedging Instruments | Currency Contracts    
Derivative [Line Items]    
Derivative asset, current 0.9 1.3
Derivative asset, noncurrent 0.0 0.0
Derivative liability, current $ 5.6 $ 5.9
v3.25.0.1
Derivative Financial Instruments - Schedule of Effect on Income and Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
(Loss) Gain Recognized in Other Comprehensive Loss $ (0.8) $ 15.1  
Cash Flow Hedging | Designated As Hedging Instruments      
Derivative [Line Items]      
(Loss) Gain Recognized in Other Comprehensive Loss (18.6) 28.2 $ 6.1
Cash Flow Hedging | Designated As Hedging Instruments | Net Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss)     0.1
Cash Flow Hedging | Designated As Hedging Instruments | Cost of Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss) 21.0 7.2 9.6
Cash Flow Hedging | Designated As Hedging Instruments | Interest Expense      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss) 5.6 5.9 1.3
Cash Flow Hedging | Designated As Hedging Instruments | Commodity Forwards      
Derivative [Line Items]      
(Loss) Gain Recognized in Other Comprehensive Loss (4.5) (0.5) (23.5)
Cash Flow Hedging | Designated As Hedging Instruments | Commodity Forwards | Net Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss)     0.0
Cash Flow Hedging | Designated As Hedging Instruments | Commodity Forwards | Cost of Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss) (1.3) (13.6) 3.5
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
Cash Flow Hedging | Designated As Hedging Instruments | Currency Forwards      
Derivative [Line Items]      
(Loss) Gain Recognized in Other Comprehensive Loss (14.3) 31.2 11.4
Cash Flow Hedging | Designated As Hedging Instruments | Currency Forwards | Net Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss)     0.1
Cash Flow Hedging | Designated As Hedging Instruments | Currency Forwards | Cost of Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss) 22.3 20.8 6.1
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
Cash Flow Hedging | Designated As Hedging Instruments | Interest Rate Swap Contracts      
Derivative [Line Items]      
(Loss) Gain Recognized in Other Comprehensive Loss 0.2 (2.5) 18.2
Cash Flow Hedging | Designated As Hedging Instruments | Interest Rate Swap Contracts | Net Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss)     0.0
Cash Flow Hedging | Designated As Hedging Instruments | Interest Rate Swap Contracts | Cost of Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss) 0.0 0.0 0.0
Cash Flow Hedging | Designated As Hedging Instruments | Interest Rate Swap Contracts | Interest Expense      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss) 5.6 5.9 1.3
Cash Flow Hedging | Not Designated As Hedging Instruments | Cost of Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss)   0.3 (0.6)
Cash Flow Hedging | Not Designated As Hedging Instruments | Operating Expenses      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss) 4.6 (17.8) 10.2
Cash Flow Hedging | Not Designated As Hedging Instruments | Commodity Forwards | Cost of Sales      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss)   0.3 (0.6)
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
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
Cash Flow Hedging | Not Designated As Hedging Instruments | Currency Forwards | Operating Expenses      
Derivative [Line Items]      
Amounts reclassified from other comprehensive income (loss) $ 4.6 $ (17.8) $ 10.2
v3.25.0.1
Derivative Financial Instruments - Schedule of Derivatives Under Enforceable Master Netting Agreements (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Offsetting Derivative Assets [Abstract]    
Gross Amounts as Presented in the Consolidated Balance Sheet $ 6.6 $ 15.7
Derivative Contract Amounts Subject to Right of Offset (1.1) (2.6)
Derivative Contracts as Presented on a Net Basis 5.5 13.1
Offsetting Derivative Liabilities [Abstract]    
Gross Amounts as Presented in the Consolidated Balance Sheet 18.0 7.5
Derivative Contract Amounts Subject to Right of Offset (1.1) (2.6)
Derivative Contracts as Presented on a Net Basis $ 16.9 $ 4.9
v3.25.0.1
Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, current $ 1.1 $ 15.4
Derivative asset, noncurrent 5.5 5.6
Derivative liability, current 18.0 7.5
Derivative Currency Contracts | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, current 1.0 14.4
Derivative asset, noncurrent 0.0 0.2
Derivative liability, current 13.6 6.9
Derivative Commodity Contracts | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, current 0.1 1.0
Derivative asset, noncurrent 0.0 0.1
Derivative liability, current 4.4 0.6
Interest Rate Swap | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, noncurrent 5.5 5.3
Assets Held in Rabbi Trust | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset, noncurrent $ 14.6 $ 12.7
v3.25.0.1
Restructuring Activities - Schedule of Restructuring Reserve (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]      
Beginning Balance   $ 29.1 $ 15.1
Acquisition   0.0 0.2
Provision   41.3 42.2
Less: Payments   54.1 28.4
Ending Balance   $ 16.3 29.1
Accelerated depreciation     $ 19.3
Altra Merger Agreement      
Restructuring Reserve [Roll Forward]      
Severance costs $ 12.4    
v3.25.0.1
Restructuring Activities - Schedule of Reconciliation of Expenses by Type (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 44.1 $ 61.5 $ 46.8
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of Sales, Operating Expenses Cost of Sales, Operating Expenses Cost of Sales, Operating Expenses
Total restructuring and restructuring-related costs $ 44.1 $ 61.5 $ 46.8
Industrial Powertrain Solutions      
Restructuring Cost and Reserve [Line Items]      
Total restructuring and restructuring-related costs 21.7 27.0 11.8
Industrial Systems      
Restructuring Cost and Reserve [Line Items]      
Total restructuring and restructuring-related costs 11.3 30.4 19.4
Automation & Motion Control      
Restructuring Cost and Reserve [Line Items]      
Total restructuring and restructuring-related costs 10.1 3.2 14.1
Industrial Systems      
Restructuring Cost and Reserve [Line Items]      
Total restructuring and restructuring-related costs 1.0 0.9 1.5
Severance Expense      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 25.9 27.3 31.5
Facility Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 9.3 25.8 14.6
Other Expenses      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 8.9 8.4 0.7
Cost of Sales      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 25.5 45.4 38.9
Cost of Sales | Severance Expense      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 11.2 12.1 25.1
Cost of Sales | Facility Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 7.8 25.5 13.5
Cost of Sales | Other Expenses      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 6.5 7.8 0.3
Operating Expenses      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 18.6 16.1 7.9
Operating Expenses | Severance Expense      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 14.7 15.2 6.4
Operating Expenses | Facility Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 1.5 0.3 1.1
Operating Expenses | Other Expenses      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 2.4 $ 0.6 $ 0.4
v3.25.0.1
Restructuring Activities - Narrative (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Restructuring and Related Activities [Abstract]  
Expected future restructuring charges $ 29.8
v3.25.0.1
Schedule II Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Held for sale | Industrial Motors and Generators Businesses      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Purchase accounting adjustment and translation   $ 5.8  
Allowance For Receivables      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance Beginning of Year $ 30.3 30.9 $ 18.7
Charged to Expenses 3.4 (0.4) 2.9
Deductions (3.8) (4.1) (1.7)
Adjustments 0.0 3.9 11.0
Balance End of Year $ 29.9 $ 30.3 $ 30.9