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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 10-Q
| | | | | |
(Mark One) |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023 | | | | | |
or |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Commission file number 001-39483
________________________________________________
Vontier Corporation
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 84-2783455 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. employer identification number) |
5438 Wade Park Boulevard, Suite 600
Raleigh, NC 27607
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (984) 275-6000
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, par value $0.0001 per share | VNT | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | x | | | | Accelerated filer | ☐ |
| | | | | | |
Non-accelerated filer | ☐ | | | | Smaller reporting company | ☐ |
| | | | | | |
| | | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No x
As of July 31, 2023, there were 154,738,349 shares of the Registrant’s common stock outstanding.
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
VONTIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in millions, except share and per share amounts)
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
| (unaudited) | | |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 244.0 | | | $ | 204.5 | |
Accounts receivable, less allowance for credit losses of $34.9 million and $34.2 million as of June 30, 2023 and December 31, 2022, respectively | 490.9 | | | 514.8 | |
Inventories | 329.2 | | | 346.0 | |
Prepaid expenses and other current assets | 158.6 | | | 152.8 | |
Equity securities measured at fair value | — | | | 21.3 | |
Current assets held for sale | 53.5 | | | 145.6 | |
Total current assets | 1,276.2 | | | 1,385.0 | |
Property, plant and equipment, net | 94.5 | | | 92.1 | |
Operating lease right-of-use assets | 42.0 | | | 44.5 | |
Long-term financing receivables, less allowance for credit losses of $33.3 million and $37.7 million as of June 30, 2023 and December 31, 2022, respectively | 265.0 | | | 249.8 | |
Other intangible assets, net | 606.6 | | | 649.7 | |
Goodwill | 1,733.9 | | | 1,738.7 | |
Other assets | 187.4 | | | 183.5 | |
Total assets | $ | 4,205.6 | | | $ | 4,343.3 | |
LIABILITIES AND EQUITY | | | |
Current liabilities: | | | |
Short-term borrowings | $ | 8.7 | | | $ | 4.6 | |
Trade accounts payable | 353.9 | | | 430.9 | |
Current operating lease liabilities | 12.9 | | | 13.8 | |
Accrued expenses and other current liabilities | 441.7 | | | 437.6 | |
Current liabilities held for sale | 29.0 | | | 43.0 | |
Total current liabilities | 846.2 | | | 929.9 | |
Long-term operating lease liabilities | 31.8 | | | 34.0 | |
Long-term debt | 2,422.4 | | | 2,585.7 | |
Other long-term liabilities | 203.8 | | | 214.2 | |
Total liabilities | 3,504.2 | | | 3,763.8 | |
Commitments and Contingencies (Note 10) | | | |
Equity: | | | |
Preferred stock, 15.0 million shares authorized; no par value; no shares issued and outstanding | — | | | — | |
Common stock, 2.0 billion shares authorized; $0.0001 par value; 170.3 million and 169.7 million shares issued, and 154.6 million and 156.0 million outstanding as of June 30, 2023 and December 31, 2022, respectively | — | | | — | |
Treasury stock, at cost, 15.7 million and 13.7 million shares as of June 30, 2023 and December 31, 2022, respectively | (378.5) | | | (328.0) | |
Additional paid-in capital | 37.8 | | | 27.6 | |
Retained earnings | 943.1 | | | 770.8 | |
Accumulated other comprehensive income | 94.1 | | | 106.1 | |
Total Vontier stockholders’ equity | 696.5 | | | 576.5 | |
Noncontrolling interests | 4.9 | | | 3.0 | |
Total equity | 701.4 | | | 579.5 | |
Total liabilities and equity | $ | 4,205.6 | | | $ | 4,343.3 | |
See the accompanying Notes to the Consolidated Condensed Financial Statements.
VONTIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (LOSS)
(in millions, except per share amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 |
Sales | $ | 764.4 | | | $ | 776.4 | | | $ | 1,540.8 | | | $ | 1,524.5 | |
Cost of sales | (416.3) | | | (428.3) | | | (839.7) | | | (841.1) | |
Gross profit | 348.1 | | | 348.1 | | | 701.1 | | | 683.4 | |
Operating costs: | | | | | | | |
Selling, general and administrative expenses | (187.2) | | | (176.7) | | | (365.4) | | | (342.7) | |
Research and development expenses | (40.3) | | | (34.9) | | | (81.3) | | | (69.4) | |
Operating profit | 120.6 | | | 136.5 | | | 254.4 | | | 271.3 | |
Non-operating income (expense), net: | | | | | | | |
Interest expense, net | (23.9) | | | (15.3) | | | (47.9) | | | (28.2) | |
Gain on sale of business | 34.1 | | | — | | | 34.1 | | | — | |
Gain on previously held equity interests from combination of business | — | | | — | | | — | | | 32.7 | |
Unrealized (loss) gain on equity securities measured at fair value | — | | | (80.0) | | | — | | | 83.0 | |
Other non-operating expense, net | (0.5) | | | — | | | (1.4) | | | (0.1) | |
Earnings before income taxes | 130.3 | | | 41.2 | | | 239.2 | | | 358.7 | |
Provision for income taxes | (33.0) | | | (7.9) | | | (59.1) | | | (75.2) | |
Net earnings | $ | 97.3 | | | $ | 33.3 | | | $ | 180.1 | | | $ | 283.5 | |
| | | | | | | |
Net earnings per share: | | | | | | | |
Basic | $ | 0.63 | | | $ | 0.21 | | | $ | 1.16 | | | $ | 1.74 | |
Diluted | $ | 0.62 | | | $ | 0.21 | | | $ | 1.15 | | | $ | 1.73 | |
Weighted average shares outstanding: | | | | | | | |
Basic | 155.4 | | | 160.5 | | | 155.5 | | | 163.2 | |
Diluted | 156.3 | | | 161.2 | | | 156.2 | | | 163.9 | |
| | | | | | | |
Net earnings | $ | 97.3 | | | $ | 33.3 | | | $ | 180.1 | | | $ | 283.5 | |
Other comprehensive income (loss), net of income taxes: | | | | | | | |
Foreign currency translation adjustments | (8.3) | | | (63.1) | | | (12.1) | | | (78.2) | |
Other adjustments | — | | | 0.1 | | | 0.1 | | | 0.2 | |
Total other comprehensive loss, net of income taxes | (8.3) | | | (63.0) | | | (12.0) | | | (78.0) | |
Comprehensive income (loss) | $ | 89.0 | | | $ | (29.7) | | | $ | 168.1 | | | $ | 205.5 | |
See the accompanying Notes to the Consolidated Condensed Financial Statements.
VONTIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY
(in millions)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Treasury Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income | | Noncontrolling Interests | | Total |
| Shares | | Amount | | Shares | | Amount | | | | |
Balance, December 31, 2022 | 169.7 | | | $ | — | | | 13.7 | | | $ | (328.0) | | | $ | 27.6 | | | $ | 770.8 | | | $ | 106.1 | | | $ | 3.0 | | | $ | 579.5 | |
Net earnings | — | | | — | | | — | | | — | | | — | | | 82.8 | | | — | | | — | | | 82.8 | |
Dividends on common stock ($0.025 per share) | — | | | — | | | — | | | — | | | — | | | (3.9) | | | — | | | — | | | (3.9) | |
Other comprehensive loss, net of income taxes | — | | | — | | | — | | | — | | | — | | | — | | | (3.7) | | | — | | | (3.7) | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | 6.1 | | | — | | | — | | | 0.7 | | | 6.8 | |
Common stock-based award activity, net of shares for tax withholding | 0.5 | | | — | | | — | | | — | | | (3.1) | | | — | | | — | | | — | | | (3.1) | |
Purchase of treasury stock | — | | | — | | | 0.9 | | | (18.4) | | | — | | | — | | | — | | | — | | | (18.4) | |
Balance, March 31, 2023 | 170.2 | | | $ | — | | | 14.6 | | | $ | (346.4) | | | $ | 30.6 | | | $ | 849.7 | | | $ | 102.4 | | | $ | 3.7 | | | $ | 640.0 | |
Net earnings | — | | | — | | | — | | | — | | | — | | | 97.3 | | | — | | | — | | | 97.3 | |
Dividends on common stock ($0.025 per share) | — | | | — | | | — | | | — | | | — | | | (3.9) | | | — | | | — | | | (3.9) | |
Other comprehensive loss, net of income taxes | — | | | — | | | — | | | — | | | — | | | — | | | (8.3) | | | — | | | (8.3) | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | 7.0 | | | — | | | — | | | 1.5 | | | 8.5 | |
Common stock-based award activity, net of shares for tax withholding | 0.1 | | | — | | | — | | | — | | | 0.2 | | | — | | | — | | | — | | | 0.2 | |
Purchase of treasury stock | — | | | — | | | 1.1 | | | (32.1) | | | — | | | — | | | — | | | — | | | (32.1) | |
Change in noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (0.3) | | | (0.3) | |
Balance, June 30, 2023 | 170.3 | | | $ | — | | | 15.7 | | | $ | (378.5) | | | $ | 37.8 | | | $ | 943.1 | | | $ | 94.1 | | | $ | 4.9 | | | $ | 701.4 | |
See the accompanying Notes to the Consolidated Condensed Financial Statements.
VONTIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (continued)
(in millions)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Treasury Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income | | Noncontrolling Interests | | Total |
| Shares | | Amount | | Shares | | Amount | | | | |
Balance, December 31, 2021 | 169.2 | | | $ | — | | | — | | | $ | — | | | $ | 1.5 | | | $ | 386.7 | | | $ | 181.7 | | | $ | 3.8 | | | $ | 573.7 | |
Net earnings | — | | | — | | | — | | | — | | | — | | | 250.2 | | | — | | | — | | | 250.2 | |
Dividends on common stock ($0.025 per share) | — | | | — | | | — | | | — | | | — | | | (4.0) | | | — | | | — | | | (4.0) | |
Other comprehensive loss, net of income taxes | — | | | — | | | — | | | — | | | — | | | — | | | (15.0) | | | — | | | (15.0) | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | 6.1 | | | — | | | — | | | — | | | 6.1 | |
Common stock-based award activity, net of shares for tax withholding | 0.3 | | | — | | | — | | | — | | | (2.0) | | | — | | | — | | | — | | | (2.0) | |
Purchase of treasury stock | — | | | — | | | 8.5 | | | (207.0) | | | — | | | (50.0) | | | — | | | — | | | (257.0) | |
Change in noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (0.1) | | | (0.1) | |
Balance, April 1, 2022 | 169.5 | | | $ | — | | | 8.5 | | | $ | (207.0) | | | $ | 5.6 | | | $ | 582.9 | | | $ | 166.7 | | | $ | 3.7 | | | $ | 551.9 | |
Net earnings | — | | | — | | | — | | | — | | | — | | | 33.3 | | | — | | | — | | | 33.3 | |
Dividends on common stock $0.025 per share) | — | | | — | | | — | | | — | | | — | | | (4.0) | | | — | | | — | | | (4.0) | |
Other comprehensive loss, net of income taxes | — | | | — | | | — | | | — | | | — | | | — | | | (63.0) | | | — | | | (63.0) | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | 7.0 | | | — | | | — | | | — | | | 7.0 | |
Common stock-based award activity, net of shares for tax withholding | — | | | — | | | — | | | — | | | 0.2 | | | — | | | — | | | — | | | 0.2 | |
Purchase of treasury stock | — | | | — | | | 2.3 | | | (71.0) | | | — | | | 50.0 | | | — | | | — | | | (21.0) | |
Change in noncontrolling interests and other | — | | | — | | | — | | | — | | | — | | | (1.4) | | | — | | | (0.3) | | | (1.7) | |
Balance, July 1, 2022 | 169.5 | | | $ | — | | | 10.8 | | | $ | (278.0) | | | $ | 12.8 | | | $ | 660.8 | | | $ | 103.7 | | | $ | 3.4 | | | $ | 502.7 | |
See the accompanying Notes to the Consolidated Condensed Financial Statements.
VONTIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
| | | | | | | | | | | |
| Six Months Ended |
| June 30, 2023 | | July 1, 2022 |
Cash flows from operating activities: | | | |
Net earnings | $ | 180.1 | | | $ | 283.5 | |
Non-cash items: | | | |
Depreciation and amortization expense | 62.7 | | | 58.1 | |
Stock-based compensation expense | 15.3 | | | 13.1 | |
Amortization of debt issuance costs | 2.0 | | | 1.7 | |
Amortization of acquisition-related inventory fair value step-up | 1.3 | | | — | |
Loss on equity investments | 0.8 | | | — | |
| | | |
Gain on sale of business | (34.1) | | | — | |
Gain on sale of property | (2.8) | | | — | |
Gain on previously held equity interests from combination of business | — | | | (32.7) | |
Unrealized gain on equity securities measured at fair value | — | | | (83.0) | |
Change in deferred income taxes | (9.3) | | | 5.0 | |
Change in accounts receivable and long-term financing receivables, net | 11.5 | | | (31.8) | |
Change in other operating assets and liabilities | (69.0) | | | (165.4) | |
Net cash provided by operating activities | 158.5 | | | 48.5 | |
Cash flows from investing activities: | | | |
Proceeds from sale of business, net of cash provided | 106.8 | | | — | |
Cash paid for acquisitions, net of cash received | — | | | (186.6) | |
Payments for additions to property, plant and equipment | (26.1) | | | (26.5) | |
Proceeds from sale of property | 4.3 | | | 0.2 | |
Cash paid for equity investments | (1.9) | | | (7.3) | |
Proceeds from sale of equity securities | 20.4 | | | — | |
| | | |
Net cash provided by (used in) investing activities | 103.5 | | | (220.2) | |
Cash flows from financing activities: | | | |
Proceeds from issuance of long-term debt | — | | | 144.0 | |
Repayment of long-term debt | (165.0) | | | (130.0) | |
Net proceeds from short-term borrowings | 3.8 | | | 5.0 | |
| | | |
Payments of common stock cash dividend | (7.8) | | | (8.0) | |
Purchases of treasury stock | (50.0) | | | (271.1) | |
Proceeds from stock option exercises | 3.1 | | | 0.6 | |
Other financing activities | (6.7) | | | (3.3) | |
Net cash used in financing activities | (222.6) | | | (262.8) | |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | | | (10.7) | |
Net change in cash and cash equivalents | 39.5 | | | (445.2) | |
Beginning balance of cash and cash equivalents | 204.5 | | | 572.6 | |
Ending balance of cash and cash equivalents | $ | 244.0 | | | $ | 127.4 | |
See the accompanying Notes to the Consolidated Condensed Financial Statements.
VONTIER CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(unaudited)
NOTE 1. BUSINESS OVERVIEW AND BASIS OF PRESENTATION
Nature of Business
Vontier Corporation (“Vontier” or the “Company”) is a global industrial technology company that provides critical mobility and multi-energy technologies and solutions to connect, manage and scale the mobility ecosystem worldwide. As of June 30, 2023, the Company operates through three reportable segments which align to the Company’s three operating segments: (i) Mobility Technologies, which provides digitally enabled equipment and solutions to support efficient operations across the mobility ecosystem, including point-of-sale and payment systems, workflow automation solutions, telematics, data analytics, operating software for electric vehicle charging networks, and integrated solutions for alternative fuel dispensing; (ii) Repair Solutions, which manufactures and distributes aftermarket vehicle repair tools, toolboxes, automotive diagnostic equipment and software through a network of mobile franchisees; and (iii) Environmental & Fueling Solutions, which provides environmental and fueling hardware and software, and aftermarket solutions for global fueling infrastructure.
Basis of Presentation and Unaudited Interim Financial Information
The accompanying Consolidated Condensed Financial Statements present the Company’s historical financial position, results of operations, changes in equity and cash flows in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and are unaudited.
The interim Consolidated Condensed Financial Statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. The Consolidated Condensed Financial Statements also reflect the impact of noncontrolling interests. Noncontrolling interests do not have a significant impact on the Company’s consolidated results of operations, therefore, net earnings and net earnings per share attributable to noncontrolling interests are not presented separately in the Company’s Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). Net earnings attributable to noncontrolling interests have been reflected in selling, general and administrative expenses (“SG&A”) and were insignificant in all periods presented.
In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The accompanying interim Consolidated Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Consolidated and Combined Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”).
Goodwill
In the first quarter of 2023, the Company realigned its internal organization, as further discussed in Note 9. Segment Information, which resulted in a decrease in the number of reporting units for goodwill impairment testing from seven reporting units to five reporting units. For historical reporting units that were divided among the Company’s new reporting units after the realignment, the Company used the relative fair value method to reallocate goodwill to the new reporting units. The Company performed a qualitative goodwill impairment test immediately prior to and following the change in reporting units. Based on the Company’s assessment, the Company determined on the basis of the qualitative and quantitative factors that the fair values of the reporting units were more likely than not greater than their respective carrying values both immediately prior to and following the change in reporting units, and therefore, a quantitative test was not required.
Foreign Currency Translation and Transactions
Exchange rate adjustments resulting from foreign currency transactions are recognized in Net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of Accumulated other comprehensive income within equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using period-end exchange rates and income statement accounts are translated at weighted average exchange rates. Net foreign currency transaction gains or losses were not material in any of the periods presented.
Recently Adopted Accounting Standards
In March 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which requires enhanced disclosure of certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This ASU also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. ASU No. 2022-02 became effective for the Company’s annual and interim periods beginning on January 1, 2023. The Company has disclosed current-period gross write-offs in Note 3. Financing and Trade Receivables, while the other provisions of ASU 2022-02 did not have a material impact on the Company’s financial statements.
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021 issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of ASU 2020-04 from December 31, 2022 to December 31, 2024. These ASUs provide temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as the London Inter-bank Offered Rate (“LIBOR”) which is being phased out, to alternate reference rates, such as the Secured Overnight Financing Rate (“SOFR”). These standards were effective upon issuance and allowed application to contract changes as early as January 1, 2020. The Company has transitioned all debt that historically referenced LIBOR to alternate reference rates, utilizing certain practical expedients to account for the modifications prospectively.
NOTE 2. ACQUISITIONS
The Company did not complete any acquisitions during the six months ended June 30, 2023.
During the six months ended July 1, 2022, the Company completed the acquisition of Driivz Ltd. (“Driivz”), which is further discussed below, and acquired all of the outstanding equity interests in one other business.
Driivz
On February 7, 2022, the Company acquired the remaining 81% of the outstanding shares of Driivz for $152.5 million, net of cash received. Driivz, which is based in Israel, is a cloud-based subscription software platform supporting electric vehicle charging infrastructure (“EVCI”) providers with operations management, energy optimization, billing and roaming capabilities, as well as driver self-service apps. The acquisition of Driivz accelerates the Company’s portfolio diversification and e-mobility strategies and positions the Company to capitalize on the global EVCI market opportunities.
The acquisition of Driivz was accounted for as a business combination and, accordingly, the assets acquired and the liabilities assumed have been recorded at their respective fair values as of the acquisition date. The goodwill is attributable to the workforce of the acquired business, future market opportunities and the expected synergies with the Company’s existing operations. The majority of the goodwill derived from this acquisition is not deductible for tax purposes.
The Company’s final purchase price allocation is as follows:
| | | | | | | | | | | |
($ in millions) | Driivz | | Weighted Average Amortization Period |
Accounts receivable | $ | 1.0 | | | |
Technology | 56.3 | | | 8.0 |
Customer relationships | 28.1 | | | 13.0 |
Trade names | 9.2 | | | 16.0 |
Goodwill | 125.7 | | | |
Other assets | 2.9 | | | |
Accrued expenses and other current liabilities | (12.5) | | | |
Other long-term liabilities | (15.2) | | | |
Purchase price, net of cash received | $ | 195.5 | | | |
The Company recorded certain adjustments to the preliminary purchase price allocation during the measurement period resulting in a net decrease of $5.2 million to goodwill.
The carrying value of the Company’s approximately 19% interest in Driivz prior to the acquisition was $10.3 million, which historically was carried at cost. In connection with the acquisition, this investment was remeasured to a fair value of $43.0 million resulting in the recognition of an aggregate noncash gain of $32.7 million during the six months ended July 1, 2022, which was included in Gain on previously held equity interests from combination of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss).
The Company has not disclosed post-acquisition or pro forma revenue and earnings attributable to Driivz as it did not have a material effect on the Company’s results. Driivz is presented in the Company’s Mobility Technologies segment.
NOTE 3. FINANCING AND TRADE RECEIVABLES
The Company’s financing receivables are comprised of commercial purchase security agreements with the Company’s end customers (“PSAs”) and commercial loans to the Company’s franchisees (“Franchisee Notes”) in the Repair Solutions segment. Financing receivables are generally secured by the underlying tools and equipment financed.
Revenues associated with the Company’s interest income related to financing receivables are recognized to approximate a constant effective yield over the contract term. Accrued interest is included in Accounts receivable, less allowance for credit losses on the Consolidated Condensed Balance Sheets and was insignificant as of June 30, 2023 and December 31, 2022.
The components of financing receivables with payments due in less than twelve months that are presented in Accounts receivable, less allowance for credit losses on the Consolidated Condensed Balance Sheets were as follows:
| | | | | | | | | | | |
($ in millions) | June 30, 2023 | | December 31, 2022 |
Gross current financing receivables: | | | |
PSAs | $ | 96.8 | | | $ | 96.6 | |
Franchisee Notes | 20.9 | | | 18.4 | |
Current financing receivables, gross | $ | 117.7 | | | $ | 115.0 | |
| | | |
Allowance for credit losses: | | | |
PSAs | $ | 14.5 | | | $ | 13.1 | |
Franchisee Notes | 5.5 | | | 6.5 | |
Total allowance for credit losses | 20.0 | | | 19.6 | |
| | | |
Net current financing receivables: | | | |
PSAs, net | $ | 82.3 | | | $ | 83.5 | |
Franchisee Notes, net | 15.4 | | | 11.9 | |
Total current financing receivables, net | $ | 97.7 | | | $ | 95.4 | |
The components of Long-term financing receivables, less allowance for credit losses, which consists of financing receivables with payments due beyond one year, were as follows:
| | | | | | | | | | | |
($ in millions) | June 30, 2023 | | December 31, 2022 |
Gross long-term financing receivables: | | | |
PSAs | $ | 234.7 | | | $ | 224.0 | |
Franchisee Notes | 63.6 | | | 63.5 | |
Long-term financing receivables, gross | $ | 298.3 | | | $ | 287.5 | |
| | | |
Allowance for credit losses: | | | |
PSAs | $ | 28.2 | | | $ | 32.4 | |
Franchisee Notes | 5.1 | | | 5.3 | |
Total allowance for credit losses | 33.3 | | | 37.7 | |
| | | |
Net long-term financing receivables: | | | |
PSAs, net | $ | 206.5 | | | $ | 191.6 | |
Franchisee Notes, net | 58.5 | | | 58.2 | |
Total long-term financing receivables, net | $ | 265.0 | | | $ | 249.8 | |
As of June 30, 2023 and December 31, 2022, the net unamortized discount on our financing receivables was $17.7 million and $16.8 million, respectively.
Credit score and distributor tenure are the primary indicators of credit quality for the Company’s financing receivables. The amortized cost basis and current period gross write-offs of PSAs and Franchisee Notes by origination year as of and for the six months ended June 30, 2023, is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total |
PSAs | | | | | | | | | | | | | |
Credit Score: | | | | | | | | | | | | | |
Less than 400 | $ | 10.6 | | | $ | 10.2 | | | $ | 5.4 | | | $ | 2.6 | | | $ | 1.4 | | | $ | 0.1 | | | $ | 30.3 | |
400-599 | 16.0 | | | 17.3 | | | 8.8 | | | 4.7 | | | 2.1 | | | 0.6 | | | 49.5 | |
600-799 | 34.4 | | | 34.3 | | | 18.9 | | | 9.6 | | | 3.6 | | | 1.1 | | | 101.9 | |
800+ | 55.9 | | | 52.6 | | | 24.4 | | | 12.0 | | | 4.1 | | | 0.8 | | | 149.8 | |
Total PSAs | $ | 116.9 | | | $ | 114.4 | | | $ | 57.5 | | | $ | 28.9 | | | $ | 11.2 | | | $ | 2.6 | | | $ | 331.5 | |
| | | | | | | | | | | | | |
Franchisee Notes | | | | | | | | | | | | | |
Active distributors | $ | 15.4 | | | $ | 21.5 | | | $ | 14.9 | | | $ | 7.0 | | | $ | 5.9 | | | $ | 6.3 | | | $ | 71.0 | |
Separated distributors | — | | | 0.8 | | | 2.8 | | | 2.6 | | | 2.5 | | | 4.8 | | | 13.5 | |
Total Franchisee Notes | $ | 15.4 | | | $ | 22.3 | | | $ | 17.7 | | | $ | 9.6 | | | $ | 8.4 | | | $ | 11.1 | | | $ | 84.5 | |
| | | | | | | | | | | | | |
Current Period Gross Write-offs | | | | | | | | | | | | | |
PSAs | $ | 2.3 | | | $ | 8.9 | | | $ | 5.0 | | | $ | 2.4 | | | $ | 1.1 | | | $ | 0.5 | | | $ | 20.2 | |
Franchisee Notes | — | | | 0.1 | | | 0.1 | | | 0.1 | | | 0.5 | | | 0.6 | | | 1.4 | |
Total current period gross write-offs | $ | 2.3 | | | $ | 9.0 | | | $ | 5.1 | | | $ | 2.5 | | | $ | 1.6 | | | $ | 1.1 | | | $ | 21.6 | |
Past Due
PSAs are considered past due when a contractual payment has not been made. If a customer is making payments on its account, interest will continue to accrue. The table below sets forth the aging of the Company’s PSA balances as of:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | 30-59 days past due | | 60-90 days past due | | Greater than 90 days past due | | Total past due | | Total not considered past due | | Total | | Greater than 90 days past due and accruing interest |
June 30, 2023 | | $ | 3.3 | | | $ | 1.7 | | | $ | 6.3 | | | $ | 11.3 | | | $ | 320.2 | | | $ | 331.5 | | | $ | 6.3 | |
December 31, 2022 | | 3.6 | | | 1.8 | | | 6.9 | | | 12.3 | | | 308.3 | | | 320.6 | | | 6.9 | |
Franchisee Notes are considered past due when payments have not been made for 21 days after the due date. Past due Franchisee Notes (where the franchisee had not yet separated) were insignificant as of June 30, 2023 and December 31, 2022.
Uncollectable Status
PSAs are deemed uncollectable and written off when they are both contractually delinquent and no payment has been received for 180 days.
Franchisee Notes are deemed uncollectable and written off after a distributor separates and no payments have been received for one year.
The Company stops accruing interest and other fees associated with financing receivables when (i) a customer is placed in uncollectable status and repossession efforts have begun; (ii) upon receipt of notification of bankruptcy; (iii) upon notification of the death of a customer; or (iv) other instances in which management concludes collectability is not reasonably assured.
Allowance for Credit Losses Related to Financing Receivables
The Company calculates the allowance for credit losses considering several factors, including the aging of its financing receivables, historical credit loss and portfolio delinquency experience and current economic conditions. The Company also evaluates financing receivables with identified exposures, such as customer defaults, bankruptcy or other events that make it unlikely it will recover the amounts owed to it. In calculating such reserves, the Company evaluates expected cash flows, including estimated proceeds from disposition of collateral, and calculates an estimate of the potential loss and the probability of loss. When a loss is considered probable on an individual financing receivable, a specific reserve is recorded.
The following is a rollforward of the PSAs and Franchisee Notes components of the Company’s allowance for credit losses related to financing receivables as of:
| | | | | | | | | | | | | | | | | |
| June 30, 2023 |
($ in millions) | PSAs | | Franchisee Notes | | Total |
Allowance for credit losses, beginning of year | $ | 45.5 | | | $ | 11.8 | | | $ | 57.3 | |
Provision for credit losses | 16.3 | | | (0.1) | | | 16.2 | |
Write-offs | (20.2) | | | (1.4) | | | (21.6) | |
Recoveries of amounts previously charged off | 1.1 | | | 0.3 | | | 1.4 | |
Allowance for credit losses, end of period | $ | 42.7 | | | $ | 10.6 | | | $ | 53.3 | |
Allowance for Credit Losses Related to Trade Accounts Receivables
The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables (excluding financing receivables) and the Company’s trade accounts receivable cost basis as of:
| | | | | | | | | |
($ in millions) | June 30, 2023 | | | | |
Cost basis of trade accounts receivable | $ | 408.1 | | | | | |
| | | | | |
Allowance for credit losses balance, beginning of year | 14.6 | | | | | |
Provision for credit losses | 3.0 | | | | | |
Write-offs | (2.6) | | | | | |
| | | | | |
Foreign currency and other | (0.1) | | | | | |
Allowance for credit losses balance, end of period | 14.9 | | | | | |
Net trade accounts receivable balance | $ | 393.2 | | | | | |
NOTE 4. INVENTORIES
The classes of inventory as of June 30, 2023 and December 31, 2022 are summarized as follows:
| | | | | | | | | | | |
($ in millions) | June 30, 2023 | | December 31, 2022 |
Finished goods | $ | 132.0 | | | $ | 136.6 | |
Work in process | 22.5 | | | 34.8 | |
Raw materials | 174.7 | | | 174.6 | |
Total | $ | 329.2 | | | $ | 346.0 | |
NOTE 5. FINANCING
The Company had the following debt outstanding as of:
| | | | | | | | | | | |
($ in millions) | June 30, 2023 | | December 31, 2022 |
Short-term borrowings: | | | |
Short-term borrowings and bank overdrafts | $ | 8.7 | | | $ | 4.6 | |
| | | |
Long-term debt: | | | |
Three-Year Term Loans due 2024 | $ | 235.0 | | | $ | 400.0 | |
Three-Year Term Loans due 2025 | 600.0 | | | 600.0 | |
1.800% senior unsecured notes due 2026 | 500.0 | | | 500.0 | |
2.400% senior unsecured notes due 2028 | 500.0 | | | 500.0 | |
2.950% senior unsecured notes due 2031 | 600.0 | | | 600.0 | |
Revolving Credit Facility due 2026 | — | | | — | |
Total long-term debt | 2,435.0 | | | 2,600.0 | |
Less: discounts and debt issuance costs | (12.6) | | | (14.3) | |
Total long-term debt, net | $ | 2,422.4 | | | $ | 2,585.7 | |
The Company’s long-term debt requires, among others, that the Company maintains certain financial covenants, and the Company was in compliance with all of these covenants as of June 30, 2023.
Credit Facilities
Revolving Credit Facility
The Revolving Credit Facility bears interest at a variable rate equal to SOFR plus an 11.4 basis points SOFR adjustment, plus a ratings-based margin which was 117.5 basis points as of June 30, 2023. As of June 30, 2023, there were no borrowings outstanding and $750.0 million of borrowing capacity under the Revolving Credit Facility.
Three-Year Term Loans Due 2024
The Three-Year Term Loans Due 2024, which mature on October 28, 2024, bear interest at a variable rate equal to SOFR plus an 11.4 basis points SOFR adjustment, plus a ratings-based margin which was 112.5 basis points as of June 30, 2023. The interest rate was 6.34% per annum as of June 30, 2023. The Company is not obligated to make repayments prior to the maturity date, but did voluntarily repay $100.0 million and $165.0 million during the three and six months ended June 30, 2023, respectively. The Company is not permitted to re-borrow once repayment is made. There was no material difference between the carrying value and the estimated fair value of the debt outstanding as of June 30, 2023.
Three-Year Term Loans Due 2025
The Three-Year Term Loans Due 2025 (together with the Three-Year Term Loans Due 2024, the “Term Loans”) bear interest at a variable rate equal to SOFR plus a 10.0 basis points credit spread adjustment plus a ratings-based margin which was 125.0 basis points as of June 30, 2023. The interest rate was 6.45% per annum as of June 30, 2023. As of June 30, 2023, there was no material difference between the carrying value and the estimated fair value of the debt outstanding.
Senior Unsecured Notes
The Company’s senior unsecured notes (collectively, the “Registered Notes”) consist of the following:
•$500.0 million aggregate principal amount of senior notes due April 1, 2026 bearing interest at the rate of 1.800% per year;
•$500.0 million aggregate principal amount of senior notes due April 1, 2028 bearing interest at the rate of 2.400% per year; and
•$600.0 million aggregate principal amount of senior notes due April 1, 2031 bearing interest at the rate of 2.950% per year.
The estimated fair value of the Registered Notes was $1.3 billion as of June 30, 2023. The fair value of the Registered Notes was determined based upon Level 2 inputs including indicative prices based upon observable market data. The difference between the fair value and the carrying amounts of the Registered Notes may be attributable to changes in market interest rates and/or the Company’s credit ratings subsequent to the incurrence of the borrowing.
Short-term Borrowings
As of June 30, 2023, certain of the Company’s businesses were in a cash overdraft position, and such overdrafts are included in Short-term borrowings on the Consolidated Condensed Balance Sheets. Additionally, the Company has other short-term borrowing arrangements with various banks to facilitate short-term cash flow requirements in certain countries also included in Short-term borrowings on the Consolidated Condensed Balance Sheets. Given the nature of the short-term borrowings, the carrying value approximates fair value as of June 30, 2023.
NOTE 6. ACCUMULATED OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries.
The changes in Accumulated other comprehensive income by component are summarized below:
| | | | | | | | | | | | | | | | | |
($ in millions) | Foreign Currency Translation Adjustments | | Other Adjustments (b) | | Total |
For the Three Months Ended June 30, 2023: | | | | | |
Balance, March 31, 2023 | $ | 104.0 | | | $ | (1.6) | | | $ | 102.4 | |
Other comprehensive loss before reclassifications, net of income taxes | (8.6) | | | — | | | (8.6) | |
Amounts reclassified from accumulated other comprehensive income: | | | | | |
Sale of business | 0.3 | | (c) | — | | | 0.3 | |
| | | | | |
| | | | | |
Amounts reclassified from accumulated other comprehensive income, net of income taxes | 0.3 | | | — | | | 0.3 | |
Net current period other comprehensive loss, net of income taxes | (8.3) | | | — | | | (8.3) | |
Balance, June 30, 2023 | $ | 95.7 | | | $ | (1.6) | | | $ | 94.1 | |
| | | | | |
For the Three Months Ended July 1, 2022: | | | | | |
Balance, April 1, 2022 | $ | 169.8 | | | $ | (3.1) | | | $ | 166.7 | |
Other comprehensive loss before reclassifications, net of income taxes | (63.1) | | | — | | | (63.1) | |
Amounts reclassified from accumulated other comprehensive income: | | | | | |
Increase | — | | | 0.1 | | (a) | 0.1 | |
| | | | | |
Amounts reclassified from accumulated other comprehensive income, net of income taxes | — | | | 0.1 | | | 0.1 | |
Net current period other comprehensive (loss) income, net of income taxes | (63.1) | | | 0.1 | | | (63.0) | |
Balance, July 1, 2022 | $ | 106.7 | | | $ | (3.0) | | | $ | 103.7 | |
| | | | | |
(a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. |
(b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. |
(c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). |
| | | | | | | | | | | | | | | | | |
($ in millions) | Foreign Currency Translation Adjustments | | Other Adjustments (b) | | Total |
For the Six Months Ended June 30, 2023: | | | | | |
Balance, December 31, 2022 | $ | 107.8 | | | $ | (1.7) | | | $ | 106.1 | |
Other comprehensive loss before reclassifications, net of income taxes | (12.4) | | | — | | | (12.4) | |
Amounts reclassified from accumulated other comprehensive income: | | | | | |
Sale of business | 0.3 | | (c) | — | | | 0.3 | |
Increase | — | | | 0.1 | | (a) | 0.1 | |
| | | | | |
Amounts reclassified from accumulated other comprehensive income, net of income taxes | 0.3 | | | 0.1 | | | 0.4 | |
Net current period other comprehensive (loss) income, net of income taxes | (12.1) | | | 0.1 | | | (12.0) | |
Balance, June 30, 2023 | $ | 95.7 | | | $ | (1.6) | | | $ | 94.1 | |
| | | | | |
For the Six Months Ended July 1, 2022: | | | | | |
Balance, December 31, 2021 | $ | 184.9 | | | $ | (3.2) | | | $ | 181.7 | |
Other comprehensive loss before reclassifications, net of income taxes | (78.2) | | | — | | | (78.2) | |
Amounts reclassified from accumulated other comprehensive income: | | | | | |
Increase | — | | | 0.2 | | (a) | 0.2 | |
| | | | | |
Amounts reclassified from accumulated other comprehensive income, net of income taxes | — | | | 0.2 | | | 0.2 | |
Net current period other comprehensive (loss) income, net of income taxes | (78.2) | | | 0.2 | | | (78.0) | |
Balance, July 1, 2022 | $ | 106.7 | | | $ | (3.0) | | | $ | 103.7 | |
| | | | | |
(a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. |
(b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. |
(c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). |
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NOTE 7. SALES
Contract Assets
In certain circumstances, contract assets are recorded which include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is subject to contractual performance obligations rather than subject only to the passage of time. Contract assets were $10.7 million and $12.3 million as of June 30, 2023 and December 31, 2022, respectively, and are included in Prepaid expenses and other current assets in the accompanying Consolidated Condensed Balance Sheets.
Contract Costs
The Company incurs direct incremental costs to obtain certain contracts, typically costs associated with assets used by our customers in certain service arrangements and sales-related commissions. As of June 30, 2023 and December 31, 2022, the Company had $86.3 million and $88.6 million, respectively, in net revenue-related capitalized contract costs primarily related to assets used by the Company’s customers in certain software contracts, which are recorded in Prepaid expenses and other current assets, for the current portion, and Other assets, for the noncurrent portion, in the accompanying Consolidated Condensed Balance Sheets.
Contract Liabilities
The Company’s contract liabilities consist of deferred revenue generally related to customer deposits, post contract support (“PCS”) and extended warranty sales. In these arrangements, the Company generally receives up-front payment and recognizes revenue over the support term of the contracts where applicable. Deferred revenue is classified as current or noncurrent based on the timing of when revenue is expected to be recognized and is included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in the accompanying Consolidated Condensed Balance Sheets.
The Company’s contract liabilities consisted of the following:
| | | | | | | | | | | |
($ in millions) | June 30, 2023 | | December 31, 2022 |
Deferred revenue, current | $ | 136.5 | | | $ | 135.2 | |
Deferred revenue, noncurrent | 46.6 | | | 48.7 | |
Total contract liabilities | $ | 183.1 | | | $ | 183.9 | |
During the three and six months ended June 30, 2023, the Company recognized $37.3 million and $80.6 million of revenue related to the Company’s contract liabilities at December 31, 2022, respectively. The change in contract liabilities from December 31, 2022 to June 30, 2023 was primarily due to the timing of cash receipts and sales of PCS and extended warranty services.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm, noncancelable orders and the annual contract value for software-as-a-service contracts with expected customer delivery dates beyond one year from June 30, 2023 for which work has not been performed. The Company has excluded performance obligations with an original expected duration of one year or less. Remaining performance obligations as of June 30, 2023 were $392.7 million, the majority of which are related to the annual contract value for software-as-a-service contracts. The Company expects approximately 40 percent of the remaining performance obligations will be fulfilled within the next two years, 70 percent within the next three years, and substantially all within four years.
Disaggregation of Revenue
Revenue from contracts with customers is disaggregated by sales of products and services and geographic location for each of our reportable segments, as it best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.
Disaggregation of revenue was as follows for the three months ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total |
Sales: | | | | | | | | | |
Sales of products | $ | 207.1 | | | $ | 157.8 | | | $ | 296.0 | | | $ | 21.6 | | | $ | 682.5 | |
Sales of services | 31.7 | | | 0.6 | | | 43.3 | | | 6.3 | | | 81.9 | |
Total | $ | 238.8 | | | $ | 158.4 | | | $ | 339.3 | | | $ | 27.9 | | | $ | 764.4 | |
| | | | | | | | | |
Geographic: | | | | | | | | | |
North America (a) | $ | 161.4 | | | $ | 158.4 | | | $ | 214.3 | | | $ | 27.5 | | | $ | 561.6 | |
Western Europe | 25.1 | | | — | | | 40.5 | | | — | | | 65.6 | |
High growth markets | 33.0 | | | — | | | 69.1 | | | 0.4 | | | 102.5 | |
Rest of world | 19.3 | | | — | | | 15.4 | | | — | | | 34.7 | |
Total | $ | 238.8 | | | $ | 158.4 | | | $ | 339.3 | | | $ | 27.9 | | | $ | 764.4 | |
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(a) Includes total sales in the United States of $522.5 million.
Disaggregation of revenue was as follows for the three months ended July 1, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total |
Sales: | | | | | | | | | |
Sales of products | $ | 184.7 | | | $ | 149.1 | | | $ | 334.8 | | | $ | 33.9 | | | $ | 702.5 | |
Sales of services | 25.9 | | | 0.6 | | | 40.5 | | | 6.9 | | | 73.9 | |
Total | $ | 210.6 | | | $ | 149.7 | | | $ | 375.3 | | | $ | 40.8 | | | $ | 776.4 | |
| | | | | | | | | |
Geographic: | | | | | | | | | |
North America (a) | $ | 151.5 | | | $ | 149.7 | | | $ | 242.7 | | | $ | 40.0 | | | $ | 583.9 | |
Western Europe | 18.6 | | | — | | | 37.5 | | | — | | | 56.1 | |
High growth markets | 23.0 | | | — | | | 80.2 | | | 0.8 | | | 104.0 | |
Rest of world | 17.5 | | | — | | | 14.9 | | | — | | | 32.4 | |
Total | $ | 210.6 | | | $ | 149.7 | | | $ | 375.3 | | | $ | 40.8 | | | $ | 776.4 | |
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(a) Includes total sales in the United States of $564.3 million.
Disaggregation of revenue was as follows for the six months ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total |
Sales: | | | | | | | | | |
Sales of products | $ | 422.3 | | | $ | 338.7 | | | $ | 568.1 | | | $ | 49.8 | | | $ | 1,378.9 | |
Sales of services | 62.4 | | | 1.1 | | | 85.0 | | | 13.4 | | | 161.9 | |
Total | $ | 484.7 | | | $ | 339.8 | | | $ | 653.1 | | | $ | 63.2 | | | $ | 1,540.8 | |
| | | | | | | | | |
Geographic: | | | | | | | | | |
North America (a) | $ | 335.0 | | | $ | 339.8 | | | $ | 405.4 | | | $ | 62.2 | | | $ | 1,142.4 | |
Western Europe | 44.0 | | | — | | | 83.1 | | | — | | | 127.1 | |
High growth markets | 65.6 | | | — | | | 136.5 | | | 1.0 | | | 203.1 | |
Rest of world | 40.1 | | | — | | | 28.1 | | | — | | | 68.2 | |
Total | $ | 484.7 | | | $ | 339.8 | | | $ | 653.1 | | | $ | 63.2 | | | $ | 1,540.8 | |
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(a) Includes total sales in the United States of $1,070.3 million.
Disaggregation of revenue was as follows for the six months ended July 1, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total |
Sales: | | | | | | | | | |
Sales of products | $ | 362.3 | | | $ | 312.9 | | | $ | 622.7 | | | $ | 74.9 | | | $ | 1,372.8 | |
Sales of services | 55.9 | | | 1.2 | | | 80.8 | | | 13.8 | | | 151.7 | |
Total | $ | 418.2 | | | $ | 314.1 | | | $ | 703.5 | | | $ | 88.7 | | | $ | 1,524.5 | |
| | | | | | | | | |
Geographic: | | | | | | | | | |
North America (a) | $ | 294.8 | | | $ | 314.1 | | | $ | 447.1 | | | $ | 87.3 | | | $ | 1,143.3 | |
Western Europe | 40.7 | | | — | | | 79.1 | | | — | | | 119.8 | |
High growth markets | 47.0 | | | — | | | 149.5 | | | 1.4 | | | 197.9 | |
Rest of world | 35.7 | | | — | | | 27.8 | | | — | | | 63.5 | |
Total | $ | 418.2 | | | $ | 314.1 | | | $ | 703.5 | | | $ | 88.7 | | | $ | 1,524.5 | |
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(a) Includes total sales in the United States of $1,105.0 million.
NOTE 8. INCOME TAXES
The Company’s effective tax rate for the three and six months ended June 30, 2023 was 25.3% and 24.7%, respectively, as compared to 19.2% and 21.0% for the three and six months ended July 1, 2022. The increase in the effective tax rate for the three months ended June 30, 2023 as compared to the comparable period in the prior year was primarily due to an increase in foreign taxable earnings and taxes on the gain from the sale of a business. The increase in the effective tax rate for the six months ended June 30, 2023 as compared to the comparable period in the prior year was primarily due to an increase in foreign taxable earnings, taxes on the gain from the sale of a business and non-taxable income related to our previously held equity interest in Driivz in the prior year.
The Company’s effective tax rate for the three and six months ended June 30, 2023 differs from the U.S. federal statutory rate of 21% primarily due to the effect of state taxes and foreign taxable earnings at a rate different from the U.S. federal statutory rate. The Company’s effective tax rate for the three and six months ended July 1, 2022 differs from the U.S. federal statutory rate of 21% primarily due to the effect of state taxes and foreign taxable earnings at a rate different from the U.S. federal statutory rate, which was offset by non-taxable income related to our previously held equity interest in Driivz.
NOTE 9. SEGMENT INFORMATION
In the first quarter of 2023, the Company realigned its internal organization to align with the Company’s strategy, resulting in changes to the Company’s operating segments. Historically, the Company operated through one reportable segment comprised of two operating segments: (i) Mobility Technologies and (ii) Diagnostics and Repair Technologies. Subsequent to the realignment, the Company now operates through three reportable segments which align to the Company’s three operating segments: (i) Mobility Technologies, (ii) Repair Solutions and (iii) Environmental & Fueling Solutions.
The Company’s Coats (Hennessy) business, which is currently held for sale, is presented in Other. The Company’s Global Traffic Technologies business, which was divested during April 2023, is presented in Other for periods prior to the divestiture. Refer to Note 13. Divestitures and Assets and Liabilities Held for Sale for further discussion of the Company’s Coats (Hennessy) and Global Traffic Technologies businesses.
Segment operating profit is used as a performance metric by the chief operating decision maker (“CODM”) in determining how to allocate resources and assess performance. Segment operating profit represents total segment sales less operating costs attributable to the segment, which does not include unallocated corporate costs and other operating costs not allocated to the reportable segments as part of the CODM’s assessment of reportable segment operating performance, including stock-based compensation expense, amortization of intangible assets, restructuring costs, transaction- and deal-related costs, and other costs not indicative of the segment’s core operating performance. As part of the CODM’s assessment of the Repair Solutions segment, a capital charge based on the segment’s financing receivables portfolio is assessed by Corporate (the “Repair Solutions Capital Charge”). The unallocated corporate and other operating costs are presented in Corporate & other unallocated costs in the reconciliation to earnings before income taxes below. Intersegment amounts are not significant and have been eliminated.
The Company’s CODM does not review any information regarding total assets on a segment basis.
Prior period segment results have been presented in conformity with the Company’s new reportable segments. Segment results for the periods indicated were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
($ in millions) | June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 |
Sales: | | | | | | | |
Mobility Technologies | $ | 238.8 | | | $ | 210.6 | | | $ | 484.7 | | | $ | 418.2 | |
Repair Solutions(a) | 158.4 | | | 149.7 | | | 339.8 | | | 314.1 | |
Environmental & Fueling Solutions | 339.3 | | | 375.3 | | | 653.1 | | | 703.5 | |
Other | 27.9 | | | 40.8 | | | 63.2 | | | 88.7 | |
Total | $ | 764.4 | | | $ | 776.4 | | | $ | 1,540.8 | | | $ | 1,524.5 | |
| | | | | | | |
Segment operating profit: | | | | | | | |
Mobility Technologies | $ | 44.7 | | | $ | 42.6 | | | $ | 92.6 | | | $ | 83.7 | |
Repair Solutions(b) | 41.6 | | | 41.6 | | | 88.9 | | | 88.6 | |
Environmental & Fueling Solutions | 95.2 | | | 98.5 | | | 175.9 | | | 180.5 | |
Other | 2.2 | | | 3.2 | | | 6.0 | | | 8.3 | |
Segment operating profit | 183.7 | | | 185.9 | | | 363.4 | | | 361.1 | |
Corporate & other unallocated costs(b) | (63.1) | | | (49.4) | | | (109.0) | | | (89.8) | |
Operating profit | 120.6 | | | 136.5 | | | 254.4 | | | 271.3 | |
Interest expense, net | (23.9) | | | (15.3) | | | (47.9) | | | (28.2) | |
Gain on sale of business | 34.1 | | | — | | | 34.1 | | | — | |
Gain on previously held equity interests from combination of business | — | | | — | | | — | | | 32.7 | |
Unrealized (loss) gain on equity securities measured at fair value | — | | | (80.0) | | | — | | | 83.0 | |
Other non-operating expense, net | (0.5) | | | — | | | (1.4) | | | (0.1) | |
Earnings before income taxes | $ | 130.3 | | | $ | 41.2 | | | $ | 239.2 | | | $ | 358.7 | |
| | | | | | | |
Depreciation expense: | | | | | | | |
Mobility Technologies | $ | 6.8 | | | $ | 4.7 | | | $ | 12.9 | | | $ | 10.7 | |
Repair Solutions | 0.5 | | | 0.4 | | | 0.9 | | | 0.8 | |
Environmental & Fueling Solutions | 3.8 | | | 3.6 | | | 7.4 | | | 7.2 | |
Other | — | | | 0.5 | | | — | | | 0.9 | |
Corporate | 0.2 | | | 0.2 | | | 0.5 | | | 0.4 | |
Total | $ | 11.3 | | | $ | 9.4 | | | $ | 21.7 | | | $ | 20.0 | |
(a) Includes interest income related to financing receivables of $19.0 million, $18.2 million, $38.8 million and $36.6 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively.
(b) Includes the Repair Solutions Capital Charge of $10.3 million, $9.9 million, $20.5 million and $19.8 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively.
NOTE 10. LITIGATION AND CONTINGENCIES
Warranty
Estimated warranty costs are generally accrued at the time of sale. In general, manufactured products are warrantied against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained. Warranty period terms depend on the nature of the product and range from 90 days up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor, and in certain instances, estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known.
The following is a rollforward of the Company’s accrued warranty liability:
| | | | | |
($ in millions) | |
Balance, December 31, 2022 | $ | 43.0 | |
Accruals for warranties issued during the period | 20.2 | |
Settlements made | (17.4) | |
| |
Balance, June 30, 2023 | $ | 45.8 | |
Litigation and Other Contingencies
The Company is involved in legal proceedings from time to time in the ordinary course of its business. Although the outcome of such matters is uncertain, management believes that these legal proceedings will not have a material adverse effect on the financial condition or results of future operations of the Company.
In accordance with accounting guidance, the Company records a liability in the Consolidated Condensed Financial Statements for loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss does not meet the known or probable level but is reasonably possible and a loss or range of loss can be reasonably estimated, the estimated loss or range of loss is disclosed.
Gross liabilities associated with known and future expected asbestos claims and projected insurance recoveries were as follows as of:
| | | | | | | | | | | | | | | | | |
($ in millions) | Classification | | June 30, 2023 | | December 31, 2022 |
Gross liabilities | | | | | |
Current | Accrued expenses and other current liabilities | | $ | 27.9 | | | $ | 27.1 | |
Long-term | Other long-term liabilities | | 75.7 | | | 78.1 | |
Total | | | 103.6 | | | 105.2 | |
| | | | | |
Projected insurance recoveries | | | | | |
Current | Prepaid expenses and other current assets | | 19.0 | | | 21.2 | |
Long-term | Other assets | | 47.4 | | | 47.4 | |
Total | | | $ | 66.4 | | | $ | 68.6 | |
Guarantees
As of June 30, 2023 and December 31, 2022, the Company had guarantees consisting primarily of outstanding standby letters of credit, bank guarantees, and performance and bid bonds of approximately $84.8 million and $84.0 million, respectively. These guarantees have been provided in connection with certain arrangements with vendors, customers, financing counterparties, and governmental entities to secure the Company’s obligations and/or performance requirements related to specific transactions. The Company believes that if the obligations under these instruments were triggered, they would not have a material effect on the financial statements.
NOTE 11. FAIR VALUE MEASUREMENTS
Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows:
•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation.
•Level 3 inputs are unobservable inputs based on our assumptions.
A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Below is a summary of financial assets and liabilities that are measured at fair value on a recurring basis as of: | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total |
June 30, 2023 | | | | | | | |
Contingent consideration liabilities | $ | — | | | $ | — | | | $ | 11.1 | | | $ | 11.1 | |
Deferred compensation liabilities | 6.1 | | | — | | | — | | | 6.1 | |
December 31, 2022 | | | | | | | |
Equity securities measured at fair value | $ | 21.3 | | | $ | — | | | $ | — | | | $ | 21.3 | |
Contingent consideration liabilities | — | | | — | | | 11.6 | | | 11.6 | |
Deferred compensation liabilities | — | | | 5.1 | | | — | | | 5.1 | |
Equity Securities
The Company held a minority interest in Tritium Holdings Pty, Ltd (“Tritium”) which historically was recorded at cost in Other assets on the Consolidated Condensed Balance Sheets. On January 13, 2022, Tritium announced that it completed a business combination with Decarbonization Plus Acquisition Corporation II to make Tritium a publicly listed company on NASDAQ under the symbol “DCFC”. Once Tritium became publicly traded, the Company recorded its investment at fair value in Equity securities measured at fair value on the Consolidated Condensed Balance Sheets with changes in the value recorded in Unrealized (loss) gain on equity securities measured at fair value on the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss) and the Consolidated Condensed Statements of Cash Flows.
During the first quarter of 2023, the Company sold its remaining interest in Tritium and recognized a loss of $0.9 million, which is presented in Other non-operating expense, net on the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss) and Loss on equity investments in the Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2023.
Contingent Consideration
The fair value of the contingent consideration liabilities relates to payments to previous owners of acquired companies contingent on the achievement of certain revenue targets. The Company records a liability for contingent consideration in the purchase price for acquisitions at fair value on the acquisition date, and remeasures the liability at each reporting date, based on the Company’s estimate of the expected probability of achievement of the contingency targets. This estimate is based on significant unobservable inputs and represents a Level 3 measurement within the fair value hierarchy.
Deferred Compensation
Certain management employees participate in the Company’s nonqualified deferred compensation programs that permit such employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment. All amounts deferred under such plans are unfunded, unsecured obligations and are presented as a component of our compensation and benefits accrual included in Other long-term liabilities in the Consolidated Condensed Balance Sheets. Participants may choose among alternative earning rates for the amounts they defer, which are primarily based on investment options within our defined contribution plans for the benefit of U.S. employees (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of the Company’s common stock). Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts, which are based on the applicable earnings rates.
Nonrecurring Fair Value Measurements
Certain assets and liabilities are carried on the accompanying Consolidated Condensed Balance Sheets at cost and are not remeasured to fair value on a recurring basis. These assets include finite-lived intangible assets, which are tested for impairment when a triggering event occurs, and goodwill and identifiable indefinite-lived intangible assets, which are tested for impairment at least annually as of the first day of the fourth quarter or more frequently if events and circumstances indicate that the asset may not be recoverable.
As of June 30, 2023, assets carried on the balance sheet and not remeasured to fair value on a recurring basis included $1.7 billion of goodwill and $606.6 million of identifiable intangible assets, net.
NOTE 12. CAPITAL STOCK AND EARNINGS PER SHARE
Earnings Per Share
Basic earnings per share is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding. Diluted earnings per share is calculated by adjusting weighted average common shares outstanding for the dilutive effect of the assumed issuance of shares under stock-based compensation plans, determined using the treasury-stock method, except where the inclusion of such shares would have an anti-dilutive impact.
Information related to the calculation of net earnings per share of common stock is summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
($ and shares in millions, except per share amounts) | June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 |
Numerator: | | | | | | | |
Net earnings | $ | 97.3 | | | $ | 33.3 | | | $ | 180.1 | | | $ | 283.5 | |
| | | | | | | |
Denominator: | | | | | | | |
Basic weighted average common shares outstanding | 155.4 | | | 160.5 | | | 155.5 | | | 163.2 | |
Effect of dilutive stock options and RSUs | 0.9 | | | 0.7 | | | 0.7 | | | 0.7 | |
Diluted weighted average common shares outstanding | 156.3 | | | 161.2 | | | 156.2 | | | 163.9 | |
| | | | | | | |
Earnings per share: | | | | | | | |
Basic | $ | 0.63 | | | $ | 0.21 | | | $ | 1.16 | | | $ | 1.74 | |
Diluted | $ | 0.62 | | | $ | 0.21 | | | $ | 1.15 | | | $ | 1.73 | |
| | | | | | | |
Anti-dilutive shares | 1.8 | | | 3.2 | | | 2.6 | | | 3.3 | |
Share Repurchase Program
On May 24, 2022, the Company’s Board of Directors approved a replenishment of the Company’s previously approved share repurchase program announced in May 2021, bringing the total amount authorized for future share repurchases back up to $500.0 million. Under the share repurchase program, the Company may purchase shares of common stock from time to time in open market transactions, privately negotiated transactions, accelerated share repurchase programs, or by combinations of such methods, any of which may use prearranged trading plans that are designed to meet the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, corporate and regulatory requirements, restrictions under the Company’s debt obligations and other market and economic conditions. The share repurchase program may be suspended or discontinued at any time and has no expiration date.
The Company repurchased 1.1 million of the Company’s shares for $31.9 million through open market transactions at an average price per share of $28.55 during the three months ended June 30, 2023 and 2.0 million of the Company’s shares for $50.0 million through open market transactions at an average price per share of $25.22 during the six months ended June 30, 2023. As of June 30, 2023, the Company has remaining authorization to repurchase $378.9 million of its common stock under the share repurchase program.
NOTE 13. DIVESTITURES AND ASSETS AND LIABILITIES HELD FOR SALE
Global Traffic Technologies
On April 14, 2023, the Company completed the sale of Global Traffic Technologies for $108.0 million, subject to the finalization of customary working capital adjustments. As a result of the transaction, the Company recognized a preliminary gain of $34.1 million during the three and six months ended June 30, 2023, which is presented in Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). There is a transition services agreement (the “TSA”) in place between the Company and Global Traffic Technologies which sets forth the terms and conditions pursuant to which the Company will provide certain services to Global Traffic Technologies. Receipts related to the TSA were insignificant for the three and six months ended June 30, 2023. The operations of Global Traffic Technologies did not meet the criteria to be presented as discontinued operations.
Coats (Hennessy)
During the three months ended July 1, 2022, the Company reached the strategic decision to exit its Coats (Hennessy) business. The Company determined that the associated assets and liabilities met the held for sale accounting criteria and Coats (Hennessy) was classified as Current assets held for sale and Current liabilities held for sale in the Consolidated Condensed Balance Sheets as of June 30, 2023. The operations of Coats (Hennessy) did not meet the criteria to be presented as discontinued operations.
The assets and liabilities were measured at the lower of fair value less costs to sell or the carrying value. The following table summarizes the carrying amounts of major classes of assets and liabilities of Coats (Hennessy) as of June 30, 2023 (in millions):
| | | | | | | | | |
| | | | | |
ASSETS | | | | | |
| | | | | |
Accounts receivable, less allowance for credit losses | | | | | $ | 18.4 | |
Inventories | | | | | 13.6 | |
Prepaid expenses and other current assets | | | | | 0.9 | |
Property, plant and equipment, net | | | | | 4.5 | |
Operating lease right-of-use assets | | | | | 0.3 | |
| | | | | |
Goodwill | | | | | 15.7 | |
Other assets | | | | | 0.1 | |
Total assets held for sale | | | | | $ | 53.5 | |
LIABILITIES | | | | | |
Trade accounts payable | | | | | $ | 15.6 | |
Current operating lease liabilities | | | | | 0.3 | |
Accrued expenses and other current liabilities | | | | | 6.7 | |
Other long-term liabilities | | | | | 6.4 | |
Total liabilities held for sale | | | | | $ | 29.0 | |
| | | | | |
NOTE 14. SUBSEQUENT EVENTS
In July 2023, the Company repaid $35 million of the Three-Year Term Loans Due 2024.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is designed to provide a reader of our financial statements with a narrative from the perspective of management and is intended to help the reader understand the results of operations and financial condition of the Company. Our MD&A should be read in conjunction with our MD&A and Consolidated and Combined Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”) and our Consolidated Condensed Financial Statements as of and for the three and six months ended June 30, 2023 included in this Form 10-Q.
INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS
Certain statements included or incorporated by reference in this quarterly report, in other documents we file with or furnish to the Securities and Exchange Commission (“SEC”), in our press releases, webcasts, conference calls, materials delivered to shareholders and other communications, are “forward-looking statements” within the meaning of the United States federal securities laws.
Forward-looking statements are not guarantees of future performance and actual results may differ materially from the results, developments and business decisions contemplated by our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Forward-looking statements speak only as of the date of the report, document, press release, webcast, call, materials or other communication in which they are made. Important factors that could cause actual results to differ materially from those envisaged in the forward-looking statements include the following:
•If we cannot adjust our manufacturing capacity, supply chain management or the purchases required for our manufacturing activities to reflect changes in market conditions, customer demand and supply chain or transportation disruptions, our profitability may suffer. In addition, our reliance upon sole or limited sources of supply for certain materials, components and services could cause production interruptions, delays and inefficiencies.
•Our growth depends in part on the timely development and commercialization, and customer acceptance, of new and enhanced products and services based on technological innovation.
•The indemnification provisions of acquisition agreements by which we have acquired companies may not fully protect us and as a result we may face unexpected liabilities.
•Our restructuring actions could have long-term adverse effects on our business.
•As of June 30, 2023, we have outstanding indebtedness of approximately $2.4 billion and the ability to incur an additional $750.0 million of indebtedness under the Revolving Credit Facility and in the future we may incur additional indebtedness. This indebtedness could adversely affect our businesses and our ability to meet our obligations and pay dividends.
•We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
•Any inability to consummate acquisitions at our historical rates and at appropriate prices, and to make appropriate investments that support our long-term strategy, could negatively impact our growth rate and stock price.
•Our acquisition of businesses, investments, joint ventures and other strategic relationships could negatively impact our financial statements.
•Divestitures or other dispositions could negatively impact our business, and contingent liabilities from businesses that we or our predecessors have sold could adversely affect our financial statements.
•Conditions in the global economy, the particular markets we serve and the financial markets may adversely affect our business and financial statements.
•Adverse changes in our relationships with, or the financial condition, performance, purchasing patterns or inventory levels of, key distributors and other channel partners could adversely affect our financial statements.
•Our financial results are subject to fluctuations in the cost and availability of commodities that we use in our operations.
•Defects, tampering, unanticipated use or inadequate disclosure with respect to our products or services (including software), or allegations thereof, could adversely affect our business, reputation and financial statements.
•We have a limited history of operating as a separate, publicly traded company, and our historical financial information is not necessarily representative of the results that we would have achieved as a separate, publicly traded company and may not be a reliable indicator of our future results.
•Our growth could suffer if the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality.
•Our reputation, ability to do business and financial statements may be impaired by improper conduct by any of our employees, agents or business partners.
•If we do not or cannot adequately protect our intellectual property, or if third parties infringe our intellectual property rights, we may suffer competitive injury or expend significant resources enforcing our rights.
•Third parties may claim that we are infringing or misappropriating their intellectual property rights and we could suffer significant litigation expenses, losses or licensing expenses or be prevented from selling products or services.
•If we suffer a loss to our facilities, supply chains, distribution systems or information technology systems due to catastrophe or other events, our operations could be seriously harmed.
•Our ability to attract, develop and retain talented executives and other key employees is critical to our success.
•Work stoppages, union and works council campaigns and other labor disputes could adversely impact our productivity and results of operations.
•International economic, political, legal, compliance, supply chain, epidemic, pandemic and business factors could negatively affect our financial statements.
•Foreign currency exchange rates may adversely affect our financial statements.
•Changes in, or status of implementation of, industry standards and governmental regulations, including interpretation or enforcement thereof, may reduce demand for our products or services, increase our expenses or otherwise adversely impact our business model.
•Our businesses are subject to extensive regulation; failure to comply with those regulations could adversely affect our financial statements and our business, including our reputation.
•We are party to asbestos-related product litigation that could adversely affect our financial condition, results of operations and cash flows.
•A significant disruption in, or breach in security of, our information technology systems or data or violation of data privacy laws could adversely affect our business, reputation and financial statements.
•Our operations, products and services expose us to the risk of environmental, health and safety liabilities, costs and violations that could adversely affect our business, reputation and financial statements.
•We are subject to a variety of litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements.
•If we are unable to implement and maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may be negatively affected.
•We may be required to recognize impairment charges for our goodwill and other intangible assets.
•Changes in our effective tax rates or exposure to additional income tax liabilities or assessments could affect our profitability. In addition, audits by tax authorities could result in additional payments for prior periods.
See “Item 1A. Risk Factors” in our 2022 Annual Report on Form 10-K and “Part II - Item 1A. Risk Factors” in this Form 10-Q for further discussion regarding reasons that actual results may differ materially from the results, developments and business decisions contemplated by our forward-looking statements. Forward-looking statements speak only as of the date of the report, document, press release, webcast, call, materials or other communication in which they are made. We do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
OVERVIEW
General
Vontier Corporation (“Vontier,” the “Company,” “we,” “us,” or “our”) is a global industrial technology company that provides critical mobility and multi-energy technologies and solutions to connect, manage and scale the mobility ecosystem worldwide. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier enables the way the world moves, delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement built upon the foundation of the Vontier Business System.
Segments
In the first quarter of 2023, we realigned our internal organization to align with our strategy, resulting in changes to our operating segments. Historically, we operated through one reportable segment comprised of two operating segments: (i) Mobility Technologies and (ii) Diagnostics and Repair Technologies. Subsequent to the realignment, we now operate through three reportable segments which align to our three operating segments: (i) Mobility Technologies, which provides digitally enabled equipment and solutions to support efficient operations across the mobility ecosystem, including point-of-sale and payment systems, workflow automation solutions, telematics, data analytics, operating software for electric vehicle charging networks, and integrated solutions for alternative fuel dispensing; (ii) Repair Solutions, which manufactures and distributes aftermarket vehicle repair tools, toolboxes, automotive diagnostic equipment and software through a network of mobile franchisees; and (iii) Environmental & Fueling Solutions, which provides environmental and fueling hardware and software, and aftermarket solutions for global fueling infrastructure.
Our Coats (Hennessy) business, which is currently held for sale, is presented in Other. The Company’s Global Traffic Technologies business, which was divested during April 2023, is presented in Other for periods prior to the divestiture. Refer to Note 13. Divestitures and Assets and Liabilities Held for Sale to the Consolidated Condensed Financial Statements for further discussion of the Company’s Coats (Hennessy) and Global Traffic Technologies businesses.
Prior period segment results have been presented in conformity with the Company’s new reportable segments.
Outlook
We expect overall sales and core sales to decline on a year-over-year basis in 2023 due to the end of the U.S. upgrade cycle for enhanced credit card security requirements for outdoor payments systems based on the Europay, MasterCard and Visa (“EMV”) global standards. Excluding this impact, we expect core sales to increase mid single digits. Our outlook is subject to various assumptions and risks, including but not limited to the resilience and durability of the economies of the United States and other critical regions, ongoing challenges with global logistics and supply chain including the availability of electronic components, the impact of the Russia-Ukraine conflict, market conditions in key end product segments, and the impact of energy disruption in Europe. Additional uncertainties are identified in “Information Relating to Forward-Looking Statements” above.
We continue to monitor the macroeconomic and geopolitical conditions which may impact our business, including monetary and fiscal policies, changes in the banking system, international trade and relations between the U.S., China and other nations, and investment and taxation policy initiatives being considered in the United States and by the Organization for Economic Co-operation and Development (the “OECD”). We also continue to monitor the Russia-Ukraine conflict and the impact on our business and operations. As of the filing date of this report, we do not believe they are material.
RESULTS OF OPERATIONS
Comparison of Results of Operations
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
($ in millions) | June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 |
Sales | $ | 764.4 | | | $ | 776.4 | | | $ | 1,540.8 | | | $ | 1,524.5 | |
Cost of sales | (416.3) | | | (428.3) | | | (839.7) | | | (841.1) | |
Gross profit | 348.1 | | | 348.1 | | | 701.1 | | | 683.4 | |
Operating costs: | | | | | | | |
Selling, general and administrative expenses ("SG&A") | (187.2) | | | (176.7) | | | (365.4) | | | (342.7) | |
Research and development expenses ("R&D") | (40.3) | | | (34.9) | | | (81.3) | | | (69.4) | |
Operating profit | $ | 120.6 | | | $ | 136.5 | | | $ | 254.4 | | | $ | 271.3 | |
| | | | | | | |
Gross profit as a % of sales | 45.5 | % | | 44.8 | % | | 45.5 | % | | 44.8 | % |
SG&A as a % of sales | 24.5 | % | | 22.8 | % | | 23.7 | % | | 22.5 | % |
R&D as a % of sales | 5.3 | % | | 4.5 | % | | 5.3 | % | | 4.6 | % |
Operating profit as a % of sales | 15.8 | % | | 17.6 | % | | 16.5 | % | | 17.8 | % |
Sales
The components of our consolidated sales growth were as follows for the periods indicated:
| | | | | | | | | | | |
| % Change Three Months Ended June 30, 2023 vs. Comparable 2022 Period | | % Change Six Months Ended June 30, 2023 vs. Comparable 2022 Period |
Total sales growth (GAAP) | (1.5) | % | | 1.1 | % |
Core sales (Non-GAAP) | (1.6) | % | | 1.1 | % |
Acquisitions (Non-GAAP) | 0.9 | % | | 1.3 | % |
Currency exchange rates (Non-GAAP) | (0.8) | % | | (1.3) | % |
Sales for each of our segments were as follows for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
($ in millions) | June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 |
Mobility Technologies | $ | 238.8 | | | $ | 210.6 | | | $ | 484.7 | | | $ | 418.2 | |
Repair Solutions | 158.4 | | | 149.7 | | | 339.8 | | | 314.1 | |
Environmental & Fueling Solutions | 339.3 | | | 375.3 | | | 653.1 | | | 703.5 | |
Other | 27.9 | | | 40.8 | | | 63.2 | | | 88.7 | |
Total | $ | 764.4 | | | $ | 776.4 | | | $ | 1,540.8 | | | $ | 1,524.5 | |
Mobility Technologies
The components of sales growth for our Mobility Technologies segment were as follows for the periods indicated:
| | | | | | | | | | | |
| % Change Three Months Ended June 30, 2023 vs. Comparable 2022 Period | | % Change Six Months Ended June 30, 2023 vs. Comparable 2022 Period |
Total sales growth (GAAP) | 13.4 | % | | 15.9 | % |
Core sales (Non-GAAP) | 4.6 | % | | 8.3 | % |
Acquisitions (Non-GAAP) | 10.0 | % | | 9.5 | % |
Currency exchange rates (Non-GAAP) | (1.2) | % | | (1.9) | % |
Total sales within our Mobility Technologies segment increased 13.4% during the three months ended June 30, 2023, as compared to the comparable period in 2022, driven by a 4.6% increase in core sales and a 10.0% increase from our recent acquisitions, partially offset by a 1.2% decrease due to the impact of currency translation. The increase in core sales was primarily due to solid demand in our car wash technologies and alternative energy solutions.
Total sales within our Mobility Technologies segment increased 15.9% during the six months ended June 30, 2023, as compared to the comparable period in 2022, driven by a 8.3% increase in core sales and a 9.5% increase from our recent acquisitions, partially offset by a 1.9% decrease due to the impact of currency translation. The increase in core sales was primarily due to strong demand across our Mobility Technologies solutions, most notably our car wash technologies and alternative energy solutions.
Repair Solutions
The components of sales growth for our Repair Solutions segment were as follows for the periods indicated:
| | | | | | | | | | | |
| % Change Three Months Ended June 30, 2023 vs. Comparable 2022 Period | | % Change Six Months Ended June 30, 2023 vs. Comparable 2022 Period |
Total sales growth (GAAP) | 5.8 | % | | 8.2 | % |
Core sales (Non-GAAP) | 6.0 | % | | 8.4 | % |
Acquisitions (Non-GAAP) | — | % | | — | % |
Currency exchange rates (Non-GAAP) | (0.2) | % | | (0.2) | % |
Total sales and core sales within our Repair Solutions segment increased 5.8% and 6.0%, respectively, during the three months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to strong demand in the tool storage, hardline and powered tools product categories.
Total sales and core sales within our Repair Solutions segment increased 8.2% and 8.4%, respectively, during the six months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to strong demand in the tool storage, hardline and powered tools product categories.
Environmental & Fueling Solutions
The components of sales growth for our Environmental & Fueling Solutions segment were as follows for the periods indicated:
| | | | | | | | | | | |
| % Change Three Months Ended June 30, 2023 vs. Comparable 2022 Period | | % Change Six Months Ended June 30, 2023 vs. Comparable 2022 Period |
Total sales growth (GAAP) | (9.6) | % | | (7.2) | % |
Core sales (Non-GAAP) | (8.5) | % | | (5.6) | % |
Acquisitions (Non-GAAP) | — | % | | — | % |
Currency exchange rates (Non-GAAP) | (1.1) | % | | (1.6) | % |
Total sales within our Environmental & Fueling Solutions segment decreased 9.6% during the three months ended June 30, 2023, as compared to the comparable period in 2022, driven primarily by a 8.5% decrease in core sales and a 1.1% decrease due to the impact of currency translation. The decrease in core sales was primarily due to the end of the U.S. upgrade cycle for enhanced credit card security requirements for outdoor payments systems based on the EMV global standards, partially offset by strong demand for U.S. fuel dispenser systems and aftermarket parts.
Total sales within our Environmental & Fueling Solutions segment decreased 7.2% during the six months ended June 30, 2023, as compared to the comparable period in 2022, driven primarily by a 5.6% decrease in core sales and a 1.6% decrease due to the impact of currency translation. The decrease in core sales was primarily due to the end of the U.S. upgrade cycle for enhanced credit card security requirements for outdoor payments systems based on the EMV global standards, partially offset by strong demand for U.S. fuel dispenser systems and aftermarket parts.
Cost of Sales
Cost of sales decreased $12.0 million, or 2.8%, for the three months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to the decrease in sales in our Environmental & Fueling Solutions segment, as discussed above, and cost optimization, partially offset by the impact of recent acquisitions as well as increased costs due to inflationary pressures.
Cost of sales decreased $1.4 million, or 0.2%, for the six months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to the decrease in sales in our Environmental & Fueling Solutions segment, as discussed above, and cost optimization, partially offset by the impact of recent acquisitions as well as increased costs due to inflationary pressures.
Gross Profit
Gross profit was flat during the three months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to cost optimization, the net impact of the Company’s price increases and our recent acquisitions, offset by increased costs due to inflationary pressures. Gross profit margin increased 70 basis points during the three months ended June 30, 2023, as compared to the comparable period in 2022.
Gross profit increased $17.7 million, or 2.6%, during the six months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to cost optimization, the net impact of the Company’s price increases and our recent acquisitions, partially offset by increased costs due to inflationary pressures. Gross profit margin increased 70 basis points during the six months ended June 30, 2023, as compared to the comparable period in 2022.
Operating Costs and Other Expenses
SG&A expenses increased $10.5 million, or 5.9%, during the three months ended June 30, 2023, as compared to the comparable period in 2022, and as a percentage of sales, increased 170 basis points during the same period, primarily due to costs associated with restructuring activities, an increase in stock-based compensation expense and SG&A expenses, including intangible asset amortization, from our recent acquisitions.
SG&A expenses increased $22.7 million, or 6.6%, during the six months ended June 30, 2023, as compared to the comparable period in 2022, and as a percentage of sales, increased 120 basis points during the same period, primarily due to costs associated with restructuring activities, an increase in stock-based compensation expense and SG&A expenses, including intangible asset amortization, from our recent acquisitions.
R&D expenses, consisting principally of internal and contract engineering personnel costs, increased $5.4 million, or 15.5%, during the three months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to the impact of our recent acquisitions. R&D expenses as a percentage of sales increased 80 basis points during the three months ended June 30, 2023, as compared to the comparable period in 2022.
R&D expenses increased $11.9 million, or 17.1%, during the six months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to the impact of our recent acquisitions. R&D expenses as a percentage of sales increased 70 basis points during the six months ended June 30, 2023, as compared to the comparable period in 2022.
Operating Profit
Operating profit decreased $15.9 million, or 11.6%, during the three months ended June 30, 2023, as compared to the comparable period in 2022, and operating profit margins decreased 180 basis points during the same period.
Operating profit decreased $16.9 million, or 6.2%, during the six months ended June 30, 2023, as compared to the comparable period in 2022, and operating profit margins decreased 130 basis points during the same period.
Segment operating profit is used as a performance metric by the CODM in determining how to allocate resources and assess performance. Segment operating profit represents total segment sales less operating costs attributable to the segment, which does not include unallocated corporate costs and other operating costs not allocated to the reportable segments as part of the CODM’s assessment of reportable segment operating performance, including stock-based compensation expense, amortization of intangible assets, restructuring costs, transaction- and deal-related costs, and other costs not indicative of the segment’s core operating performance. As part of the CODM’s assessment of the Repair Solutions segment, a capital charge based on the segment’s financing receivables portfolio is assessed by Corporate. Refer to Note 9. Segment Information to the Consolidated Condensed Financial Statements for additional information.
Segment operating profit, operating profit and related margins were as follows for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
($ in millions) | June 30, 2023 | | Margin | | July 1, 2022 | | Margin | | June 30, 2023 | | Margin | | July 1, 2022 | | Margin |
Mobility Technologies | $ | 44.7 | | | 18.7 | % | | $ | 42.6 | | | 20.2 | % | | $ | 92.6 | | | 19.1 | % | | $ | 83.7 | | | 20.0 | % |
Repair Solutions | 41.6 | | | 26.3 | | | 41.6 | | | 27.8 | | | 88.9 | | | 26.2 | | | 88.6 | | | 28.2 | |
Environmental & Fueling Solutions | 95.2 | | | 28.1 | | | 98.5 | | | 26.2 | | | 175.9 | | | 26.9 | | | 180.5 | | | 25.7 | |
Other | 2.2 | | | 7.9 | | | 3.2 | | | 7.8 | | | 6.0 | | | 9.5 | | | 8.3 | | | 9.4 | |
Segment operating profit | 183.7 | | | 24.0 | | | 185.9 | | | 23.9 | | | 363.4 | | | 23.6 | | | 361.1 | | | 23.7 | |
Corporate & other unallocated costs(a) | (63.1) | | | (8.2) | | | (49.4) | | | (6.3) | | | (109.0) | | | (7.1) | | | (89.8) | | | (5.9) | |
Total operating profit | $ | 120.6 | | | 15.8 | % | | $ | 136.5 | | | 17.6 | % | | $ | 254.4 | | | 16.5 | % | | $ | 271.3 | | | 17.8 | % |
(a) Margin for corporate & other unallocated costs is presented as a percentage of total sales.
Mobility Technologies
Segment operating profit for our Mobility Technologies segment increased $2.1 million, or 4.9%, during the three months ended June 30, 2023, as compared to the comparable period in 2022, and segment operating profit margin decreased 150 basis points during the same period. The decrease in segment operating profit margin was primarily due to a change in the mix of products sold, due to recent acquisitions, and continued growth investment.
Segment operating profit for our Mobility Technologies segment increased $8.9 million, or 10.6%, during the six months ended June 30, 2023, as compared to the comparable period in 2022, and segment operating profit margin decreased 90 basis points during the same period. The decrease in segment operating profit margin was primarily due to a change in the mix of products sold, due to recent acquisitions, and continued growth investment.
Repair Solutions
Segment operating profit for our Repair Solutions segment was flat during the three months ended June 30, 2023, as compared to the comparable period in 2022, and segment operating profit margin decreased 150 basis points during the same period. The decrease in segment operating profit margin was primarily due to the impact of reserve-related adjustments to the receivables portfolio.
Segment operating profit for our Repair Solutions segment increased $0.3 million, or 0.3%, during the six months ended June 30, 2023, as compared to the comparable period in 2022, and segment operating profit margin decreased 200 basis points during the same period. The decrease in segment operating profit margin was primarily due to the impact of reserve-related adjustments to the receivables portfolio.
Environmental & Fueling Solutions
Segment operating profit for our Environmental & Fueling Solutions segment decreased $3.3 million, or 3.4%, during the three months ended June 30, 2023, as compared to the comparable period in 2022, and segment operating profit margin increased 190 basis points during the same period. The increase in segment operating profit margin was primarily due to cost savings from restructuring activities and continued price-cost benefits.
Segment operating profit for our Environmental & Fueling Solutions segment decreased $4.6 million, or 2.5%, during the six months ended June 30, 2023, as compared to the comparable period in 2022, and segment operating profit margin increased 120 basis points during the same period. The increase in segment operating profit margin was primarily due to cost savings from restructuring activities and continued price-cost benefits.
Corporate & Other Unallocated Costs
Corporate & other unallocated costs increased $13.7 million, or 27.7%, during the three months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to costs associated with restructuring activities and an increase in stock-based compensation expense. Corporate & other unallocated costs as a percentage of total sales increased 190 basis points during the three months ended June 30, 2023, as compared to the comparable period in 2022.
Corporate & other unallocated costs increased $19.2 million, or 21.4%, during the six months ended June 30, 2023, as compared to the comparable period in 2022, primarily due to costs associated with restructuring activities and an increase in intangible asset amortization and stock-based compensation expense. Corporate & other unallocated costs as a percentage of total sales increased 120 basis points during the six months ended June 30, 2023, as compared to the comparable period in 2022.
NON-GAAP FINANCIAL MEASURES
Core Sales
We define core sales as total sales excluding (i) sales from acquired and certain divested businesses; (ii) the impact of currency translation; and (iii) certain other items.
•References to sales attributable to acquisitions or acquired businesses refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to certain divested businesses or product lines not considered discontinued operations.
•The portion of sales attributable to the impact of currency translation is calculated as the difference between (a) the period-to-period change in sales (excluding sales from acquired businesses) and (b) the period-to-period change in sales, including foreign operations, (excluding sales from acquired businesses) after applying the current period foreign exchange rates to the prior year period.
•The portion of sales attributable to other items is calculated as the impact of those items which are not directly correlated to core sales which do not have an impact on the current or comparable period.
Core sales should be considered in addition to, and not as a replacement for or superior to, total sales, and may not be comparable to similarly titled measures reported by other companies.
Management believes that reporting the non-GAAP financial measure of core sales provides useful information to investors by helping identify underlying growth trends in our business and facilitating easier comparisons of our sales performance with our performance in prior and future periods and to our peers. We exclude the effect of acquisitions and divestiture-related items because the nature, size and number of such transactions can vary dramatically from period to period and between us and our peers. We exclude the effect of currency translation and certain other items from core sales because these items are either not under management’s control or relate to items not directly correlated to core sales growth. Management believes the exclusion of these items from core sales may facilitate assessment of underlying business trends and may assist in comparisons of long-term performance. References to sales volume refer to the impact of both price and unit sales.
INTEREST COSTS
Interest expense, net was $23.9 million during the three months ended June 30, 2023, as compared to $15.3 million for the comparable period in 2022, an increase of $8.6 million, driven primarily by the impact of increases in interest rates on our variable-rate debt obligations, partially offset by a decrease in our outstanding debt obligations between periods.
Interest expense, net was $47.9 million during the six months ended June 30, 2023, as compared to $28.2 million for the comparable period in 2022, an increase of $19.7 million, driven primarily by the impact of increases in interest rates on our variable-rate debt obligations, partially offset by a decrease in our outstanding debt obligations between periods.
For a discussion of our outstanding indebtedness, refer to Note 5. Financing to the Consolidated Condensed Financial Statements.
INCOME TAXES
Effective Tax Rate
Our effective tax rate for the three and six months ended June 30, 2023 was 25.3% and 24.7%, respectively, as compared to 19.2% and 21.0% for the three and six months ended July 1, 2022. The increase in the effective tax rate for the three months ended June 30, 2023 as compared to the comparable period in the prior year was primarily due to an increase in foreign taxable earnings and taxes on the gain from the sale of a business. The increase in the effective tax rate for the six months ended June 30, 2023 as compared to the comparable period in the prior year was primarily due to an increase in foreign taxable earnings, taxes on the gain from the sale of a business and non-taxable income related to our previously held equity interest in Driivz in the prior year.
Pillar Two
The OECD agreed among over 130 countries on the Pillar Two proposals which establish a global minimum effective tax rate of 15% for multinational groups with annual global revenue exceeding €750 million. Many countries continue to announce changes in their tax laws and regulations based on the Pillar Two proposals, including the European Union (“EU”) Member States which unanimously adopted the EU Pillar Two Directive, providing for a minimum effective tax rate of 15%. EU Member States are required to enact the EU Pillar Two Directive into their national laws by December 31, 2023, with effective dates of January 1, 2024 and January 1, 2025, respectively, for different aspects of the EU Pillar Two Directive. We are currently evaluating the potential impact of the Pillar Two global minimum tax proposals on our financial statements.
COMPREHENSIVE INCOME (LOSS)
Comprehensive income (loss) increased by $118.7 million during the three months ended June 30, 2023, as compared to the comparable period in 2022. Comprehensive income for the three months ended June 30, 2023 includes a gain on the sale of the Company’s Global Traffic Technologies business of $34.1 million. Comprehensive loss for the three months ended July 1, 2022 includes an unrealized loss on equity securities measured at fair value of $80.0 million and unfavorable foreign currency translation adjustments of $63.1 million.
Comprehensive income decreased by $37.4 million during the six months ended June 30, 2023, as compared to the comparable period in 2022. Comprehensive income for the six months ended June 30, 2023 includes a gain on the sale of the Company’s Global Traffic Technologies business of $34.1 million. Comprehensive income for the six months ended July 1, 2022 includes a gain on previously held equity interests from combination of business of $32.7 million which relates to a gain recognized on our interest in Driivz prior to acquiring the remaining outstanding shares, an unrealized gain on equity securities measured at fair value of $83.0 million and unfavorable foreign currency translation adjustments of $78.2 million.
Refer to Note 2. Acquisitions to the Consolidated Condensed Financial Statements for additional information on our acquisition of Driivz, Note 11. Fair Value Measurements to the Consolidated Condensed Financial Statements for additional information on our investments and Note 13. Divestitures and Assets and Liabilities Held for Sale to the Consolidated Condensed Financial Statements for additional information on the divestiture of our Global Traffic Technologies business.
LIQUIDITY AND CAPITAL RESOURCES
We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. As of June 30, 2023, we held $244.0 million of cash and cash equivalents and had $750.0 million of borrowing capacity under our revolving credit facility. We generate substantial cash from operating activities and believe that our operating cash flow and other sources of liquidity will be sufficient to allow us to continue to support working capital needs, capital expenditures, pay interest and service debt, pay taxes and any related interest or penalties, fund our restructuring activities and pension plans as required, invest in existing businesses, consummate strategic acquisitions, make interest payments on our outstanding indebtedness, manage our capital structure on a short and long-term basis and support other business needs or objectives. We also have purchase obligations which consist of agreements to purchase goods or services that are enforceable and legally binding on us and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction. As of June 30, 2023, we believe that we have sufficient liquidity to satisfy our cash needs.
Our long-term debt requires, among others, that we maintain certain financial covenants, and we were in compliance with all of these covenants as of June 30, 2023.
2023 Financing and Capital Transactions
During the six months ended June 30, 2023, we completed the following financing and capital transactions:
•Voluntarily repaid $165.0 million of the Three-Year Term Loans Due 2024;
•Repurchased 2.0 million shares in the open market which are held as Treasury stock.
Refer to Note 5. Financing to the Consolidated Condensed Financial Statements for more information related to our long-term indebtedness and Note 12. Capital Stock and Earnings per Share to the Consolidated Condensed Financial Statements for more information related to our share repurchases.
Overview of Cash Flows and Liquidity
Following is an overview of our cash flows and liquidity: | | | | | | | | | | | |
| Six Months Ended |
($ in millions) | June 30, 2023 | | July 1, 2022 |
Net cash provided by operating activities | $ | 158.5 | | | $ | 48.5 | |
| | | |
Proceeds from sale of business, net of cash provided | $ | 106.8 | | | $ | — | |
Cash paid for acquisitions, net of cash received | — | | | (186.6) | |
Payments for additions to property, plant and equipment | (26.1) | | | (26.5) | |
Proceeds from sale of property | 4.3 | | | 0.2 | |
Cash paid for equity investments | (1.9) | | | (7.3) | |
Proceeds from sale of equity securities | 20.4 | | | — | |
Net cash provided by (used in) investing activities | $ | 103.5 | | | $ | (220.2) | |
| | | |
Proceeds from issuance of long-term debt | $ | — | | | $ | 144.0 | |
Repayment of long-term debt | (165.0) | | | (130.0) | |
| | | |
Net proceeds from short-term borrowings | 3.8 | | | 5.0 | |
Payments of common stock cash dividend | (7.8) | | | (8.0) | |
Purchases of treasury stock | (50.0) | | | (271.1) | |
Proceeds from stock option exercises | 3.1 | | | 0.6 | |
Other financing activities | (6.7) | | | (3.3) | |
Net cash used in financing activities | $ | (222.6) | | | $ | (262.8) | |
Operating Activities
Cash flows from operating activities can fluctuate significantly from period-to-period as working capital needs and the timing of payments for income taxes, restructuring activities, and other items impact reported cash flows.
Cash flows from operating activities were $158.5 million during the six months ended June 30, 2023, an increase of $110.0 million, as compared to the comparable period in 2022. The year-over-year change in operating cash flows was primarily attributable to the following factors:
•The aggregate of accounts receivable and long-term financing receivables generated $11.5 million of operating cash flows during the six months ended June 30, 2023 compared to using $31.8 million in the comparable period of 2022. The amount of cash flow generated from or used by accounts receivable depends upon how effectively we manage the cash conversion cycle and can be significantly impacted by the timing of collections in a period. Additionally, when we originate certain financing receivables, we assume the financing receivable by decreasing the franchisee’s trade accounts receivable. As a result, originations of certain financing receivables are non-cash transactions.
•The aggregate of other operating assets and liabilities used $69.0 million during the six months ended June 30, 2023 compared to using $165.4 million in the comparable period of 2022. This change is due primarily to working capital needs and the timing of accruals and payments and tax-related amounts.
Investing Activities
Net cash provided by investing activities was $103.5 million during the six months ended June 30, 2023, driven primarily by proceeds from the sale of our Global Traffic Technologies business, equity securities and property, partially offset by payments for additions to property, plant and equipment. Net cash used in investing activities was $220.2 million during the six months ended July 1, 2022, driven primarily by the cash paid for the acquisitions that closed during the period and payments for additions to property, plant and equipment.
We made capital expenditures of approximately $26.1 million and $26.5 million during the six months ended June 30, 2023 and July 1, 2022, respectively.
Financing Activities
Net cash used in financing activities was $222.6 million during the six months ended June 30, 2023, driven primarily by the voluntary repayment of $165.0 million of the Three-Year Term Loans due 2024 and repurchases of the Company’s common stock of $50.0 million. Net cash used in financing activities was $262.8 million during the six months ended July 1, 2022, driven primarily by repurchases of the Company’s common stock of $271.1 million, partially offset by net proceeds from long-term debt of $14.0 million.
Share Repurchase Program
Refer to Note 12. Capital Stock and Earnings per Share to the Consolidated Condensed Financial Statements for a description of the Company’s share repurchase program.
Dividends
We paid regular quarterly cash dividends of $0.025 per share during the six months ended June 30, 2023. The declaration of future cash dividends is at the discretion of our Board of Directors and will depend upon, among other things, our future earnings, cash flows, capital requirements, financial condition and general business conditions.
Supplemental Guarantor Financial Information
As of June 30, 2023, we had $1.6 billion in aggregate principal amount of the Registered Notes and $835.0 million in aggregate principal amount outstanding of the Term Loans. Our obligations to pay principal and interest on the Registered Notes and Term Loans are fully and unconditionally guaranteed on a joint and several basis on an unsecured, unsubordinated basis by Gilbarco Inc. and Matco Tools Corporation, two of Vontier’s wholly-owned subsidiaries (the “Guarantor Subsidiaries”). Our other subsidiaries do not guarantee any such indebtedness (collectively, the “Non-Guarantor Subsidiaries”). Refer to Note 5. Financing to the Consolidated Condensed Financial Statements for additional information regarding the terms of our Registered Notes and the Term Loans.
The Registered Notes and the guarantees thereof are the Company’s and the Guarantor Subsidiaries’ senior unsecured obligations and:
•rank without preference or priority among themselves and equally in right of payment with our existing and any future unsecured and unsubordinated indebtedness, including, without limitation, indebtedness under our credit agreement;
•are senior in right of payment to any of our existing and future indebtedness that is subordinated to the notes;
•are effectively subordinated to any of our existing and future secured indebtedness to the extent of the assets securing such indebtedness; and
•are structurally subordinated to all existing and any future indebtedness and any other liabilities of our Non-Guarantor Subsidiaries.
The following tables present summarized financial information for Vontier Corporation and the Guarantor Subsidiaries on a combined basis and after the elimination of (a) intercompany transactions and balances between Vontier Corporation and the Guarantor Subsidiaries and (b) equity in earnings from and investments in the Non-Guarantor Subsidiaries.
| | | | | | | |
Summarized Results of Operations Data ($ in millions) | | | Six Months Ended June 30, 2023 |
Net sales (a) | | | $ | 795.4 | |
Gross profit (b) | | | 392.9 | |
Net income (c) | | | $ | 201.2 | |
| | | |
(a) Includes intercompany sales of $18.2 million for the six months ended June 30, 2023. |
(b) Includes intercompany gross profit of $3.8 million for the six months ended June 30, 2023. |
(c) Includes intercompany pretax income of $25.7 million for the six months ended June 30, 2023. |
| | | | | | | |
Summarized Balance Sheet Data ($ in millions) | June 30, 2023 | | |
Assets | | | |
Current assets | $ | 403.3 | | | |
Intercompany receivables | 1,472.3 | | | |
Noncurrent assets | 629.5 | | | |
Total assets | $ | 2,505.1 | | | |
Liabilities | | | |
Current liabilities | $ | 319.4 | | | |
Intercompany payables | 318.6 | | | |
Noncurrent liabilities | 2,477.3 | | | |
Total liabilities | $ | 3,115.3 | | | |
CRITICAL ACCOUNTING ESTIMATES
Except as described below, there were no material changes to the Company’s critical accounting estimates described in the Company’s 2022 Annual Report on Form 10-K.
Goodwill
Goodwill arises from the purchase price for acquired businesses exceeding the fair value of tangible and intangible assets acquired less assumed liabilities. We assess the goodwill of each of our reporting units for impairment at least annually as of the first day of the fourth quarter or more frequently if events and circumstances indicate that goodwill may not be recoverable.
When evaluating for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit or indefinite-lived intangible asset is impaired. If we do not perform a qualitative assessment, or if we determine that it is not more likely than not that the fair value of the reporting unit or indefinite-lived intangible asset exceeds its carrying amount, we will calculate the estimated fair value of the reporting unit or indefinite-lived intangible asset. Our decision to perform a qualitative impairment assessment for an individual reporting unit in a given year is influenced by a number of factors, inclusive of the size of the reporting unit's goodwill, the significance of the excess of the reporting unit's estimated fair value over carrying value at the last quantitative assessment date, the amount of time in between quantitative fair value assessments and the date of acquisition.
In the first quarter of 2023, we realigned our internal organization, as further discussed in Note 9. Segment Information to the Consolidated Condensed Financial Statements, which resulted in a decrease in the number of reporting units for goodwill impairment testing from seven reporting units to five reporting units. For historical reporting units that were divided among our new reporting units after the realignment, we used the relative fair value method to reallocate goodwill to the new reporting units. We performed a qualitative goodwill impairment test immediately prior to and following the change in reporting units. Factors we considered in the qualitative assessment included general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying value of the net assets of our reporting units, information related to market multiples of peer companies and other relevant entity specific events. Based on our assessment, we determined on the basis of the qualitative and quantitative factors that the fair values of the reporting units were more likely than not greater than their respective carrying values both immediately prior to and following the change in reporting units, and therefore, a quantitative test was not required.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Quantitative and qualitative disclosures about market risk appear in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Instruments and Risk Management,” in the Company’s 2022 Annual Report on Form 10-K. There were no material changes to this information during the six months ended June 30, 2023.
ITEM 4. CONTROLS AND PROCEDURES
Our management, with the participation of the President and Chief Executive Officer, and the Senior Vice President and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the President and Chief Executive Officer, and the Senior Vice President and Chief Financial Officer, have concluded that, as of the end of such period, these disclosure controls and procedures were effective.
There have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the most recent completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Vontier is party in the ordinary course of business, and may in the future be involved in, legal proceedings, litigation, claims, and government investigations. Although the results of the legal proceedings, claims, and government investigations in which we are involved cannot be predicted with certainty, we do not believe that the final outcome of these matters is reasonably likely to have a material adverse effect on our business, financial condition, or operating results.
Refer to Note 10. Litigation and Contingencies to the Consolidated Condensed Financial Statements in this Form 10-Q for more information on certain legal proceedings.
ITEM 1A. RISK FACTORS
Information regarding risk factors appears in “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Information Relating to Forward-Looking Statements,” in Part I - Item 2 of this Form 10-Q and in “Risk Factors” in Part I - Item 1A of our 2022 Annual Report on Form 10-K. There were no material changes during the three months ended June 30, 2023 to the risk factors reported in our 2022 Annual Report on Form 10-K.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(a) Not applicable.
(b) Not applicable.
(c) Purchases of Equity Securities by the Issuer
On May 24, 2022, the Company’s Board of Directors approved a replenishment of the Company’s previously approved share repurchase program announced in May 2021, bringing the total amount authorized for future share repurchases back up to $500.0 million. Under the share repurchase program, the Company may purchase shares of common stock from time to time in open market transactions, privately negotiated transactions, accelerated share repurchase programs, or by combinations of such methods, any of which may use prearranged trading plans that are designed to meet the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, corporate and regulatory requirements, restrictions under the Company’s debt obligations and other market and economic conditions. The share repurchase program may be suspended or discontinued at any time and has no expiration date.
The following table sets forth our share repurchase activity for the three months ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
Period | Total Number of Shares Purchased (in millions) | | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (in millions) | | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs ($ in millions) |
April 1, 2023 to April 28, 2023 | — | | | $ | — | | | — | | | $ | 410.8 | |
April 29, 2023 to May 26, 2023 | 1.1 | | | 28.55 | | | 1.1 | | | 378.9 | |
May 27, 2023 to June 30, 2023 | — | | | — | | | — | | | 378.9 | |
Total | 1.1 | | | | | 1.1 | | | |
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the three months ended June 30, 2023, none of the Company’s directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
ITEM 6. EXHIBITS
| | | | | | | | | | | | | | | | | |
| | Incorporated by Reference (Unless Otherwise Indicated) |
| | | | | |
Exhibit Number | Exhibit Index | Form | File No. | Exhibit | Filing Date |
10.1 | | 8-K | 001-39483 | 10.1 | June 13, 2023 |
10.2 | | 8-K | 001-39483 | 10.2 | June 13, 2023 |
19.1 | | — | — | | Filed herewith |
22.1 | | 10-K | 001-39483 | 22.1 | February 17, 2023 |
31.1 | | — | — | | Filed herewith |
31.2 | | — | — | | Filed herewith |
32.1 | | — | — | | Filed herewith |
32.2 | | — | — | | Filed herewith |
101.INS | Inline XBRL Instance Document - the Instance Document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document | — | — | | Filed herewith |
101.SCH | Inline XBRL Taxonomy Schema Document | — | — | | Filed herewith |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | — | — | | Filed herewith |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | — | — | | Filed herewith |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | — | — | | Filed herewith |
101.PRE | Inline Taxonomy Extension Presentation Linkbase Document | — | — | | Filed herewith |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | — | — | | Filed herewith |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | |
| VONTIER CORPORATION: |
| | |
Date: August 3, 2023 | By: | /s/ Anshooman Aga |
| | Anshooman Aga |
| | Senior Vice President and Chief Financial Officer |
| | |
Date: August 3, 2023 | By: | /s/ Paul V. Shimp |
| | Paul V. Shimp |
| | Chief Accounting Officer |
Exhibit 19.1
As Revised and Restated on January 20, 2023
VONTIER CORPORATION
INSIDER TRADING POLICY
1. BACKGROUND AND PURPOSE
The U.S. federal securities laws prohibit all directors and employees of Vontier Corporation and its subsidiaries (collectively, “Vontier” or the “Company”) from purchasing or selling Company securities on the basis of material non-public information concerning the Company, or from tipping material non-public information to others. These laws impose severe sanctions on individuals who violate them. In addition, the U.S. Securities and Exchange Commission (“SEC”) has the authority to impose large fines on the Company and on the Company’s directors, executive officers and controlling stockholders if the Company’s employees engage in insider trading and the Company has failed to take appropriate steps to prevent it (so-called “controlling person” liability).
The purpose of this Insider Trading Policy (the “Policy”) is to help ensure that Vontier’s directors and employees comply with all applicable laws regarding securities trading. This Policy applies to (i) all directors and employees of Vontier, (ii) all family members of any Vontier director or employee who shares the same address as, or is financially dependent on, such director or employee and any other person (other than a tenant or employee) sharing such director’s or employee’s household (collectively, “Immediate Family Members”), and (iii) all entities (other than the Company) as to which any of the persons referenced in clauses (i) and (ii) above exercises voting or investment control over Vontier securities (collectively, “Controlled Entities”). The persons and entities described in clauses (i) to (iii) above are referred to as the “Vontier Personnel.” Nothing in this Policy applies to transactions by the Company itself. This Policy applies to all Vontier securities (e.g., common stock, bonds, stock options and other derivative securities), not just Vontier common stock, but does not apply to transactions in broad-based mutual funds.
2. DEFINITION OF TERMS
The following defined terms are used in this Policy:
2.1 Material Non-Public Information. Information concerning Vontier is considered material if there is a substantial likelihood that a reasonable shareholder would consider the information important in making a decision to buy or sell Vontier securities.1 Information relating to Vontier is considered non-public until one full business day after it has been widely disseminated to the public through a broadly disseminated press release and/or a report filed or furnished with the SEC. Material Non-Public Information refers to material information that is non-public.
2.2 Purchase or Sale. For purposes of this Policy, a purchase or sale of Vontier securities shall be deemed to occur at the time the person becomes irrevocably committed to it (for example, in the case of an open-market purchase or sale, this occurs when the trade is executed, not when it settles). For purposes of this
1 Examples of material information with respect to a given company may include, but are not limited to: (1) Financial performance, particularly quarterly and year-end revenue and earnings, (2) company projections that differ significantly from external expectations, (3) business plans or strategies, (4) a significant change in management, (5) significant regulatory actions or developments, significant actual or potential litigation, or the resolution of the same, (6) a major contract award or cancellation of an existing, major contract, (7) introduction of a material new product, technology or service or material developments with respect to existing products, technologies and services, (8) the gain or loss of material customers or suppliers, (9) a significant cybersecurity incident, such as a data breach, (10) changes in critical accounting policies or practices, (11) extraordinary borrowings or liquidity problems, (12) a potential material merger, acquisition, divestiture, joint venture, or other transaction for which the company has entered into an agreement in principle or a letter of intent, (13) a planned offering or sale of the company’s securities, (14) a material change in dividend policy, (15) the declaration of a stock split, or (16) a significant change in the company’s credit rating.
Vontier Corporation Insider Trading Policy
Policy, purchases and sales of Vontier securities may include, without limitation (i) transactions in Vontier securities held in joint accounts or accounts of Controlled Entities, (ii) transactions in Vontier securities as to which the Vontier Personnel acts as trustee, executor or custodian, and (iii) transactions in Vontier securities for the benefit of any Vontier Personnel.
3. REQUIREMENTS APPLICABLE TO ALL VONTIER PERSONNEL
3.1 Prohibited Activities. Except as provided in Section 3.2, no Vontier Personnel may:
•purchase or sell any securities of the Company while he or she is aware of any Material Non-Public Information or recommend to another person that they do so;
•communicate, “tip” or disclose Material Non-Public Information to (i) persons within Vontier whose jobs do not require them to have such information, or (ii) persons outside Vontier unless such disclosure is made in accordance with Vontier policies concerning the use and disclosure of confidential information and in accordance with the job responsibilities of the Vontier Personnel who is disclosing such information;
•purchase or sell any securities of another company with which the Company does business, or with which the Company is involved in a potential transaction or business relationship while he or she is aware of any material non-public information concerning such other company which he or she learned in the course of his or her service as a Vontier director or employee (“Other Company MNPI”), or recommend to another person that they do so; or
•communicate, “tip” or disclose Other Company MNPI to (i) persons within Vontier whose jobs do not require them to have such information, or (ii) persons outside Vontier unless such disclosure is made in accordance with Vontier policies concerning the use and disclosure of confidential information and in accordance with the job responsibilities of the Vontier Personnel who is disclosing such information.
3.2. Exceptions. The prohibitions set forth in Section 3.1 do not apply to:
•exercises or vestings of stock options or other equity awards under any Vontier equity compensation plan or the surrender of shares to the Company in payment of the exercise price or in satisfaction of any tax withholding obligations, in each case in a manner permitted by the applicable plan and award agreement (provided, however, that the securities so acquired may not be sold while the person is aware of Material Non-Public Information or (in the case of Blackout Personnel, as defined below) during a blackout period and provided, further, that that the prohibitions set forth in Section 3.1 do apply to the sale into the market of any of the underlying shares to pay the exercise price for the shares or to satisfy any tax withholding obligations);
•acquisitions into the Vontier securities fund under the Company’s 401(k) plan which are made pursuant to standing instructions that meet the conditions of Rule 10b5-1 not entered into or modified while the Vontier Personnel is aware of Material Non-Public Information or (with respect to Blackout Personnel, as defined below) subject to a blackout period;
•transactions made pursuant to a written plan or contract that complies with the terms of Rule 10b5-1(c) under the Securities Exchange Act (“Rule 10b5-1”) and Section 6 of this Policy;
•purchases of securities from Vontier or sales of securities to Vontier; and
•other transactions to the extent authorized in advance by Vontier’s SVP, Chief Legal and Administrative Officer or the Administrative Officer (as defined under this Policy).
3.3 No Short Sales or Transactions in Derivatives of Vontier’s Securities. All Vontier Personnel are prohibited from engaging at any time in:
•short sales of Vontier common stock (i.e., selling more Vontier shares than one owns, a technique used to speculate on a decline in stock price); or
•transactions in any derivative of a Vontier security, including, but not limited to, buying or selling puts, calls or other options (except for instruments granted under a Vontier equity compensation plan).
4. ADDITIONAL REQUIREMENTS APPLICABLE TO CERTAIN DIRECTORS, OFFICERS AND EMPLOYEES
4.1 Persons Subject to Preclearance. The preclearance requirements set forth in Section 4.2 apply at all times to (i) all directors, executive officers and any other officers appointed by the board of directors of
Vontier Corporation Insider Trading Policy
Vontier, (ii) all employees located at Vontier’s corporate headquarters, and (iii) any other Vontier Personnel notified from time to time by the Administrative Officer, and in each of case (i) – (iii), all Immediate Family Members and all Controlled Entities of such persons (collectively, “Preclearance Personnel”).
4.2 Preclearance Requirements. No Preclearance Personnel may purchase or sell securities of the Company (other than in a transaction permitted under Section 3.2, although directors and executive officers must notify the Administrative Officer before entering into a transaction permitted under Section 3.2), unless such person preclears the transaction with the Administrative Officer. The Administrative Officer may not buy or sell Vontier securities unless the transaction has been approved by Vontier’s Chief Financial Officer or Chief Legal and Administrative Officer. A request for preclearance must be made in accordance with the procedures set forth on Appendix A. The Administrative Officer shall have sole discretion to decide whether to clear any contemplated transaction. All trades that are precleared must be effected within five business days following receipt of the preclearance (unless a specific exception has been granted by the Administrative Officer). A precleared trade (or any portion of a precleared trade) that has not been effected during such period must be precleared again prior to execution. Notwithstanding receipt of preclearance, if the person who received the preclearance becomes aware of Material Non-Public Information or becomes subject to a blackout period before the transaction is effected, the transaction may not be completed. The fact that a particular intended trade has been denied preclearance should be treated as Material Non-Public Information.
4.3. Persons Subject to Regular Blackout Periods. The provisions of Section 4.4 apply to (1) all Preclearance Personnel, and (2) all presidents, chief financial officers and general counsels (including their respective Immediate Family Members and Controlled Entities) of each business unit that reports directly to the Vontier corporate office and accounted for five percent (5%) or more of Vontier’s total revenues during the most recently completed Vontier fiscal year, as well as any other Vontier Personnel notified from time to time by the Administrative Officer (collectively, the “Blackout Personnel”).
4.4 Regular Blackout Periods. Except as provided in Section 3.2 or as approved in advance by Vontier’s Chief Financial Officer or Chief Legal and Administrative Officer, no Blackout Personnel may purchase or sell any securities of the Company during the period beginning ten calendar days prior to the end of any Vontier fiscal quarter and ending upon the completion of the first full trading day after the public announcement of earnings for such quarter (a “regular blackout period”).
4.5 Special Blackout Periods. The Company may from time to time notify the Blackout Personnel and/or other specified employees that an additional blackout period (a “special blackout period”) is in effect in view of significant events or developments involving the Company. In such event, except as provided in Section 3.2 or as approved in advance by Vontier’s Chief Financial Officer or Chief Legal and Administrative Officer, no such individual may purchase or sell any securities of the Company during such special blackout period or inform anyone else that a special blackout period is in effect. (In this Policy, regular blackout periods and special blackout periods are each referred to as a “blackout period.”)
4.4 Regulation BTR Blackout Period. If Vontier is required to impose a “pension fund blackout period” under Regulation BTR under the Sarbanes-Oxley Act, no Vontier director or executive officer shall, directly or indirectly sell, purchase or otherwise transfer during such blackout period any Vontier equity securities acquired in connection with his or her service as a director or officer of Vontier, except as permitted by Regulation BTR.
5. RULE 144 AND SECTION 16 REQUIREMENTS APPLICABLE TO INSIDERS
The U.S. securities laws impose additional requirements on certain transactions by corporate “insiders.”
5.1 General Overview of Section 16. Section 16 of the Securities Exchange Act (“Section 16”), applies to every person who is the beneficial owner of more than 10% of the outstanding common stock of Vontier and to each director and executive officer of Vontier (collectively, “Section 16 Insiders”). The following is a brief summary of Section 16:
•Section 16(a) requires insiders to electronically file public reports of their transactions involving Vontier equity securities. You should assume that any instrument that derives its value from an equity security of Vontier could be considered an equity security under Section 16.
Vontier Corporation Insider Trading Policy
•Section 16(b) provides that any profit realized by a Section 16 Insider from any “short-swing” transactions (i.e., any purchase and sale, or sale and purchase, of any Vontier equity security within less than six months) is recoverable by Vontier.
•Section 16(c) prohibits short sales by Section 16 Insiders of equity securities of Vontier.
•Section 16(a) requires an insider, upon becoming a Section 16 Insider, to file with the SEC an initial report on Form 3 disclosing his or her beneficial ownership of all equity securities of Vontier. To keep this information current, Section 16(a) also requires Section 16 Insiders to report all subsequent transactions involving Vontier equity securities, including bona fide gifts, on Form 4 before the end of the second business day following the day on which the subject transaction has been executed.2
•Any late or delinquent Section 16 filings are required to be reported in Vontier’s proxy statement in a separate captioned section, naming the name of the person who was delinquent. In addition, the SEC has been granted broad authority under the Securities Exchange Act to seek “any equitable relief that may be appropriate or necessary for the benefit of investors” for violations of any provisions of the securities laws, and any failure to comply with the requirements of Section 16 may result in SEC enforcement action against the person who fails to comply.
5.2 Section 16 Notification and Certification Procedures. In addition to the preclearance requirements referenced in Section 4.2, each Section 16 Insider must notify the Administrative Officer by sending an email to courtney.kamlet@vontier.com prior to executing any of the transactions set forth in Section 3.2 (and must also notify the Administrative Officer following completion of the transaction). In addition, as part of the D&O Questionnaires completed annually by each Section 16 Insider, all Section 16 Insiders are required to certify that they have complied with Section 16 and have made all required Section 16 filings.
5.3 Applicability of Section 16 Following Termination. Under certain circumstances, transactions after a Section 16 Insider ceases to be a director or employee of Vontier may also be subject to and reportable under Section 16. Generally, if after ceasing to be a director or employee of Vontier, the Section 16 Insider engages in a non-exempt transaction involving Vontier equity securities which occurs within a period of less than six months of a non-exempt, opposite-way transaction, the transaction would be subject to Section 16 and would need to be reported. Please contact the Administrative Officer upon termination of Section 16 Insider status for further guidance on compliance with Section 16 requirements.
5.4 Form 144. Sales by “affiliates” (including directors, executive officers, and 10% or greater stockholders) are subject to Rule 144 requirements under the Securities Act of 1933, including volume limitations, holding periods, “manner of sale” conditions, and reporting with the SEC. The legal obligation to file these reports and comply with the related rules rests on the individual “affiliate”. Brokers or financial advisors generally will assist such persons in the preparation and filing of a Form 144 with the SEC.
6. 10b5-1 TRADING PLANS
6.1 Overview. Rule 10b5-1 effectively establishes a safe harbor pursuant to which sales can be made even if a person is aware of material non-public information at the time the sale occurs, as long as he or she can demonstrate that the sale occurred pursuant to (1) a binding contract, specific instruction or written plan, that (2) was put into place at a time when he or she was not aware of material non-public information. Trading plans that are established to take advantage of the Rule 10b5-1 safe harbor are known as “10b5-1 trading plans” or simply as “trading plans” or “plans.”
6.2 Implementation Period. No trading plan may be implemented or materially amended by a Vontier Personnel:
•while the Vontier Personnel is aware of material non-public information; or
•if the Vontier Personnel is a Blackout Personnel, during a period that is designated as a regular black-out period under Section 4.4 or, if the Vontier Personnel is subject to a special blackout period, during such special blackout period.
2 Certain, limited transactions are eligible for reporting on a deferred, year-end basis on Form 5. In addition, certain employee benefit plan transactions involving discretionary transactions where the reporting person does not select the date of execution, are not required to be reported until the second business day following the date the reporting person is notified of the transaction, as long as such notice is delivered not later than the third business day after the trade date.
Vontier Corporation Insider Trading Policy
6.3 Structure. All trading plans must be in writing and structured so that the plan:
•specifies the amount, price and date of the transaction;
•includes a written formula, algorithm or computer program for determining the amount of securities to be sold and the price at which and the date on which the securities are to be sold; or
•precludes the Vontier Personnel from exercising any subsequent influence over how, when or whether to effect sales.
Any 10b5-1 trading plans entered into by Section 16 Insiders shall include a representation in the plan at the time of adoption or modification, certifying that (i) the person is not aware of material non-public information about the Company or its securities and (ii) the person is adopting the trading plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5.
6.4 Review. All proposed trading plans must be submitted to the Administrative Officer (or, if submitted by the Administrative Officer, to the Chief Legal and Administrative Officer) for review prior to implementation to ensure compliance with this Policy and to allow Vontier to consider whether public disclosure of the trading plan would be necessary.
6.5 Cooling-off Period. No transaction may be made under any trading plan:
•for any Section 16 Insider, until the later of (a) 90 days after implementation or modification of the plan or (b) two business days following disclosure of the Company’s financial results in a periodic report for the fiscal quarter (or fiscal year in case of a Form 10-K) in which the trading plan was adopted or modified;
•within the first 30 days after implementation or modification of the plan for any Vontier Personnel who is not a Section 16 Insider; and
If a trading plan is terminated prior to its expiration date, the Vontier Personnel may not implement a subsequent trading plan until at least 60 days after termination of the plan, subject to any cooling-off period described above.
6.6 Suspension, Modification or Termination at Vontier’s Request. All trading plans must permit the Vontier Personnel establishing the plan to suspend transactions under the plan, modify or terminate the plan, at any time at the request of Vontier in order to comply with any applicable legal or contractual limitations. If the Vontier Personnel modifies or terminates a plan prior to its scheduled expiration date, such Vontier Personnel must provide the Administrative Officer (or, if the Vontier Personnel is the Administrative Officer, the Chief Legal and Administrative Officer) with prior notice.
6.7 Limitations on Overlapping Trading Plans. Subject to limited exceptions, Vontier Personnel are prohibited from having more than one trading plan under Rule 10b5-1.
6.8 Limitations on Single-Trade Plans. Vontier Personnel are limited to one trading plan designed to effect an open market purchase or sale of the total amount of securities subject to the trading plan as a single transaction in any 12-month period.
6.9 Disclosure Obligations. The reporting obligations of Section 16 Insiders under Rule 144 and Section 16 apply to sales made under trading plans in essentially the same way they apply to other sales. As a result, it is important to ensure that the brokers who administer trading plans for Section 16 Insiders immediately inform the Administrative Officer of any trades that occur under such plans.
6.10 Other 10b5-1 Plan Considerations. Vontier Personnel establishing trading plans are also encouraged to consider the following additional practices:
•If trading under the plan is structured to occur at a fixed date, consider scheduling the trades to occur outside regular blackout periods.
•Consider refraining from engaging in transactions involving Vontier securities outside the plan while the plan is in effect.
Vontier Corporation Insider Trading Policy
•Consider adopting a trading plan with a duration of not less than six months nor more than 18 months (plans with a shorter or longer duration may however be appropriate depending on the circumstances).
•Exercise caution in terminating a trading plan before its scheduled expiration date, since any such termination could call into question whether the plan was entered into in good faith and could result in a loss of the 10b5-1 safe-harbor for trades previously made under the plan.
7. REPORTING VIOLATIONS; PENALTIES FOR VIOLATION
7.1 Reporting Violations. Anyone who is subject to this Policy and who violates this Policy or any applicable laws referenced herein, or becomes aware of any violation of this Policy or of the applicable laws referenced herein, must report the violations immediately to the Administrative Officer.
7.2 Penalties for Violations. Violation of any provision of this Policy is grounds for disciplinary action by the Company, up to and including termination of employment.
8. GENERAL INFORMATION
8.1 Administrative Officer. The Company has designated its VP, Group General Counsel and Corporate Secretary as its Insider Trading Compliance Officer (the “Administrative Officer”). Please direct all inquiries regarding any provisions or procedures of this Policy or the requirements of applicable laws to the Administrative Officer at courtney.kamlet@vontier.com.
8.2 Assistance. The Company will provide reasonable assistance to all directors and executive officers, as requested, in connection with the filing of Forms 3, 4 and 5 under Section 16 of the Exchange Act. However, the ultimate responsibility, and liability, for timely filing remains with each director and executive officer, and each director and executive officer is responsible for ensuring his or her transactions do not give rise to “short swing profit” liability under Section 16.
8.3 Limitation on Liability. None of the Company, the Chief Legal and Administrative Officer, the Administrative Officer (as defined under this Policy) or any of the Company’s other employees will have any liability for any delay in reviewing, or refusal of, a request for preclearance submitted pursuant to Section 4.2 or for any other action related to this Policy. Notwithstanding any preclearance of a transaction pursuant to Section 4.2 or notice of a transaction pursuant to Section 5.2, none of the Company, the Chief Legal and Administrative Officer, the Administrative Officer (as defined under this Policy) or the Company’s other employees assumes any liability for the legality or consequences of such transaction to the person engaging in or adopting such transaction.
Vontier Corporation Insider Trading Policy
APPENDIX A
TRADING PRECLEARANCE PROCEDURES
1. You must submit all preclearance requests to the Administrative Officer by email to preclearance@vontier.com. You should submit preclearance requests at least one business day before your intended trade date.
2. Your preclearance request should (1) briefly describe the proposed transaction (e.g., an open market sale of shares, a cashless sell-all option exercise, etc.), and (2) indicate the number of options or shares that are the subject of the proposed transaction. Your preclearance request must also include the following language:
By submitting this request to preclear a transaction in or relating to securities of Vontier Corporation, I certify that (1) I have read and understand Vontier’s Insider Trading Policy, (2) I am not aware of any material non-public information relating to Vontier Corporation or any of its subsidiaries, and (3) this proposed transaction will be effected in full compliance with Vontier’s Insider Trading Policy and applicable law. I agree that if I (i) become aware of any material non-public information about Vontier Corporation or any of its subsidiaries, or (ii) become subject to a blackout period, in each case at any time after my proposed transaction is precleared and before it is fully executed, I will immediately stop the proposed transaction and contact Vontier’s Administrative Officer.
3. In addition, any preclearance request by a Section 16 Insider must also indicate whether the insider has effected any non-exempt, “opposite-way” transactions within the past 6 months.
Exhibit 31.1
Certification
I, Mark D. Morelli, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Vontier Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
Date: August 3, 2023 | By: | /s/ Mark D. Morelli |
| | Mark D. Morelli |
| | President and Chief Executive Officer |
Exhibit 31.2
Certification
I, Anshooman Aga, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Vontier Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
Date: August 3, 2023 | By: | /s/ Anshooman Aga |
| | Anshooman Aga |
| | Senior Vice President and Chief Financial Officer |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Mark D. Morelli, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge, Vontier Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Vontier Corporation.
| | | | | | | | |
Date: August 3, 2023 | By: | /s/ Mark D. Morelli |
| | Mark D. Morelli |
| | President and Chief Executive Officer |
This certification accompanies the Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that Vontier Corporation specifically incorporates it by reference.
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Anshooman Aga, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge, Vontier Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Vontier Corporation.
| | | | | | | | |
Date: August 3, 2023 | By: | /s/ Anshooman Aga |
| | Anshooman Aga |
| | Senior Vice President and Chief Financial Officer |
This certification accompanies the Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that Vontier Corporation specifically incorporates it by reference.
v3.23.2
Cover Page - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Jul. 31, 2023 |
Cover [Abstract] |
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10-Q
|
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Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-39483
|
|
Entity Registrant Name |
Vontier Corporation
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
84-2783455
|
|
Entity Address, Address Line One |
5438 Wade Park Boulevard
|
|
Entity Address, Address Line Two |
Suite 600
|
|
Entity Address, City or Town |
Raleigh
|
|
Entity Address, State or Province |
NC
|
|
Entity Address, Postal Zip Code |
27607
|
|
City Area Code |
984
|
|
Local Phone Number |
275-6000
|
|
Title of 12(b) Security |
Common stock, par value $0.0001 per share
|
|
Trading Symbol |
VNT
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
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|
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false
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154,738,349
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2023
|
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Q2
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v3.23.2
Consolidated Condensed Balance Sheets - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 244.0
|
$ 204.5
|
Accounts receivable, less allowance for credit losses of $34.9 million and $34.2 million as of June 30, 2023 and December 31, 2022, respectively |
490.9
|
514.8
|
Inventories |
329.2
|
346.0
|
Prepaid expenses and other current assets |
158.6
|
152.8
|
Equity securities measured at fair value |
0.0
|
21.3
|
Current assets held for sale |
53.5
|
145.6
|
Total current assets |
1,276.2
|
1,385.0
|
Property, plant and equipment, net |
94.5
|
92.1
|
Operating lease right-of-use assets |
42.0
|
44.5
|
Long-term financing receivables, less allowance for credit losses of $33.3 million and $37.7 million as of June 30, 2023 and December 31, 2022, respectively |
265.0
|
249.8
|
Other intangible assets, net |
606.6
|
649.7
|
Goodwill |
1,733.9
|
1,738.7
|
Other assets |
187.4
|
183.5
|
Total assets |
4,205.6
|
4,343.3
|
Current liabilities: |
|
|
Short-term borrowings |
8.7
|
4.6
|
Trade accounts payable |
353.9
|
430.9
|
Current operating lease liabilities |
12.9
|
13.8
|
Accrued expenses and other current liabilities |
441.7
|
437.6
|
Current liabilities held for sale |
29.0
|
43.0
|
Total current liabilities |
846.2
|
929.9
|
Long-term operating lease liabilities |
31.8
|
34.0
|
Long-term debt |
2,422.4
|
2,585.7
|
Other long-term liabilities |
203.8
|
214.2
|
Total liabilities |
3,504.2
|
3,763.8
|
Commitments and Contingencies (Note 10) |
|
|
Equity: |
|
|
Preferred stock, 15.0 million shares authorized; no par value; no shares issued and outstanding |
0.0
|
0.0
|
Common stock, 2.0 billion shares authorized; $0.0001 par value; 170.3 million and 169.7 million shares issued, and 154.6 million and 156.0 million outstanding as of June 30, 2023 and December 31, 2022, respectively |
0.0
|
0.0
|
Treasury stock, at cost, 15.7 million and 13.7 million shares as of June 30, 2023 and December 31, 2022, respectively |
378.5
|
328.0
|
Additional paid-in capital |
37.8
|
27.6
|
Retained earnings |
943.1
|
770.8
|
Accumulated other comprehensive income |
94.1
|
106.1
|
Total Vontier stockholders’ equity |
696.5
|
576.5
|
Noncontrolling interests |
4.9
|
3.0
|
Total equity |
701.4
|
579.5
|
Total liabilities and equity |
$ 4,205.6
|
$ 4,343.3
|
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v3.23.2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, allowance for credit losses |
$ 34.9
|
$ 34.2
|
Financing receivable, allowance for credit losses |
$ 33.3
|
$ 37.7
|
Preferred stock, authorized (in shares) |
15,000,000
|
15,000,000
|
Preferred stock, par value (in dollars per share) |
$ 0
|
$ 0
|
Preferred stock, issued (in shares) |
0
|
0
|
Preferred stock, outstanding (in shares) |
0
|
0
|
Common stock, authorized (in shares) |
2,000,000,000
|
2,000,000,000
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, issued (in shares) |
170,300,000
|
169,700,000
|
Common stock, outstanding (in shares) |
154,600,000
|
156,000,000
|
Treasury stock, common, shares (in shares) |
15,700,000
|
13,700,000
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.2
Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jul. 01, 2022 |
Jun. 30, 2023 |
Jul. 01, 2022 |
Income Statement [Abstract] |
|
|
|
|
Sales |
$ 764.4
|
$ 776.4
|
$ 1,540.8
|
$ 1,524.5
|
Cost of sales |
(416.3)
|
(428.3)
|
(839.7)
|
(841.1)
|
Gross profit |
348.1
|
348.1
|
701.1
|
683.4
|
Operating costs: |
|
|
|
|
Selling, general and administrative expenses |
(187.2)
|
(176.7)
|
(365.4)
|
(342.7)
|
Research and development expenses |
(40.3)
|
(34.9)
|
(81.3)
|
(69.4)
|
Operating profit |
120.6
|
136.5
|
254.4
|
271.3
|
Non-operating income (expense), net: |
|
|
|
|
Interest expense, net |
(23.9)
|
(15.3)
|
(47.9)
|
(28.2)
|
Gain on sale of business |
34.1
|
0.0
|
34.1
|
0.0
|
Gain on previously held equity interests from combination of business |
0.0
|
0.0
|
0.0
|
32.7
|
Unrealized (loss) gain on equity securities measured at fair value |
0.0
|
(80.0)
|
0.0
|
83.0
|
Other non-operating expense, net |
(0.5)
|
0.0
|
(1.4)
|
(0.1)
|
Earnings before income taxes |
130.3
|
41.2
|
239.2
|
358.7
|
Provision for income taxes |
(33.0)
|
(7.9)
|
(59.1)
|
(75.2)
|
Net earnings |
$ 97.3
|
$ 33.3
|
$ 180.1
|
$ 283.5
|
Net earnings per share: |
|
|
|
|
Basic (in dollars per share) |
$ 0.63
|
$ 0.21
|
$ 1.16
|
$ 1.74
|
Diluted (in dollars per share) |
$ 0.62
|
$ 0.21
|
$ 1.15
|
$ 1.73
|
Weighted average shares outstanding: |
|
|
|
|
Basic (in shares) |
155.4
|
160.5
|
155.5
|
163.2
|
Diluted (in shares) |
156.3
|
161.2
|
156.2
|
163.9
|
Net earnings |
$ 97.3
|
$ 33.3
|
$ 180.1
|
$ 283.5
|
Other comprehensive income (loss), net of income taxes: |
|
|
|
|
Foreign currency translation adjustments |
(8.3)
|
(63.1)
|
(12.1)
|
(78.2)
|
Other adjustments |
0.0
|
0.1
|
0.1
|
0.2
|
Total other comprehensive loss, net of income taxes |
(8.3)
|
(63.0)
|
(12.0)
|
(78.0)
|
Comprehensive income (loss) |
$ 89.0
|
$ (29.7)
|
$ 168.1
|
$ 205.5
|
X |
- DefinitionIn a business combination achieved in stages, this element represents the amount of gain recognized by the entity as a result of remeasuring to fair value the equity interest in the acquiree it held before the business combination.
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v3.23.2
Consolidated Condensed Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Treasury Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income |
Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2021 |
|
169.2
|
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 573.7
|
$ 0.0
|
$ 0.0
|
$ 1.5
|
$ 386.7
|
$ 181.7
|
$ 3.8
|
Treasury stock, beginning balance (in shares) at Dec. 31, 2021 |
|
|
0.0
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
250.2
|
|
|
|
250.2
|
|
|
Dividends on common stock ($0.025 per share) |
(4.0)
|
|
|
|
(4.0)
|
|
|
Other comprehensive loss, net of income taxes |
(15.0)
|
|
|
|
|
(15.0)
|
|
Stock-based compensation expense |
6.1
|
|
|
6.1
|
|
|
|
Exercise of common stock options and stock award distributions, net of shares for tax withholding (in shares) |
|
0.3
|
|
|
|
|
|
Common stock-based award activity, net of shares for tax withholding |
(2.0)
|
|
|
(2.0)
|
|
|
|
Purchase of treasury stock (in shares) |
|
|
8.5
|
|
|
|
|
Purchase of treasury stock |
(257.0)
|
|
$ (207.0)
|
|
(50.0)
|
|
|
Change in noncontrolling interests |
(0.1)
|
|
|
|
|
|
(0.1)
|
Ending balance (in shares) at Apr. 01, 2022 |
|
169.5
|
|
|
|
|
|
Ending balance at Apr. 01, 2022 |
551.9
|
$ 0.0
|
$ (207.0)
|
5.6
|
582.9
|
166.7
|
3.7
|
Treasury stock, ending balance (in shares) at Apr. 01, 2022 |
|
|
(8.5)
|
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2021 |
|
169.2
|
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
573.7
|
$ 0.0
|
$ 0.0
|
1.5
|
386.7
|
181.7
|
3.8
|
Treasury stock, beginning balance (in shares) at Dec. 31, 2021 |
|
|
0.0
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
283.5
|
|
|
|
|
|
|
Other comprehensive loss, net of income taxes |
(78.0)
|
|
|
|
|
|
|
Ending balance (in shares) at Jul. 01, 2022 |
|
169.5
|
|
|
|
|
|
Ending balance at Jul. 01, 2022 |
502.7
|
$ 0.0
|
$ (278.0)
|
12.8
|
660.8
|
103.7
|
3.4
|
Treasury stock, ending balance (in shares) at Jul. 01, 2022 |
|
|
(10.8)
|
|
|
|
|
Beginning balance (in shares) at Apr. 01, 2022 |
|
169.5
|
|
|
|
|
|
Beginning balance at Apr. 01, 2022 |
551.9
|
$ 0.0
|
$ (207.0)
|
5.6
|
582.9
|
166.7
|
3.7
|
Treasury stock, beginning balance (in shares) at Apr. 01, 2022 |
|
|
(8.5)
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
33.3
|
|
|
|
33.3
|
|
|
Dividends on common stock ($0.025 per share) |
(4.0)
|
|
|
|
(4.0)
|
|
|
Other comprehensive loss, net of income taxes |
(63.0)
|
|
|
|
|
(63.0)
|
|
Stock-based compensation expense |
7.0
|
|
|
7.0
|
|
|
|
Common stock-based award activity, net of shares for tax withholding |
0.2
|
|
|
0.2
|
|
|
|
Purchase of treasury stock (in shares) |
|
|
2.3
|
|
|
|
|
Purchase of treasury stock |
(21.0)
|
|
$ (71.0)
|
|
50.0
|
|
|
Change in noncontrolling interests |
(1.7)
|
|
|
|
(1.4)
|
|
(0.3)
|
Ending balance (in shares) at Jul. 01, 2022 |
|
169.5
|
|
|
|
|
|
Ending balance at Jul. 01, 2022 |
$ 502.7
|
$ 0.0
|
$ (278.0)
|
12.8
|
660.8
|
103.7
|
3.4
|
Treasury stock, ending balance (in shares) at Jul. 01, 2022 |
|
|
(10.8)
|
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
156.0
|
169.7
|
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 579.5
|
$ 0.0
|
$ (328.0)
|
27.6
|
770.8
|
106.1
|
3.0
|
Treasury stock, beginning balance (in shares) at Dec. 31, 2022 |
13.7
|
|
13.7
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
$ 82.8
|
|
|
|
82.8
|
|
|
Dividends on common stock ($0.025 per share) |
(3.9)
|
|
|
|
(3.9)
|
|
|
Other comprehensive loss, net of income taxes |
(3.7)
|
|
|
|
|
(3.7)
|
|
Stock-based compensation expense |
6.8
|
|
|
6.1
|
|
|
0.7
|
Exercise of common stock options and stock award distributions, net of shares for tax withholding (in shares) |
|
0.5
|
|
|
|
|
|
Common stock-based award activity, net of shares for tax withholding |
(3.1)
|
|
|
(3.1)
|
|
|
|
Purchase of treasury stock (in shares) |
|
|
(0.9)
|
|
|
|
|
Purchase of treasury stock |
(18.4)
|
|
$ (18.4)
|
|
|
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
170.2
|
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
$ 640.0
|
$ 0.0
|
$ (346.4)
|
30.6
|
849.7
|
102.4
|
3.7
|
Treasury stock, ending balance (in shares) at Mar. 31, 2023 |
|
|
14.6
|
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
156.0
|
169.7
|
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 579.5
|
$ 0.0
|
$ (328.0)
|
27.6
|
770.8
|
106.1
|
3.0
|
Treasury stock, beginning balance (in shares) at Dec. 31, 2022 |
13.7
|
|
13.7
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
$ 180.1
|
|
|
|
180.1
|
|
|
Other comprehensive loss, net of income taxes |
$ (12.0)
|
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
154.6
|
170.3
|
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 701.4
|
$ 0.0
|
$ (378.5)
|
37.8
|
943.1
|
94.1
|
4.9
|
Treasury stock, ending balance (in shares) at Jun. 30, 2023 |
15.7
|
|
15.7
|
|
|
|
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
170.2
|
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
$ 640.0
|
$ 0.0
|
$ (346.4)
|
30.6
|
849.7
|
102.4
|
3.7
|
Treasury stock, beginning balance (in shares) at Mar. 31, 2023 |
|
|
14.6
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
97.3
|
|
|
|
97.3
|
|
|
Dividends on common stock ($0.025 per share) |
(3.9)
|
|
|
|
(3.9)
|
|
|
Other comprehensive loss, net of income taxes |
(8.3)
|
|
|
|
|
(8.3)
|
|
Stock-based compensation expense |
8.5
|
|
|
7.0
|
|
|
1.5
|
Exercise of common stock options and stock award distributions, net of shares for tax withholding (in shares) |
|
0.1
|
|
|
|
|
|
Common stock-based award activity, net of shares for tax withholding |
0.2
|
|
|
0.2
|
|
|
|
Purchase of treasury stock (in shares) |
|
|
(1.1)
|
|
|
|
|
Purchase of treasury stock |
(32.1)
|
|
$ (32.1)
|
|
|
|
|
Change in noncontrolling interests |
$ (0.3)
|
|
|
0.0
|
|
|
(0.3)
|
Ending balance (in shares) at Jun. 30, 2023 |
154.6
|
170.3
|
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 701.4
|
$ 0.0
|
$ (378.5)
|
$ 37.8
|
$ 943.1
|
$ 94.1
|
$ 4.9
|
Treasury stock, ending balance (in shares) at Jun. 30, 2023 |
15.7
|
|
15.7
|
|
|
|
|
X |
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v3.23.2
Business Overview and Basis of Presentation
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business Overview and Basis of Presentation |
BUSINESS OVERVIEW AND BASIS OF PRESENTATION Nature of Business Vontier Corporation (“Vontier” or the “Company”) is a global industrial technology company that provides critical mobility and multi-energy technologies and solutions to connect, manage and scale the mobility ecosystem worldwide. As of June 30, 2023, the Company operates through three reportable segments which align to the Company’s three operating segments: (i) Mobility Technologies, which provides digitally enabled equipment and solutions to support efficient operations across the mobility ecosystem, including point-of-sale and payment systems, workflow automation solutions, telematics, data analytics, operating software for electric vehicle charging networks, and integrated solutions for alternative fuel dispensing; (ii) Repair Solutions, which manufactures and distributes aftermarket vehicle repair tools, toolboxes, automotive diagnostic equipment and software through a network of mobile franchisees; and (iii) Environmental & Fueling Solutions, which provides environmental and fueling hardware and software, and aftermarket solutions for global fueling infrastructure. Basis of Presentation and Unaudited Interim Financial Information The accompanying Consolidated Condensed Financial Statements present the Company’s historical financial position, results of operations, changes in equity and cash flows in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and are unaudited. The interim Consolidated Condensed Financial Statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. The Consolidated Condensed Financial Statements also reflect the impact of noncontrolling interests. Noncontrolling interests do not have a significant impact on the Company’s consolidated results of operations, therefore, net earnings and net earnings per share attributable to noncontrolling interests are not presented separately in the Company’s Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). Net earnings attributable to noncontrolling interests have been reflected in selling, general and administrative expenses (“SG&A”) and were insignificant in all periods presented. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The accompanying interim Consolidated Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Consolidated and Combined Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”). Goodwill In the first quarter of 2023, the Company realigned its internal organization, as further discussed in Note 9. Segment Information, which resulted in a decrease in the number of reporting units for goodwill impairment testing from seven reporting units to five reporting units. For historical reporting units that were divided among the Company’s new reporting units after the realignment, the Company used the relative fair value method to reallocate goodwill to the new reporting units. The Company performed a qualitative goodwill impairment test immediately prior to and following the change in reporting units. Based on the Company’s assessment, the Company determined on the basis of the qualitative and quantitative factors that the fair values of the reporting units were more likely than not greater than their respective carrying values both immediately prior to and following the change in reporting units, and therefore, a quantitative test was not required. Foreign Currency Translation and Transactions Exchange rate adjustments resulting from foreign currency transactions are recognized in Net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of Accumulated other comprehensive income within equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using period-end exchange rates and income statement accounts are translated at weighted average exchange rates. Net foreign currency transaction gains or losses were not material in any of the periods presented. Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which requires enhanced disclosure of certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This ASU also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. ASU No. 2022-02 became effective for the Company’s annual and interim periods beginning on January 1, 2023. The Company has disclosed current-period gross write-offs in Note 3. Financing and Trade Receivables, while the other provisions of ASU 2022-02 did not have a material impact on the Company’s financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021 issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of ASU 2020-04 from December 31, 2022 to December 31, 2024. These ASUs provide temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as the London Inter-bank Offered Rate (“LIBOR”) which is being phased out, to alternate reference rates, such as the Secured Overnight Financing Rate (“SOFR”). These standards were effective upon issuance and allowed application to contract changes as early as January 1, 2020. The Company has transitioned all debt that historically referenced LIBOR to alternate reference rates, utilizing certain practical expedients to account for the modifications prospectively.
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v3.23.2
Acquisitions
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisitions |
ACQUISITIONS The Company did not complete any acquisitions during the six months ended June 30, 2023.
During the six months ended July 1, 2022, the Company completed the acquisition of Driivz Ltd. (“Driivz”), which is further discussed below, and acquired all of the outstanding equity interests in one other business.
Driivz
On February 7, 2022, the Company acquired the remaining 81% of the outstanding shares of Driivz for $152.5 million, net of cash received. Driivz, which is based in Israel, is a cloud-based subscription software platform supporting electric vehicle charging infrastructure (“EVCI”) providers with operations management, energy optimization, billing and roaming capabilities, as well as driver self-service apps. The acquisition of Driivz accelerates the Company’s portfolio diversification and e-mobility strategies and positions the Company to capitalize on the global EVCI market opportunities.
The acquisition of Driivz was accounted for as a business combination and, accordingly, the assets acquired and the liabilities assumed have been recorded at their respective fair values as of the acquisition date. The goodwill is attributable to the workforce of the acquired business, future market opportunities and the expected synergies with the Company’s existing operations. The majority of the goodwill derived from this acquisition is not deductible for tax purposes.
The Company’s final purchase price allocation is as follows:
| | | | | | | | | | | | ($ in millions) | Driivz | | Weighted Average Amortization Period | Accounts receivable | $ | 1.0 | | | | Technology | 56.3 | | | 8.0 | Customer relationships | 28.1 | | | 13.0 | Trade names | 9.2 | | | 16.0 | Goodwill | 125.7 | | | | Other assets | 2.9 | | | | Accrued expenses and other current liabilities | (12.5) | | | | Other long-term liabilities | (15.2) | | | | Purchase price, net of cash received | $ | 195.5 | | | |
The Company recorded certain adjustments to the preliminary purchase price allocation during the measurement period resulting in a net decrease of $5.2 million to goodwill. The carrying value of the Company’s approximately 19% interest in Driivz prior to the acquisition was $10.3 million, which historically was carried at cost. In connection with the acquisition, this investment was remeasured to a fair value of $43.0 million resulting in the recognition of an aggregate noncash gain of $32.7 million during the six months ended July 1, 2022, which was included in Gain on previously held equity interests from combination of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). The Company has not disclosed post-acquisition or pro forma revenue and earnings attributable to Driivz as it did not have a material effect on the Company’s results. Driivz is presented in the Company’s Mobility Technologies segment.
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v3.23.2
Financing and Trade Receivables
|
6 Months Ended |
Jun. 30, 2023 |
Credit Loss [Abstract] |
|
Financing and Trade Receivables |
FINANCING AND TRADE RECEIVABLES The Company’s financing receivables are comprised of commercial purchase security agreements with the Company’s end customers (“PSAs”) and commercial loans to the Company’s franchisees (“Franchisee Notes”) in the Repair Solutions segment. Financing receivables are generally secured by the underlying tools and equipment financed. Revenues associated with the Company’s interest income related to financing receivables are recognized to approximate a constant effective yield over the contract term. Accrued interest is included in Accounts receivable, less allowance for credit losses on the Consolidated Condensed Balance Sheets and was insignificant as of June 30, 2023 and December 31, 2022. The components of financing receivables with payments due in less than twelve months that are presented in Accounts receivable, less allowance for credit losses on the Consolidated Condensed Balance Sheets were as follows: | | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Gross current financing receivables: | | | | PSAs | $ | 96.8 | | | $ | 96.6 | | Franchisee Notes | 20.9 | | | 18.4 | | Current financing receivables, gross | $ | 117.7 | | | $ | 115.0 | | | | | | Allowance for credit losses: | | | | PSAs | $ | 14.5 | | | $ | 13.1 | | Franchisee Notes | 5.5 | | | 6.5 | | Total allowance for credit losses | 20.0 | | | 19.6 | | | | | | Net current financing receivables: | | | | PSAs, net | $ | 82.3 | | | $ | 83.5 | | Franchisee Notes, net | 15.4 | | | 11.9 | | Total current financing receivables, net | $ | 97.7 | | | $ | 95.4 | |
The components of Long-term financing receivables, less allowance for credit losses, which consists of financing receivables with payments due beyond one year, were as follows:
| | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Gross long-term financing receivables: | | | | PSAs | $ | 234.7 | | | $ | 224.0 | | Franchisee Notes | 63.6 | | | 63.5 | | Long-term financing receivables, gross | $ | 298.3 | | | $ | 287.5 | | | | | | Allowance for credit losses: | | | | PSAs | $ | 28.2 | | | $ | 32.4 | | Franchisee Notes | 5.1 | | | 5.3 | | Total allowance for credit losses | 33.3 | | | 37.7 | | | | | | Net long-term financing receivables: | | | | PSAs, net | $ | 206.5 | | | $ | 191.6 | | Franchisee Notes, net | 58.5 | | | 58.2 | | Total long-term financing receivables, net | $ | 265.0 | | | $ | 249.8 | |
As of June 30, 2023 and December 31, 2022, the net unamortized discount on our financing receivables was $17.7 million and $16.8 million, respectively. Credit score and distributor tenure are the primary indicators of credit quality for the Company’s financing receivables. The amortized cost basis and current period gross write-offs of PSAs and Franchisee Notes by origination year as of and for the six months ended June 30, 2023, is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total | PSAs | | | | | | | | | | | | | | Credit Score: | | | | | | | | | | | | | | Less than 400 | $ | 10.6 | | | $ | 10.2 | | | $ | 5.4 | | | $ | 2.6 | | | $ | 1.4 | | | $ | 0.1 | | | $ | 30.3 | | 400-599 | 16.0 | | | 17.3 | | | 8.8 | | | 4.7 | | | 2.1 | | | 0.6 | | | 49.5 | | 600-799 | 34.4 | | | 34.3 | | | 18.9 | | | 9.6 | | | 3.6 | | | 1.1 | | | 101.9 | | 800+ | 55.9 | | | 52.6 | | | 24.4 | | | 12.0 | | | 4.1 | | | 0.8 | | | 149.8 | | Total PSAs | $ | 116.9 | | | $ | 114.4 | | | $ | 57.5 | | | $ | 28.9 | | | $ | 11.2 | | | $ | 2.6 | | | $ | 331.5 | | | | | | | | | | | | | | | | Franchisee Notes | | | | | | | | | | | | | | Active distributors | $ | 15.4 | | | $ | 21.5 | | | $ | 14.9 | | | $ | 7.0 | | | $ | 5.9 | | | $ | 6.3 | | | $ | 71.0 | | Separated distributors | — | | | 0.8 | | | 2.8 | | | 2.6 | | | 2.5 | | | 4.8 | | | 13.5 | | Total Franchisee Notes | $ | 15.4 | | | $ | 22.3 | | | $ | 17.7 | | | $ | 9.6 | | | $ | 8.4 | | | $ | 11.1 | | | $ | 84.5 | | | | | | | | | | | | | | | | Current Period Gross Write-offs | | | | | | | | | | | | | | PSAs | $ | 2.3 | | | $ | 8.9 | | | $ | 5.0 | | | $ | 2.4 | | | $ | 1.1 | | | $ | 0.5 | | | $ | 20.2 | | Franchisee Notes | — | | | 0.1 | | | 0.1 | | | 0.1 | | | 0.5 | | | 0.6 | | | 1.4 | | Total current period gross write-offs | $ | 2.3 | | | $ | 9.0 | | | $ | 5.1 | | | $ | 2.5 | | | $ | 1.6 | | | $ | 1.1 | | | $ | 21.6 | |
Past Due PSAs are considered past due when a contractual payment has not been made. If a customer is making payments on its account, interest will continue to accrue. The table below sets forth the aging of the Company’s PSA balances as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | | 30-59 days past due | | 60-90 days past due | | Greater than 90 days past due | | Total past due | | Total not considered past due | | Total | | Greater than 90 days past due and accruing interest | June 30, 2023 | | $ | 3.3 | | | $ | 1.7 | | | $ | 6.3 | | | $ | 11.3 | | | $ | 320.2 | | | $ | 331.5 | | | $ | 6.3 | | December 31, 2022 | | 3.6 | | | 1.8 | | | 6.9 | | | 12.3 | | | 308.3 | | | 320.6 | | | 6.9 | |
Franchisee Notes are considered past due when payments have not been made for 21 days after the due date. Past due Franchisee Notes (where the franchisee had not yet separated) were insignificant as of June 30, 2023 and December 31, 2022. Uncollectable Status PSAs are deemed uncollectable and written off when they are both contractually delinquent and no payment has been received for 180 days. Franchisee Notes are deemed uncollectable and written off after a distributor separates and no payments have been received for one year. The Company stops accruing interest and other fees associated with financing receivables when (i) a customer is placed in uncollectable status and repossession efforts have begun; (ii) upon receipt of notification of bankruptcy; (iii) upon notification of the death of a customer; or (iv) other instances in which management concludes collectability is not reasonably assured. Allowance for Credit Losses Related to Financing Receivables The Company calculates the allowance for credit losses considering several factors, including the aging of its financing receivables, historical credit loss and portfolio delinquency experience and current economic conditions. The Company also evaluates financing receivables with identified exposures, such as customer defaults, bankruptcy or other events that make it unlikely it will recover the amounts owed to it. In calculating such reserves, the Company evaluates expected cash flows, including estimated proceeds from disposition of collateral, and calculates an estimate of the potential loss and the probability of loss. When a loss is considered probable on an individual financing receivable, a specific reserve is recorded. The following is a rollforward of the PSAs and Franchisee Notes components of the Company’s allowance for credit losses related to financing receivables as of: | | | | | | | | | | | | | | | | | | | June 30, 2023 | ($ in millions) | PSAs | | Franchisee Notes | | Total | Allowance for credit losses, beginning of year | $ | 45.5 | | | $ | 11.8 | | | $ | 57.3 | | Provision for credit losses | 16.3 | | | (0.1) | | | 16.2 | | Write-offs | (20.2) | | | (1.4) | | | (21.6) | | Recoveries of amounts previously charged off | 1.1 | | | 0.3 | | | 1.4 | | Allowance for credit losses, end of period | $ | 42.7 | | | $ | 10.6 | | | $ | 53.3 | |
Allowance for Credit Losses Related to Trade Accounts Receivables The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables (excluding financing receivables) and the Company’s trade accounts receivable cost basis as of: | | | | | | | | | | ($ in millions) | June 30, 2023 | | | | | Cost basis of trade accounts receivable | $ | 408.1 | | | | | | | | | | | | Allowance for credit losses balance, beginning of year | 14.6 | | | | | | Provision for credit losses | 3.0 | | | | | | Write-offs | (2.6) | | | | | | | | | | | | Foreign currency and other | (0.1) | | | | | | Allowance for credit losses balance, end of period | 14.9 | | | | | | Net trade accounts receivable balance | $ | 393.2 | | | | | |
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- DefinitionThe entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.
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v3.23.2
Inventories
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
INVENTORIES The classes of inventory as of June 30, 2023 and December 31, 2022 are summarized as follows: | | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Finished goods | $ | 132.0 | | | $ | 136.6 | | Work in process | 22.5 | | | 34.8 | | Raw materials | 174.7 | | | 174.6 | | Total | $ | 329.2 | | | $ | 346.0 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.2
Financing
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Financing |
FINANCING The Company had the following debt outstanding as of: | | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Short-term borrowings: | | | | Short-term borrowings and bank overdrafts | $ | 8.7 | | | $ | 4.6 | | | | | | Long-term debt: | | | | Three-Year Term Loans due 2024 | $ | 235.0 | | | $ | 400.0 | | Three-Year Term Loans due 2025 | 600.0 | | | 600.0 | | 1.800% senior unsecured notes due 2026 | 500.0 | | | 500.0 | | 2.400% senior unsecured notes due 2028 | 500.0 | | | 500.0 | | 2.950% senior unsecured notes due 2031 | 600.0 | | | 600.0 | | Revolving Credit Facility due 2026 | — | | | — | | Total long-term debt | 2,435.0 | | | 2,600.0 | | Less: discounts and debt issuance costs | (12.6) | | | (14.3) | | Total long-term debt, net | $ | 2,422.4 | | | $ | 2,585.7 | |
The Company’s long-term debt requires, among others, that the Company maintains certain financial covenants, and the Company was in compliance with all of these covenants as of June 30, 2023. Credit Facilities Revolving Credit Facility
The Revolving Credit Facility bears interest at a variable rate equal to SOFR plus an 11.4 basis points SOFR adjustment, plus a ratings-based margin which was 117.5 basis points as of June 30, 2023. As of June 30, 2023, there were no borrowings outstanding and $750.0 million of borrowing capacity under the Revolving Credit Facility. Three-Year Term Loans Due 2024
The Three-Year Term Loans Due 2024, which mature on October 28, 2024, bear interest at a variable rate equal to SOFR plus an 11.4 basis points SOFR adjustment, plus a ratings-based margin which was 112.5 basis points as of June 30, 2023. The interest rate was 6.34% per annum as of June 30, 2023. The Company is not obligated to make repayments prior to the maturity date, but did voluntarily repay $100.0 million and $165.0 million during the three and six months ended June 30, 2023, respectively. The Company is not permitted to re-borrow once repayment is made. There was no material difference between the carrying value and the estimated fair value of the debt outstanding as of June 30, 2023. Three-Year Term Loans Due 2025 The Three-Year Term Loans Due 2025 (together with the Three-Year Term Loans Due 2024, the “Term Loans”) bear interest at a variable rate equal to SOFR plus a 10.0 basis points credit spread adjustment plus a ratings-based margin which was 125.0 basis points as of June 30, 2023. The interest rate was 6.45% per annum as of June 30, 2023. As of June 30, 2023, there was no material difference between the carrying value and the estimated fair value of the debt outstanding. Senior Unsecured Notes The Company’s senior unsecured notes (collectively, the “Registered Notes”) consist of the following: •$500.0 million aggregate principal amount of senior notes due April 1, 2026 bearing interest at the rate of 1.800% per year; •$500.0 million aggregate principal amount of senior notes due April 1, 2028 bearing interest at the rate of 2.400% per year; and •$600.0 million aggregate principal amount of senior notes due April 1, 2031 bearing interest at the rate of 2.950% per year. The estimated fair value of the Registered Notes was $1.3 billion as of June 30, 2023. The fair value of the Registered Notes was determined based upon Level 2 inputs including indicative prices based upon observable market data. The difference between the fair value and the carrying amounts of the Registered Notes may be attributable to changes in market interest rates and/or the Company’s credit ratings subsequent to the incurrence of the borrowing. Short-term Borrowings As of June 30, 2023, certain of the Company’s businesses were in a cash overdraft position, and such overdrafts are included in Short-term borrowings on the Consolidated Condensed Balance Sheets. Additionally, the Company has other short-term borrowing arrangements with various banks to facilitate short-term cash flow requirements in certain countries also included in Short-term borrowings on the Consolidated Condensed Balance Sheets. Given the nature of the short-term borrowings, the carrying value approximates fair value as of June 30, 2023.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
Accumulated Other Comprehensive Income
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Accumulated Other Comprehensive Income |
ACCUMULATED OTHER COMPREHENSIVE INCOME Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. The changes in Accumulated other comprehensive income by component are summarized below: | | | | | | | | | | | | | | | | | | ($ in millions) | Foreign Currency Translation Adjustments | | Other Adjustments (b) | | Total | For the Three Months Ended June 30, 2023: | | | | | | Balance, March 31, 2023 | $ | 104.0 | | | $ | (1.6) | | | $ | 102.4 | | Other comprehensive loss before reclassifications, net of income taxes | (8.6) | | | — | | | (8.6) | | Amounts reclassified from accumulated other comprehensive income: | | | | | | Sale of business | 0.3 | | (c) | — | | | 0.3 | | | | | | | | | | | | | | Amounts reclassified from accumulated other comprehensive income, net of income taxes | 0.3 | | | — | | | 0.3 | | Net current period other comprehensive loss, net of income taxes | (8.3) | | | — | | | (8.3) | | Balance, June 30, 2023 | $ | 95.7 | | | $ | (1.6) | | | $ | 94.1 | | | | | | | | For the Three Months Ended July 1, 2022: | | | | | | Balance, April 1, 2022 | $ | 169.8 | | | $ | (3.1) | | | $ | 166.7 | | Other comprehensive loss before reclassifications, net of income taxes | (63.1) | | | — | | | (63.1) | | Amounts reclassified from accumulated other comprehensive income: | | | | | | Increase | — | | | 0.1 | | (a) | 0.1 | | | | | | | | Amounts reclassified from accumulated other comprehensive income, net of income taxes | — | | | 0.1 | | | 0.1 | | Net current period other comprehensive (loss) income, net of income taxes | (63.1) | | | 0.1 | | | (63.0) | | Balance, July 1, 2022 | $ | 106.7 | | | $ | (3.0) | | | $ | 103.7 | | | | | | | | (a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. | (b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. | (c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). |
| | | | | | | | | | | | | | | | | | ($ in millions) | Foreign Currency Translation Adjustments | | Other Adjustments (b) | | Total | For the Six Months Ended June 30, 2023: | | | | | | Balance, December 31, 2022 | $ | 107.8 | | | $ | (1.7) | | | $ | 106.1 | | Other comprehensive loss before reclassifications, net of income taxes | (12.4) | | | — | | | (12.4) | | Amounts reclassified from accumulated other comprehensive income: | | | | | | Sale of business | 0.3 | | (c) | — | | | 0.3 | | Increase | — | | | 0.1 | | (a) | 0.1 | | | | | | | | Amounts reclassified from accumulated other comprehensive income, net of income taxes | 0.3 | | | 0.1 | | | 0.4 | | Net current period other comprehensive (loss) income, net of income taxes | (12.1) | | | 0.1 | | | (12.0) | | Balance, June 30, 2023 | $ | 95.7 | | | $ | (1.6) | | | $ | 94.1 | | | | | | | | For the Six Months Ended July 1, 2022: | | | | | | Balance, December 31, 2021 | $ | 184.9 | | | $ | (3.2) | | | $ | 181.7 | | Other comprehensive loss before reclassifications, net of income taxes | (78.2) | | | — | | | (78.2) | | Amounts reclassified from accumulated other comprehensive income: | | | | | | Increase | — | | | 0.2 | | (a) | 0.2 | | | | | | | | Amounts reclassified from accumulated other comprehensive income, net of income taxes | — | | | 0.2 | | | 0.2 | | Net current period other comprehensive (loss) income, net of income taxes | (78.2) | | | 0.2 | | | (78.0) | | Balance, July 1, 2022 | $ | 106.7 | | | $ | (3.0) | | | $ | 103.7 | | | | | | | | (a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. | (b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. | (c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). | |
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v3.23.2
Sales
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Sales |
SALES Contract Assets In certain circumstances, contract assets are recorded which include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is subject to contractual performance obligations rather than subject only to the passage of time. Contract assets were $10.7 million and $12.3 million as of June 30, 2023 and December 31, 2022, respectively, and are included in Prepaid expenses and other current assets in the accompanying Consolidated Condensed Balance Sheets. Contract Costs The Company incurs direct incremental costs to obtain certain contracts, typically costs associated with assets used by our customers in certain service arrangements and sales-related commissions. As of June 30, 2023 and December 31, 2022, the Company had $86.3 million and $88.6 million, respectively, in net revenue-related capitalized contract costs primarily related to assets used by the Company’s customers in certain software contracts, which are recorded in Prepaid expenses and other current assets, for the current portion, and Other assets, for the noncurrent portion, in the accompanying Consolidated Condensed Balance Sheets. Contract Liabilities The Company’s contract liabilities consist of deferred revenue generally related to customer deposits, post contract support (“PCS”) and extended warranty sales. In these arrangements, the Company generally receives up-front payment and recognizes revenue over the support term of the contracts where applicable. Deferred revenue is classified as current or noncurrent based on the timing of when revenue is expected to be recognized and is included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in the accompanying Consolidated Condensed Balance Sheets. The Company’s contract liabilities consisted of the following: | | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Deferred revenue, current | $ | 136.5 | | | $ | 135.2 | | Deferred revenue, noncurrent | 46.6 | | | 48.7 | | Total contract liabilities | $ | 183.1 | | | $ | 183.9 | |
During the three and six months ended June 30, 2023, the Company recognized $37.3 million and $80.6 million of revenue related to the Company’s contract liabilities at December 31, 2022, respectively. The change in contract liabilities from December 31, 2022 to June 30, 2023 was primarily due to the timing of cash receipts and sales of PCS and extended warranty services. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm, noncancelable orders and the annual contract value for software-as-a-service contracts with expected customer delivery dates beyond one year from June 30, 2023 for which work has not been performed. The Company has excluded performance obligations with an original expected duration of one year or less. Remaining performance obligations as of June 30, 2023 were $392.7 million, the majority of which are related to the annual contract value for software-as-a-service contracts. The Company expects approximately 40 percent of the remaining performance obligations will be fulfilled within the next two years, 70 percent within the next three years, and substantially all within four years. Disaggregation of Revenue Revenue from contracts with customers is disaggregated by sales of products and services and geographic location for each of our reportable segments, as it best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Disaggregation of revenue was as follows for the three months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total | Sales: | | | | | | | | | | Sales of products | $ | 207.1 | | | $ | 157.8 | | | $ | 296.0 | | | $ | 21.6 | | | $ | 682.5 | | Sales of services | 31.7 | | | 0.6 | | | 43.3 | | | 6.3 | | | 81.9 | | Total | $ | 238.8 | | | $ | 158.4 | | | $ | 339.3 | | | $ | 27.9 | | | $ | 764.4 | | | | | | | | | | | | Geographic: | | | | | | | | | | North America (a) | $ | 161.4 | | | $ | 158.4 | | | $ | 214.3 | | | $ | 27.5 | | | $ | 561.6 | | Western Europe | 25.1 | | | — | | | 40.5 | | | — | | | 65.6 | | High growth markets | 33.0 | | | — | | | 69.1 | | | 0.4 | | | 102.5 | | Rest of world | 19.3 | | | — | | | 15.4 | | | — | | | 34.7 | | Total | $ | 238.8 | | | $ | 158.4 | | | $ | 339.3 | | | $ | 27.9 | | | $ | 764.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Includes total sales in the United States of $522.5 million. Disaggregation of revenue was as follows for the three months ended July 1, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total | Sales: | | | | | | | | | | Sales of products | $ | 184.7 | | | $ | 149.1 | | | $ | 334.8 | | | $ | 33.9 | | | $ | 702.5 | | Sales of services | 25.9 | | | 0.6 | | | 40.5 | | | 6.9 | | | 73.9 | | Total | $ | 210.6 | | | $ | 149.7 | | | $ | 375.3 | | | $ | 40.8 | | | $ | 776.4 | | | | | | | | | | | | Geographic: | | | | | | | | | | North America (a) | $ | 151.5 | | | $ | 149.7 | | | $ | 242.7 | | | $ | 40.0 | | | $ | 583.9 | | Western Europe | 18.6 | | | — | | | 37.5 | | | — | | | 56.1 | | High growth markets | 23.0 | | | — | | | 80.2 | | | 0.8 | | | 104.0 | | Rest of world | 17.5 | | | — | | | 14.9 | | | — | | | 32.4 | | Total | $ | 210.6 | | | $ | 149.7 | | | $ | 375.3 | | | $ | 40.8 | | | $ | 776.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Includes total sales in the United States of $564.3 million. Disaggregation of revenue was as follows for the six months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total | Sales: | | | | | | | | | | Sales of products | $ | 422.3 | | | $ | 338.7 | | | $ | 568.1 | | | $ | 49.8 | | | $ | 1,378.9 | | Sales of services | 62.4 | | | 1.1 | | | 85.0 | | | 13.4 | | | 161.9 | | Total | $ | 484.7 | | | $ | 339.8 | | | $ | 653.1 | | | $ | 63.2 | | | $ | 1,540.8 | | | | | | | | | | | | Geographic: | | | | | | | | | | North America (a) | $ | 335.0 | | | $ | 339.8 | | | $ | 405.4 | | | $ | 62.2 | | | $ | 1,142.4 | | Western Europe | 44.0 | | | — | | | 83.1 | | | — | | | 127.1 | | High growth markets | 65.6 | | | — | | | 136.5 | | | 1.0 | | | 203.1 | | Rest of world | 40.1 | | | — | | | 28.1 | | | — | | | 68.2 | | Total | $ | 484.7 | | | $ | 339.8 | | | $ | 653.1 | | | $ | 63.2 | | | $ | 1,540.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Includes total sales in the United States of $1,070.3 million. Disaggregation of revenue was as follows for the six months ended July 1, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total | Sales: | | | | | | | | | | Sales of products | $ | 362.3 | | | $ | 312.9 | | | $ | 622.7 | | | $ | 74.9 | | | $ | 1,372.8 | | Sales of services | 55.9 | | | 1.2 | | | 80.8 | | | 13.8 | | | 151.7 | | Total | $ | 418.2 | | | $ | 314.1 | | | $ | 703.5 | | | $ | 88.7 | | | $ | 1,524.5 | | | | | | | | | | | | Geographic: | | | | | | | | | | North America (a) | $ | 294.8 | | | $ | 314.1 | | | $ | 447.1 | | | $ | 87.3 | | | $ | 1,143.3 | | Western Europe | 40.7 | | | — | | | 79.1 | | | — | | | 119.8 | | High growth markets | 47.0 | | | — | | | 149.5 | | | 1.4 | | | 197.9 | | Rest of world | 35.7 | | | — | | | 27.8 | | | — | | | 63.5 | | Total | $ | 418.2 | | | $ | 314.1 | | | $ | 703.5 | | | $ | 88.7 | | | $ | 1,524.5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Includes total sales in the United States of $1,105.0 million.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.23.2
Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
INCOME TAXES The Company’s effective tax rate for the three and six months ended June 30, 2023 was 25.3% and 24.7%, respectively, as compared to 19.2% and 21.0% for the three and six months ended July 1, 2022. The increase in the effective tax rate for the three months ended June 30, 2023 as compared to the comparable period in the prior year was primarily due to an increase in foreign taxable earnings and taxes on the gain from the sale of a business. The increase in the effective tax rate for the six months ended June 30, 2023 as compared to the comparable period in the prior year was primarily due to an increase in foreign taxable earnings, taxes on the gain from the sale of a business and non-taxable income related to our previously held equity interest in Driivz in the prior year.
The Company’s effective tax rate for the three and six months ended June 30, 2023 differs from the U.S. federal statutory rate of 21% primarily due to the effect of state taxes and foreign taxable earnings at a rate different from the U.S. federal statutory rate. The Company’s effective tax rate for the three and six months ended July 1, 2022 differs from the U.S. federal statutory rate of 21% primarily due to the effect of state taxes and foreign taxable earnings at a rate different from the U.S. federal statutory rate, which was offset by non-taxable income related to our previously held equity interest in Driivz.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
Segment Information
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Information |
SEGMENT INFORMATION In the first quarter of 2023, the Company realigned its internal organization to align with the Company’s strategy, resulting in changes to the Company’s operating segments. Historically, the Company operated through one reportable segment comprised of two operating segments: (i) Mobility Technologies and (ii) Diagnostics and Repair Technologies. Subsequent to the realignment, the Company now operates through three reportable segments which align to the Company’s three operating segments: (i) Mobility Technologies, (ii) Repair Solutions and (iii) Environmental & Fueling Solutions. The Company’s Coats (Hennessy) business, which is currently held for sale, is presented in Other. The Company’s Global Traffic Technologies business, which was divested during April 2023, is presented in Other for periods prior to the divestiture. Refer to Note 13. Divestitures and Assets and Liabilities Held for Sale for further discussion of the Company’s Coats (Hennessy) and Global Traffic Technologies businesses. Segment operating profit is used as a performance metric by the chief operating decision maker (“CODM”) in determining how to allocate resources and assess performance. Segment operating profit represents total segment sales less operating costs attributable to the segment, which does not include unallocated corporate costs and other operating costs not allocated to the reportable segments as part of the CODM’s assessment of reportable segment operating performance, including stock-based compensation expense, amortization of intangible assets, restructuring costs, transaction- and deal-related costs, and other costs not indicative of the segment’s core operating performance. As part of the CODM’s assessment of the Repair Solutions segment, a capital charge based on the segment’s financing receivables portfolio is assessed by Corporate (the “Repair Solutions Capital Charge”). The unallocated corporate and other operating costs are presented in Corporate & other unallocated costs in the reconciliation to earnings before income taxes below. Intersegment amounts are not significant and have been eliminated. The Company’s CODM does not review any information regarding total assets on a segment basis. Prior period segment results have been presented in conformity with the Company’s new reportable segments. Segment results for the periods indicated were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | ($ in millions) | June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 | Sales: | | | | | | | | Mobility Technologies | $ | 238.8 | | | $ | 210.6 | | | $ | 484.7 | | | $ | 418.2 | | Repair Solutions(a) | 158.4 | | | 149.7 | | | 339.8 | | | 314.1 | | Environmental & Fueling Solutions | 339.3 | | | 375.3 | | | 653.1 | | | 703.5 | | Other | 27.9 | | | 40.8 | | | 63.2 | | | 88.7 | | Total | $ | 764.4 | | | $ | 776.4 | | | $ | 1,540.8 | | | $ | 1,524.5 | | | | | | | | | | Segment operating profit: | | | | | | | | Mobility Technologies | $ | 44.7 | | | $ | 42.6 | | | $ | 92.6 | | | $ | 83.7 | | Repair Solutions(b) | 41.6 | | | 41.6 | | | 88.9 | | | 88.6 | | Environmental & Fueling Solutions | 95.2 | | | 98.5 | | | 175.9 | | | 180.5 | | Other | 2.2 | | | 3.2 | | | 6.0 | | | 8.3 | | Segment operating profit | 183.7 | | | 185.9 | | | 363.4 | | | 361.1 | | Corporate & other unallocated costs(b) | (63.1) | | | (49.4) | | | (109.0) | | | (89.8) | | Operating profit | 120.6 | | | 136.5 | | | 254.4 | | | 271.3 | | Interest expense, net | (23.9) | | | (15.3) | | | (47.9) | | | (28.2) | | Gain on sale of business | 34.1 | | | — | | | 34.1 | | | — | | Gain on previously held equity interests from combination of business | — | | | — | | | — | | | 32.7 | | Unrealized (loss) gain on equity securities measured at fair value | — | | | (80.0) | | | — | | | 83.0 | | Other non-operating expense, net | (0.5) | | | — | | | (1.4) | | | (0.1) | | Earnings before income taxes | $ | 130.3 | | | $ | 41.2 | | | $ | 239.2 | | | $ | 358.7 | | | | | | | | | | Depreciation expense: | | | | | | | | Mobility Technologies | $ | 6.8 | | | $ | 4.7 | | | $ | 12.9 | | | $ | 10.7 | | Repair Solutions | 0.5 | | | 0.4 | | | 0.9 | | | 0.8 | | Environmental & Fueling Solutions | 3.8 | | | 3.6 | | | 7.4 | | | 7.2 | | Other | — | | | 0.5 | | | — | | | 0.9 | | Corporate | 0.2 | | | 0.2 | | | 0.5 | | | 0.4 | | Total | $ | 11.3 | | | $ | 9.4 | | | $ | 21.7 | | | $ | 20.0 | |
(a) Includes interest income related to financing receivables of $19.0 million, $18.2 million, $38.8 million and $36.6 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively. (b) Includes the Repair Solutions Capital Charge of $10.3 million, $9.9 million, $20.5 million and $19.8 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
Litigation and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Litigation and Contingencies |
LITIGATION AND CONTINGENCIES Warranty Estimated warranty costs are generally accrued at the time of sale. In general, manufactured products are warrantied against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained. Warranty period terms depend on the nature of the product and range from 90 days up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor, and in certain instances, estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known. The following is a rollforward of the Company’s accrued warranty liability: | | | | | | ($ in millions) | | Balance, December 31, 2022 | $ | 43.0 | | Accruals for warranties issued during the period | 20.2 | | Settlements made | (17.4) | | | | Balance, June 30, 2023 | $ | 45.8 | |
Litigation and Other Contingencies
The Company is involved in legal proceedings from time to time in the ordinary course of its business. Although the outcome of such matters is uncertain, management believes that these legal proceedings will not have a material adverse effect on the financial condition or results of future operations of the Company.
In accordance with accounting guidance, the Company records a liability in the Consolidated Condensed Financial Statements for loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss does not meet the known or probable level but is reasonably possible and a loss or range of loss can be reasonably estimated, the estimated loss or range of loss is disclosed.
Gross liabilities associated with known and future expected asbestos claims and projected insurance recoveries were as follows as of:
| | | | | | | | | | | | | | | | | | ($ in millions) | Classification | | June 30, 2023 | | December 31, 2022 | Gross liabilities | | | | | | Current | Accrued expenses and other current liabilities | | $ | 27.9 | | | $ | 27.1 | | Long-term | Other long-term liabilities | | 75.7 | | | 78.1 | | Total | | | 103.6 | | | 105.2 | | | | | | | | Projected insurance recoveries | | | | | | Current | Prepaid expenses and other current assets | | 19.0 | | | 21.2 | | Long-term | Other assets | | 47.4 | | | 47.4 | | Total | | | $ | 66.4 | | | $ | 68.6 | |
Guarantees As of June 30, 2023 and December 31, 2022, the Company had guarantees consisting primarily of outstanding standby letters of credit, bank guarantees, and performance and bid bonds of approximately $84.8 million and $84.0 million, respectively. These guarantees have been provided in connection with certain arrangements with vendors, customers, financing counterparties, and governmental entities to secure the Company’s obligations and/or performance requirements related to specific transactions. The Company believes that if the obligations under these instruments were triggered, they would not have a material effect on the financial statements.
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v3.23.2
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: •Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. •Level 3 inputs are unobservable inputs based on our assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Below is a summary of financial assets and liabilities that are measured at fair value on a recurring basis as of: | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | June 30, 2023 | | | | | | | | Contingent consideration liabilities | $ | — | | | $ | — | | | $ | 11.1 | | | $ | 11.1 | | Deferred compensation liabilities | 6.1 | | | — | | | — | | | 6.1 | | December 31, 2022 | | | | | | | | Equity securities measured at fair value | $ | 21.3 | | | $ | — | | | $ | — | | | $ | 21.3 | | Contingent consideration liabilities | — | | | — | | | 11.6 | | | 11.6 | | Deferred compensation liabilities | — | | | 5.1 | | | — | | | 5.1 | |
Equity Securities The Company held a minority interest in Tritium Holdings Pty, Ltd (“Tritium”) which historically was recorded at cost in Other assets on the Consolidated Condensed Balance Sheets. On January 13, 2022, Tritium announced that it completed a business combination with Decarbonization Plus Acquisition Corporation II to make Tritium a publicly listed company on NASDAQ under the symbol “DCFC”. Once Tritium became publicly traded, the Company recorded its investment at fair value in Equity securities measured at fair value on the Consolidated Condensed Balance Sheets with changes in the value recorded in Unrealized (loss) gain on equity securities measured at fair value on the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss) and the Consolidated Condensed Statements of Cash Flows. During the first quarter of 2023, the Company sold its remaining interest in Tritium and recognized a loss of $0.9 million, which is presented in Other non-operating expense, net on the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss) and Loss on equity investments in the Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2023. Contingent Consideration The fair value of the contingent consideration liabilities relates to payments to previous owners of acquired companies contingent on the achievement of certain revenue targets. The Company records a liability for contingent consideration in the purchase price for acquisitions at fair value on the acquisition date, and remeasures the liability at each reporting date, based on the Company’s estimate of the expected probability of achievement of the contingency targets. This estimate is based on significant unobservable inputs and represents a Level 3 measurement within the fair value hierarchy. Deferred Compensation Certain management employees participate in the Company’s nonqualified deferred compensation programs that permit such employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment. All amounts deferred under such plans are unfunded, unsecured obligations and are presented as a component of our compensation and benefits accrual included in Other long-term liabilities in the Consolidated Condensed Balance Sheets. Participants may choose among alternative earning rates for the amounts they defer, which are primarily based on investment options within our defined contribution plans for the benefit of U.S. employees (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of the Company’s common stock). Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts, which are based on the applicable earnings rates. Nonrecurring Fair Value Measurements Certain assets and liabilities are carried on the accompanying Consolidated Condensed Balance Sheets at cost and are not remeasured to fair value on a recurring basis. These assets include finite-lived intangible assets, which are tested for impairment when a triggering event occurs, and goodwill and identifiable indefinite-lived intangible assets, which are tested for impairment at least annually as of the first day of the fourth quarter or more frequently if events and circumstances indicate that the asset may not be recoverable. As of June 30, 2023, assets carried on the balance sheet and not remeasured to fair value on a recurring basis included $1.7 billion of goodwill and $606.6 million of identifiable intangible assets, net.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
Capital Stock and Earnings Per Share
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6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Capital Stock and Earnings Per Share |
CAPITAL STOCK AND EARNINGS PER SHARE Earnings Per Share
Basic earnings per share is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding. Diluted earnings per share is calculated by adjusting weighted average common shares outstanding for the dilutive effect of the assumed issuance of shares under stock-based compensation plans, determined using the treasury-stock method, except where the inclusion of such shares would have an anti-dilutive impact.
Information related to the calculation of net earnings per share of common stock is summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | ($ and shares in millions, except per share amounts) | June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 | Numerator: | | | | | | | | Net earnings | $ | 97.3 | | | $ | 33.3 | | | $ | 180.1 | | | $ | 283.5 | | | | | | | | | | Denominator: | | | | | | | | Basic weighted average common shares outstanding | 155.4 | | | 160.5 | | | 155.5 | | | 163.2 | | Effect of dilutive stock options and RSUs | 0.9 | | | 0.7 | | | 0.7 | | | 0.7 | | Diluted weighted average common shares outstanding | 156.3 | | | 161.2 | | | 156.2 | | | 163.9 | | | | | | | | | | Earnings per share: | | | | | | | | Basic | $ | 0.63 | | | $ | 0.21 | | | $ | 1.16 | | | $ | 1.74 | | Diluted | $ | 0.62 | | | $ | 0.21 | | | $ | 1.15 | | | $ | 1.73 | | | | | | | | | | Anti-dilutive shares | 1.8 | | | 3.2 | | | 2.6 | | | 3.3 | |
Share Repurchase Program
On May 24, 2022, the Company’s Board of Directors approved a replenishment of the Company’s previously approved share repurchase program announced in May 2021, bringing the total amount authorized for future share repurchases back up to $500.0 million. Under the share repurchase program, the Company may purchase shares of common stock from time to time in open market transactions, privately negotiated transactions, accelerated share repurchase programs, or by combinations of such methods, any of which may use prearranged trading plans that are designed to meet the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, corporate and regulatory requirements, restrictions under the Company’s debt obligations and other market and economic conditions. The share repurchase program may be suspended or discontinued at any time and has no expiration date. The Company repurchased 1.1 million of the Company’s shares for $31.9 million through open market transactions at an average price per share of $28.55 during the three months ended June 30, 2023 and 2.0 million of the Company’s shares for $50.0 million through open market transactions at an average price per share of $25.22 during the six months ended June 30, 2023. As of June 30, 2023, the Company has remaining authorization to repurchase $378.9 million of its common stock under the share repurchase program.
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v3.23.2
Divestitures and Assets and Liabilities Held for Sale
|
6 Months Ended |
Jun. 30, 2023 |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] |
|
Divestitures and Assets and Liabilities Held for Sale |
DIVESTITURES AND ASSETS AND LIABILITIES HELD FOR SALE Global Traffic Technologies On April 14, 2023, the Company completed the sale of Global Traffic Technologies for $108.0 million, subject to the finalization of customary working capital adjustments. As a result of the transaction, the Company recognized a preliminary gain of $34.1 million during the three and six months ended June 30, 2023, which is presented in Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). There is a transition services agreement (the “TSA”) in place between the Company and Global Traffic Technologies which sets forth the terms and conditions pursuant to which the Company will provide certain services to Global Traffic Technologies. Receipts related to the TSA were insignificant for the three and six months ended June 30, 2023. The operations of Global Traffic Technologies did not meet the criteria to be presented as discontinued operations. Coats (Hennessy)
During the three months ended July 1, 2022, the Company reached the strategic decision to exit its Coats (Hennessy) business. The Company determined that the associated assets and liabilities met the held for sale accounting criteria and Coats (Hennessy) was classified as Current assets held for sale and Current liabilities held for sale in the Consolidated Condensed Balance Sheets as of June 30, 2023. The operations of Coats (Hennessy) did not meet the criteria to be presented as discontinued operations.
The assets and liabilities were measured at the lower of fair value less costs to sell or the carrying value. The following table summarizes the carrying amounts of major classes of assets and liabilities of Coats (Hennessy) as of June 30, 2023 (in millions):
| | | | | | | | | | | | | | | | ASSETS | | | | | | | | | | | | Accounts receivable, less allowance for credit losses | | | | | $ | 18.4 | | Inventories | | | | | 13.6 | | Prepaid expenses and other current assets | | | | | 0.9 | | Property, plant and equipment, net | | | | | 4.5 | | Operating lease right-of-use assets | | | | | 0.3 | | | | | | | | Goodwill | | | | | 15.7 | | Other assets | | | | | 0.1 | | Total assets held for sale | | | | | $ | 53.5 | | LIABILITIES | | | | | | Trade accounts payable | | | | | $ | 15.6 | | Current operating lease liabilities | | | | | 0.3 | | Accrued expenses and other current liabilities | | | | | 6.7 | | Other long-term liabilities | | | | | 6.4 | | Total liabilities held for sale | | | | | $ | 29.0 | | | | | | | |
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v3.23.2
Business Overview and Basis of Presentation (Policies)
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6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation and Unaudited Interim Financial Information |
Basis of Presentation and Unaudited Interim Financial Information The accompanying Consolidated Condensed Financial Statements present the Company’s historical financial position, results of operations, changes in equity and cash flows in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and are unaudited. The interim Consolidated Condensed Financial Statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. The Consolidated Condensed Financial Statements also reflect the impact of noncontrolling interests. Noncontrolling interests do not have a significant impact on the Company’s consolidated results of operations, therefore, net earnings and net earnings per share attributable to noncontrolling interests are not presented separately in the Company’s Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). Net earnings attributable to noncontrolling interests have been reflected in selling, general and administrative expenses (“SG&A”) and were insignificant in all periods presented. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The accompanying interim Consolidated Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Consolidated and Combined Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”).
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Goodwill |
Goodwill In the first quarter of 2023, the Company realigned its internal organization, as further discussed in Note 9. Segment Information, which resulted in a decrease in the number of reporting units for goodwill impairment testing from seven reporting units to five reporting units. For historical reporting units that were divided among the Company’s new reporting units after the realignment, the Company used the relative fair value method to reallocate goodwill to the new reporting units. The Company performed a qualitative goodwill impairment test immediately prior to and following the change in reporting units. Based on the Company’s assessment, the Company determined on the basis of the qualitative and quantitative factors that the fair values of the reporting units were more likely than not greater than their respective carrying values both immediately prior to and following the change in reporting units, and therefore, a quantitative test was not required.
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Foreign Currency Transactions and Translations |
Foreign Currency Translation and Transactions Exchange rate adjustments resulting from foreign currency transactions are recognized in Net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of Accumulated other comprehensive income within equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using period-end exchange rates and income statement accounts are translated at weighted average exchange rates. Net foreign currency transaction gains or losses were not material in any of the periods presented.
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Recently Adopted Accounting Standards |
Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which requires enhanced disclosure of certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This ASU also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. ASU No. 2022-02 became effective for the Company’s annual and interim periods beginning on January 1, 2023. The Company has disclosed current-period gross write-offs in Note 3. Financing and Trade Receivables, while the other provisions of ASU 2022-02 did not have a material impact on the Company’s financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021 issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of ASU 2020-04 from December 31, 2022 to December 31, 2024. These ASUs provide temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as the London Inter-bank Offered Rate (“LIBOR”) which is being phased out, to alternate reference rates, such as the Secured Overnight Financing Rate (“SOFR”). These standards were effective upon issuance and allowed application to contract changes as early as January 1, 2020. The Company has transitioned all debt that historically referenced LIBOR to alternate reference rates, utilizing certain practical expedients to account for the modifications prospectively.
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Sales |
Contract Assets In certain circumstances, contract assets are recorded which include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is subject to contractual performance obligations rather than subject only to the passage of time. Contract assets were $10.7 million and $12.3 million as of June 30, 2023 and December 31, 2022, respectively, and are included in Prepaid expenses and other current assets in the accompanying Consolidated Condensed Balance Sheets. Contract Costs The Company incurs direct incremental costs to obtain certain contracts, typically costs associated with assets used by our customers in certain service arrangements and sales-related commissions. As of June 30, 2023 and December 31, 2022, the Company had $86.3 million and $88.6 million, respectively, in net revenue-related capitalized contract costs primarily related to assets used by the Company’s customers in certain software contracts, which are recorded in Prepaid expenses and other current assets, for the current portion, and Other assets, for the noncurrent portion, in the accompanying Consolidated Condensed Balance Sheets. Contract Liabilities The Company’s contract liabilities consist of deferred revenue generally related to customer deposits, post contract support (“PCS”) and extended warranty sales. In these arrangements, the Company generally receives up-front payment and recognizes revenue over the support term of the contracts where applicable. Deferred revenue is classified as current or noncurrent based on the timing of when revenue is expected to be recognized and is included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in the accompanying Consolidated Condensed Balance Sheets.
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v3.23.2
Acquisitions (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Business Acquisitions |
The Company’s final purchase price allocation is as follows:
| | | | | | | | | | | | ($ in millions) | Driivz | | Weighted Average Amortization Period | Accounts receivable | $ | 1.0 | | | | Technology | 56.3 | | | 8.0 | Customer relationships | 28.1 | | | 13.0 | Trade names | 9.2 | | | 16.0 | Goodwill | 125.7 | | | | Other assets | 2.9 | | | | Accrued expenses and other current liabilities | (12.5) | | | | Other long-term liabilities | (15.2) | | | | Purchase price, net of cash received | $ | 195.5 | | | |
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v3.23.2
Financing and Trade Receivables (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Credit Loss [Abstract] |
|
Schedule of Accounts, Notes, Loans and Financing Receivable |
The components of financing receivables with payments due in less than twelve months that are presented in Accounts receivable, less allowance for credit losses on the Consolidated Condensed Balance Sheets were as follows: | | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Gross current financing receivables: | | | | PSAs | $ | 96.8 | | | $ | 96.6 | | Franchisee Notes | 20.9 | | | 18.4 | | Current financing receivables, gross | $ | 117.7 | | | $ | 115.0 | | | | | | Allowance for credit losses: | | | | PSAs | $ | 14.5 | | | $ | 13.1 | | Franchisee Notes | 5.5 | | | 6.5 | | Total allowance for credit losses | 20.0 | | | 19.6 | | | | | | Net current financing receivables: | | | | PSAs, net | $ | 82.3 | | | $ | 83.5 | | Franchisee Notes, net | 15.4 | | | 11.9 | | Total current financing receivables, net | $ | 97.7 | | | $ | 95.4 | |
The components of Long-term financing receivables, less allowance for credit losses, which consists of financing receivables with payments due beyond one year, were as follows:
| | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Gross long-term financing receivables: | | | | PSAs | $ | 234.7 | | | $ | 224.0 | | Franchisee Notes | 63.6 | | | 63.5 | | Long-term financing receivables, gross | $ | 298.3 | | | $ | 287.5 | | | | | | Allowance for credit losses: | | | | PSAs | $ | 28.2 | | | $ | 32.4 | | Franchisee Notes | 5.1 | | | 5.3 | | Total allowance for credit losses | 33.3 | | | 37.7 | | | | | | Net long-term financing receivables: | | | | PSAs, net | $ | 206.5 | | | $ | 191.6 | | Franchisee Notes, net | 58.5 | | | 58.2 | | Total long-term financing receivables, net | $ | 265.0 | | | $ | 249.8 | |
|
Financing Receivable Credit Quality Indicators |
The amortized cost basis and current period gross write-offs of PSAs and Franchisee Notes by origination year as of and for the six months ended June 30, 2023, is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total | PSAs | | | | | | | | | | | | | | Credit Score: | | | | | | | | | | | | | | Less than 400 | $ | 10.6 | | | $ | 10.2 | | | $ | 5.4 | | | $ | 2.6 | | | $ | 1.4 | | | $ | 0.1 | | | $ | 30.3 | | 400-599 | 16.0 | | | 17.3 | | | 8.8 | | | 4.7 | | | 2.1 | | | 0.6 | | | 49.5 | | 600-799 | 34.4 | | | 34.3 | | | 18.9 | | | 9.6 | | | 3.6 | | | 1.1 | | | 101.9 | | 800+ | 55.9 | | | 52.6 | | | 24.4 | | | 12.0 | | | 4.1 | | | 0.8 | | | 149.8 | | Total PSAs | $ | 116.9 | | | $ | 114.4 | | | $ | 57.5 | | | $ | 28.9 | | | $ | 11.2 | | | $ | 2.6 | | | $ | 331.5 | | | | | | | | | | | | | | | | Franchisee Notes | | | | | | | | | | | | | | Active distributors | $ | 15.4 | | | $ | 21.5 | | | $ | 14.9 | | | $ | 7.0 | | | $ | 5.9 | | | $ | 6.3 | | | $ | 71.0 | | Separated distributors | — | | | 0.8 | | | 2.8 | | | 2.6 | | | 2.5 | | | 4.8 | | | 13.5 | | Total Franchisee Notes | $ | 15.4 | | | $ | 22.3 | | | $ | 17.7 | | | $ | 9.6 | | | $ | 8.4 | | | $ | 11.1 | | | $ | 84.5 | | | | | | | | | | | | | | | | Current Period Gross Write-offs | | | | | | | | | | | | | | PSAs | $ | 2.3 | | | $ | 8.9 | | | $ | 5.0 | | | $ | 2.4 | | | $ | 1.1 | | | $ | 0.5 | | | $ | 20.2 | | Franchisee Notes | — | | | 0.1 | | | 0.1 | | | 0.1 | | | 0.5 | | | 0.6 | | | 1.4 | | Total current period gross write-offs | $ | 2.3 | | | $ | 9.0 | | | $ | 5.1 | | | $ | 2.5 | | | $ | 1.6 | | | $ | 1.1 | | | $ | 21.6 | |
|
Financing Receivable, Past Due |
PSAs are considered past due when a contractual payment has not been made. If a customer is making payments on its account, interest will continue to accrue. The table below sets forth the aging of the Company’s PSA balances as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | | 30-59 days past due | | 60-90 days past due | | Greater than 90 days past due | | Total past due | | Total not considered past due | | Total | | Greater than 90 days past due and accruing interest | June 30, 2023 | | $ | 3.3 | | | $ | 1.7 | | | $ | 6.3 | | | $ | 11.3 | | | $ | 320.2 | | | $ | 331.5 | | | $ | 6.3 | | December 31, 2022 | | 3.6 | | | 1.8 | | | 6.9 | | | 12.3 | | | 308.3 | | | 320.6 | | | 6.9 | |
|
Financing Receivable, Allowance for Credit Loss |
The following is a rollforward of the PSAs and Franchisee Notes components of the Company’s allowance for credit losses related to financing receivables as of: | | | | | | | | | | | | | | | | | | | June 30, 2023 | ($ in millions) | PSAs | | Franchisee Notes | | Total | Allowance for credit losses, beginning of year | $ | 45.5 | | | $ | 11.8 | | | $ | 57.3 | | Provision for credit losses | 16.3 | | | (0.1) | | | 16.2 | | Write-offs | (20.2) | | | (1.4) | | | (21.6) | | Recoveries of amounts previously charged off | 1.1 | | | 0.3 | | | 1.4 | | Allowance for credit losses, end of period | $ | 42.7 | | | $ | 10.6 | | | $ | 53.3 | |
|
Accounts Receivable, Allowance for Credit Loss |
The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables (excluding financing receivables) and the Company’s trade accounts receivable cost basis as of: | | | | | | | | | | ($ in millions) | June 30, 2023 | | | | | Cost basis of trade accounts receivable | $ | 408.1 | | | | | | | | | | | | Allowance for credit losses balance, beginning of year | 14.6 | | | | | | Provision for credit losses | 3.0 | | | | | | Write-offs | (2.6) | | | | | | | | | | | | Foreign currency and other | (0.1) | | | | | | Allowance for credit losses balance, end of period | 14.9 | | | | | | Net trade accounts receivable balance | $ | 393.2 | | | | | |
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v3.23.2
Inventories (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory, Current |
The classes of inventory as of June 30, 2023 and December 31, 2022 are summarized as follows: | | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Finished goods | $ | 132.0 | | | $ | 136.6 | | Work in process | 22.5 | | | 34.8 | | Raw materials | 174.7 | | | 174.6 | | Total | $ | 329.2 | | | $ | 346.0 | |
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v3.23.2
Financing (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Debt |
The Company had the following debt outstanding as of: | | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Short-term borrowings: | | | | Short-term borrowings and bank overdrafts | $ | 8.7 | | | $ | 4.6 | | | | | | Long-term debt: | | | | Three-Year Term Loans due 2024 | $ | 235.0 | | | $ | 400.0 | | Three-Year Term Loans due 2025 | 600.0 | | | 600.0 | | 1.800% senior unsecured notes due 2026 | 500.0 | | | 500.0 | | 2.400% senior unsecured notes due 2028 | 500.0 | | | 500.0 | | 2.950% senior unsecured notes due 2031 | 600.0 | | | 600.0 | | Revolving Credit Facility due 2026 | — | | | — | | Total long-term debt | 2,435.0 | | | 2,600.0 | | Less: discounts and debt issuance costs | (12.6) | | | (14.3) | | Total long-term debt, net | $ | 2,422.4 | | | $ | 2,585.7 | |
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v3.23.2
Accumulated Other Comprehensive Income (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Reclassification of Accumulated Other Comprehensive Income |
The changes in Accumulated other comprehensive income by component are summarized below: | | | | | | | | | | | | | | | | | | ($ in millions) | Foreign Currency Translation Adjustments | | Other Adjustments (b) | | Total | For the Three Months Ended June 30, 2023: | | | | | | Balance, March 31, 2023 | $ | 104.0 | | | $ | (1.6) | | | $ | 102.4 | | Other comprehensive loss before reclassifications, net of income taxes | (8.6) | | | — | | | (8.6) | | Amounts reclassified from accumulated other comprehensive income: | | | | | | Sale of business | 0.3 | | (c) | — | | | 0.3 | | | | | | | | | | | | | | Amounts reclassified from accumulated other comprehensive income, net of income taxes | 0.3 | | | — | | | 0.3 | | Net current period other comprehensive loss, net of income taxes | (8.3) | | | — | | | (8.3) | | Balance, June 30, 2023 | $ | 95.7 | | | $ | (1.6) | | | $ | 94.1 | | | | | | | | For the Three Months Ended July 1, 2022: | | | | | | Balance, April 1, 2022 | $ | 169.8 | | | $ | (3.1) | | | $ | 166.7 | | Other comprehensive loss before reclassifications, net of income taxes | (63.1) | | | — | | | (63.1) | | Amounts reclassified from accumulated other comprehensive income: | | | | | | Increase | — | | | 0.1 | | (a) | 0.1 | | | | | | | | Amounts reclassified from accumulated other comprehensive income, net of income taxes | — | | | 0.1 | | | 0.1 | | Net current period other comprehensive (loss) income, net of income taxes | (63.1) | | | 0.1 | | | (63.0) | | Balance, July 1, 2022 | $ | 106.7 | | | $ | (3.0) | | | $ | 103.7 | | | | | | | | (a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. | (b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. | (c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). |
| | | | | | | | | | | | | | | | | | ($ in millions) | Foreign Currency Translation Adjustments | | Other Adjustments (b) | | Total | For the Six Months Ended June 30, 2023: | | | | | | Balance, December 31, 2022 | $ | 107.8 | | | $ | (1.7) | | | $ | 106.1 | | Other comprehensive loss before reclassifications, net of income taxes | (12.4) | | | — | | | (12.4) | | Amounts reclassified from accumulated other comprehensive income: | | | | | | Sale of business | 0.3 | | (c) | — | | | 0.3 | | Increase | — | | | 0.1 | | (a) | 0.1 | | | | | | | | Amounts reclassified from accumulated other comprehensive income, net of income taxes | 0.3 | | | 0.1 | | | 0.4 | | Net current period other comprehensive (loss) income, net of income taxes | (12.1) | | | 0.1 | | | (12.0) | | Balance, June 30, 2023 | $ | 95.7 | | | $ | (1.6) | | | $ | 94.1 | | | | | | | | For the Six Months Ended July 1, 2022: | | | | | | Balance, December 31, 2021 | $ | 184.9 | | | $ | (3.2) | | | $ | 181.7 | | Other comprehensive loss before reclassifications, net of income taxes | (78.2) | | | — | | | (78.2) | | Amounts reclassified from accumulated other comprehensive income: | | | | | | Increase | — | | | 0.2 | | (a) | 0.2 | | | | | | | | Amounts reclassified from accumulated other comprehensive income, net of income taxes | — | | | 0.2 | | | 0.2 | | Net current period other comprehensive (loss) income, net of income taxes | (78.2) | | | 0.2 | | | (78.0) | | Balance, July 1, 2022 | $ | 106.7 | | | $ | (3.0) | | | $ | 103.7 | | | | | | | | (a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. | (b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. | (c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). | |
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v3.23.2
Sales (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Contract liabilities |
The Company’s contract liabilities consisted of the following: | | | | | | | | | | | | ($ in millions) | June 30, 2023 | | December 31, 2022 | Deferred revenue, current | $ | 136.5 | | | $ | 135.2 | | Deferred revenue, noncurrent | 46.6 | | | 48.7 | | Total contract liabilities | $ | 183.1 | | | $ | 183.9 | |
|
Disaggregation of revenue |
Disaggregation of revenue was as follows for the three months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total | Sales: | | | | | | | | | | Sales of products | $ | 207.1 | | | $ | 157.8 | | | $ | 296.0 | | | $ | 21.6 | | | $ | 682.5 | | Sales of services | 31.7 | | | 0.6 | | | 43.3 | | | 6.3 | | | 81.9 | | Total | $ | 238.8 | | | $ | 158.4 | | | $ | 339.3 | | | $ | 27.9 | | | $ | 764.4 | | | | | | | | | | | | Geographic: | | | | | | | | | | North America (a) | $ | 161.4 | | | $ | 158.4 | | | $ | 214.3 | | | $ | 27.5 | | | $ | 561.6 | | Western Europe | 25.1 | | | — | | | 40.5 | | | — | | | 65.6 | | High growth markets | 33.0 | | | — | | | 69.1 | | | 0.4 | | | 102.5 | | Rest of world | 19.3 | | | — | | | 15.4 | | | — | | | 34.7 | | Total | $ | 238.8 | | | $ | 158.4 | | | $ | 339.3 | | | $ | 27.9 | | | $ | 764.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Includes total sales in the United States of $522.5 million. Disaggregation of revenue was as follows for the three months ended July 1, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total | Sales: | | | | | | | | | | Sales of products | $ | 184.7 | | | $ | 149.1 | | | $ | 334.8 | | | $ | 33.9 | | | $ | 702.5 | | Sales of services | 25.9 | | | 0.6 | | | 40.5 | | | 6.9 | | | 73.9 | | Total | $ | 210.6 | | | $ | 149.7 | | | $ | 375.3 | | | $ | 40.8 | | | $ | 776.4 | | | | | | | | | | | | Geographic: | | | | | | | | | | North America (a) | $ | 151.5 | | | $ | 149.7 | | | $ | 242.7 | | | $ | 40.0 | | | $ | 583.9 | | Western Europe | 18.6 | | | — | | | 37.5 | | | — | | | 56.1 | | High growth markets | 23.0 | | | — | | | 80.2 | | | 0.8 | | | 104.0 | | Rest of world | 17.5 | | | — | | | 14.9 | | | — | | | 32.4 | | Total | $ | 210.6 | | | $ | 149.7 | | | $ | 375.3 | | | $ | 40.8 | | | $ | 776.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Includes total sales in the United States of $564.3 million. Disaggregation of revenue was as follows for the six months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total | Sales: | | | | | | | | | | Sales of products | $ | 422.3 | | | $ | 338.7 | | | $ | 568.1 | | | $ | 49.8 | | | $ | 1,378.9 | | Sales of services | 62.4 | | | 1.1 | | | 85.0 | | | 13.4 | | | 161.9 | | Total | $ | 484.7 | | | $ | 339.8 | | | $ | 653.1 | | | $ | 63.2 | | | $ | 1,540.8 | | | | | | | | | | | | Geographic: | | | | | | | | | | North America (a) | $ | 335.0 | | | $ | 339.8 | | | $ | 405.4 | | | $ | 62.2 | | | $ | 1,142.4 | | Western Europe | 44.0 | | | — | | | 83.1 | | | — | | | 127.1 | | High growth markets | 65.6 | | | — | | | 136.5 | | | 1.0 | | | 203.1 | | Rest of world | 40.1 | | | — | | | 28.1 | | | — | | | 68.2 | | Total | $ | 484.7 | | | $ | 339.8 | | | $ | 653.1 | | | $ | 63.2 | | | $ | 1,540.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Includes total sales in the United States of $1,070.3 million. Disaggregation of revenue was as follows for the six months ended July 1, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | Other | | Total | Sales: | | | | | | | | | | Sales of products | $ | 362.3 | | | $ | 312.9 | | | $ | 622.7 | | | $ | 74.9 | | | $ | 1,372.8 | | Sales of services | 55.9 | | | 1.2 | | | 80.8 | | | 13.8 | | | 151.7 | | Total | $ | 418.2 | | | $ | 314.1 | | | $ | 703.5 | | | $ | 88.7 | | | $ | 1,524.5 | | | | | | | | | | | | Geographic: | | | | | | | | | | North America (a) | $ | 294.8 | | | $ | 314.1 | | | $ | 447.1 | | | $ | 87.3 | | | $ | 1,143.3 | | Western Europe | 40.7 | | | — | | | 79.1 | | | — | | | 119.8 | | High growth markets | 47.0 | | | — | | | 149.5 | | | 1.4 | | | 197.9 | | Rest of world | 35.7 | | | — | | | 27.8 | | | — | | | 63.5 | | Total | $ | 418.2 | | | $ | 314.1 | | | $ | 703.5 | | | $ | 88.7 | | | $ | 1,524.5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Includes total sales in the United States of $1,105.0 million.
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v3.23.2
Segment Information (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information |
Segment results for the periods indicated were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | ($ in millions) | June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 | Sales: | | | | | | | | Mobility Technologies | $ | 238.8 | | | $ | 210.6 | | | $ | 484.7 | | | $ | 418.2 | | Repair Solutions(a) | 158.4 | | | 149.7 | | | 339.8 | | | 314.1 | | Environmental & Fueling Solutions | 339.3 | | | 375.3 | | | 653.1 | | | 703.5 | | Other | 27.9 | | | 40.8 | | | 63.2 | | | 88.7 | | Total | $ | 764.4 | | | $ | 776.4 | | | $ | 1,540.8 | | | $ | 1,524.5 | | | | | | | | | | Segment operating profit: | | | | | | | | Mobility Technologies | $ | 44.7 | | | $ | 42.6 | | | $ | 92.6 | | | $ | 83.7 | | Repair Solutions(b) | 41.6 | | | 41.6 | | | 88.9 | | | 88.6 | | Environmental & Fueling Solutions | 95.2 | | | 98.5 | | | 175.9 | | | 180.5 | | Other | 2.2 | | | 3.2 | | | 6.0 | | | 8.3 | | Segment operating profit | 183.7 | | | 185.9 | | | 363.4 | | | 361.1 | | Corporate & other unallocated costs(b) | (63.1) | | | (49.4) | | | (109.0) | | | (89.8) | | Operating profit | 120.6 | | | 136.5 | | | 254.4 | | | 271.3 | | Interest expense, net | (23.9) | | | (15.3) | | | (47.9) | | | (28.2) | | Gain on sale of business | 34.1 | | | — | | | 34.1 | | | — | | Gain on previously held equity interests from combination of business | — | | | — | | | — | | | 32.7 | | Unrealized (loss) gain on equity securities measured at fair value | — | | | (80.0) | | | — | | | 83.0 | | Other non-operating expense, net | (0.5) | | | — | | | (1.4) | | | (0.1) | | Earnings before income taxes | $ | 130.3 | | | $ | 41.2 | | | $ | 239.2 | | | $ | 358.7 | | | | | | | | | | Depreciation expense: | | | | | | | | Mobility Technologies | $ | 6.8 | | | $ | 4.7 | | | $ | 12.9 | | | $ | 10.7 | | Repair Solutions | 0.5 | | | 0.4 | | | 0.9 | | | 0.8 | | Environmental & Fueling Solutions | 3.8 | | | 3.6 | | | 7.4 | | | 7.2 | | Other | — | | | 0.5 | | | — | | | 0.9 | | Corporate | 0.2 | | | 0.2 | | | 0.5 | | | 0.4 | | Total | $ | 11.3 | | | $ | 9.4 | | | $ | 21.7 | | | $ | 20.0 | |
(a) Includes interest income related to financing receivables of $19.0 million, $18.2 million, $38.8 million and $36.6 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively. (b) Includes the Repair Solutions Capital Charge of $10.3 million, $9.9 million, $20.5 million and $19.8 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively.
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v3.23.2
Litigation and Contingencies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of Accrued Warranty Liability |
The following is a rollforward of the Company’s accrued warranty liability: | | | | | | ($ in millions) | | Balance, December 31, 2022 | $ | 43.0 | | Accruals for warranties issued during the period | 20.2 | | Settlements made | (17.4) | | | | Balance, June 30, 2023 | $ | 45.8 | |
|
Schedule of Other Assets, Noncurrent |
Gross liabilities associated with known and future expected asbestos claims and projected insurance recoveries were as follows as of:
| | | | | | | | | | | | | | | | | | ($ in millions) | Classification | | June 30, 2023 | | December 31, 2022 | Gross liabilities | | | | | | Current | Accrued expenses and other current liabilities | | $ | 27.9 | | | $ | 27.1 | | Long-term | Other long-term liabilities | | 75.7 | | | 78.1 | | Total | | | 103.6 | | | 105.2 | | | | | | | | Projected insurance recoveries | | | | | | Current | Prepaid expenses and other current assets | | 19.0 | | | 21.2 | | Long-term | Other assets | | 47.4 | | | 47.4 | | Total | | | $ | 66.4 | | | $ | 68.6 | |
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v3.23.2
Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value, Liabilities Measured on Recurring Basis |
Below is a summary of financial assets and liabilities that are measured at fair value on a recurring basis as of: | | | | | | | | | | | | | | | | | | | | | | | | ($ in millions) | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | June 30, 2023 | | | | | | | | Contingent consideration liabilities | $ | — | | | $ | — | | | $ | 11.1 | | | $ | 11.1 | | Deferred compensation liabilities | 6.1 | | | — | | | — | | | 6.1 | | December 31, 2022 | | | | | | | | Equity securities measured at fair value | $ | 21.3 | | | $ | — | | | $ | — | | | $ | 21.3 | | Contingent consideration liabilities | — | | | — | | | 11.6 | | | 11.6 | | Deferred compensation liabilities | — | | | 5.1 | | | — | | | 5.1 | |
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v3.23.2
Capital Stock and Earnings Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of Earnings Per Share |
Information related to the calculation of net earnings per share of common stock is summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | ($ and shares in millions, except per share amounts) | June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 | Numerator: | | | | | | | | Net earnings | $ | 97.3 | | | $ | 33.3 | | | $ | 180.1 | | | $ | 283.5 | | | | | | | | | | Denominator: | | | | | | | | Basic weighted average common shares outstanding | 155.4 | | | 160.5 | | | 155.5 | | | 163.2 | | Effect of dilutive stock options and RSUs | 0.9 | | | 0.7 | | | 0.7 | | | 0.7 | | Diluted weighted average common shares outstanding | 156.3 | | | 161.2 | | | 156.2 | | | 163.9 | | | | | | | | | | Earnings per share: | | | | | | | | Basic | $ | 0.63 | | | $ | 0.21 | | | $ | 1.16 | | | $ | 1.74 | | Diluted | $ | 0.62 | | | $ | 0.21 | | | $ | 1.15 | | | $ | 1.73 | | | | | | | | | | Anti-dilutive shares | 1.8 | | | 3.2 | | | 2.6 | | | 3.3 | |
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v3.23.2
Divestitures and Assets and Liabilities Held for Sale (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] |
|
Schedule of Key Components of Discontinued Operations |
The following table summarizes the carrying amounts of major classes of assets and liabilities of Coats (Hennessy) as of June 30, 2023 (in millions): | | | | | | | | | | | | | | | | ASSETS | | | | | | | | | | | | Accounts receivable, less allowance for credit losses | | | | | $ | 18.4 | | Inventories | | | | | 13.6 | | Prepaid expenses and other current assets | | | | | 0.9 | | Property, plant and equipment, net | | | | | 4.5 | | Operating lease right-of-use assets | | | | | 0.3 | | | | | | | | Goodwill | | | | | 15.7 | | Other assets | | | | | 0.1 | | Total assets held for sale | | | | | $ | 53.5 | | LIABILITIES | | | | | | Trade accounts payable | | | | | $ | 15.6 | | Current operating lease liabilities | | | | | 0.3 | | Accrued expenses and other current liabilities | | | | | 6.7 | | Other long-term liabilities | | | | | 6.4 | | Total liabilities held for sale | | | | | $ | 29.0 | | | | | | | |
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v3.23.2
Acquisitions - Narrative (Details) - USD ($) $ in Millions |
|
3 Months Ended |
6 Months Ended |
|
|
Feb. 07, 2022 |
Jun. 30, 2023 |
Jul. 01, 2022 |
Jun. 30, 2023 |
Jul. 01, 2022 |
Dec. 31, 2022 |
Feb. 06, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Cash paid for acquisitions, net of cash received |
|
|
|
$ 0.0
|
$ 186.6
|
|
|
Equity securities measured at fair value |
|
$ 0.0
|
|
0.0
|
|
$ 21.3
|
|
Gain on previously held equity interests from combination of business |
|
$ 0.0
|
$ 0.0
|
0.0
|
32.7
|
|
|
Driivz |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Voting interests acquired (as a percent) |
81.00%
|
|
|
|
|
|
|
Cash paid for acquisitions, net of cash received |
$ 152.5
|
|
|
|
|
|
|
Measurement period adjustment for prior year acquisition increase (decrease) |
|
|
|
$ (5.2)
|
|
|
|
Carrying value prior to acquisition (as a percent) |
|
|
|
|
|
|
19.00%
|
Equity securities measured at fair value |
|
|
|
|
|
|
$ 10.3
|
Investment in acquiree, fair value |
$ 43.0
|
|
|
|
|
|
|
Gain on previously held equity interests from combination of business |
|
|
|
|
$ 32.7
|
|
|
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v3.23.2
Financing and Trade Receivables - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
Gross current financing receivables: |
|
|
Current financing receivables, gross |
$ 117.7
|
$ 115.0
|
Allowance for credit losses: |
|
|
Total allowance for credit losses |
20.0
|
19.6
|
Net current financing receivables: |
|
|
Total current financing receivables, net |
97.7
|
95.4
|
Gross long-term financing receivables: |
|
|
Long-term financing receivables, gross |
298.3
|
287.5
|
Total allowance for credit losses |
33.3
|
37.7
|
Total long-term financing receivables, net |
265.0
|
249.8
|
PSAs |
|
|
Gross current financing receivables: |
|
|
Current financing receivables, gross |
96.8
|
96.6
|
Allowance for credit losses: |
|
|
Total allowance for credit losses |
14.5
|
13.1
|
Net current financing receivables: |
|
|
Total current financing receivables, net |
82.3
|
83.5
|
Gross long-term financing receivables: |
|
|
Long-term financing receivables, gross |
234.7
|
224.0
|
Total allowance for credit losses |
28.2
|
32.4
|
Total long-term financing receivables, net |
206.5
|
191.6
|
Franchisee Notes |
|
|
Gross current financing receivables: |
|
|
Current financing receivables, gross |
20.9
|
18.4
|
Allowance for credit losses: |
|
|
Total allowance for credit losses |
5.5
|
6.5
|
Net current financing receivables: |
|
|
Total current financing receivables, net |
15.4
|
11.9
|
Gross long-term financing receivables: |
|
|
Long-term financing receivables, gross |
63.6
|
63.5
|
Total allowance for credit losses |
5.1
|
5.3
|
Total long-term financing receivables, net |
$ 58.5
|
$ 58.2
|
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v3.23.2
Financing and Trade Receivables - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Millions |
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Period Gross Write-offs |
|
|
2023 |
$ 2.3
|
|
2022 |
9.0
|
|
2021 |
5.1
|
|
2020 |
2.5
|
|
2019 |
1.6
|
|
Prior |
1.1
|
|
Total |
21.6
|
|
PSAs |
|
|
Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
2023 |
116.9
|
|
2022 |
114.4
|
|
2021 |
57.5
|
|
2020 |
28.9
|
|
2019 |
11.2
|
|
Prior |
2.6
|
|
Total |
331.5
|
$ 320.6
|
Current Period Gross Write-offs |
|
|
2023 |
2.3
|
|
2022 |
8.9
|
|
2021 |
5.0
|
|
2020 |
2.4
|
|
2019 |
1.1
|
|
Prior |
0.5
|
|
Total |
20.2
|
|
PSAs | Less than 400 |
|
|
Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
2023 |
10.6
|
|
2022 |
10.2
|
|
2021 |
5.4
|
|
2020 |
2.6
|
|
2019 |
1.4
|
|
Prior |
0.1
|
|
Total |
30.3
|
|
PSAs | 400-599 |
|
|
Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
2023 |
16.0
|
|
2022 |
17.3
|
|
2021 |
8.8
|
|
2020 |
4.7
|
|
2019 |
2.1
|
|
Prior |
0.6
|
|
Total |
49.5
|
|
PSAs | 600-799 |
|
|
Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
2023 |
34.4
|
|
2022 |
34.3
|
|
2021 |
18.9
|
|
2020 |
9.6
|
|
2019 |
3.6
|
|
Prior |
1.1
|
|
Total |
101.9
|
|
PSAs | 800+ |
|
|
Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
2023 |
55.9
|
|
2022 |
52.6
|
|
2021 |
24.4
|
|
2020 |
12.0
|
|
2019 |
4.1
|
|
Prior |
0.8
|
|
Total |
149.8
|
|
Franchisee Notes |
|
|
Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
2023 |
15.4
|
|
2022 |
22.3
|
|
2021 |
17.7
|
|
2020 |
9.6
|
|
2019 |
8.4
|
|
Prior |
11.1
|
|
Total |
84.5
|
|
Current Period Gross Write-offs |
|
|
2023 |
0.0
|
|
2022 |
0.1
|
|
2021 |
0.1
|
|
2020 |
0.1
|
|
2019 |
0.5
|
|
Prior |
0.6
|
|
Total |
1.4
|
|
Franchisee Notes | Active distributors |
|
|
Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
2023 |
15.4
|
|
2022 |
21.5
|
|
2021 |
14.9
|
|
2020 |
7.0
|
|
2019 |
5.9
|
|
Prior |
6.3
|
|
Total |
71.0
|
|
Franchisee Notes | Separated distributors |
|
|
Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
2023 |
0.0
|
|
2022 |
0.8
|
|
2021 |
2.8
|
|
2020 |
2.6
|
|
2019 |
2.5
|
|
Prior |
4.8
|
|
Total |
$ 13.5
|
|
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v3.23.2
Financing and Trade Receivables - Financing Receivable, Allowance for Credit Loss (Details) $ in Millions |
6 Months Ended |
Jun. 30, 2023
USD ($)
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] |
|
Allowance for credit losses, beginning of year |
$ 57.3
|
Provision for credit losses |
16.2
|
Write-offs |
(21.6)
|
Recoveries of amounts previously charged off |
1.4
|
Allowance for credit losses, end of period |
53.3
|
PSAs |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] |
|
Allowance for credit losses, beginning of year |
45.5
|
Provision for credit losses |
16.3
|
Write-offs |
(20.2)
|
Recoveries of amounts previously charged off |
1.1
|
Allowance for credit losses, end of period |
42.7
|
Franchisee Notes |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] |
|
Allowance for credit losses, beginning of year |
11.8
|
Provision for credit losses |
(0.1)
|
Write-offs |
(1.4)
|
Recoveries of amounts previously charged off |
0.3
|
Allowance for credit losses, end of period |
$ 10.6
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v3.23.2
Financing - Narrative (Details)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Senior Notes | Significant Other Observable Inputs (Level 2) |
|
|
Debt Instrument [Line Items] |
|
|
Estimated fair value of notes |
$ 1,300,000,000
|
$ 1,300,000,000
|
Revolving credit facility | Secured Overnight Financing Rate (SOFR) |
|
|
Debt Instrument [Line Items] |
|
|
Basis spread on variable rate (as a percent) |
|
0.114%
|
Revolving credit facility | Line of Credit | Revolving Credit Facility due 2026 |
|
|
Debt Instrument [Line Items] |
|
|
Line of credit facility, maximum borrowing capacity |
750,000,000
|
$ 750,000,000
|
Revolving credit facility | Line of Credit | Revolving Credit Facility due 2026 | Secured Overnight Financing Rate (SOFR) |
|
|
Debt Instrument [Line Items] |
|
|
Basis spread on variable rate (as a percent) |
|
1.175%
|
Three-Year Term Loans due 2024 |
|
|
Debt Instrument [Line Items] |
|
|
Debt term |
|
3 years
|
Debt instrument, interest rate |
|
6.34%
|
Repayments of debt |
$ 100,000,000
|
$ 165,000,000
|
Three-Year Term Loans due 2024 | Secured Overnight Financing Rate (SOFR) |
|
|
Debt Instrument [Line Items] |
|
|
Basis spread on variable rate (as a percent) |
|
0.114%
|
Three-Year Term Loans due 2024 | Secured Overnight Financing Rate, Ratings Based Margin |
|
|
Debt Instrument [Line Items] |
|
|
Basis spread on variable rate (as a percent) |
|
1.125%
|
Three-Year Term Loans due 2025 |
|
|
Debt Instrument [Line Items] |
|
|
Debt term |
|
3 years
|
Stated interest rate (as a percent) |
6.45%
|
6.45%
|
Three-Year Term Loans due 2025 | Secured Overnight Financing Rate (SOFR) |
|
|
Debt Instrument [Line Items] |
|
|
Basis spread on variable rate (as a percent) |
|
0.10%
|
Three-Year Term Loans due 2025 | Secured Overnight Financing Rate, Ratings Based Margin |
|
|
Debt Instrument [Line Items] |
|
|
Basis spread on variable rate (as a percent) |
|
1.25%
|
1.800% senior unsecured notes due 2026 |
|
|
Debt Instrument [Line Items] |
|
|
Stated interest rate (as a percent) |
1.80%
|
1.80%
|
1.800% senior unsecured notes due 2026 | Senior Notes |
|
|
Debt Instrument [Line Items] |
|
|
Aggregate principal amount of debt issued |
$ 500,000,000
|
$ 500,000,000
|
Stated interest rate (as a percent) |
1.80%
|
1.80%
|
2.400% senior unsecured notes due 2028 |
|
|
Debt Instrument [Line Items] |
|
|
Stated interest rate (as a percent) |
2.40%
|
2.40%
|
2.400% senior unsecured notes due 2028 | Senior Notes |
|
|
Debt Instrument [Line Items] |
|
|
Aggregate principal amount of debt issued |
$ 500,000,000
|
$ 500,000,000
|
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2.40%
|
2.40%
|
2.950% senior unsecured notes due 2031 |
|
|
Debt Instrument [Line Items] |
|
|
Stated interest rate (as a percent) |
2.95%
|
2.95%
|
2.950% senior unsecured notes due 2031 | Senior Notes |
|
|
Debt Instrument [Line Items] |
|
|
Aggregate principal amount of debt issued |
$ 600,000,000
|
$ 600,000,000
|
Stated interest rate (as a percent) |
2.95%
|
2.95%
|
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v3.23.2
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jul. 01, 2022 |
Apr. 01, 2022 |
Jun. 30, 2023 |
Jul. 01, 2022 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
Beginning balance |
$ 640.0
|
$ 579.5
|
$ 551.9
|
$ 573.7
|
$ 579.5
|
$ 573.7
|
Other comprehensive loss before reclassifications, net of income taxes |
(8.6)
|
|
(63.1)
|
|
(12.4)
|
(78.2)
|
Amounts reclassified from accumulated other comprehensive income: |
|
|
|
|
|
|
Sale of business |
0.3
|
|
|
|
0.3
|
|
Increase |
|
|
0.1
|
|
0.1
|
0.2
|
Amounts reclassified from accumulated other comprehensive income, net of income taxes |
0.3
|
|
0.1
|
|
0.4
|
0.2
|
Total other comprehensive loss, net of income taxes |
(8.3)
|
(3.7)
|
(63.0)
|
(15.0)
|
(12.0)
|
(78.0)
|
Ending balance |
701.4
|
640.0
|
502.7
|
551.9
|
701.4
|
502.7
|
Accumulated Other Comprehensive Income |
|
|
|
|
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
Beginning balance |
102.4
|
106.1
|
166.7
|
181.7
|
106.1
|
181.7
|
Amounts reclassified from accumulated other comprehensive income: |
|
|
|
|
|
|
Total other comprehensive loss, net of income taxes |
(8.3)
|
(3.7)
|
(63.0)
|
(15.0)
|
|
|
Ending balance |
94.1
|
102.4
|
103.7
|
166.7
|
94.1
|
103.7
|
Foreign currency translation adjustments |
|
|
|
|
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
Beginning balance |
104.0
|
107.8
|
169.8
|
184.9
|
107.8
|
184.9
|
Other comprehensive loss before reclassifications, net of income taxes |
(8.6)
|
|
(63.1)
|
|
(12.4)
|
(78.2)
|
Amounts reclassified from accumulated other comprehensive income: |
|
|
|
|
|
|
Sale of business |
0.3
|
|
|
|
0.3
|
|
Increase |
|
|
0.0
|
|
0.0
|
0.0
|
Amounts reclassified from accumulated other comprehensive income, net of income taxes |
0.3
|
|
0.0
|
|
0.3
|
0.0
|
Total other comprehensive loss, net of income taxes |
(8.3)
|
|
(63.1)
|
|
(12.1)
|
(78.2)
|
Ending balance |
95.7
|
104.0
|
106.7
|
169.8
|
95.7
|
106.7
|
Other adjustments |
|
|
|
|
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
Beginning balance |
(1.6)
|
(1.7)
|
(3.1)
|
(3.2)
|
(1.7)
|
(3.2)
|
Other comprehensive loss before reclassifications, net of income taxes |
0.0
|
|
0.0
|
|
0.0
|
0.0
|
Amounts reclassified from accumulated other comprehensive income: |
|
|
|
|
|
|
Sale of business |
0.0
|
|
|
|
0.0
|
|
Increase |
|
|
0.1
|
|
0.1
|
0.2
|
Amounts reclassified from accumulated other comprehensive income, net of income taxes |
0.0
|
|
0.1
|
|
0.1
|
0.2
|
Total other comprehensive loss, net of income taxes |
0.0
|
|
0.1
|
|
0.1
|
0.2
|
Ending balance |
$ (1.6)
|
$ (1.6)
|
$ (3.0)
|
$ (3.1)
|
$ (1.6)
|
$ (3.0)
|
X |
- DefinitionAmount after tax, before reclassification adjustments of other comprehensive income (loss).
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Sales - Remaining Performance Obligation (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 392.7
|
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|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
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40.00%
|
Remaining performance obligation, expected timing |
2 years
|
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|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
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70.00%
|
Remaining performance obligation, expected timing |
3 years
|
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|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
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4 years
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v3.23.2
Sales - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jul. 01, 2022 |
Jun. 30, 2023 |
Jul. 01, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 764.4
|
$ 776.4
|
$ 1,540.8
|
$ 1,524.5
|
Corporate And Reconciling Items |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
27.9
|
40.8
|
63.2
|
88.7
|
Mobility Technologies | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
238.8
|
210.6
|
484.7
|
418.2
|
Repair Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
158.4
|
149.7
|
339.8
|
314.1
|
Environmental & Fueling Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
339.3
|
375.3
|
653.1
|
703.5
|
Sales of products |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
682.5
|
702.5
|
1,378.9
|
1,372.8
|
Sales of products | Corporate And Reconciling Items |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
21.6
|
33.9
|
49.8
|
74.9
|
Sales of products | Mobility Technologies | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
207.1
|
184.7
|
422.3
|
362.3
|
Sales of products | Repair Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
157.8
|
149.1
|
338.7
|
312.9
|
Sales of products | Environmental & Fueling Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
296.0
|
334.8
|
568.1
|
622.7
|
Sales of services |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
81.9
|
73.9
|
161.9
|
151.7
|
Sales of services | Corporate And Reconciling Items |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
6.3
|
6.9
|
13.4
|
13.8
|
Sales of services | Mobility Technologies | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
31.7
|
25.9
|
62.4
|
55.9
|
Sales of services | Repair Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
0.6
|
0.6
|
1.1
|
1.2
|
Sales of services | Environmental & Fueling Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
43.3
|
40.5
|
85.0
|
80.8
|
North America |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
561.6
|
583.9
|
1,142.4
|
1,143.3
|
North America | Corporate And Reconciling Items |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
27.5
|
40.0
|
62.2
|
87.3
|
North America | Mobility Technologies | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
161.4
|
151.5
|
335.0
|
294.8
|
North America | Repair Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
158.4
|
149.7
|
339.8
|
314.1
|
North America | Environmental & Fueling Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
214.3
|
242.7
|
405.4
|
447.1
|
Western Europe |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
65.6
|
56.1
|
127.1
|
119.8
|
Western Europe | Corporate And Reconciling Items |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
0.0
|
0.0
|
0.0
|
0.0
|
Western Europe | Mobility Technologies | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
25.1
|
18.6
|
44.0
|
40.7
|
Western Europe | Repair Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
0.0
|
0.0
|
0.0
|
0.0
|
Western Europe | Environmental & Fueling Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
40.5
|
37.5
|
83.1
|
79.1
|
High growth markets |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
102.5
|
104.0
|
203.1
|
197.9
|
High growth markets | Corporate And Reconciling Items |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
0.4
|
0.8
|
1.0
|
1.4
|
High growth markets | Mobility Technologies | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
33.0
|
23.0
|
65.6
|
47.0
|
High growth markets | Repair Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
0.0
|
0.0
|
0.0
|
0.0
|
High growth markets | Environmental & Fueling Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
69.1
|
80.2
|
136.5
|
149.5
|
Rest of world |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
34.7
|
32.4
|
68.2
|
63.5
|
Rest of world | Corporate And Reconciling Items |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
0.0
|
0.0
|
0.0
|
0.0
|
Rest of world | Mobility Technologies | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
19.3
|
17.5
|
40.1
|
35.7
|
Rest of world | Repair Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
0.0
|
0.0
|
0.0
|
0.0
|
Rest of world | Environmental & Fueling Solutions | Operating Segments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
15.4
|
14.9
|
28.1
|
27.8
|
United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 522.5
|
$ 564.3
|
$ 1,070.3
|
$ 1,105.0
|
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v3.23.2
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v3.23.2
Fair Value Measurements (Details) - USD ($) $ in Millions |
3 Months Ended |
|
|
Mar. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Equity securities measured at fair value |
|
$ 0.0
|
$ 21.3
|
Gain (loss) on sale of other investments |
$ 0.9
|
|
|
Goodwill |
|
1,733.9
|
1,738.7
|
Other intangible assets, net |
|
606.6
|
649.7
|
Fair Value, Measurements, Recurring |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Contingent consideration liabilities |
|
11.1
|
11.6
|
Deferred compensation liabilities |
|
6.1
|
5.1
|
Equity securities measured at fair value |
|
|
21.3
|
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Contingent consideration liabilities |
|
0.0
|
0.0
|
Deferred compensation liabilities |
|
6.1
|
0.0
|
Equity securities measured at fair value |
|
|
21.3
|
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Contingent consideration liabilities |
|
0.0
|
0.0
|
Deferred compensation liabilities |
|
0.0
|
5.1
|
Equity securities measured at fair value |
|
|
0.0
|
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Contingent consideration liabilities |
|
11.1
|
11.6
|
Deferred compensation liabilities |
|
$ 0.0
|
0.0
|
Equity securities measured at fair value |
|
|
$ 0.0
|
X |
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v3.23.2
Capital Stock and Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jul. 01, 2022 |
Apr. 01, 2022 |
Jun. 30, 2023 |
May 24, 2022 |
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
Authorized repurchase amount |
|
|
|
|
|
$ 500.0
|
Stock repurchased |
$ 32.1
|
$ 18.4
|
$ 21.0
|
$ 257.0
|
|
|
Remaining authorized repurchase amount |
$ 378.9
|
|
|
|
$ 378.9
|
|
Open Market Transactions |
|
|
|
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
Stock repurchased (in shares) |
1.1
|
|
|
|
2.0
|
|
Stock repurchased |
$ 31.9
|
|
|
|
$ 50.0
|
|
Stock repurchased (in dollars per share) |
$ 28.55
|
|
|
|
$ 25.22
|
|
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v3.23.2
Divestitures and Assets and Liabilities Held for Sale - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jul. 01, 2022 |
Jun. 30, 2023 |
Jul. 01, 2022 |
Apr. 14, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
Gain on sale of business |
$ 34.1
|
$ 0.0
|
$ 34.1
|
$ 0.0
|
|
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Global Traffic Technologies |
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
Consideration |
|
|
|
|
$ 108.0
|
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