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Share Name | Share Symbol | Market | Type |
---|---|---|---|
RBC Bearings Incorporated | NYSE:RBC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
7.80 | 3.12% | 257.79 | 258.665 | 252.40 | 252.40 | 85,350 | 20:34:32 |
Wisconsin
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39-0875718
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(State of Incorporation)
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(IRS Employer Identification No.)
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Name of Each Exchange on
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Title of Each Class
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Which Registered
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Common Stock ($0.01 Par Value)
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New York Stock Exchange
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Securities registered pursuant to
Section 12 (g) of the Act
|
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None
(Title of Class)
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Large Accelerated Filer
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☒
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Accelerated Filer
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☐
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Non-accelerated filer
|
☐
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Smaller Reporting Company
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☐
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||
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Emerging growth company
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☐
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Page
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PART I
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Item 1
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Item 1A
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Item 1B
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Item 2
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Item 3
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Item 4
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PART II
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Item 5
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Item 6
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Item 7
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Item 7A
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Item 8
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Item 9
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Item 9A
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Item 9B
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PART III
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Item 10
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Item 11
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Item 12
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Item 13
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Item 14
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PART IV
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Item 15
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Item 16
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•
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uncertainties regarding our ability to execute our restructuring plans within expected costs and timing;
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•
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actions taken by our competitors and our ability to effectively compete in the increasingly competitive global electric motor and controls, power generation and power transmission industries;
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•
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our ability to develop new products based on technological innovation, such as the Internet of Things ("IoT"), and marketplace acceptance of new and existing products, including products related to technology not yet adopted or utilized in certain geographic locations in which we do business;
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•
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fluctuations in commodity prices and raw material costs;
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•
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our dependence on significant customers;
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•
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risks associated with global manufacturing;
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•
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issues and costs arising from the integration of acquired companies and businesses and the timing and impact of purchase accounting adjustments;
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•
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effects on earnings of any significant impairment of goodwill or intangible assets;
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•
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prolonged declines or disruption in one or more markets we serve, such as heating, ventilation, air conditioning ("HVAC"), refrigeration, power generation, oil and gas, unit material handling or water heating;
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•
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economic changes in global markets where we do business, such as reduced demand for the products we sell, currency exchange rates, inflation rates, interest rates, recession, government policies, including policy changes affecting taxation, trade, tariffs, immigration, customs, border actions and the like, and other external factors that we cannot control;
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•
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product liability and other litigation, or claims by end users, government agencies or others that our products or our customers’ applications failed to perform as anticipated, particularly in high volume applications or where such failures are alleged to be the cause of property or casualty claims;
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•
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our overall debt levels and our ability to repay principal and interest on our outstanding debt;
|
•
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changes in the method of determining London Interbank Offered Rate ("LIBOR"), or the replacement of LIBOR with an alternative reference rate;
|
•
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unanticipated liabilities of acquired businesses;
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•
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unanticipated adverse effects or liabilities from business exits or divestitures;
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•
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unanticipated costs or expenses we may incur related to product warranty issues;
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•
|
our dependence on key suppliers and the potential effects of supply disruptions;
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•
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infringement of our intellectual property by third parties, challenges to our intellectual property and claims of infringement by us of third party technologies;
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•
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losses from failures, breaches, attacks or disclosures involving our information technology infrastructure and data;
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•
|
cyclical downturns affecting the global market for capital goods; and
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•
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other risks and uncertainties including but not limited to those described in “Risk Factors” in this Annual Report on Form 10-K and from time to time in our reports filed with US Securities and Exchange Commission.
|
•
|
AC and DC motors from fractional to approximately 5 horsepower, electronic variable speed controls, fans and blowers for commercial applications. These products are sold directly to original equipment manufacturers ("OEMs") and end-user customers through our distribution network and our network of direct and independent sales representatives. Typical applications include commercial building ventilation and HVAC, fan, blower and compressor motors, fans, blowers, water pumps for pools, spas, irrigation, and dewatering, and general commercial equipment. Our customers tend to be large and small OEMs and distributors, and their desire for high quality services and, in many cases, more efficient motor-based solutions is providing us an increasing opportunity to add more value to their applications with energy efficient motor and integrated electronic control solutions.
|
•
|
Precision stator and rotor kits from 5 to 2,900 horsepower for air conditioning, heat pump and refrigeration compressor applications, which are sold directly to OEM customers.
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•
|
Integral and large AC motors from approximately 3 to 12,000 horsepower (up to 10,000 volts) for general industrial applications, along with aftermarket parts and kits to support such products. These products are sold directly to OEMs and end-user customers through our distribution network and our network of direct and independent sales representatives. Our manufacturing and selling capabilities extend across the globe, serving four strategic verticals: distribution, pump and compressors, HVAC and air moving, and general industries and large motors. Within these verticals are several end-market applications, including agriculture, marine, mining, oil and gas, and food and beverage, as well as other process applications.
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•
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Electric alternators for prime and standby power applications from 5 kilowatts through 4 megawatts (in 50 and 60Hz) sold directly to OEMs or through our network of sales representatives. These products can be standard, custom, or engineered solutions that are used in a variety of markets, including data centers, marine, agriculture, healthcare, mobile, and defense.
|
•
|
Power generation switchgear for prime power, standby power, distributed generation and cogeneration applications and residential, automatic, and bypass isolation transfer switches. These products are primarily custom engineered designs tailored to the specific application and delivered to meet customer’s demanding needs.
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•
|
Fractional motors, electronic variable speed controls and blowers used in a variety of residential and light commercial air moving applications including HVAC systems and commercial refrigeration. These motors and blowers are vital components of an HVAC system and are used to move air into and away from furnaces, heat pumps, air conditioners, ventilators, fan filter boxes and water heaters. A majority of our HVAC motors and blowers, are installed as part of a new HVAC system that replaces an existing HVAC system, or are used in an HVAC system for new home construction. The business enjoys a large installed base of equipment and long-term relationships with its major customers.
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•
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Fractional horsepower motors and blowers are also used across a wide range of other applications including white goods, water heating equipment, small pumps, compressors, and fans, and other small appliances. Demand for these products is driven primarily by consumer and light commercial market segments.
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•
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Mounted and unmounted bearings. Unmounted bearings are offered in a variety of types and styles. These include cam followers, radial bearings, and thrust bearings. Mounted bearings include industry specific designs that aim to solve customer problems. They are all available with a variety of options and sizes and include aerospace and specialty bearings, mounted bearings, unmounted bearings, and corrosion resistant bearings.
|
•
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High quality conveyor products including chains, belts, sprockets, components, guide rails and wear strips. Conveying components enhance the efficiency, noise reduction, wash-down maintenance, lubrication reduction and energy conservation of conveying systems. Our products are highly engineered with input from industry experts.
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•
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High performance disc, diaphragm and gear couplings for applications including turbines, compressors, generators and pumps in many industries including petrochemical, refinery, power generation, gas pipeline and liquid natural gas. We also produce flexible couplings and transmission elements. Products include universal joints and gear, grid, jaw, elastomer, and disc couplings.
|
•
|
Mechanical power transmission drives and components including: belt drives, bushings, chain and sprockets, drive tighteners and idlers, mechanical clutches, and torque overload devices. Our products serve a wide range of industries and applications, such as the following: aggregate, forestry and wood products, grain and biofuels, power generation, food and beverage, commercial HVAC, and refrigeration.
|
•
|
Gearboxes for motion control within complex equipment and systems used for a variety of applications. We provide a wide array of gear types, shaft configurations, ratios, housing materials and mounting methods. Right angle worm gear and bevel units can be specified for less than 100 inch lbs. of torque to over 132,000 inch lbs. of torque. Helical gear units are offered from 100 inch lbs. to over 500,000 inch lbs. of torque. Our products include worm gearing, helical offset, concentric, and right angle, bevel and miter gearing, and spur gearing. This gearing reduces the speed and increases the torque from an electric motor or other prime mover to meet the requirements of equipment.
|
•
|
On April 10, 2018, we acquired Nicotra Gebhardt S.p.A. ("NG") for $161.5 million in cash, net of $8.5 million of cash acquired. NG is a leader in critical, energy-efficient systems for ventilation and air quality. NG manufactures, sells and services fans and blowers under the industry leading brands of Nicotra and Gebhardt. The financial results of NG have been included in our Commercial Systems segment from the date of acquisition.
|
•
|
On January 7, 2019, we sold our Regal Drive Technologies business and received proceeds of $119.9 million. We recognized a gain on sale of $41.2 million in the Consolidated Statements of Income.
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•
|
On July 1, 2019, we sold our Vapor Recovery business and received proceeds of $19.2 million. We recognized a loss on sale of $1.9 million in the Consolidated Statements of Income.
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•
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On April 1, 2019, we sold our CapCom business and received proceeds of $9.9 million. We recognized a gain on sale of $6.0 million in the Consolidated Statements of Income.
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•
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On April 1, 2019, we sold our Velvet Drive business and received proceeds of $8.9 million. We recognized a loss on sale of $0.5 million in the Consolidated Statements of Income.
|
Executive Officer
|
|
Age
|
|
Position
|
|
Business Experience and Principal Occupation
|
|
|
|
|
|
|
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Louis V. Pinkham
|
|
48
|
|
Chief Executive Officer
|
|
Joined the Company in April 2019, as Chief Executive Officer. Prior to joining the Company, Mr. Pinkham was Senior Vice President of Crane Co. from 2016-2019; prior thereto he served in other leadership roles at Crane Co. from 2012-2016. Prior to joining Crane Co., Mr. Pinkham was Senior Vice President at Eaton Corporation. From 2000-2012, he held successive and increasing roles of global responsibility at Eaton. Prior to joining Eaton, Mr. Pinkham held an Engineering and Quality Manager position at ITT Sherotec and a Process Design Engineer position with Molecular Biosystems, Inc.
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|
|
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|
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Robert J. Rehard
|
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51
|
|
Vice President, Chief Financial Officer
|
|
Joined the Company in January 2015, as Vice President, Corporate Controller and Principal Accounting Officer and became Vice President, Chief Financial Officer in April 2018. Prior to joining the Company, Mr. Rehard was a Division Controller for Eaton Corporation and held several other financial leadership positions throughout his career with Baxter, Emerson, Masco and Cooper. Mr. Rehard started his career with Deloitte & Touche in Costa Mesa, California.
|
|
|
|
|
|
|
|
Thomas E. Valentyn
|
|
60
|
|
Vice President, General Counsel and Secretary
|
|
Joined the Company in December 2013, as Associate General Counsel and became Vice President, General Counsel and Secretary in May 2016. Prior to joining the Company, Mr. Valentyn was General Counsel with Twin Disc, Inc. from 2007-2013. From 2000-2007, he served as Vice President and General Counsel with Norlight Telecommunications; prior thereto he served as in-house counsel with Johnson Controls, Inc. from 1991-2000. He began his legal career with Borgelt, Powell, Peterson and Frauen in Milwaukee, Wisconsin.
|
|
|
|
|
|
|
|
John M. Avampato
|
|
59
|
|
Vice President, Chief Information Officer
|
|
Joined the Company in April 2006 and became Vice President, Chief Information Officer in April 2010. Prior to joining the Company, Mr. Avampato was Vice President, Chief Information Officer for Newell Rubbermaid from 1999-2006. Mr. Avampato served in several positions for Newell Rubbermaid from 1984-1999.
|
|
|
|
|
|
|
|
Scott D. Brown
|
|
60
|
|
President, Commercial Systems Segment
|
|
Joined the Company in August 2005 and became President, Commercial Systems Segment in June 2019. Prior to being promoted to his current position, Mr. Brown, in successive roles, served as Vice President, Business Leader of Commercial Motors, Vice President, Business Leader of Control Solutions, and Vice President, Manufacturing. Prior to joining the Company, Mr. Brown spent 17 years with General Electric in operations and various business leadership roles.
|
|
|
|
|
|
|
|
Eric S. McGinnis
|
|
49
|
|
President, Industrial Systems Segment
|
|
Joined the Company in August 2005 and became President, Industrial Systems Segment in June 2019. Prior to being promoted to his current position, Mr. McGinnis served as Vice President, Business Development and Vice President, Industrial Motors. Prior to joining the Company, Mr. McGinnis spent 12 years with General Electric in various business leadership roles.
|
|
|
|
|
|
|
|
John C. Kunze
|
|
57
|
|
President, Climate Solutions Segment
|
|
Joined the Company in September 2007 and became President, Climate Solutions Segment in June 2019. Prior to being promoted to his current position, Mr. Kunze served as Vice President, Business Leader of Climate Solutions, and, before that, Vice President, Business Leader of Air Moving. From 2000-2007, Mr. Kunze served as Chief Operating Officer of Jakel, Inc. He began his career with Invensys and Emerson.
|
|
|
|
|
|
|
|
Jerrald R. Morton
|
|
58
|
|
President, Power Transmission Solutions Segment
|
|
Joined the Company in February 2015 and became President, Power Transmission Solutions Segment in June 2019. Prior to being promoted to his current position, Mr. Morton served as Vice President, Business Leader of Power Transmission Solutions from 2017-2019, and led the global operations for Regal’s power transmission business from 2015-2017. Prior to joining the Company, Mr. Morton spent 28 years with Emerson in a variety of roles in Quality, Technology, and Operations and was Vice President, Global Operations of Emerson’s power transmission business at the time Regal Beloit Corporation acquired that business.
|
•
|
make it more challenging for us to obtain additional financing to fund our business strategy and acquisitions, debt service requirements, capital expenditures and working capital;
|
•
|
increase our vulnerability to interest rate changes and general adverse economic and industry conditions;
|
•
|
require us to dedicate a substantial portion of our cash flow from operations to service our indebtedness, thereby reducing the availability of our cash flow to finance acquisitions and to fund working capital, capital expenditures, manufacturing capacity expansion, business integration, research and development efforts and other general corporate activities;
|
•
|
limit our flexibility in planning for, or reacting to, changes in our business and our markets; and/or
|
•
|
place us at a competitive disadvantage relative to our competitors that have less debt.
|
•
|
the use of more cash or other financial resources, and additional management time, attention and distraction, on integration and implementation activities than we expect, including restructuring and other exit costs;
|
•
|
increases in other expenses related to an acquisition, which may offset any potential cost savings and other synergies from the acquisition;
|
•
|
our ability to realize anticipated levels of sales in emerging markets;
|
•
|
our ability to avoid labor disruptions or disputes in connection with any integration;
|
•
|
the timing and impact of purchase accounting adjustments;
|
•
|
difficulties in associate or management integration; and
|
•
|
unanticipated liabilities associated with acquired businesses.
|
•
|
domestic and international economic and political factors unrelated to our performance;
|
•
|
quarterly fluctuation in our operating income and earnings per share results;
|
•
|
decline in demand for our products;
|
•
|
significant strategic actions by our competitors, including new product introductions or technological advances;
|
•
|
fluctuations in interest rates;
|
•
|
cost increases in energy, raw materials, intermediate components or materials, or labor; and
|
•
|
changes in revenue or earnings estimates or publication of research reports by analysts.
|
|
|
|
|
Square Footage
|
||||
Location
|
|
Facilities
|
|
Total
|
|
Owned
|
|
Leased
|
US
|
|
6
|
|
0.9
|
|
0.3
|
|
0.6
|
Mexico
|
|
6
|
|
0.9
|
|
0.7
|
|
0.2
|
China
|
|
3
|
|
0.8
|
|
0.8
|
|
—
|
Europe
|
|
3
|
|
0.3
|
|
0.2
|
|
0.1
|
Other
|
|
2
|
|
0.2
|
|
0.2
|
|
—
|
Total
|
|
20
|
|
3.1
|
|
2.2
|
|
0.9
|
|
|
|
|
Square Footage
|
||||
Location
|
|
Facilities
|
|
Total
|
|
Owned
|
|
Leased
|
US
|
|
2
|
|
0.7
|
|
0.7
|
|
—
|
Mexico
|
|
2
|
|
0.2
|
|
—
|
|
0.2
|
China
|
|
4
|
|
0.8
|
|
0.7
|
|
0.1
|
India
|
|
3
|
|
0.6
|
|
0.5
|
|
0.1
|
Europe
|
|
2
|
|
0.2
|
|
0.2
|
|
—
|
Other
|
|
5
|
|
0.4
|
|
0.1
|
|
0.3
|
Total
|
|
18
|
|
2.9
|
|
2.2
|
|
0.7
|
|
|
|
|
Square Footage
|
||||
Location
|
|
Facilities
|
|
Total
|
|
Owned
|
|
Leased
|
US
|
|
4
|
|
0.8
|
|
0.4
|
|
0.4
|
Mexico
|
|
4
|
|
0.7
|
|
0.3
|
|
0.4
|
China
|
|
4
|
|
0.3
|
|
—
|
|
0.3
|
India
|
|
1
|
|
0.2
|
|
0.2
|
|
—
|
Europe
|
|
2
|
|
0.2
|
|
—
|
|
0.2
|
Other
|
|
1
|
|
0.1
|
|
—
|
|
0.1
|
Total
|
|
16
|
|
2.3
|
|
0.9
|
|
1.4
|
|
|
|
|
Square Footage
|
||||
Location
|
|
Facilities
|
|
Total
|
|
Owned
|
|
Leased
|
US
|
|
11
|
|
1.2
|
|
0.9
|
|
0.3
|
Mexico
|
|
2
|
|
0.4
|
|
0.4
|
|
—
|
China
|
|
1
|
|
0.4
|
|
—
|
|
0.4
|
Europe
|
|
6
|
|
0.7
|
|
0.7
|
|
—
|
Total
|
|
20
|
|
2.7
|
|
2.0
|
|
0.7
|
|
|
Total
|
|
|
|
Total Value of Shares
|
|
Maximum Value of
|
|||||||
|
|
Number of
|
|
Average
|
|
Purchased as a Part
|
|
Shares that May be
|
|||||||
|
|
Shares
|
|
Price Paid
|
|
of Publicly Announced
|
|
Purchased Under the
|
|||||||
2019 Fiscal Month
|
|
Purchased
|
|
per Share
|
|
Plans or Program
|
|
Plans or Programs
|
|||||||
September 29 to November 2
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,000,000
|
|
|
|
|
|
|
|
|
|
|
|||||||
November 3 to November 30
|
|
17,500
|
|
|
82.56
|
|
|
1,444,779
|
|
|
248,555,221
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
December 1 to December 28
|
|
163,263
|
|
|
83.06
|
|
|
13,560,594
|
|
|
234,994,627
|
|
|||
Total
|
|
180,763
|
|
|
|
|
$
|
15,005,373
|
|
|
|
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
(In Millions, Except per Share Data)
|
||||||||||||||||
Net Sales
|
|
$
|
3,238.0
|
|
|
$
|
3,645.6
|
|
|
$
|
3,360.3
|
|
|
$
|
3,224.5
|
|
|
$
|
3,509.7
|
|
Cost of Sales
|
|
2,377.3
|
|
|
2,681.0
|
|
|
2,476.7
|
|
|
2,359.5
|
|
|
2,576.0
|
|
|||||
Gross Profit
|
|
860.7
|
|
|
964.6
|
|
|
883.6
|
|
|
865.0
|
|
|
933.7
|
|
|||||
Operating Expenses
|
|
544.3
|
|
|
599.4
|
|
|
552.6
|
|
|
542.5
|
|
|
596.8
|
|
|||||
Goodwill Impairment
|
|
—
|
|
|
9.5
|
|
|
—
|
|
|
—
|
|
|
79.9
|
|
|||||
Asset Impairments
|
|
10.0
|
|
|
8.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gain on Sale of Businesses
|
|
(44.7
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|||||
Total Operating Expenses
|
|
509.6
|
|
|
617.6
|
|
|
552.5
|
|
|
542.5
|
|
|
676.7
|
|
|||||
Income from Operations
|
|
351.1
|
|
|
347.0
|
|
|
331.1
|
|
|
322.5
|
|
|
257.0
|
|
|||||
Net Income
|
|
242.6
|
|
|
235.8
|
|
|
218.1
|
|
|
209.3
|
|
|
148.5
|
|
|||||
Net Income Attributable to Regal Beloit Corporation
|
|
238.9
|
|
|
231.2
|
|
|
213.0
|
|
|
203.4
|
|
|
143.3
|
|
|||||
Total Assets
|
|
4,430.7
|
|
|
4,623.8
|
|
|
4,388.2
|
|
|
4,358.5
|
|
|
4,591.7
|
|
|||||
Total Debt
|
|
1,137.5
|
|
|
1,307.1
|
|
|
1,141.1
|
|
|
1,411.5
|
|
|
1,721.9
|
|
|||||
Long-Term Debt
|
|
1,136.9
|
|
|
1,306.6
|
|
|
1,039.9
|
|
|
1,310.9
|
|
|
1,715.6
|
|
|||||
Regal Beloit Shareholders' Equity
|
|
2,351.1
|
|
|
2,310.5
|
|
|
2,325.5
|
|
|
2,038.8
|
|
|
1,937.3
|
|
|||||
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings - Basic
|
|
$
|
5.69
|
|
|
$
|
5.30
|
|
|
$
|
4.78
|
|
|
$
|
4.55
|
|
|
$
|
3.21
|
|
Earnings - Assuming Dilution
|
|
5.66
|
|
|
5.26
|
|
|
4.74
|
|
|
4.52
|
|
|
3.18
|
|
|||||
Cash Dividends Declared
|
|
1.18
|
|
|
1.10
|
|
|
1.02
|
|
|
0.95
|
|
|
0.91
|
|
|||||
Shareholders' Equity
|
|
54.59
|
|
|
53.62
|
|
|
52.83
|
|
|
46.46
|
|
|
44.32
|
|
|||||
Weighted Average Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
42.0
|
|
|
43.6
|
|
|
44.6
|
|
|
44.7
|
|
|
44.7
|
|
|||||
Assuming Dilution
|
|
42.2
|
|
|
43.9
|
|
|
44.9
|
|
|
45.0
|
|
|
45.1
|
|
•
|
Commercial Systems segment produces fractional to approximately 5 horsepower AC and DC motors, electronic variable speed controls, fans, and blowers for commercial applications. These products serve markets including commercial building ventilation and HVAC, pool and spa, irrigation, dewatering, agriculture, and general commercial equipment.
|
•
|
Industrial Systems segment produces integral motors, generators, alternators and switchgear for industrial applications, along with aftermarket parts and kits to support such products. These products serve markets including agriculture, marine, mining, oil and gas, food and beverage, data centers, healthcare, prime and standby power, and general industrial equipment.
|
•
|
Climate Solutions segment produces small motors, electronic variable speed controls and air moving solutions serving markets including residential and light commercial HVAC, water heaters and commercial refrigeration.
|
•
|
Power Transmission Solutions segment produces, sells and services belt and chain drives, helical and worm gearing, mounted and unmounted bearings, couplings, modular plastic belts, conveying chains and components, hydraulic pump drives, large open gearing and specialty mechanical products serving markets including beverage, bulk handling, metals, special machinery, energy, aerospace and general industrial.
|
|
Commercial Systems
|
|
Industrial Systems
|
|
Climate Solutions
|
|
Power Transmission Solutions
|
|
Total
|
||||||||||
Fiscal 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
Impairment of Intangible Assets
|
$
|
4.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4.9
|
|
Impairment of Other Long-Lived Assets
|
1.8
|
|
|
0.9
|
|
|
1.3
|
|
|
1.1
|
|
|
5.1
|
|
|||||
Total Impairments
|
$
|
6.7
|
|
|
$
|
0.9
|
|
|
$
|
1.3
|
|
|
$
|
1.1
|
|
|
$
|
10.0
|
|
Fiscal 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill Impairments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9.5
|
|
|
$
|
—
|
|
|
$
|
9.5
|
|
Impairment of Intangible Assets
|
—
|
|
|
—
|
|
|
7.6
|
|
|
—
|
|
|
7.6
|
|
|||||
Impairment of Other Long-Lived Assets
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|||||
Total Impairments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18.2
|
|
|
$
|
—
|
|
|
$
|
18.2
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Millions)
|
|
|
|
|
|
||||||
Net Sales:
|
|
|
|
|
|
||||||
Commercial Systems
|
$
|
905.3
|
|
|
$
|
1,110.9
|
|
|
$
|
957.5
|
|
Industrial Systems
|
575.4
|
|
|
671.1
|
|
|
646.8
|
|
|||
Climate Solutions
|
968.5
|
|
|
1,024.8
|
|
|
990.6
|
|
|||
Power Transmission Solutions
|
788.8
|
|
|
838.8
|
|
|
765.4
|
|
|||
Consolidated
|
$
|
3,238.0
|
|
|
$
|
3,645.6
|
|
|
$
|
3,360.3
|
|
|
|
|
|
|
|
||||||
Gross Profit as a Percent of Net Sales:
|
|
|
|
|
|
||||||
Commercial Systems
|
25.7
|
%
|
|
25.8
|
%
|
|
25.5
|
%
|
|||
Industrial Systems
|
17.3
|
%
|
|
20.3
|
%
|
|
20.5
|
%
|
|||
Climate Solutions
|
27.9
|
%
|
|
25.6
|
%
|
|
25.8
|
%
|
|||
Power Transmission Solutions
|
32.8
|
%
|
|
33.2
|
%
|
|
32.8
|
%
|
|||
Consolidated
|
26.6
|
%
|
|
26.5
|
%
|
|
26.3
|
%
|
|||
|
|
|
|
|
|
||||||
Operating Expenses as a Percent of Net Sales:
|
|
|
|
|
|
||||||
Commercial Systems
|
17.9
|
%
|
|
16.6
|
%
|
|
17.2
|
%
|
|||
Industrial Systems
|
18.7
|
%
|
|
16.6
|
%
|
|
17.4
|
%
|
|||
Climate Solutions
|
11.4
|
%
|
|
12.6
|
%
|
|
11.5
|
%
|
|||
Power Transmission Solutions
|
20.8
|
%
|
|
20.8
|
%
|
|
21.1
|
%
|
|||
Consolidated
|
16.8
|
%
|
|
16.4
|
%
|
|
16.4
|
%
|
|||
|
|
|
|
|
|
||||||
Income (Loss) from Operations as a Percent of Net Sales:
|
|
|
|
|
|
||||||
Commercial Systems
|
11.4
|
%
|
|
9.2
|
%
|
|
8.3
|
%
|
|||
Industrial Systems
|
(1.6
|
)%
|
|
3.7
|
%
|
|
3.1
|
%
|
|||
Climate Solutions
|
16.9
|
%
|
|
11.3
|
%
|
|
14.3
|
%
|
|||
Power Transmission Solutions
|
11.8
|
%
|
|
12.4
|
%
|
|
11.7
|
%
|
|||
Consolidated
|
10.8
|
%
|
|
9.5
|
%
|
|
9.9
|
%
|
|||
|
|
|
|
|
|
||||||
Income from Operations
|
$
|
351.1
|
|
|
$
|
347.0
|
|
|
$
|
331.1
|
|
Other (Income) Expenses, net
|
(0.1
|
)
|
|
1.5
|
|
|
1.0
|
|
|||
Interest Expense
|
53.0
|
|
|
55.2
|
|
|
56.1
|
|
|||
Interest Income
|
5.6
|
|
|
1.9
|
|
|
3.2
|
|
|||
Income before Taxes
|
303.8
|
|
|
292.2
|
|
|
277.2
|
|
|||
Provision for Income Taxes
|
61.2
|
|
|
56.4
|
|
|
59.1
|
|
|||
Net Income
|
242.6
|
|
|
235.8
|
|
|
218.1
|
|
|||
Net Income Attributable to Noncontrolling Interests
|
3.7
|
|
|
4.6
|
|
|
5.1
|
|
|||
Net Income Attributable to Regal Beloit Corporation
|
$
|
238.9
|
|
|
$
|
231.2
|
|
|
$
|
213.0
|
|
|
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
Cash and Cash Equivalents
|
|
|
$
|
331.4
|
|
|
$
|
248.6
|
|
Trade Receivables, Net
|
|
|
461.4
|
|
|
551.9
|
|
||
Inventories
|
|
|
678.4
|
|
|
767.2
|
|
||
Working Capital
|
|
|
1,047.2
|
|
|
1,134.2
|
|
||
Current Ratio
|
|
|
2.9:1
|
|
2.7:1
|
|
|
Principal
|
|
Interest Rate
|
|
Maturity
|
||
Fixed Rate Series 2011A
|
|
$
|
230.0
|
|
|
4.8 to 5.0%
|
|
July 14, 2021
|
Fixed Rate Series 2011A
|
|
170.0
|
|
|
4.9 to 5.1%
|
|
July 14, 2023
|
|
Total
|
|
$
|
400.0
|
|
|
|
|
|
Payments Due by Period (1)
|
|
Debt Including Estimated Interest Payments (2)
|
|
Operating Leases
|
|
Pension Obligations
|
|
Purchase and Other Obligations
|
|
Total Contractual Obligations
|
|||||||||||
Less than one year
|
|
$
|
43.1
|
|
|
$
|
26.6
|
|
|
$
|
10.6
|
|
|
$
|
223.7
|
|
|
$
|
304.0
|
|
|
1 - 3 years
|
|
344.1
|
|
|
35.0
|
|
|
7.9
|
|
|
—
|
|
|
387.0
|
|
||||||
3 - 5 years
|
|
881.2
|
|
|
13.5
|
|
|
7.0
|
|
|
—
|
|
|
901.7
|
|
||||||
More than 5 years
|
|
1.9
|
|
|
13.4
|
|
|
14.8
|
|
|
—
|
|
|
30.1
|
|
||||||
Total
|
|
$
|
1,270.3
|
|
|
$
|
88.5
|
|
|
$
|
40.3
|
|
|
$
|
223.7
|
|
|
$
|
1,622.8
|
|
Instrument
|
Notional Amount
|
Maturity
|
Rate Paid
|
Rate Received
|
Fair Value Loss
|
Swap
|
$88.4
|
April 12, 2021
|
2.5%
|
LIBOR (1 month)
|
$(1.0)
|
|
|
|
|
|
|
Gain (Loss) From:
|
||||||||||
|
|
Notional
|
|
Fair
|
|
10% Appreciation of
|
|
10% Depreciation of
|
||||||||
Currency
|
|
Amount
|
|
Value
|
|
Counter Currency
|
|
Counter Currency
|
||||||||
Mexican Peso
|
|
$
|
160.2
|
|
|
$
|
8.0
|
|
|
$
|
16.0
|
|
|
$
|
(16.0
|
)
|
Chinese Renminbi
|
|
104.6
|
|
|
(2.8
|
)
|
|
10.5
|
|
|
(10.5
|
)
|
||||
Indian Rupee
|
|
36.7
|
|
|
0.8
|
|
|
3.7
|
|
|
(3.7
|
)
|
||||
Euro
|
|
127.0
|
|
|
9.4
|
|
|
12.7
|
|
|
(12.7
|
)
|
||||
Canadian Dollar
|
|
9.4
|
|
|
—
|
|
|
0.9
|
|
|
(0.9
|
)
|
||||
Australian Dollar
|
|
11.4
|
|
|
0.1
|
|
|
1.1
|
|
|
(1.1
|
)
|
||||
Thai Baht
|
|
5.7
|
|
|
0.3
|
|
|
0.6
|
|
|
(0.6
|
)
|
||||
Swedish Krona
|
|
2.4
|
|
|
—
|
|
|
0.2
|
|
|
(0.2
|
)
|
||||
British Pound
|
|
15.4
|
|
|
0.1
|
|
|
1.5
|
|
|
(1.5
|
)
|
|
|
|
|
|
|
Gain (Loss) From:
|
||||||||||
|
|
Notional
|
|
Fair
|
|
10% Appreciation of
|
|
10% Depreciation of
|
||||||||
Commodity
|
|
Amount
|
|
Value
|
|
Commodity Prices
|
|
Commodity Prices
|
||||||||
Copper
|
|
$
|
49.3
|
|
|
$
|
2.5
|
|
|
$
|
4.9
|
|
|
$
|
(4.9
|
)
|
Aluminum
|
|
3.4
|
|
|
(0.1
|
)
|
|
0.3
|
|
|
(0.3
|
)
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Net Sales
|
$
|
853.8
|
|
|
$
|
878.8
|
|
|
$
|
873.7
|
|
|
$
|
959.7
|
|
|
$
|
772.3
|
|
|
$
|
925.4
|
|
|
$
|
738.2
|
|
|
$
|
881.7
|
|
Gross Profit
|
234.6
|
|
|
234.9
|
|
|
234.0
|
|
|
247.4
|
|
|
201.9
|
|
|
242.6
|
|
|
190.2
|
|
|
239.7
|
|
||||||||
Income from Operations (1)
|
120.6
|
|
|
88.2
|
|
|
96.0
|
|
|
99.6
|
|
|
72.8
|
|
|
69.4
|
|
|
61.7
|
|
|
89.8
|
|
||||||||
Net Income
|
86.8
|
|
|
59.3
|
|
|
67.4
|
|
|
67.3
|
|
|
50.8
|
|
|
52.7
|
|
|
37.6
|
|
|
56.5
|
|
||||||||
Net Income Attributable to Regal Beloit Corporation
|
85.9
|
|
|
58.4
|
|
|
66.6
|
|
|
65.9
|
|
|
49.7
|
|
|
51.3
|
|
|
36.7
|
|
|
55.6
|
|
||||||||
Earnings Per Share Attributable to Regal Beloit Corporation (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
2.01
|
|
|
1.32
|
|
|
1.56
|
|
|
1.51
|
|
|
1.20
|
|
|
1.18
|
|
|
0.90
|
|
|
1.29
|
|
||||||||
Assuming Dilution
|
1.99
|
|
|
1.31
|
|
|
1.55
|
|
|
1.50
|
|
|
1.19
|
|
|
1.17
|
|
|
0.89
|
|
|
1.28
|
|
||||||||
Weighted Average Number of Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
42.8
|
|
|
44.2
|
|
|
42.6
|
|
|
43.8
|
|
|
41.5
|
|
|
43.4
|
|
|
40.9
|
|
|
43.1
|
|
||||||||
Assuming Dilution
|
43.1
|
|
|
44.5
|
|
|
43.0
|
|
|
44.1
|
|
|
41.7
|
|
|
43.8
|
|
|
41.1
|
|
|
43.4
|
|
||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial Systems
|
$
|
242.2
|
|
|
$
|
249.0
|
|
|
$
|
246.3
|
|
|
$
|
292.2
|
|
|
$
|
214.8
|
|
|
$
|
296.5
|
|
|
$
|
202.0
|
|
|
$
|
273.2
|
|
Industrial Systems
|
138.1
|
|
|
165.0
|
|
|
155.5
|
|
|
176.8
|
|
|
143.8
|
|
|
165.8
|
|
|
138.0
|
|
|
163.5
|
|
||||||||
Climate Solutions
|
263.3
|
|
|
259.9
|
|
|
267.9
|
|
|
277.3
|
|
|
230.9
|
|
|
255.4
|
|
|
206.4
|
|
|
232.2
|
|
||||||||
Power Transmission Solutions
|
210.2
|
|
|
204.9
|
|
|
204.0
|
|
|
213.4
|
|
|
182.8
|
|
|
207.7
|
|
|
191.8
|
|
|
212.8
|
|
||||||||
Income (Loss) from Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial Systems
|
57.8
|
|
|
19.7
|
|
|
20.8
|
|
|
23.6
|
|
|
16.6
|
|
|
31.2
|
|
|
7.9
|
|
|
27.7
|
|
||||||||
Industrial Systems
|
(4.3
|
)
|
|
9.4
|
|
|
(1.3
|
)
|
|
6.9
|
|
|
(2.3
|
)
|
|
4.1
|
|
|
(1.4
|
)
|
|
4.4
|
|
||||||||
Climate Solutions
|
38.9
|
|
|
32.3
|
|
|
51.7
|
|
|
44.0
|
|
|
37.6
|
|
|
6.0
|
|
|
35.7
|
|
|
33.3
|
|
||||||||
Power Transmission Solutions
|
28.2
|
|
|
26.8
|
|
|
24.8
|
|
|
25.1
|
|
|
20.9
|
|
|
28.1
|
|
|
19.5
|
|
|
24.4
|
|
||||||||
(1) The first quarter 2019 results included a gain on divestiture of $41.2 million included in the Commercial Systems segment.
|
|||||||||||||||||||||||||||||||
(2) Due to the weighting of both earnings and the weighted average number of shares outstanding, the sum of the quarterly earnings per share may not equal the annual earnings per share.
|
•
|
We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those over the selection of the discount rates and management’s development of forecasts of future revenues and EBITDA margins.
|
•
|
We evaluated the reasonableness of management’s forecasts by comparing the forecasts to (1) historical results, (2) internal communications to management and the Board of Directors, and (3) forecasted information included in analyst and industry reports for the Company and certain of its peer companies.
|
•
|
We evaluated the impact of changes in management’s forecasts from the November 2, 2019, annual measurement date to December 28, 2019.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of the discount rates by:
|
•
|
Tested the source information underlying management’s determination of the discount rates.
|
•
|
Tested the mathematical accuracy of management’s calculations.
|
•
|
Developed a range of independent estimates and compared those to the discount rates selected by management.
|
•
|
We tested the effectiveness of controls over management’s intangible asset impairment evaluation, including those over management’s development of forecasts of future revenues and the selection of the discount rate and royalty rate.
|
•
|
We evaluated management’s ability to accurately forecast future revenues by comparing actual results to management’s historical forecasts.
|
•
|
We evaluated the reasonableness of management’s forecasts by comparing the forecasts to (1) historical results, (2) internal communications to management and the Board of Directors, and (3) forecasted information included in analyst and industry reports for the Company and certain of its peer companies.
|
•
|
We evaluated the impact of changes in management’s forecasts from the November 2, 2019, annual measurement date to December 28, 2019.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of the royalty rate by:
|
•
|
Tested the source information underlying management’s determination of the royalty rate.
|
•
|
Tested the mathematical accuracy of management’s calculations.
|
•
|
Compared the royalty rate selected by management to comparable royalty transactions and other publicly available information.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of the discount rate by:
|
•
|
Tested the source information underlying management’s determination of the discount rate.
|
•
|
Tested the mathematical accuracy of management’s calculation.
|
•
|
Developed a range of independent estimates and compared those to the discount rate selected by management.
|
|
|
For the Year Ended
|
||||||||||
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Net Sales
|
|
$
|
3,238.0
|
|
|
$
|
3,645.6
|
|
|
$
|
3,360.3
|
|
Cost of Sales
|
|
2,377.3
|
|
|
2,681.0
|
|
|
2,476.7
|
|
|||
Gross Profit
|
|
860.7
|
|
|
964.6
|
|
|
883.6
|
|
|||
Operating Expenses
|
|
544.3
|
|
|
599.4
|
|
|
552.6
|
|
|||
Goodwill Impairment
|
|
—
|
|
|
9.5
|
|
|
—
|
|
|||
Asset Impairments
|
|
10.0
|
|
|
8.7
|
|
|
—
|
|
|||
Gain on Sale of Businesses
|
|
(44.7
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||
Total Operating Expenses
|
|
509.6
|
|
|
617.6
|
|
|
552.5
|
|
|||
Income from Operations
|
|
351.1
|
|
|
347.0
|
|
|
331.1
|
|
|||
Other (Income) Expenses, net
|
|
(0.1
|
)
|
|
1.5
|
|
|
1.0
|
|
|||
Interest Expense
|
|
53.0
|
|
|
55.2
|
|
|
56.1
|
|
|||
Interest Income
|
|
5.6
|
|
|
1.9
|
|
|
3.2
|
|
|||
Income before Taxes
|
|
303.8
|
|
|
292.2
|
|
|
277.2
|
|
|||
Provision for Income Taxes
|
|
61.2
|
|
|
56.4
|
|
|
59.1
|
|
|||
Net Income
|
|
242.6
|
|
|
235.8
|
|
|
218.1
|
|
|||
Less: Net Income Attributable to Noncontrolling Interests
|
|
3.7
|
|
|
4.6
|
|
|
5.1
|
|
|||
Net Income Attributable to Regal Beloit Corporation
|
|
$
|
238.9
|
|
|
$
|
231.2
|
|
|
$
|
213.0
|
|
Earnings Per Share Attributable to Regal Beloit Corporation:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
5.69
|
|
|
$
|
5.30
|
|
|
$
|
4.78
|
|
Assuming Dilution
|
|
$
|
5.66
|
|
|
$
|
5.26
|
|
|
$
|
4.74
|
|
Weighted Average Number of Shares Outstanding:
|
|
|
|
|
|
|
||||||
Basic
|
|
42.0
|
|
|
43.6
|
|
|
44.6
|
|
|||
Assuming Dilution
|
|
42.2
|
|
|
43.9
|
|
|
44.9
|
|
|
For the Year Ended
|
||||||||||||||||||||||
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||||||||||||||
Net Income
|
|
|
$
|
242.6
|
|
|
|
|
$
|
235.8
|
|
|
|
|
$
|
218.1
|
|
||||||
Other Comprehensive Income (Loss) Net of Tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Translation:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign Currency Translation Adjustments
|
|
|
(9.2
|
)
|
|
|
|
(71.2
|
)
|
|
|
|
103.1
|
|
|||||||||
Reclassification of Foreign Currency Translation Adjustments Included in Net Income, Net of $0.0 Million Tax Effects in 2019, 2018 and 2017.
|
|
|
1.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||
Hedging Activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Increase (Decrease) in Fair Value of Hedging Activities, Net of Tax Effects of $4.6 Million in 2019, $(1.2) Million in 2018 and $26.1 Million in 2017
|
$
|
14.7
|
|
|
|
|
$
|
(4.0
|
)
|
|
|
|
$
|
42.4
|
|
|
|
||||||
Reclassification of (Gains) Losses Included in Net Income, Net of Tax Effects of $(0.4) Million in 2019, $(3.8) Million in 2018 and $4.5 Million in 2017
|
(1.3
|
)
|
|
13.4
|
|
|
(12.0
|
)
|
|
(16.0
|
)
|
|
7.3
|
|
|
49.7
|
|
||||||
Pension and Post Retirement Plans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Decrease (Increase) in Prior Service Cost and Unrecognized Gain (Loss), Net of Tax Effects of $1.8 Million in 2019, $(0.6) Million in 2018 and $0.4 Million in 2017
|
5.7
|
|
|
|
|
(1.9
|
)
|
|
|
|
1.8
|
|
|
|
|||||||||
Amortization of Prior Service Cost and Unrecognized Loss Included in Net Periodic Pension Cost, Net of Tax Effects of $0.5 Million in 2019, $0.8 Million in 2018 and $0.9 Million in 2017
|
1.5
|
|
|
7.2
|
|
|
2.9
|
|
|
1.0
|
|
|
1.6
|
|
|
3.4
|
|
||||||
Other Comprehensive Income (Loss)
|
|
|
13.0
|
|
|
|
|
(86.2
|
)
|
|
|
|
156.2
|
|
|||||||||
Comprehensive Income
|
|
|
255.6
|
|
|
|
|
149.6
|
|
|
|
|
374.3
|
|
|||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest
|
|
|
3.1
|
|
|
|
|
2.8
|
|
|
|
|
7.2
|
|
|||||||||
Comprehensive Income Attributable to Regal Beloit Corporation
|
|
|
$
|
252.5
|
|
|
|
|
$
|
146.8
|
|
|
|
|
$
|
367.1
|
|
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
ASSETS
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and Cash Equivalents
|
|
$
|
331.4
|
|
|
$
|
248.6
|
|
Trade Receivables, Less Allowances of $9.7 Million in 2019 and $13.3 Million in 2018
|
|
461.4
|
|
|
551.9
|
|
||
Inventories
|
|
678.4
|
|
|
767.2
|
|
||
Prepaid Expenses and Other Current Assets
|
|
133.7
|
|
|
157.9
|
|
||
Assets Held for Sale
|
|
2.8
|
|
|
92.1
|
|
||
Total Current Assets
|
|
1,607.7
|
|
|
1,817.7
|
|
||
Net Property, Plant and Equipment
|
|
605.0
|
|
|
615.5
|
|
||
Operating Lease Assets
|
|
71.0
|
|
|
—
|
|
||
Goodwill
|
|
1,501.3
|
|
|
1,509.2
|
|
||
Intangible Assets, Net of Amortization
|
|
567.2
|
|
|
625.5
|
|
||
Deferred Income Tax Benefits
|
|
58.4
|
|
|
34.2
|
|
||
Other Noncurrent Assets
|
|
20.1
|
|
|
21.7
|
|
||
Total Assets
|
|
$
|
4,430.7
|
|
|
$
|
4,623.8
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Accounts Payable
|
|
$
|
337.0
|
|
|
$
|
424.8
|
|
Dividends Payable
|
|
12.2
|
|
|
12.0
|
|
||
Current Hedging Obligations
|
|
3.4
|
|
|
11.3
|
|
||
Accrued Compensation and Benefits
|
|
67.3
|
|
|
81.9
|
|
||
Other Accrued Expenses
|
|
118.4
|
|
|
136.0
|
|
||
Liabilities Held for Sale
|
|
—
|
|
|
17.0
|
|
||
Current Operating Lease Liabilities
|
|
21.6
|
|
|
—
|
|
||
Current Maturities of Long-Term Debt
|
|
0.6
|
|
|
0.5
|
|
||
Total Current Liabilities
|
|
560.5
|
|
|
683.5
|
|
||
Long-Term Debt
|
|
1,136.9
|
|
|
1,306.6
|
|
||
Deferred Income Taxes
|
|
171.9
|
|
|
148.3
|
|
||
Noncurrent Hedging Obligations
|
|
1.2
|
|
|
1.2
|
|
||
Pension and Other Post Retirement Benefits
|
|
80.8
|
|
|
96.2
|
|
||
Noncurrent Operating Lease Liabilities
|
|
51.0
|
|
|
—
|
|
||
Other Noncurrent Liabilities
|
|
48.0
|
|
|
49.5
|
|
||
Contingencies (see Note 12)
|
|
|
|
|
|
|||
Equity:
|
|
|
|
|
||||
Regal Beloit Corporation Shareholders' Equity:
|
|
|
|
|
||||
Common Stock, $0.01 Par Value, 100.0 Million Shares Authorized, 40.8 Million and 42.8 Million Shares Issued and Outstanding at 2019 and 2018, Respectively
|
|
0.4
|
|
|
0.4
|
|
||
Additional Paid-In Capital
|
|
701.8
|
|
|
783.6
|
|
||
Retained Earnings
|
|
1,886.7
|
|
|
1,777.9
|
|
||
Accumulated Other Comprehensive Loss
|
|
(237.8
|
)
|
|
(251.4
|
)
|
||
Total Regal Beloit Corporation Shareholders' Equity
|
|
2,351.1
|
|
|
2,310.5
|
|
||
Noncontrolling Interests
|
|
29.3
|
|
|
28.0
|
|
||
Total Equity
|
|
2,380.4
|
|
|
2,338.5
|
|
||
Total Liabilities and Equity
|
|
$
|
4,430.7
|
|
|
$
|
4,623.8
|
|
|
Common Stock $0.01 Par Value
|
|
Additional Paid-In Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
||||||||||||
Balance as of December 31, 2016
|
$
|
0.4
|
|
|
$
|
904.5
|
|
|
$
|
1,452.0
|
|
|
$
|
(318.1
|
)
|
|
$
|
39.4
|
|
|
$
|
2,078.2
|
|
Net Income
|
—
|
|
|
—
|
|
|
213.0
|
|
|
—
|
|
|
5.1
|
|
|
218.1
|
|
||||||
Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
154.1
|
|
|
2.1
|
|
|
156.2
|
|
||||||
Dividends Declared ($1.02 Per Share)
|
—
|
|
|
—
|
|
|
(45.3
|
)
|
|
—
|
|
|
—
|
|
|
(45.3
|
)
|
||||||
Stock Options Exercised, Including
Income Tax Benefit and Share Cancellations |
—
|
|
|
(3.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.6
|
)
|
||||||
Share-Based Compensation
|
—
|
|
|
13.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.6
|
|
||||||
Stock Repurchase
|
—
|
|
|
(37.0
|
)
|
|
(8.1
|
)
|
|
—
|
|
|
—
|
|
|
(45.1
|
)
|
||||||
Dividends Declared to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17.4
|
)
|
|
(17.4
|
)
|
||||||
Balance as of December 30, 2017
|
$
|
0.4
|
|
|
$
|
877.5
|
|
|
$
|
1,611.6
|
|
|
$
|
(164.0
|
)
|
|
$
|
29.2
|
|
|
$
|
2,354.7
|
|
Net Income
|
—
|
|
|
—
|
|
|
231.2
|
|
|
—
|
|
|
4.6
|
|
|
235.8
|
|
||||||
Other Comprehensive Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(84.4
|
)
|
|
(1.8
|
)
|
|
(86.2
|
)
|
||||||
Dividends Declared ($1.10 Per Share)
|
—
|
|
|
—
|
|
|
(47.7
|
)
|
|
—
|
|
|
—
|
|
|
(47.7
|
)
|
||||||
Stock Options Exercised
|
—
|
|
|
(4.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.8
|
)
|
||||||
Share-Based Compensation
|
—
|
|
|
16.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.9
|
|
||||||
Stock Repurchase
|
—
|
|
|
(106.0
|
)
|
|
(21.8
|
)
|
|
—
|
|
|
—
|
|
|
(127.8
|
)
|
||||||
Adoption of Accounting Pronouncement ASU 2018-02
|
—
|
|
|
—
|
|
|
4.6
|
|
|
(4.6
|
)
|
|
—
|
|
|
—
|
|
||||||
Purchase of Subsidiary Shares from Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
(2.4
|
)
|
|
(0.8
|
)
|
||||||
Dividends Declared to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.6
|
)
|
|
(1.6
|
)
|
||||||
Balance as of December 29, 2018
|
$
|
0.4
|
|
|
$
|
783.6
|
|
|
$
|
1,777.9
|
|
|
$
|
(251.4
|
)
|
|
$
|
28.0
|
|
|
$
|
2,338.5
|
|
Net Income
|
—
|
|
|
—
|
|
|
238.9
|
|
|
—
|
|
|
3.7
|
|
|
242.6
|
|
||||||
Other Comprehensive Income (Loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
13.6
|
|
|
(0.6
|
)
|
|
13.0
|
|
||||||
Dividends Declared ($1.18 Per Share)
|
—
|
|
|
—
|
|
|
(49.1
|
)
|
|
—
|
|
|
—
|
|
|
(49.1
|
)
|
||||||
Stock Options Exercised
|
—
|
|
|
(10.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.7
|
)
|
||||||
Share-Based Compensation
|
—
|
|
|
13.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.0
|
|
||||||
Stock Repurchase
|
—
|
|
|
(84.1
|
)
|
|
(81.0
|
)
|
|
—
|
|
|
—
|
|
|
(165.1
|
)
|
||||||
Dividends Declared to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.8
|
)
|
|
(1.8
|
)
|
||||||
Balance as of December 28, 2019
|
$
|
0.4
|
|
|
$
|
701.8
|
|
|
$
|
1,886.7
|
|
|
$
|
(237.8
|
)
|
|
$
|
29.3
|
|
|
$
|
2,380.4
|
|
|
|
For the Year Ended
|
||||||||||
|
|
December 28,
2019 |
|
December 29,
2018 |
|
December 30,
2017 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
242.6
|
|
|
$
|
235.8
|
|
|
$
|
218.1
|
|
Adjustments to Reconcile Net Income to Net Cash Provided
by Operating Activities (Net of Acquisitions and Divestitures):
|
|
|
|
|
|
|
||||||
Depreciation
|
|
84.2
|
|
|
87.5
|
|
|
82.0
|
|
|||
Amortization
|
|
50.3
|
|
|
54.9
|
|
|
55.2
|
|
|||
Goodwill Impairment
|
|
—
|
|
|
9.5
|
|
|
—
|
|
|||
Asset Impairments
|
|
10.0
|
|
|
8.7
|
|
|
—
|
|
|||
Noncash Lease Expense
|
|
30.6
|
|
|
—
|
|
|
—
|
|
|||
Share-Based Compensation Expense
|
|
13.0
|
|
|
16.9
|
|
|
13.6
|
|
|||
Expense (Benefit) from Deferred Income Taxes
|
|
22.4
|
|
|
13.2
|
|
|
(9.7
|
)
|
|||
Loss on Exit of Business
|
|
—
|
|
|
—
|
|
|
3.9
|
|
|||
Exit Related Costs
|
|
—
|
|
|
16.7
|
|
|
—
|
|
|||
Loss (Gain) on Disposition of Assets
|
|
(0.7
|
)
|
|
1.1
|
|
|
(2.5
|
)
|
|||
Other Non-Cash Changes
|
|
4.0
|
|
|
3.0
|
|
|
1.3
|
|
|||
Gain on Sale of Businesses
|
|
(44.7
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||
Change in Operating Assets and Liabilities, Net of Acquisitions and Divestitures
|
|
|
|
|
|
|
||||||
Receivables
|
|
70.3
|
|
|
(56.5
|
)
|
|
(31.0
|
)
|
|||
Inventories
|
|
68.6
|
|
|
(42.7
|
)
|
|
(83.0
|
)
|
|||
Accounts Payable
|
|
(80.3
|
)
|
|
41.1
|
|
|
37.7
|
|
|||
Current Liabilities and Other
|
|
(61.8
|
)
|
|
(26.5
|
)
|
|
6.4
|
|
|||
Net Cash Provided by Operating Activities
|
|
408.5
|
|
|
362.7
|
|
|
291.9
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Additions to Property, Plant and Equipment
|
|
(92.4
|
)
|
|
(77.6
|
)
|
|
(65.2
|
)
|
|||
Purchases of Investment Securities
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|||
Sales of Investment Securities
|
|
—
|
|
|
0.5
|
|
|
0.9
|
|
|||
Business Acquisitions, Net of Cash Acquired
|
|
—
|
|
|
(161.5
|
)
|
|
—
|
|
|||
Proceeds from Sale of Businesses
|
|
157.9
|
|
|
0.7
|
|
|
1.1
|
|
|||
Proceeds from Sale of Assets
|
|
8.8
|
|
|
10.0
|
|
|
6.3
|
|
|||
Net Cash Provided by (Used in) Investing Activities
|
|
74.3
|
|
|
(227.9
|
)
|
|
(57.8
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Borrowings Under Revolving Credit Facility
|
|
1,150.1
|
|
|
1,350.3
|
|
|
1,247.6
|
|
|||
Repayments Under Revolving Credit Facility
|
|
(1,230.8
|
)
|
|
(1,271.7
|
)
|
|
(1,245.8
|
)
|
|||
Proceeds from Short-Term Borrowings
|
|
27.5
|
|
|
19.0
|
|
|
25.2
|
|
|||
Repayments of Short-Term Borrowings
|
|
(27.5
|
)
|
|
(19.7
|
)
|
|
(24.7
|
)
|
|||
Proceeds from Long-Term Borrowings
|
|
—
|
|
|
900.2
|
|
|
0.3
|
|
|||
Repayments of Long-Term Borrowings
|
|
(90.3
|
)
|
|
(811.4
|
)
|
|
(277.3
|
)
|
|||
Dividends Paid to Shareholders
|
|
(48.9
|
)
|
|
(47.2
|
)
|
|
(44.5
|
)
|
|||
Proceeds from the Exercise of Stock Options
|
|
0.3
|
|
|
—
|
|
|
0.4
|
|
|||
Shares Surrendered for Taxes
|
|
(10.9
|
)
|
|
(3.5
|
)
|
|
(4.0
|
)
|
|||
Purchase of Subsidiary Shares from Noncontrolling Interest
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|||
Financing Fees Paid
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
|||
Repurchase of Common Stock
|
|
(165.1
|
)
|
|
(127.8
|
)
|
|
(45.1
|
)
|
|||
Payments of Contingent Consideration
|
|
—
|
|
|
—
|
|
|
(5.3
|
)
|
|||
Distributions to Noncontrolling Interests
|
|
(1.8
|
)
|
|
(1.6
|
)
|
|
(17.4
|
)
|
|||
Net Cash Used in Financing Activities
|
|
(397.4
|
)
|
|
(17.7
|
)
|
|
(390.6
|
)
|
|||
EFFECT OF EXCHANGE RATES ON CASH and CASH EQUIVALENTS
|
|
(2.6
|
)
|
|
(8.1
|
)
|
|
11.6
|
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
82.8
|
|
|
109.0
|
|
|
(144.9
|
)
|
|||
Cash and Cash Equivalents at Beginning of Period
|
|
248.6
|
|
|
139.6
|
|
|
284.5
|
|
|||
Cash and Cash Equivalents at End of Period
|
|
$
|
331.4
|
|
|
$
|
248.6
|
|
|
$
|
139.6
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
||||||
Cash Paid During the Year for:
|
|
|
|
|
|
|
||||||
Interest
|
|
$
|
51.7
|
|
|
$
|
54.2
|
|
|
$
|
53.7
|
|
Income Taxes
|
|
42.3
|
|
|
81.2
|
|
|
66.9
|
|
December 28, 2019
|
Commercial Systems
|
|
Industrial Systems
|
|
Climate Solutions
|
|
Power Transmission Solutions
|
|
Total
|
||||||||||
North America
|
$
|
643.0
|
|
|
$
|
313.5
|
|
|
$
|
848.6
|
|
|
$
|
639.9
|
|
|
$
|
2,445.0
|
|
Asia
|
107.2
|
|
|
167.0
|
|
|
37.7
|
|
|
30.4
|
|
|
342.3
|
|
|||||
Europe
|
135.5
|
|
|
49.2
|
|
|
40.5
|
|
|
91.5
|
|
|
316.7
|
|
|||||
Rest-of-World
|
19.6
|
|
|
45.7
|
|
|
41.7
|
|
|
27.0
|
|
|
134.0
|
|
|||||
Total
|
$
|
905.3
|
|
|
$
|
575.4
|
|
|
$
|
968.5
|
|
|
$
|
788.8
|
|
|
$
|
3,238.0
|
|
December 29, 2018
|
Commercial Systems
|
|
Industrial Systems
|
|
Climate Solutions
|
|
Power Transmission Solutions
|
|
Total
|
||||||||||
North America
|
$
|
813.6
|
|
|
$
|
360.0
|
|
|
$
|
891.9
|
|
|
$
|
686.4
|
|
|
$
|
2,751.9
|
|
Asia
|
142.7
|
|
|
194.8
|
|
|
39.5
|
|
|
24.1
|
|
|
401.1
|
|
|||||
Europe
|
122.1
|
|
|
55.1
|
|
|
50.5
|
|
|
96.9
|
|
|
324.6
|
|
|||||
Rest-of-World
|
32.5
|
|
|
61.2
|
|
|
42.9
|
|
|
31.4
|
|
|
168.0
|
|
|||||
Total
|
$
|
1,110.9
|
|
|
$
|
671.1
|
|
|
$
|
1,024.8
|
|
|
$
|
838.8
|
|
|
$
|
3,645.6
|
|
|
December 28, 2019
|
|
December 29, 2018
|
Raw Material and Work in Process
|
48.0%
|
|
45.0%
|
Finished Goods and Purchased Parts
|
52.0%
|
|
55.0%
|
|
Useful Life (In Years)
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
|
|
||||||||
Land and Improvements
|
|
|
$
|
80.3
|
|
|
$
|
82.1
|
|
Buildings and Improvements
|
3-50
|
|
305.2
|
|
|
302.8
|
|
||
Machinery and Equipment
|
3-15
|
|
988.2
|
|
|
971.9
|
|
||
Property, Plant and Equipment
|
|
|
1,373.7
|
|
|
1,356.8
|
|
||
Less: Accumulated Depreciation
|
|
|
(768.7
|
)
|
|
(741.3
|
)
|
||
Net Property, Plant and Equipment
|
|
|
$
|
605.0
|
|
|
$
|
615.5
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Denominator for Basic Earnings Per Share
|
42.0
|
|
|
43.6
|
|
|
44.6
|
|
Effect of Dilutive Securities
|
0.2
|
|
|
0.3
|
|
|
0.3
|
|
Denominator for Diluted Earnings Per Share
|
42.2
|
|
|
43.9
|
|
|
44.9
|
|
|
2019
|
|
2018
|
||||
Foreign Currency Translation Adjustments
|
$
|
(214.8
|
)
|
|
$
|
(207.8
|
)
|
Hedging Activities, Net of Tax of $2.5 in 2019 and $(1.7) in 2018
|
8.0
|
|
|
(5.4
|
)
|
||
Pension and Post Retirement Benefits, Net of Tax of $(9.5) in 2019 and $(11.8) in 2018
|
(31.0
|
)
|
|
(38.2
|
)
|
||
Total
|
$
|
(237.8
|
)
|
|
$
|
(251.4
|
)
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
Trade Receivables
|
$
|
—
|
|
|
$
|
19.2
|
|
Inventories
|
—
|
|
|
34.7
|
|
||
Prepaid Expenses and Other Current Assets
|
—
|
|
|
5.0
|
|
||
Property, Plant and Equipment
|
2.8
|
|
|
19.9
|
|
||
Intangible Assets
|
—
|
|
|
12.0
|
|
||
Goodwill
|
—
|
|
|
1.3
|
|
||
Assets Held for Sale
|
$
|
2.8
|
|
|
$
|
92.1
|
|
Accounts Payable
|
$
|
—
|
|
|
$
|
8.1
|
|
Accrued Compensation and Benefits
|
—
|
|
|
0.5
|
|
||
Other Accrued Expenses
|
—
|
|
|
7.3
|
|
||
Other Noncurrent Liabilities
|
—
|
|
|
1.1
|
|
||
Liabilities Held for Sale
|
$
|
—
|
|
|
$
|
17.0
|
|
|
As of April 10, 2018
|
||
Other Current Assets
|
$
|
17.2
|
|
Trade Receivables
|
28.0
|
|
|
Inventories
|
22.1
|
|
|
Property, Plant and Equipment
|
44.6
|
|
|
Intangible Assets
|
37.8
|
|
|
Goodwill
|
58.7
|
|
|
Other Noncurrent Assets
|
2.5
|
|
|
Total Assets Acquired
|
$
|
210.9
|
|
Accounts Payable
|
16.7
|
|
|
Current Liabilities
|
14.2
|
|
|
Long-Term Liabilities
|
10.0
|
|
|
Net Assets Acquired
|
$
|
170.0
|
|
|
Total
|
|
Commercial Systems
|
|
Industrial Systems
|
|
Climate Solutions
|
|
Power Transmission Solutions
|
||||||||||
Balance as of December 30, 2017
|
$
|
1,477.1
|
|
|
$
|
375.0
|
|
|
$
|
173.8
|
|
|
$
|
342.4
|
|
|
$
|
585.9
|
|
Acquisitions
|
58.7
|
|
|
58.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Less: Impairment Charges
|
(9.5
|
)
|
|
—
|
|
|
—
|
|
|
(9.5
|
)
|
|
—
|
|
|||||
Less: Held for Sale
|
(1.3
|
)
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|||||
Translation Adjustments
|
(15.8
|
)
|
|
(6.3
|
)
|
|
(2.3
|
)
|
|
(1.0
|
)
|
|
(6.2
|
)
|
|||||
Balance as of December 29, 2018
|
$
|
1,509.2
|
|
|
$
|
427.4
|
|
|
$
|
171.5
|
|
|
$
|
330.6
|
|
|
$
|
579.7
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Divestiture
|
(2.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.8
|
)
|
|||||
Translation Adjustments
|
(5.1
|
)
|
|
(0.8
|
)
|
|
(0.7
|
)
|
|
0.6
|
|
|
(4.2
|
)
|
|||||
Balance as of December 28, 2019
|
$
|
1,501.3
|
|
|
$
|
426.6
|
|
|
$
|
170.8
|
|
|
$
|
331.2
|
|
|
$
|
572.7
|
|
Cumulative Goodwill Impairment Charges
|
$
|
285.2
|
|
|
$
|
183.2
|
|
|
$
|
61.6
|
|
|
$
|
17.2
|
|
|
$
|
23.2
|
|
|
Weighted Average Amortization Period (Years)
|
|
December 29, 2018
|
|
Impairment Charges
|
|
Divestitures
|
|
Translation Adjustments
|
|
December 28, 2019
|
||||||||||
Customer Relationships
|
17
|
|
$
|
708.8
|
|
|
$
|
(4.9
|
)
|
|
$
|
(7.8
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
692.1
|
|
Technology
|
14
|
|
144.5
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
144.0
|
|
|||||
Trademarks
|
14
|
|
37.0
|
|
|
—
|
|
|
(0.7
|
)
|
|
(0.4
|
)
|
|
35.9
|
|
|||||
Patent and Engineering Drawings
|
5
|
|
16.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.6
|
|
|||||
|
|
|
906.9
|
|
|
(4.9
|
)
|
|
(8.5
|
)
|
|
(4.9
|
)
|
|
888.6
|
|
|||||
Non-Amortizable Trade Name
|
|
|
121.9
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
121.6
|
|
|||||
Total Gross Intangibles
|
|
|
$
|
1,028.8
|
|
|
$
|
(4.9
|
)
|
|
$
|
(8.5
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
1,010.2
|
|
|
|
December 29, 2018
|
|
Amortization
|
|
Divestitures
|
|
Translation Adjustments
|
|
December 28, 2019
|
||||||||||
Customer Relationships
|
|
$
|
272.4
|
|
|
$
|
39.4
|
|
|
$
|
(7.8
|
)
|
|
$
|
(1.6
|
)
|
|
$
|
302.4
|
|
Technology
|
|
90.1
|
|
|
9.2
|
|
|
—
|
|
|
(0.3
|
)
|
|
99.0
|
|
|||||
Trademarks
|
|
24.2
|
|
|
1.7
|
|
|
(0.7
|
)
|
|
(0.2
|
)
|
|
25.0
|
|
|||||
Patent and Engineering Drawings
|
|
16.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.6
|
|
|||||
Total Accumulated Amortization
|
|
$
|
403.3
|
|
|
$
|
50.3
|
|
|
$
|
(8.5
|
)
|
|
$
|
(2.1
|
)
|
|
$
|
443.0
|
|
Intangible Assets, Net of Amortization
|
|
$
|
625.5
|
|
|
|
|
|
|
|
|
$
|
567.2
|
|
|
|
Commercial Systems
|
|
Industrial Systems
|
|
Climate Solutions
|
|
Power Transmission Solutions
|
|
Eliminations
|
|
Total
|
||||||||||||
Fiscal 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
External Sales
|
|
$
|
905.3
|
|
|
$
|
575.4
|
|
|
$
|
968.5
|
|
|
$
|
788.8
|
|
|
$
|
—
|
|
|
$
|
3,238.0
|
|
Intersegment Sales
|
|
46.9
|
|
|
35.9
|
|
|
17.4
|
|
|
4.3
|
|
|
(104.5
|
)
|
|
—
|
|
||||||
Total Sales
|
|
952.2
|
|
|
611.3
|
|
|
985.9
|
|
|
793.1
|
|
|
(104.5
|
)
|
|
3,238.0
|
|
||||||
Gross Profit
|
|
232.9
|
|
|
99.3
|
|
|
269.8
|
|
|
258.7
|
|
|
—
|
|
|
860.7
|
|
||||||
Operating Expenses
|
|
162.4
|
|
|
107.6
|
|
|
110.6
|
|
|
163.7
|
|
|
—
|
|
|
544.3
|
|
||||||
Asset Impairments
|
|
6.7
|
|
|
0.9
|
|
|
1.3
|
|
|
1.1
|
|
|
—
|
|
|
10.0
|
|
||||||
(Gain) Loss on Sale of Businesses
|
|
(39.3
|
)
|
|
0.1
|
|
|
(6.0
|
)
|
|
0.5
|
|
|
—
|
|
|
(44.7
|
)
|
||||||
Income (Loss) from Operations
|
|
103.1
|
|
|
(9.3
|
)
|
|
163.9
|
|
|
93.4
|
|
|
—
|
|
|
351.1
|
|
||||||
Depreciation and Amortization
|
|
34.6
|
|
|
24.4
|
|
|
19.8
|
|
|
55.7
|
|
|
—
|
|
|
134.5
|
|
||||||
Capital Expenditures
|
|
29.9
|
|
|
21.0
|
|
|
23.3
|
|
|
18.2
|
|
|
—
|
|
|
92.4
|
|
||||||
Fiscal 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
External Sales
|
|
$
|
1,110.9
|
|
|
$
|
671.1
|
|
|
$
|
1,024.8
|
|
|
$
|
838.8
|
|
|
$
|
—
|
|
|
$
|
3,645.6
|
|
Intersegment Sales
|
|
47.3
|
|
|
31.9
|
|
|
22.1
|
|
|
24.1
|
|
|
(125.4
|
)
|
|
—
|
|
||||||
Total Sales
|
|
1,158.2
|
|
|
703.0
|
|
|
1,046.9
|
|
|
862.9
|
|
|
(125.4
|
)
|
|
3,645.6
|
|
||||||
Gross Profit
|
|
287.0
|
|
|
136.4
|
|
|
262.7
|
|
|
278.5
|
|
|
—
|
|
|
964.6
|
|
||||||
Operating Expenses
|
|
184.8
|
|
|
111.6
|
|
|
128.9
|
|
|
174.1
|
|
|
—
|
|
|
599.4
|
|
||||||
Goodwill Impairment
|
|
—
|
|
|
—
|
|
|
9.5
|
|
|
—
|
|
|
—
|
|
|
9.5
|
|
||||||
Asset Impairments
|
|
—
|
|
|
—
|
|
|
8.7
|
|
|
—
|
|
|
—
|
|
|
8.7
|
|
||||||
Income from Operations
|
|
102.2
|
|
|
24.8
|
|
|
115.6
|
|
|
104.4
|
|
|
—
|
|
|
347.0
|
|
||||||
Depreciation and Amortization
|
|
40.3
|
|
|
26.7
|
|
|
21.0
|
|
|
54.4
|
|
|
—
|
|
|
142.4
|
|
||||||
Capital Expenditures
|
|
24.6
|
|
|
17.2
|
|
|
17.7
|
|
|
18.1
|
|
|
—
|
|
|
77.6
|
|
||||||
Fiscal 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
External Sales
|
|
$
|
957.5
|
|
|
$
|
646.8
|
|
|
$
|
990.6
|
|
|
$
|
765.4
|
|
|
$
|
—
|
|
|
$
|
3,360.3
|
|
Intersegment Sales
|
|
55.2
|
|
|
38.1
|
|
|
24.9
|
|
|
4.5
|
|
|
(122.7
|
)
|
|
—
|
|
||||||
Total Sales
|
|
1,012.7
|
|
|
684.9
|
|
|
1,015.5
|
|
|
769.9
|
|
|
(122.7
|
)
|
|
3,360.3
|
|
||||||
Gross Profit
|
|
244.0
|
|
|
132.8
|
|
|
255.4
|
|
|
251.4
|
|
|
—
|
|
|
883.6
|
|
||||||
Operating Expenses
|
|
164.4
|
|
|
112.6
|
|
|
113.9
|
|
|
161.7
|
|
|
—
|
|
|
552.6
|
|
||||||
Gain on Sale of Businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||
Income from Operations
|
|
79.6
|
|
|
20.2
|
|
|
141.5
|
|
|
89.8
|
|
|
—
|
|
|
331.1
|
|
||||||
Depreciation and Amortization
|
|
35.8
|
|
|
24.0
|
|
|
22.1
|
|
|
55.3
|
|
|
—
|
|
|
137.2
|
|
||||||
Capital Expenditures
|
|
26.4
|
|
|
12.8
|
|
|
13.4
|
|
|
12.6
|
|
|
—
|
|
|
65.2
|
|
|
Commercial Systems
|
|
Industrial Systems
|
|
Climate Solutions
|
|
Power Transmission Solutions
|
|
Total
|
||||||||||
Identifiable Assets as of December 28, 2019
|
$
|
1,198.5
|
|
|
$
|
802.8
|
|
|
$
|
878.3
|
|
|
$
|
1,551.1
|
|
|
$
|
4,430.7
|
|
Identifiable Assets as of December 29, 2018
|
1,299.7
|
|
|
808.3
|
|
|
907.7
|
|
|
1,608.1
|
|
|
4,623.8
|
|
|
|
|
|
Net Sales
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||||
United States
|
|
$
|
2,071.9
|
|
|
$
|
2,402.9
|
|
|
$
|
2,267.2
|
|
||
Rest of the World
|
|
1,166.1
|
|
|
1,242.7
|
|
|
1,093.1
|
|
|||||
Total
|
|
|
|
$
|
3,238.0
|
|
|
$
|
3,645.6
|
|
|
$
|
3,360.3
|
|
|
Long-lived Assets
|
||||||
|
2019
|
|
2018
|
||||
United States
|
$
|
237.6
|
|
|
$
|
242.7
|
|
Mexico
|
149.0
|
|
|
139.7
|
|
||
China
|
84.9
|
|
|
90.2
|
|
||
Rest of the World
|
133.5
|
|
|
142.9
|
|
||
Total
|
$
|
605.0
|
|
|
$
|
615.5
|
|
|
December 28, 2019
|
|
December 29, 2018
|
|||||
Term Facility
|
$
|
720.0
|
|
|
$
|
810.0
|
|
|
Senior Notes
|
400.0
|
|
|
400.0
|
|
|||
Multicurrency Revolving Facility
|
17.7
|
|
|
98.4
|
|
|||
Other
|
4.5
|
|
|
4.9
|
|
|||
Less: Debt Issuance Costs
|
(4.7
|
)
|
|
(6.2
|
)
|
|||
Total
|
1,137.5
|
|
|
1,307.1
|
|
|||
Less: Current Maturities
|
0.6
|
|
|
0.5
|
|
|||
Non-Current Portion
|
$
|
1,136.9
|
|
|
$
|
1,306.6
|
|
|
|
Principal
|
|
Interest Rate
|
|
Maturity
|
||
Fixed Rate Series 2011A
|
|
$
|
230.0
|
|
|
4.8 to 5.0%
|
|
July 14, 2021
|
Fixed Rate Series 2011A
|
|
170.0
|
|
|
4.9 to 5.1%
|
|
July 14, 2023
|
|
Total
|
|
$
|
400.0
|
|
|
|
|
|
Year
|
|
|
|
|
|
Amount of Maturity
|
||
2020
|
|
|
|
|
|
$
|
0.6
|
|
2021
|
|
|
|
|
|
230.5
|
|
|
2022
|
|
|
|
|
|
68.0
|
|
|
2023
|
|
|
|
|
|
840.7
|
|
|
2024
|
|
|
|
|
|
0.5
|
|
|
Thereafter
|
|
|
|
|
|
1.9
|
|
|
Total
|
|
|
|
|
|
$
|
1,142.2
|
|
|
Target
|
|
Actual Allocation
|
||||
|
Allocation
|
|
Return
|
|
2019
|
|
2018
|
Equity Investments
|
73.0%
|
|
6.6 - 8.0%
|
|
70.0%
|
|
67.5%
|
Fixed Income
|
22.0%
|
|
2.7 - 5.5%
|
|
25.0%
|
|
27.4%
|
Other
|
5.0%
|
|
5.2%
|
|
5.0%
|
|
5.1%
|
Total
|
100.0%
|
|
7.0%
|
|
100.0%
|
|
100.0%
|
|
December 28, 2019
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Cash and Cash Equivalents
|
$
|
5.1
|
|
|
$
|
5.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Common Stocks:
|
|
|
|
|
|
|
|
||||||||
Domestic Equities
|
26.4
|
|
|
26.4
|
|
|
—
|
|
|
—
|
|
||||
International Equities
|
19.2
|
|
|
19.2
|
|
|
—
|
|
|
—
|
|
||||
Mutual Funds:
|
|
|
|
|
|
|
|
||||||||
US Equity Funds
|
30.1
|
|
|
30.1
|
|
|
—
|
|
|
—
|
|
||||
International Equity Funds
|
3.1
|
|
|
3.1
|
|
|
—
|
|
|
—
|
|
||||
Balanced Funds
|
9.5
|
|
|
9.5
|
|
|
—
|
|
|
—
|
|
||||
Fixed Income Funds
|
18.0
|
|
|
18.0
|
|
|
—
|
|
|
—
|
|
||||
Other
|
1.7
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
||||
Limited Liability Company
|
8.3
|
|
|
—
|
|
|
8.3
|
|
|
—
|
|
||||
Real Estate Fund
|
9.9
|
|
|
—
|
|
|
—
|
|
|
9.9
|
|
||||
|
$
|
131.3
|
|
|
$
|
113.1
|
|
|
$
|
8.3
|
|
|
$
|
9.9
|
|
Investments Measured at Net Asset Value
|
72.1
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
203.4
|
|
|
|
|
|
|
|
|
December 29, 2018
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Cash and Cash Equivalents
|
$
|
3.9
|
|
|
$
|
3.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Common Stocks:
|
|
|
|
|
|
|
|
||||||||
Domestic Equities
|
22.4
|
|
|
22.4
|
|
|
—
|
|
|
—
|
|
||||
International Equities
|
13.7
|
|
|
13.7
|
|
|
—
|
|
|
—
|
|
||||
Mutual Funds:
|
|
|
|
|
|
|
|
||||||||
US Equity Funds
|
24.8
|
|
|
24.8
|
|
|
—
|
|
|
—
|
|
||||
International Equity Funds
|
2.5
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
||||
Balanced Funds
|
8.5
|
|
|
8.5
|
|
|
—
|
|
|
—
|
|
||||
Fixed Income Funds
|
17.3
|
|
|
17.3
|
|
|
—
|
|
|
—
|
|
||||
Other
|
1.5
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
||||
Real Estate Fund
|
10.3
|
|
|
—
|
|
|
—
|
|
|
10.3
|
|
||||
|
$
|
104.9
|
|
|
$
|
94.6
|
|
|
$
|
—
|
|
|
$
|
10.3
|
|
Investments Measured at Net Asset Value
|
69.1
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
174.0
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|||||||
Common Collective Trust Funds
|
$
|
72.1
|
|
|
$
|
61.7
|
|
|||
Global Emerging Markets Fund Limited Partnership
|
—
|
|
|
7.4
|
|
|||||
Total
|
$
|
72.1
|
|
|
$
|
69.1
|
|
|
|
2019
|
|
2018
|
||||
Beginning Balance
|
|
$
|
10.3
|
|
|
$
|
9.6
|
|
Net Purchases (Sales)
|
|
(1.6
|
)
|
|
0.6
|
|
||
Net Gains
|
|
1.2
|
|
|
0.1
|
|
||
Ending Balance
|
|
$
|
9.9
|
|
|
$
|
10.3
|
|
Fair Value
|
|
Significant Unobservable Inputs
|
|
$9.9
|
|
Exit Capitalization Rate
|
5.0% to 7.0%
|
|
|
Discount Rate
|
6.5% to 8.0%
|
Fair Value
|
|
Significant Unobservable Inputs
|
|
$10.3
|
|
Exit Capitalization Rate
|
4.9% to 7.0%
|
|
|
Discount Rate
|
6.6% to 7.8%
|
|
|
2019
|
|
2018
|
||||
Accrued Compensation and Benefits
|
|
$
|
4.0
|
|
|
$
|
3.4
|
|
Pension and Other Post Retirement Benefits
|
|
75.4
|
|
|
87.7
|
|
||
Total
|
|
$
|
79.4
|
|
|
$
|
91.1
|
|
|
|
|
|
|
||||
Amounts Recognized in Accumulated Other Comprehensive Loss
|
|
|
|
|
||||
Net Actuarial Loss
|
|
$
|
45.2
|
|
|
$
|
52.3
|
|
Prior Service Cost
|
|
1.1
|
|
|
1.4
|
|
||
Total
|
|
$
|
46.3
|
|
|
$
|
53.7
|
|
|
2019
|
|
2018
|
Discount Rate
|
3.3%
|
|
4.4%
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Service Cost
|
|
$
|
6.2
|
|
|
$
|
7.3
|
|
|
$
|
7.2
|
|
Interest Cost
|
|
10.6
|
|
|
9.3
|
|
|
9.3
|
|
|||
Expected Return on Plan Assets
|
|
(12.5
|
)
|
|
(11.9
|
)
|
|
(11.2
|
)
|
|||
Amortization of Net Actuarial Loss
|
|
2.2
|
|
|
3.5
|
|
|
2.3
|
|
|||
Amortization of Prior Service Cost
|
|
0.3
|
|
|
0.2
|
|
|
0.2
|
|
|||
Net Periodic Benefit Cost
|
|
$
|
6.8
|
|
|
$
|
8.4
|
|
|
$
|
7.8
|
|
|
|
|
|
|
|
|
||||||
Change in Obligations Recognized in OCI, Net of Tax
|
|
|
|
|
|
|
||||||
Prior Service Cost
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
Net Actuarial Loss
|
|
1.7
|
|
|
2.7
|
|
|
1.5
|
|
|||
Total Recognized in OCI
|
|
$
|
1.9
|
|
|
$
|
2.9
|
|
|
$
|
1.6
|
|
|
|
2019
|
|
2018
|
|
2017
|
Discount Rate
|
|
4.4%
|
|
3.8%
|
|
4.3%
|
Expected Long-Term Rate of Return on Assets
|
|
7.0%
|
|
6.9%
|
|
7.0%
|
Year
|
|
Expected Payments
|
||
2020
|
|
$
|
16.5
|
|
2021
|
|
16.1
|
|
|
2022
|
|
15.9
|
|
|
2023
|
|
16.7
|
|
|
2024
|
|
16.7
|
|
|
2025-2028
|
|
82.8
|
|
Change in Accumulated Post Retirement Benefit Obligation
|
|
2019
|
|
2018
|
||||
Obligation at Beginning of Period
|
|
$
|
9.2
|
|
|
$
|
12.1
|
|
Service Cost
|
|
—
|
|
|
0.1
|
|
||
Interest Cost
|
|
0.3
|
|
|
0.4
|
|
||
Actuarial Gain
|
|
(0.7
|
)
|
|
(2.8
|
)
|
||
Amendments
|
|
(1.9
|
)
|
|
—
|
|
||
Curtailment Gain
|
|
(0.5
|
)
|
|
—
|
|
||
Participant Contributions
|
|
0.2
|
|
|
0.4
|
|
||
Less: Benefits Paid
|
|
0.7
|
|
|
1.0
|
|
||
Obligation at End of Period
|
|
$
|
5.9
|
|
|
$
|
9.2
|
|
|
|
2019
|
|
2018
|
||||
Accrued Compensation and Benefits
|
|
$
|
0.5
|
|
|
$
|
0.7
|
|
Pension and Other Post Retirement Benefits
|
|
5.4
|
|
|
8.5
|
|
||
Total
|
|
$
|
5.9
|
|
|
$
|
9.2
|
|
Amounts Recognized in Accumulated Other Comprehensive Loss
|
|
|
|
|
|
|
||
Net Actuarial Gain
|
|
$
|
(4.1
|
)
|
|
$
|
(3.7
|
)
|
Prior Service Cost
|
|
(1.7
|
)
|
|
—
|
|
||
Total
|
|
$
|
(5.8
|
)
|
|
$
|
(3.7
|
)
|
|
|
2019
|
|
2018
|
Discount Rate
|
|
3.2%
|
|
4.2%
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Service Cost
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest Cost
|
|
0.3
|
|
|
0.4
|
|
|
0.4
|
|
|||
Amortization of Net Actuarial Gain
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|||
Amortization of Prior Service Cost
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|||
Curtailment Gain
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|||
Net Periodic Post Retirement Health Care Benefit Cost
|
|
$
|
(0.7
|
)
|
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
|
|
|
|
|
|
||||||
Change in Obligations Recognized in OCI, Net of Tax
|
|
|
|
|
|
|
||||||
Prior Service Cost
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Net Actuarial Gain
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|||
Total Recognized in OCI
|
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
2019
|
|
2018
|
|
2017
|
Discount Rate
|
|
4.2%
|
|
3.5%
|
|
3.9%
|
Year
|
|
Expected Payments
|
||
2020
|
|
$
|
0.5
|
|
2021
|
|
0.5
|
|
|
2022
|
|
0.5
|
|
|
2023
|
|
0.4
|
|
|
2024
|
|
0.4
|
|
|
2025-2028
|
|
1.7
|
|
|
December 28, 2019
|
||
Operating Lease Cost
|
$
|
31.1
|
|
Finance Lease Cost:
|
|
||
Amortization of ROU Assets
|
0.3
|
|
|
Interest on Lease Liabilities
|
0.2
|
|
|
Total Lease Expense
|
$
|
31.6
|
|
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
2020
|
$
|
26.6
|
|
|
$
|
0.5
|
|
|
$
|
27.1
|
|
2021
|
20.9
|
|
|
0.5
|
|
|
21.4
|
|
|||
2022
|
14.1
|
|
|
0.6
|
|
|
14.7
|
|
|||
2023
|
8.3
|
|
|
0.6
|
|
|
8.9
|
|
|||
2024
|
5.2
|
|
|
0.6
|
|
|
5.8
|
|
|||
Thereafter
|
13.4
|
|
|
1.9
|
|
|
15.3
|
|
|||
Total Lease Payments
|
$
|
88.5
|
|
|
$
|
4.7
|
|
|
$
|
93.2
|
|
Less: Interest
|
(15.9
|
)
|
|
(1.0
|
)
|
|
(16.9
|
)
|
|||
Present Value of Lease Liabilities
|
$
|
72.6
|
|
|
$
|
3.7
|
|
|
$
|
76.3
|
|
Supplemental Cash Flows Information
|
December 28, 2019
|
||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
|
|
||
Operating Cash Flows from Operating Leases
|
$
|
30.6
|
|
Operating Cash Flows from Finance Leases
|
0.3
|
|
|
Financing Cash Flows from Finance Leases
|
0.2
|
|
|
Leased Assets Obtained in Exchange for New Operating Lease Liabilities
|
13.6
|
|
|
Weighted Average Remaining Lease Term
|
|
||
Operating Leases
|
4.7 years
|
|
|
Finance Leases
|
8.3 years
|
|
|
Weighted Average Discount Rate
|
|
||
Operating Leases
|
8.8
|
%
|
|
Finance Leases
|
5.9
|
%
|
|
|
2019
|
|
2018
|
|
2017
|
Total Intrinsic Value of Share-Based Incentive Awards Exercised
|
|
$11.7
|
|
$5.2
|
|
$4.3
|
Cash Received from Stock Option Exercises
|
|
0.1
|
|
—
|
|
0.4
|
Total Fair Value of Share-Based Incentive Awards Vested
|
|
5.4
|
|
3.9
|
|
4.3
|
Number of Shares Under Options and SARs
|
Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (years)
|
|
Aggregate Intrinsic Value (in millions)
|
||||
Outstanding as of December 29, 2018
|
1,539,368
|
|
$
|
69.31
|
|
|
|
|
|
||
Granted
|
188,809
|
|
81.81
|
|
|
|
|
|
|||
Exercised
|
(869,183)
|
|
67.88
|
|
|
|
|
|
|||
Forfeited
|
(37,136)
|
|
76.94
|
|
|
|
|
|
|||
Expired
|
(4,068)
|
|
74.37
|
|
|
|
|
|
|||
Outstanding as of December 28, 2019
|
817,790
|
|
$
|
73.34
|
|
|
6.0
|
|
$
|
9.9
|
|
Exercisable as of December 28, 2019
|
415,570
|
|
$
|
69.57
|
|
|
3.8
|
|
$
|
6.6
|
|
|
|
Shares
|
|
Weighted Average Fair Value at Grant Date
|
|
Weighted Average Remaining Contractual Term (years)
|
||
Unvested RSAs as of December 29, 2018
|
|
15,660
|
|
$
|
74.38
|
|
|
0.4
|
Granted
|
|
15,571
|
|
80.41
|
|
|
|
|
Vested
|
|
(15,660)
|
|
74.38
|
|
|
|
|
Unvested RSAs as of December 28, 2019
|
|
15,571
|
|
$
|
80.41
|
|
|
0.4
|
|
|
|
Shares
|
|
Weighted Average Fair Value at Grant Date
|
|
Weighted Average Remaining Contractual Term (years)
|
||
Unvested RSUs as of December 29, 2018
|
|
234,824
|
|
$
|
69.78
|
|
|
1.6
|
|
Granted
|
|
93,428
|
|
78.98
|
|
|
|
||
Vested
|
|
(136,372)
|
|
64.47
|
|
|
|
||
Forfeited
|
|
(16,855)
|
|
76.34
|
|
|
|
||
Unvested RSUs as of December 28, 2019
|
|
175,025
|
|
$
|
78.19
|
|
|
1.9
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
Risk-free interest rate
|
2.3%
|
|
2.7%
|
|
1.6%
|
Expected life (years)
|
3.0
|
|
3.0
|
|
3.0
|
Expected volatility
|
25.0%
|
|
25.0%
|
|
24.0%
|
Expected dividend yield
|
1.5%
|
|
1.4%
|
|
1.3%
|
|
|
|
Shares
|
|
Weighted Average Fair Value at Grant Date
|
|
Weighted Average Remaining Contractual Term (years)
|
||
Unvested PSUs as of December 29, 2018
|
|
167,840
|
|
$
|
71.71
|
|
|
1.8
|
|
Granted
|
|
48,091
|
|
85.54
|
|
|
|
||
Vested
|
|
(64,961)
|
|
65.85
|
|
|
|
||
Forfeited
|
|
(60,405)
|
|
67.90
|
|
|
|
||
Unvested PSUs as of December 28, 2019
|
|
90,565
|
|
$
|
86.35
|
|
|
1.9
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
|
$
|
126.7
|
|
|
$
|
121.5
|
|
|
$
|
147.4
|
|
Foreign
|
|
177.1
|
|
|
170.7
|
|
|
129.8
|
|
|||
Total
|
|
$
|
303.8
|
|
|
$
|
292.2
|
|
|
$
|
277.2
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
1.8
|
|
|
$
|
4.5
|
|
|
$
|
36.9
|
|
State
|
|
1.1
|
|
|
0.8
|
|
|
(0.3
|
)
|
|||
Foreign
|
|
35.9
|
|
|
37.9
|
|
|
32.2
|
|
|||
|
|
$
|
38.8
|
|
|
$
|
43.2
|
|
|
$
|
68.8
|
|
Deferred
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
20.4
|
|
|
$
|
16.6
|
|
|
$
|
(7.2
|
)
|
State
|
|
2.6
|
|
|
2.1
|
|
|
2.2
|
|
|||
Foreign
|
|
(0.6
|
)
|
|
(5.5
|
)
|
|
(4.7
|
)
|
|||
|
|
22.4
|
|
|
13.2
|
|
|
(9.7
|
)
|
|||
Total
|
|
$
|
61.2
|
|
|
$
|
56.4
|
|
|
$
|
59.1
|
|
|
|
2019
|
|
2018
|
|
2017
|
Federal Statutory Rate
|
|
21.0%
|
|
21.0%
|
|
35.0%
|
State Income Taxes, Net of Federal Benefit
|
|
1.3%
|
|
1.1%
|
|
0.3%
|
Domestic Production Activities Deduction
|
|
—%
|
|
—%
|
|
(1.0)%
|
Foreign Rate Differential - China
|
|
0.9%
|
|
0.9%
|
|
(2.1)%
|
Foreign Rate Differential - All Other
|
|
(2.8)%
|
|
(1.4)%
|
|
(4.3)%
|
Research and Development Credit
|
|
(2.5)%
|
|
(2.5)%
|
|
(3.0)%
|
Valuation Allowance
|
|
0.8%
|
|
(0.3)%
|
|
(0.6)%
|
Tax Cuts and Jobs Act of 2017
|
|
—%
|
|
(1.3)%
|
|
(0.4)%
|
Tax on Repatriation
|
|
3.4%
|
|
1.3%
|
|
—%
|
Adjustments to Tax Accruals and Reserves
|
|
0.3%
|
|
—%
|
|
(1.9)%
|
Tax Impact of Divestitures
|
|
(1.7)%
|
|
—%
|
|
—%
|
Other
|
|
(0.6)%
|
|
0.5%
|
|
(0.7)%
|
Effective Tax Rate
|
|
20.1%
|
|
19.3%
|
|
21.3%
|
|
|
December 28, 2019
|
|
December 29, 2018
|
||||||
Accrued Benefits
|
|
$
|
54.3
|
|
|
$
|
53.9
|
|
||
Bad Debt Allowances
|
|
2.0
|
|
|
2.2
|
|
||||
Warranty Accruals
|
|
2.5
|
|
|
3.6
|
|
||||
Inventory
|
|
7.3
|
|
|
14.6
|
|
||||
Accrued Liabilities
|
|
(2.6
|
)
|
|
(8.0
|
)
|
||||
Derivative Instruments
|
|
1.4
|
|
|
1.8
|
|
||||
Tax Loss Carryforward
|
|
35.4
|
|
|
13.1
|
|
||||
Valuation Allowance
|
|
(12.9
|
)
|
|
(4.9
|
)
|
||||
Operating Lease Liability
|
|
17.2
|
|
|
—
|
|
||||
Other
|
|
18.0
|
|
|
14.0
|
|
||||
Deferred Tax Assets
|
|
122.6
|
|
|
90.3
|
|
||||
Property Related
|
|
(36.1
|
)
|
|
(32.2
|
)
|
||||
Intangible Items
|
|
(182.8
|
)
|
|
(172.2
|
)
|
||||
Operating Lease Asset
|
|
(17.2
|
)
|
|
—
|
|
||||
Deferred Tax Liabilities
|
|
(236.1
|
)
|
|
(204.4
|
)
|
||||
Net Deferred Tax Liability
|
|
$
|
(113.5
|
)
|
|
$
|
(114.1
|
)
|
Unrecognized Tax Benefits, December 31, 2016
|
|
$
|
10.0
|
|
||||
Gross Increases from Prior Period Tax Positions
|
|
—
|
|
|||||
Gross Increases from Current Period Tax Positions
|
|
2.7
|
|
|||||
Settlements with Taxing Authorities
|
|
(5.3
|
)
|
|||||
Lapse of Statute of Limitations
|
|
(0.7
|
)
|
|||||
Unrecognized Tax Benefits, December 30, 2017
|
|
$
|
6.7
|
|
||||
Gross Increases from Prior Period Tax Positions
|
|
—
|
|
|||||
Gross Increases from Current Period Tax Positions
|
|
0.3
|
|
|||||
Settlements with Taxing Authorities
|
|
(0.1
|
)
|
|||||
Lapse of Statute of Limitations
|
|
(0.4
|
)
|
|||||
Unrecognized Tax Benefits, December 29, 2018
|
|
$
|
6.5
|
|
||||
Gross Increases from Prior Period Tax Positions
|
|
—
|
|
|||||
Gross Increases from Current Period Tax Positions
|
|
0.7
|
|
|||||
Settlements with Taxing Authorities
|
|
—
|
|
|||||
Lapse of Statute of Limitations
|
|
(0.3
|
)
|
|||||
Unrecognized Tax Benefits, December 28, 2019
|
|
$
|
6.9
|
|
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
Beginning Balance
|
|
$
|
14.8
|
|
|
$
|
16.0
|
|
Less: Payments
|
|
14.5
|
|
|
20.1
|
|
||
Provisions
|
|
15.2
|
|
|
20.2
|
|
||
Acquisitions
|
|
—
|
|
|
0.3
|
|
||
Held for Sale
|
|
(0.4
|
)
|
|
(1.4
|
)
|
||
Translation Adjustments
|
|
—
|
|
|
(0.2
|
)
|
||
Ending Balance
|
|
$
|
15.1
|
|
|
$
|
14.8
|
|
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
|
|
|
||||||
Copper
|
|
$
|
49.3
|
|
|
$
|
95.4
|
|
Aluminum
|
|
3.4
|
|
|
10.0
|
|
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
|
|
|
||||||
Mexican Peso
|
|
$
|
160.2
|
|
|
$
|
182.3
|
|
Chinese Renminbi
|
|
104.6
|
|
|
125.5
|
|
||
Indian Rupee
|
|
36.7
|
|
|
44.0
|
|
||
Euro
|
|
127.0
|
|
|
225.7
|
|
||
Canadian Dollar
|
|
9.4
|
|
|
11.4
|
|
||
Australian Dollar
|
|
11.4
|
|
|
13.2
|
|
||
Thai Baht
|
|
5.7
|
|
|
6.7
|
|
||
Swedish Krona
|
|
2.4
|
|
|
—
|
|
||
British Pound
|
|
15.4
|
|
|
15.3
|
|
|
|
December 28, 2019
|
||||||||||||||
|
|
Prepaid Expenses and Other Current Assets
|
|
Other Noncurrent Assets
|
|
Current Hedging Obligations
|
|
Noncurrent Hedging Obligations
|
||||||||
Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swap Contracts
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
Currency Contracts
|
|
8.8
|
|
|
10.3
|
|
|
3.0
|
|
|
0.2
|
|
||||
Commodity Contracts
|
|
2.6
|
|
|
0.1
|
|
|
0.2
|
|
|
—
|
|
||||
Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
||||||||
Currency Contracts
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
Commodity Contracts
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
Total Derivatives
|
|
$
|
11.5
|
|
|
$
|
10.4
|
|
|
$
|
3.4
|
|
|
$
|
1.2
|
|
|
|
December 29, 2018
|
||||||||||||||
|
|
Prepaid Expenses and Other Current Assets
|
|
Other Noncurrent Assets
|
|
Current Hedging Obligations
|
|
Noncurrent Hedging Obligations
|
||||||||
Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
||||||||
Currency Contracts
|
|
$
|
6.0
|
|
|
$
|
7.2
|
|
|
$
|
4.3
|
|
|
$
|
1.1
|
|
Commodity Contracts
|
|
0.1
|
|
|
—
|
|
|
6.0
|
|
|
0.1
|
|
||||
Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
||||||||
Currency Contracts
|
|
0.6
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
||||
Commodity Contracts
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
||||
Total Derivatives
|
|
$
|
6.7
|
|
|
$
|
7.2
|
|
|
$
|
11.3
|
|
|
$
|
1.2
|
|
|
|
Fiscal 2019
|
||||||||||||||
|
|
|
|
|
|
Interest
|
|
|
||||||||
|
|
Commodity
|
|
Currency
|
|
Rate
|
|
|
||||||||
|
|
Forwards
|
|
Forwards
|
|
Swaps
|
|
Total
|
||||||||
Gain Recognized in Other Comprehensive Income
|
|
$
|
1.5
|
|
|
$
|
16.5
|
|
|
$
|
1.3
|
|
|
$
|
19.3
|
|
Amounts Reclassified from Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
||||||||
Gain Recognized in Net Sales
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||
Gain (Loss) Recognized in Cost of Sales
|
|
(7.7
|
)
|
|
4.2
|
|
|
—
|
|
|
(3.5
|
)
|
||||
Gain Recognized in Operating Expense
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
||||
Gain Recognized in Interest Expense
|
|
—
|
|
|
—
|
|
|
2.4
|
|
|
2.4
|
|
|
|
Fiscal 2018
|
||||||||||||||
|
|
|
|
|
|
Interest
|
|
|
||||||||
|
|
Commodity
|
|
Currency
|
|
Rate
|
|
|
||||||||
|
|
Forwards
|
|
Forwards
|
|
Swaps
|
|
Total
|
||||||||
Gain (Loss) Recognized in Other Comprehensive Loss
|
|
$
|
(17.9
|
)
|
|
$
|
11.0
|
|
|
$
|
1.7
|
|
|
$
|
(5.2
|
)
|
Amounts Reclassified from Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
||||||||
Gain Recognized in Net Sales
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
||||
Gain Recognized in Cost of Sales
|
|
5.0
|
|
|
2.9
|
|
|
—
|
|
|
7.9
|
|
||||
Gain Recognized in Operating Expense
|
|
—
|
|
|
6.1
|
|
|
—
|
|
|
6.1
|
|
||||
Gain Recognized in Interest Expense
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
1.6
|
|
|
|
Fiscal 2017
|
||||||||||||||
|
|
|
|
|
|
Interest
|
|
|
||||||||
|
|
Commodity
|
|
Currency
|
|
Rate
|
|
|
||||||||
|
|
Forwards
|
|
Forwards
|
|
Swaps
|
|
Total
|
||||||||
Gain Recognized in Other Comprehensive Loss
|
|
$
|
21.7
|
|
|
$
|
46.3
|
|
|
$
|
0.5
|
|
|
$
|
68.5
|
|
Amounts Reclassified from Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
||||||||
Gain Recognized in Net Sales
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
||||
Gain (Loss) Recognized in Cost of Sales
|
|
12.2
|
|
|
(22.1
|
)
|
|
—
|
|
|
(9.9
|
)
|
||||
Loss Recognized in Interest Expense
|
|
—
|
|
|
—
|
|
|
(2.8
|
)
|
|
(2.8
|
)
|
|
|
|
|
Fiscal 2019
|
||||||||||
|
|
|
|
Commodity Forwards
|
|
Currency Forwards
|
|
Total
|
||||||
Gain Recognized in Cost of Sales
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
||
Loss Recognized in Operating Expenses
|
|
—
|
|
|
(1.1
|
)
|
|
(1.1
|
)
|
|
|
|
|
Fiscal 2018
|
||||||||||
|
|
|
|
Commodity Forwards
|
|
Currency Forwards
|
|
Total
|
||||||
Loss Recognized in Cost of Sales
|
|
$
|
(0.5
|
)
|
|
$
|
—
|
|
|
$
|
(0.5
|
)
|
||
Loss Recognized in Operating Expenses
|
|
—
|
|
|
(6.8
|
)
|
|
(6.8
|
)
|
|
|
|
|
Fiscal 2017
|
||||||||||
|
|
|
|
Commodity Forwards
|
|
Currency Forwards
|
|
Total
|
||||||
Loss Recognized in Cost of Sales
|
|
|
|
$
|
(1.1
|
)
|
|
$
|
—
|
|
|
$
|
(1.1
|
)
|
Gain Recognized in Operating Expenses
|
|
—
|
|
|
14.3
|
|
|
14.3
|
|
|
|
December 28, 2019
|
||||||||||
|
|
Gross Amounts as Presented in the Consolidated Balance Sheet
|
|
Derivative Contract Amounts Subject to Right of Offset
|
|
Derivative Contracts as Presented on a Net Basis
|
||||||
Prepaid Expenses and Other Current Assets:
|
|
|
|
|
|
|
||||||
Derivative Currency Contracts
|
|
$
|
8.9
|
|
|
$
|
(2.5
|
)
|
|
$
|
6.4
|
|
Derivative Commodity Contracts
|
|
2.6
|
|
|
(0.3
|
)
|
|
2.3
|
|
|||
Other Noncurrent Assets:
|
|
|
|
|
|
|
||||||
Derivative Currency Contracts
|
|
10.3
|
|
|
(0.1
|
)
|
|
10.2
|
|
|||
Derivative Commodity Contracts
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||
Current Hedging Obligations:
|
|
|
|
|
|
|
||||||
Derivative Currency Contracts
|
|
3.1
|
|
|
(2.5
|
)
|
|
0.6
|
|
|||
Derivative Commodity Contracts
|
|
0.3
|
|
|
(0.3
|
)
|
|
—
|
|
|||
Noncurrent Hedging Obligations:
|
|
|
|
|
|
|
||||||
Derivative Currency Contracts
|
|
0.2
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
|
December 29, 2018
|
||||||||||
|
|
Gross Amounts as Presented in the Consolidated Balance Sheet
|
|
Derivative Contract Amounts Subject to Right of Offset
|
|
Derivative Contracts as Presented on a Net Basis
|
||||||
Prepaid Expenses and Other Current Assets:
|
|
|
|
|
|
|
||||||
Derivative Currency Contracts
|
|
$
|
6.6
|
|
|
$
|
(3.6
|
)
|
|
$
|
3.0
|
|
Derivative Commodity Contracts
|
|
0.1
|
|
|
(0.1
|
)
|
|
—
|
|
|||
Other Noncurrent Assets:
|
|
|
|
|
|
|
||||||
Derivative Currency Contracts
|
|
7.2
|
|
|
(0.6
|
)
|
|
6.6
|
|
|||
Current Hedging Obligations:
|
|
|
|
|
|
|
||||||
Derivative Currency Contracts
|
|
5.0
|
|
|
(3.6
|
)
|
|
1.4
|
|
|||
Derivative Commodity Contracts
|
|
6.3
|
|
|
(0.1
|
)
|
|
6.2
|
|
|||
Noncurrent Hedging Obligations:
|
|
|
|
|
|
|
||||||
Derivative Currency Contracts
|
|
1.1
|
|
|
(0.6
|
)
|
|
0.5
|
|
|||
Derivative Commodity Contracts
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
Level 1
|
Unadjusted quoted prices in active markets for identical assets or liabilities
|
|||||
Level 2
|
Unadjusted quoted prices in active markets for similar assets or liabilities, or
|
|||||
|
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or
|
|||||
|
Inputs other than quoted prices that are observable for the asset or liability
|
|||||
Level 3
|
Unobservable inputs for the asset or liability
|
|
December 28, 2019
|
|
December 29, 2018
|
|
|
||||
|
|
|
Classification
|
||||||
Assets:
|
|
|
|
|
|
||||
Prepaid Expenses and Other Current Assets:
|
|
|
|
|
|
||||
Derivative Currency Contracts
|
$
|
8.9
|
|
|
$
|
6.6
|
|
|
Level 2
|
Derivative Commodity Contracts
|
2.6
|
|
|
0.1
|
|
|
Level 2
|
||
Other Noncurrent Assets:
|
|
|
|
|
|
||||
Assets Held in Rabbi Trust
|
6.1
|
|
|
5.6
|
|
|
Level 1
|
||
Derivative Currency Contracts
|
10.3
|
|
|
7.2
|
|
|
Level 2
|
||
Derivative Commodity Contracts
|
0.1
|
|
|
—
|
|
|
Level 2
|
||
Liabilities:
|
|
|
|
|
|
||||
Current Hedging Obligations:
|
|
|
|
|
|
||||
Derivative Currency Contracts
|
3.1
|
|
|
5.0
|
|
|
Level 2
|
||
Derivative Commodity Contracts
|
0.3
|
|
|
6.3
|
|
|
Level 2
|
||
Noncurrent Hedging Obligations:
|
|
|
|
|
|
||||
Interest Rate Swap
|
1.0
|
|
|
—
|
|
|
Level 2
|
||
Derivative Currency Contracts
|
0.2
|
|
|
1.1
|
|
|
Level 2
|
||
Derivative Commodity Contracts
|
—
|
|
|
0.1
|
|
|
Level 2
|
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
Beginning Balance
|
|
$
|
0.2
|
|
|
$
|
1.2
|
|
Provision
|
|
21.6
|
|
|
7.7
|
|
||
Less: Payments
|
|
20.9
|
|
|
8.7
|
|
||
Ending Balance
|
|
$
|
0.9
|
|
|
$
|
0.2
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
Restructuring Costs:
|
Cost of Sales
|
Operating Expenses
|
Total
|
|
Cost of Sales
|
Operating Expenses
|
Total
|
|
Cost of Sales
|
Operating Expenses
|
Total
|
||||||||||||||||||
Associate Termination Expenses
|
$
|
5.7
|
|
$
|
6.5
|
|
$
|
12.2
|
|
|
$
|
—
|
|
$
|
0.3
|
|
$
|
0.3
|
|
|
$
|
2.6
|
|
$
|
1.7
|
|
$
|
4.3
|
|
Facility Related Costs
|
5.0
|
|
4.4
|
|
9.4
|
|
|
2.3
|
|
3.4
|
|
5.7
|
|
|
4.3
|
|
0.9
|
|
5.2
|
|
|||||||||
Other Expenses
|
—
|
|
—
|
|
—
|
|
|
0.8
|
|
0.8
|
|
1.6
|
|
|
3.9
|
|
—
|
|
3.9
|
|
|||||||||
Total Restructuring Costs
|
$
|
10.7
|
|
$
|
10.9
|
|
$
|
21.6
|
|
|
$
|
3.1
|
|
$
|
4.5
|
|
$
|
7.6
|
|
|
$
|
10.8
|
|
$
|
2.6
|
|
$
|
13.4
|
|
Restructuring-Related Costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other Employment Benefit Expenses
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
0.1
|
|
$
|
—
|
|
$
|
0.1
|
|
|
$
|
0.7
|
|
$
|
—
|
|
$
|
0.7
|
|
Total Restructuring-Related Costs
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
0.1
|
|
$
|
—
|
|
$
|
0.1
|
|
|
$
|
0.7
|
|
$
|
—
|
|
$
|
0.7
|
|
Total Restructuring and Restructuring-Related Costs
|
$
|
10.7
|
|
$
|
10.9
|
|
$
|
21.6
|
|
|
$
|
3.2
|
|
$
|
4.5
|
|
$
|
7.7
|
|
|
$
|
11.5
|
|
$
|
2.6
|
|
$
|
14.1
|
|
|
Total
|
|
Commercial Systems
|
|
Industrial Systems
|
|
Climate Solutions
|
|
Power Transmission Solutions
|
||||||||||
Restructuring Expenses - 2019
|
$
|
21.6
|
|
|
$
|
9.5
|
|
|
$
|
7.2
|
|
|
$
|
2.2
|
|
|
$
|
2.7
|
|
Restructuring Expenses - 2018
|
$
|
7.7
|
|
|
$
|
2.9
|
|
|
$
|
2.7
|
|
|
$
|
1.8
|
|
|
$
|
0.3
|
|
Restructuring Expenses - 2017
|
$
|
14.1
|
|
|
$
|
7.8
|
|
|
$
|
3.1
|
|
|
$
|
2.5
|
|
|
$
|
0.7
|
|
(a)
|
1. Financial statements - The financial statements listed in the accompanying index to financial statements and financial statement schedule are filed as part of this Annual Report on Form 10‑K.
|
Exhibit Number
|
|
Exhibit Description
|
|
||
|
Amended and Restated Bylaws of Regal Beloit Corporation. [Incorporated by reference to Exhibit 3.1 to Regal Beloit Corporation's Current Report on Form 8-K filed on March 14, 2019]
|
|
|
Amended and Restated Articles of Incorporation and Amended and Restated Bylaws of Regal Beloit Corporation [Incorporated by reference to Exhibits 3.1 and 3.2 hereto]
|
|
|
||
|
||
|
||
|
||
|
||
|
||
10.2*
|
|
|
10.3*
|
|
|
10.4*
|
|
|
|
||
|
||
|
||
10.8*
|
|
|
10.9*
|
|
23
|
|
|
31.1
|
|
|
31.2
|
|
|
32
|
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
104
|
|
Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101).
|
(b)
|
Exhibits- see (a)3., above.
|
|
REGAL BELOIT CORPORATION
|
|
|
By:
|
/s/ ROBERT J. REHARD
|
|
|
Robert J. Rehard
|
|
|
Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
By:
|
/s/ JASON R. LONGLEY
|
|
|
Jason R. Longley
|
|
|
Vice President and Corporate Controller
(Principal Accounting Officer)
|
|
|
|
/s/ LOUIS V. PINKHAM
|
Director and Chief Executive Officer
|
February 26, 2020
|
Louis V. Pinkham
|
(Principal Executive Officer)
|
|
|
|
|
/s/ JAN A. BERTSCH
|
Director
|
February 26, 2020
|
Jan A. Bertsch
|
|
|
|
|
|
/s/ STEPHEN M. BURT
|
Director
|
February 26, 2020
|
Stephen M. Burt
|
|
|
|
|
|
/s/ ANESA T. CHAIBI
|
Director
|
February 26, 2020
|
Anesa T. Chaibi
|
|
|
|
|
|
/s/ CHRISTOPHER L. DOERR
|
Director
|
February 26, 2020
|
Christopher L. Doerr
|
|
|
|
|
|
/s/ THOMAS J. FISCHER
|
Director
|
February 26, 2020
|
Thomas J. Fischer
|
|
|
|
|
|
/s/ DEAN A. FOATE
|
Director
|
February 26, 2020
|
Dean A. Foate
|
|
|
|
|
|
/s/ MICHAEL F. HILTON
|
Director
|
February 26, 2020
|
Michael F. Hilton
|
|
|
|
|
|
/s/ RAKESH SACHDEV
|
Director, Chairman
|
February 26, 2020
|
Rakesh Sachdev
|
|
|
|
|
|
/s/ CURTIS W. STOELTING
|
Director
|
February 26, 2020
|
Curtis W. Stoelting
|
|
|
|
|
|
/s/ JANE L. WARNER
|
Director
|
February 26, 2020
|
Jane L. Warner
|
|
|
|
|
|
Page(s) In
|
|
|
|
Form 10-K
|
(1)
|
Financial Statements:
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
|
|
|
|
Consolidated Statements of Income for the fiscal years ended
|
|
|
|
December 28, 2019, December 29, 2018 and December 30, 2017
|
|
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the fiscal years ended December 28, 2019, December 29, 2018 and December 30, 2017
|
|
|
|
|
|
|
|
Consolidated Balance Sheets as of December 28, 2019 and December 29, 2018
|
|
|
|
|
|
|
|
Consolidated Statements of Equity for the fiscal years ended December 28, 2019, December 29, 2018 and December 30, 2017
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the fiscal years ended December 28, 2019, December 29, 2018 and December 30, 2017
|
|
|
|
|
|
|
|
Notes to the Consolidated Financial Statements
|
|
|
|
|
|
|
(2)
|
Financial Statement Schedule:
|
|
|
|
For the fiscal years ended December 28, 2019, December 29, 2018 and December 30, 2017
Schedule II -Valuation and Qualifying Accounts
|
|
|
|
Balance Beginning of Year
|
|
Charged to Expenses
|
|
Deductions (a)
|
|
Adjustments (b)
|
|
Balance End of Year
|
||||||||||
|
|
(Dollars in Millions)
|
||||||||||||||||||
Allowance for Receivables:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fiscal 2019
|
|
$
|
13.3
|
|
|
$
|
4.0
|
|
|
$
|
(7.5
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
9.7
|
|
Fiscal 2018
|
|
11.3
|
|
|
6.9
|
|
|
(2.1
|
)
|
|
(2.8
|
)
|
|
13.3
|
|
|||||
Fiscal 2017
|
|
11.5
|
|
|
1.3
|
|
|
(2.8
|
)
|
|
1.3
|
|
|
11.3
|
|
1 Year RBC Bearings Chart |
1 Month RBC Bearings Chart |
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