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REVENUE REVENUE | 6 Months Ended
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Jun. 28, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Footnote | REVENUE The following tables present our revenue disaggregated by end market.
For the Three Months Ended June 28, 2025 | Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Eliminations |  | Total
Auto and rail | $ | 362.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 362.0 |
Chemical and industrial pumps | — |  |  | 233.0 |  |  | — |  |  | — |  |  | 233.0 |
Aerospace and defense | 2.7 |  |  | — |  |  | 175.4 |  |  | — |  |  | 178.1 |
Energy | — |  |  | 122.9 |  |  | 12.4 |  |  | — |  |  | 135.3 |
General industrial | 1.0 |  |  | — |  |  | 64.1 |  |  | (1.1) |  |  | 64.0 |
Total | $ | 365.7 |  |  | $ | 355.9 |  |  | $ | 251.9 |  |  | $ | (1.1) |  |  | $ | 972.4 |
For the Six Months Ended June 28, 2025 |  |  |  |  |  |  |  |  |
Auto and rail | $ | 704.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 704.8 |
Chemical and industrial pumps | — |  |  | 457.3 |  |  | — |  |  | — |  |  | 457.3 |
Aerospace and defense | 5.0 |  |  | — |  |  | 338.3 |  |  | — |  |  | 343.3 |
Energy | — |  |  | 231.9 |  |  | 25.0 |  |  | — |  |  | 256.9 |
General industrial | 2.0 |  |  | — |  |  | 123.3 |  |  | (2.2) |  |  | 123.1 |
Total | $ | 711.8 |  |  | $ | 689.2 |  |  | $ | 486.6 |  |  | $ | (2.2) |  |  | $ | 1,885.4 |
For the Three Months Ended June 29, 2024 | Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Eliminations |  | Total
Auto and rail | $ | 375.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 375.9 |
Chemical and industrial pumps | — |  |  | 230.4 |  |  | — |  |  | — |  |  | 230.4 |
Aerospace and defense | 2.0 |  |  | — |  |  | 114.7 |  |  | — |  |  | 116.7 |
Energy | — |  |  | 100.3 |  |  | 13.1 |  |  | — |  |  | 113.4 |
General industrial | 6.6 |  |  | — |  |  | 64.0 |  |  | (1.1) |  |  | 69.5 |
Total | $ | 384.5 |  |  | $ | 330.7 |  |  | $ | 191.8 |  |  | $ | (1.1) |  |  | $ | 905.9 |
For the Six Months Ended June 29, 2024 |  |  |  |  |  |  |  |  |
Auto and rail | $ | 759.8 |  |  | $ | — |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | 759.7 |
Chemical and industrial pumps | — |  |  | 449.3 |  |  | — |  |  | — |  |  | 449.3 |
Aerospace and defense | 3.7 |  |  | — |  |  | 218.8 |  |  | — |  |  | 222.5 |
Energy | — |  |  | 215.3 |  |  | 26.5 |  |  | — |  |  | 241.8 |
General industrial | 13.4 |  |  | — |  |  | 131.6 |  |  | (1.8) |  |  | 143.2 |
Total | $ | 776.9 |  |  | $ | 664.6 |  |  | $ | 376.9 |  |  | $ | (1.9) |  |  | $ | 1,816.5 |
Contract Assets and Liabilities Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheets. Contract liabilities consist of advance customer payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheets. The following table represents our net contract assets and liabilities.
As of the Period Ended | June 28, 2025 |  | December 31, 2024 |  |  |
Current contract assets | $ | 42.5 |  |  | $ | 34.4 |  |  |  |  |  |
Non-current contract assets | 2.0 |  |  | 1.9 |  |  |  |  |  |
Current contract liabilities | (167.9) |  |  | (119.3) |  |  |  |  |  |
Non-current contract liabilities | (4.4) |  |  | (4.4) |  |  |  |  |  |
During the three and six months ended June 28, 2025, we recognized revenue of $61.2 and $96.7 related to contract liabilities as of December 31, 2024, respectively. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations, or backlog, as of June 28, 2025 was $1,902.6. Of this amount, we expect to recognize approximately $1,080 to $1,100 of revenue during the remainder of 2025. Our backlog generally represents firm orders that have been received, acknowledged, and entered into our production systems. However, within certain businesses in MT, our customers include automotive OEMs and we may win an award on an automotive platform several years in advance based on estimated levels of future automotive production. These awards allow for the customer to adjust their production levels at any time and therefore are not considered firm orders. Within these businesses we believe orders are firm upon receipt of the customer purchase order, which may require us to fulfill the order in as little as one week. As such, our backlog at any point in time for these businesses is not believed to be significant and therefore has been excluded from the total backlog amount.

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- Definition The 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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