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REVENUES FROM CONTRACTS | 3 Months Ended
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Apr. 03, 2021
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts | REVENUES FROM CONTRACTS Disaggregated Revenues We disaggregate revenue from contracts with customers by major product line and based on the timing of recognition for each of our reportable segments and our other operating segment, as we believe such disaggregation best depicts how the nature, amount, timing, and uncertainty of our revenues and cash flows are affected by economic factors, with such disaggregation presented below for the three months ended April 3, 2021 and March 28, 2020:
|  | Three months ended April 3, 2021
Reportable Segments and Other |  | HVAC |  | Detection and Measurement |  | Engineered Solutions |  | Other |  | Total
Major product lines |  |  |  |  |  |  |  |  |  |
Cooling |  | $ | 72.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 72.6 |
Boilers, comfort heating, and ventilation |  | 73.9 |  |  | — |  |  | — |  |  | — |  |  | 73.9 |
Underground locators, inspection and rehabilitation equipment, and robotic systems |  | — |  |  | 67.4 |  |  | — |  |  | — |  |  | 67.4 |
Signal monitoring, obstruction lighting, and bus fare collection systems |  | — |  |  | 44.2 |  |  | — |  |  | — |  |  | 44.2 |
Power transformers |  | — |  |  | — |  |  | 110.6 |  |  | — |  |  | 110.6 |
Process cooling equipment and services |  | — |  |  | — |  |  | 29.1 |  |  | 0.2 |  |  | 29.3 |
South African projects |  | — |  |  | — |  |  | — |  |  | 0.5 |  |  | 0.5 |
|  | $ | 146.5 |  |  | $ | 111.6 |  |  | $ | 139.7 |  |  | $ | 0.7 |  |  | $ | 398.5 |
Timing of Revenue Recognition |  |  |  |  |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 146.5 |  |  | $ | 96.5 |  |  | $ | 10.9 |  |  | $ | — |  |  | $ | 253.9 |
Revenues recognized over time |  | — |  |  | 15.1 |  |  | 128.8 |  |  | 0.7 |  |  | 144.6 |
|  | $ | 146.5 |  |  | $ | 111.6 |  |  | $ | 139.7 |  |  | $ | 0.7 |  |  | $ | 398.5 |
|  | Three months ended March 28, 2020
Reportable Segments and Other |  | HVAC |  | Detection and Measurement |  | Engineered Solutions |  | Other |  | Total
Major product lines |  |  |  |  |  |  |  |  |  |
Cooling |  | $ | 57.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 57.9 |
Boilers, comfort heating, and ventilation |  | 60.6 |  |  | — |  |  | — |  |  | — |  |  | 60.6 |
Underground locators and inspection and rehabilitation equipment |  | — |  |  | 48.7 |  |  | — |  |  | — |  |  | 48.7 |
Signal monitoring, obstruction lighting, and bus fare collection systems |  | — |  |  | 43.2 |  |  | — |  |  | — |  |  | 43.2 |
Power transformers |  | — |  |  | — |  |  | 110.6 |  |  | — |  |  | 110.6 |
Process cooling equipment and services |  | — |  |  | — |  |  | 44.3 |  |  | — |  |  | 44.3 |
South African projects |  | — |  |  | — |  |  | — |  |  | 2.1 |  |  | 2.1 |
|  | $ | 118.5 |  |  | $ | 91.9 |  |  | $ | 154.9 |  |  | $ | 2.1 |  |  | $ | 367.4 |
Timing of Revenue Recognition |  |  |  |  |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 118.5 |  |  | $ | 83.5 |  |  | $ | 11.6 |  |  | $ | — |  |  | $ | 213.6 |
Revenues recognized over time |  | — |  |  | 8.4 |  |  | 143.3 |  |  | 2.1 |  |  | 153.8 |
|  | $ | 118.5 |  |  | $ | 91.9 |  |  | $ | 154.9 |  |  | $ | 2.1 |  |  | $ | 367.4 |
Contract Balances Our customers are invoiced for products and services at the time of delivery or based on contractual milestones, resulting in outstanding receivables with payment terms from these customers (“Contract Accounts Receivable”). In some cases, the timing of revenue recognition, particularly for revenue recognized over time, differs from when such amounts are invoiced to customers, resulting in a contract asset (revenue recognition precedes the invoicing of the related revenue amount) or a contract liability (payment from the customer precedes recognition of the related revenue amount). Contract assets and liabilities are generally classified as current. On a contract-by-contract basis, the contract assets and contract liabilities are reported net within our condensed consolidated balance sheets. Our contract balances consisted of the following as of April 3, 2021 and December 31, 2020:
Contract Balances | April 3, 2021 |  | December 31, 2020 |  | Change
Contract Accounts Receivable(1) | $ | 226.6 |  |  | $ | 260.7 |  |  | $ | (34.1) |
Contract Assets | 75.8 |  |  | 81.1 |  |  | (5.3) |
Contract Liabilities - current | (106.7) |  |  | (103.5) |  |  | (3.2) |
Contract Liabilities - non-current(2) | (3.2) |  |  | (3.4) |  |  | 0.2 |
Net contract balance | $ | 192.5 |  |  | $ | 234.9 |  |  | $ | (42.4) |
___________________________ (1) Included in “Accounts receivable, net” within the accompanying condensed consolidated balance sheets. (2) Included in “Other long-term liabilities” within the accompanying condensed consolidated balance sheets. The $42.4 decrease in our net contract balance from December 31, 2020 to April 3, 2021 was due primarily to cash payments received from customers during the period, partially offset by revenue recognized during the period. During the three months ended April 3, 2021, we recognized revenues of $46.3 related to our contract liabilities at December 31, 2020. Performance Obligations As of April 3, 2021, the aggregate amount allocated to remaining performance obligations was $100.7. We expect to recognize revenue on approximately 54% and 72% o f remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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