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REVENUES FROM CONTRACTS | 9 Months Ended
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Oct. 01, 2022
Revenue from Contract with Customer [Abstract] |
REVENUES 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, 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 and nine months ended October 1, 2022 and October 2, 2021:
|  | Three months ended October 1, 2022
Reportable Segments |  | HVAC |  | Detection and Measurement |  | Total
Major product lines |  |  |  |  |  |
Package and process cooling equipment and services, and engineered air quality solutions |  | $ | 134.5 |  |  | $ | — |  |  | $ | 134.5 |
Boilers, comfort heating, and ventilation |  | 93.3 |  |  | — |  |  | 93.3 |
Underground locators, inspection and rehabilitation equipment, and robotic systems |  | — |  |  | 61.5 |  |  | 61.5 |
Communication technologies, obstruction lighting, and bus fare collection systems |  | — |  |  | 81.2 |  |  | 81.2 |
|  | $ | 227.8 |  |  | $ | 142.7 |  |  | $ | 370.5 |
Timing of Revenue Recognition |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 212.2 |  |  | $ | 117.1 |  |  | $ | 329.3 |
Revenues recognized over time |  | 15.6 |  |  | 25.6 |  |  | 41.2 |
|  | $ | 227.8 |  |  | $ | 142.7 |  |  | $ | 370.5 |
|  | Nine months ended October 1, 2022
Reportable Segments |  | HVAC |  | Detection and Measurement |  | Total
Major product lines |  |  |  |  |  |
Package and process cooling equipment and services, and engineered air quality solutions |  | $ | 381.8 |  |  | $ | — |  |  | $ | 381.8 |
Boilers, comfort heating, and ventilation |  | 257.8 |  |  | — |  |  | 257.8 |
Underground locators, inspection and rehabilitation equipment, and robotic systems |  | — |  |  | 194.1 |  |  | 194.1 |
Communication technologies, obstruction lighting, and bus fare collection systems |  | — |  |  | 197.9 |  |  | 197.9 |
|  | $ | 639.6 |  |  | $ | 392.0 |  |  | $ | 1,031.6 |
Timing of Revenue Recognition |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 588.1 |  |  | $ | 331.2 |  |  | $ | 919.3 |
Revenues recognized over time |  | 51.5 |  |  | 60.8 |  |  | 112.3 |
|  | $ | 639.6 |  |  | $ | 392.0 |  |  | $ | 1,031.6 |
|  | Three months ended October 2, 2021
Reportable Segments |  | HVAC |  | Detection and Measurement |  | Total
Major product lines |  |  |  |  |  |
Package and process cooling equipment and services |  | $ | 104.1 |  |  | $ | — |  |  | $ | 104.1 |
Boilers, comfort heating, and ventilation |  | 75.2 |  |  | — |  |  | 75.2 |
Underground locators, inspection and rehabilitation equipment, and robotic systems |  | — |  |  | 60.1 |  |  | 60.1 |
Communication technologies, obstruction lighting, and bus fare collection systems |  | — |  |  | 46.3 |  |  | 46.3 |
|  | $ | 179.3 |  |  | $ | 106.4 |  |  | $ | 285.7 |
Timing of Revenue Recognition |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 154.1 |  |  | $ | 94.5 |  |  | $ | 248.6 |
Revenues recognized over time |  | 25.2 |  |  | 11.9 |  |  | 37.1 |
|  | $ | 179.3 |  |  | $ | 106.4 |  |  | $ | 285.7 |
|  | Nine months ended October 2, 2021
Reportable Segments |  | HVAC |  | Detection and Measurement |  | Total
Major product lines |  |  |  |  |  |
Package and process cooling equipment and services |  | $ | 317.3 |  |  | $ | — |  |  | $ | 317.3 |
Boilers, comfort heating, and ventilation |  | 223.0 |  |  | — |  |  | 223.0 |
Underground locators, inspection and rehabilitation equipment, and robotic systems |  | — |  |  | 193.4 |  |  | 193.4 |
Communication technologies, obstruction lighting, and bus fare collection systems |  | — |  |  | 135.8 |  |  | 135.8 |
|  | $ | 540.3 |  |  | $ | 329.2 |  |  | $ | 869.5 |
Timing of Revenue Recognition |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 474.8 |  |  | $ | 292.5 |  |  | $ | 767.3 |
Revenues recognized over time |  | 65.5 |  |  | 36.7 |  |  | 102.2 |
|  | $ | 540.3 |  |  | $ | 329.2 |  |  | $ | 869.5 |
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 October 1, 2022 and December 31, 2021:
Contract Balances | October 1, 2022 |  | December 31, 2021 |  | Change
Contract Accounts Receivable(1) | $ | 257.1 |  |  | $ | 215.3 |  |  | $ | 41.8 |
Contract Assets | 30.2 |  |  | 28.9 |  |  | 1.3 |
Contract Liabilities - current | (45.5) |  |  | (44.7) |  |  | (0.8) |
Contract Liabilities - non-current(2) | (5.5) |  |  | (5.8) |  |  | 0.3 |
Net contract balance | $ | 236.3 |  |  | $ | 193.7 |  |  | $ | 42.6 |
___________________________ (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. T he $42.6 in crease in our net contract balance from December 31, 2021 to October 1, 2022 was due primarily to revenue recognized during the period, partially offset by cash payments received from customers during the period. During the three and nine months ended October 1, 2022, we recognized revenues of $5.8 and $39.5, respectively, related to our contract liabilities at December 31, 2021. Performance As of October 1, 2022, the aggre gate amount all ocated to remaining performance obligations was $174.7. We expect to recognize revenue on approximately 48% and 90% of rem aining 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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