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ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jul. 01, 2023
Acquisitions and Discontinued Operations [Abstract]  
Schedule of Discontinued Operations The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for ASPEQ as of June 2, 2023:
Assets acquired:
Current assets, including cash and equivalents of $0.9
$41.7 
Property, plant and equipment10.6 
Goodwill169.3 
Intangible assets246.1 
Other assets1.3 
Total assets acquired469.0 
Current liabilities assumed11.3 
Non-current liabilities assumed (1)
35.0 
Net assets acquired$422.7 
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(1)Includes net deferred income tax liabilities and other liabilities of $34.0 and $1.0, respectively.
The following unaudited pro forma information presents our results of operations for the three and six months ended July 1, 2023 and July 2, 2022, respectively, as if the acquisition of ASPEQ had taken place on January 1, 2022. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the acquisition been completed as of the date presented, and should not be taken as representative of our future consolidated results of operations. The pro forma results include estimates and assumptions that management believes are reasonable; however, these results do not include any anticipated cost savings or expenses of the planned integration of ASPEQ. These pro forma results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisition, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment and intangible assets, adjustments to reflect charges associated with acquisition-related costs and charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold as if they were incurred during the first quarter of 2022, and the related income tax effects.

Three months endedSix months ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Revenues$442.0 $380.4 $870.3 $711.8 
Income from continuing operations41.9 12.2 78.8 14.5 
Net income39.6 6.1 80.2 6.8 
Income from continuing operations per share of common stock:
Basic$0.92 $0.27 $1.73 $0.32 
Diluted$0.90 $0.26 $1.69 $0.31 
Net income per share of common stock:
Basic$0.87 $0.13 $1.76 $0.15 
Diluted$0.85 $0.13 $1.72 $0.15 
The assets and liabilities of DBT have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the condensed consolidated balance sheets as of July 1, 2023 and December 31, 2022. The major line items constituting DBT’s assets and liabilities as of July 1, 2023 and December 31, 2022 are shown below:

July 1, 2023December 31, 2022
ASSETS
Cash and equivalents$8.4 $9.3 
Accounts receivable, net13.8 7.6 
Other current assets3.9 6.5 
Property, plant and equipment:
Buildings and leasehold improvements0.2 0.2 
Machinery and equipment0.6 0.7 
0.8 0.9 
Accumulated depreciation(0.7)(0.8)
Property, plant and equipment, net0.1 0.1 
Other assets17.5 19.1 
Total assets of DBT$43.7 $42.6 
LIABILITIES
Accounts payable$1.2 $1.4 
Contract liabilities3.2 3.6 
Accrued expenses18.8 22.0 
Other long-term liabilities4.2 4.6 
Total liabilities of DBT$27.4 $31.6 
The major line items constituting Heat Transfer’s assets and liabilities as of July 1, 2023 and December 31, 2022 are shown below:
July 1, 2023December 31, 2022
ASSETS
Cash and equivalents$0.1 $— 
Other current assets0.3 0.2 
Other assets0.1 0.1 
Total assets of Heat Transfer$0.5 $0.3 
LIABILITIES
Accounts payable$0.2 $0.1 
Accrued expenses0.1 0.1 
Total liabilities of Heat Transfer$0.3 $0.2 
For the three and six months ended July 1, 2023 and July 2, 2022, results of operations from our businesses reported as discontinued operations were as follows:
Three months endedSix months ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
DBT
Income (loss) from discontinued operations (1)
$(2.4)$(6.9)$0.6 $(8.5)
Income tax benefit0.2 1.1 0.9 1.5 
Income (loss) from discontinued operations, net(2.2)(5.8)1.5 (7.0)
All other
Loss from discontinued operations (2)
(0.1)(0.4)(0.1)(0.9)
Income tax benefit— 0.1 — 0.2 
Loss from discontinued operations, net(0.1)(0.3)(0.1)(0.7)
Total
Income (loss) from discontinued operations(2.5)(7.3)0.5 (9.4)
Income tax benefit0.2 1.2 0.9 1.7 
Income (loss) from discontinued operations, net$(2.3)$(6.1)$1.4 $(7.7)
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(1)Income for the six months ended July 1, 2023 resulted primarily from income recorded in connection with dispute resolutions, partially offset by legal costs incurred in connection with various dispute resolution matters related to two large power projects. Loss for the three months ended July 1, 2023 and the three and six months ended July 2, 2022 resulted primarily from net legal costs incurred in connection with various dispute resolution matters related to two large power projects. Refer to Note 15 for additional details on these dispute resolution matters.
(2)Loss for the three and six months ended July 1, 2023 and July 2, 2022 resulted primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions.