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REVENUES FROM CONTRACTS (Tables)

6 Months Ended

Jul. 01, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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 six months ended July 1, 2023 and July 2, 2022:

						Three months ended July 1, 2023
Reportable Segments						HVAC						Detection and Measurement						Total
Major product lines
Package and process cooling equipment and services, and engineered air movement solutions						$	173.3					$	—					$	173.3
Boilers, electrical heating, and ventilation						95.7						—						95.7
Underground locators, inspection and rehabilitation equipment, and robotic systems						—						67.2						67.2
Communication technologies, aids to navigation, and transportation systems						—						87.1						87.1
						$	269.0					$	154.3					$	423.3
Timing of Revenue Recognition
Revenues recognized at a point in time						$	248.0					$	127.3					$	375.3
Revenues recognized over time						21.0						27.0						48.0
						$	269.0					$	154.3					$	423.3

						Six months ended July 1, 2023
Reportable Segments						HVAC						Detection and Measurement						Total
Major product lines
Package and process cooling equipment and services, and engineered air movement solutions						$	331.6					$	—					$	331.6
Boilers, electrical heating, and ventilation						189.0						—						189.0
Underground locators, inspection and rehabilitation equipment, and robotic systems						—						133.1						133.1
Communication technologies, aids to navigation, and transportation systems						—						169.4						169.4
						$	520.6					$	302.5					$	823.1
Timing of Revenue Recognition
Revenues recognized at a point in time						$	476.3					$	255.5					$	731.8
Revenues recognized over time						44.3						47.0						91.3
						$	520.6					$	302.5					$	823.1

						Three months ended July 2, 2022
Reportable Segments						HVAC						Detection and Measurement						Total
Major product lines
Package and process cooling equipment and services, and engineered air movement solutions						$	130.5					$	—					$	130.5
Boilers, electrical heating, and ventilation						88.2						—						88.2
Underground locators, inspection and rehabilitation equipment, and robotic systems						—						65.4						65.4
Communication technologies, aids to navigation, and transportation systems						—						69.9						69.9
						$	218.7					$	135.3					$	354.0
Timing of Revenue Recognition
Revenues recognized at a point in time						$	202.8					$	110.9					$	313.7
Revenues recognized over time						15.9						24.4						40.3
						$	218.7					$	135.3					$	354.0

						Six months ended July 2, 2022
Reportable Segments						HVAC						Detection and Measurement						Total
Major product lines
Package and process cooling equipment and services, and engineered air movement solutions						$	247.3					$	—					$	247.3
Boilers, electrical heating, and ventilation						164.5						—						164.5
Underground locators, inspection and rehabilitation equipment, and robotic systems						—						132.6						132.6
Communication technologies, aids to navigation, and transportation systems						—						116.7						116.7
						$	411.8					$	249.3					$	661.1
Timing of Revenue Recognition
Revenues recognized at a point in time						$	375.9					$	214.1					$	590.0
Revenues recognized over time						35.9						35.2						71.1
						$	411.8					$	249.3					$	661.1

Contract with Customer, Asset and Liability

Our contract balances consisted of the following as of July 1, 2023 and December 31, 2022:

Contract Balances			July 1, 2023						December 31, 2022						Change
Contract Accounts Receivable(1)			$	279.1					$	259.9					$	19.2
Contract Assets			36.5						23.9						12.6
Contract Liabilities - current			(71.0)						(52.8)						(18.2)
Contract Liabilities - non-current(2)			(4.1)						(4.7)						0.6
Net contract balance			$	240.5					$	226.3					$	14.2

___________________________

(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.

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

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- References

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