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ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 29, 2024
Acquisitions and Discontinued Operations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Ingénia as of February 7, 2024:

Assets acquired:
Current assets, including cash and equivalents of $1.5
$33.5 
Property, plant and equipment73.6 
Goodwill141.6 
Intangible assets97.9 
Total assets acquired346.6 
Current liabilities assumed13.1 
Non-current liabilities assumed (1)
37.9 
Net assets acquired$295.6 
___________________________

(1) Includes net deferred income tax liabilities and other liabilities of $37.8 and $0.1, respectively.
The following is a summary of the recorded final 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
$38.0 
Property, plant and equipment10.6 
Goodwill195.0 
Intangible assets246.1 
Other assets1.2 
Total assets acquired490.9 
Current liabilities assumed11.1 
Non-current liabilities assumed (1)
57.4 
Net assets acquired$422.4 
________________________________
(1)Includes net deferred income tax liabilities and other liabilities of $56.4 and $1.0, respectively.
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 June 29, 2024 and December 31, 2023. The major line items constituting DBT’s assets and liabilities as of June 29, 2024 and December 31, 2023 are shown below:

June 29, 2024December 31, 2023
ASSETS
Cash and equivalents$4.9 $5.5 
Accounts receivable, net— 0.4 
Other current assets(1)
5.1 4.7 
Property, plant and equipment:
Buildings and leasehold improvements— 0.2 
Machinery and equipment— 0.5 
— 0.7 
Accumulated depreciation— (0.6)
Property, plant and equipment, net— 0.1 
Total assets of DBT$10.0 $10.7 
LIABILITIES
Accounts payable(2)
$27.1 $26.9 
Contract liabilities(1)
2.1 2.1 
Accrued expenses(1)
5.9 6.3 
Other long-term liabilities(1)
4.7 4.2 
Total liabilities of DBT$39.8 $39.5 
___________________________

(1) Recorded amounts relate primarily to disputed amounts due to or from a subcontractor engaged by DBT during the Kusile project, that is currently in liquidation. The timing of the ultimate resolution of these matters is uncertain as they are likely to occur as part of the liquidation process.

(2) Includes DBT's remaining obligation under the Settlement Agreement to make a payment to MHI of South African Rand 480.9 (or $26.4 and $26.2 at June 29, 2024 and December 31, 2023, respectively), due in September 2024. In connection with this remaining
obligation, we entered into a foreign currency forward contract which we are accounting for as a fair value hedge. Refer to Note 14 for additional details.
Business Acquisition, Pro Forma Information
The following unaudited pro forma information presents our condensed consolidated results of operations for the three and six months ended June 29, 2024 and July 1, 2023, respectively, as if the acquisitions of Ingénia and ASPEQ had taken place on January 1, 2023 and January 1, 2022, respectively. The unaudited pro forma financial information is not intended to represent or be indicative of our condensed consolidated results of operations that would have been reported had the acquisitions been completed as of the dates 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 Ingénia and ASPEQ. These pro forma consolidated results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisitions, 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 and integration-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 2023 for Ingénia and first quarter of 2022 for ASPEQ, and the related income tax effects.

Three months endedSix months ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Revenues$501.3 $457.9 $974.5 $903.6 
Income from continuing operations49.0 36.1 99.3 65.8 
Net income48.0 33.8 98.1 67.2 
Income from continuing operations per share of common stock:
Basic$1.06 $0.79 $2.16 $1.45 
Diluted$1.04 $0.77 $2.12 $1.42 
Net income per share of common stock:
Basic$1.04 $0.74 $2.13 $1.48 
Diluted$1.02 $0.72 $2.09 $1.45 
Schedule of Discontinued Operations The major line items constituting Heat Transfer’s assets and liabilities as of June 29, 2024 and December 31, 2023 are shown below:
June 29, 2024December 31, 2023
ASSETS
Other current assets$0.3 $0.3 
Other assets— 0.1 
Total assets of Heat Transfer$0.3 $0.4 
LIABILITIES
Accounts payable$0.2 $0.2 
Total liabilities of Heat Transfer$0.2 $0.2 
For the three and six months ended June 29, 2024 and July 1, 2023, results of operations from our businesses reported as discontinued operations were as follows:
Three months endedSix months ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
DBT
Income (loss) from discontinued operations (1)
$(0.4)$(2.4)$(0.6)$0.6 
Income tax (provision) benefit (0.2)0.2 — 0.9 
Income (loss) from discontinued operations, net(0.6)(2.2)(0.6)1.5 
All other
Loss from discontinued operations (2)
(0.2)(0.1)(0.4)(0.1)
Income tax provision(0.2)— (0.2)— 
Loss from discontinued operations, net(0.4)(0.1)(0.6)(0.1)
Total
Income (loss) from discontinued operations(0.6)(2.5)(1.0)0.5 
Income tax (provision) benefit (0.4)0.2 (0.2)0.9 
Income (loss) from discontinued operations, net$(1.0)$(2.3)$(1.2)$1.4 
________________________________
(1)Income for the six months ended July 1, 2023 resulted primarily from income recorded in connection with the dispute resolutions mentioned above, partially offset by legal costs incurred in connection with various dispute resolution matters that existed prior to the Settlement Agreement. Loss for the three months ended July 1, 2023 resulted primarily from net legal costs incurred in connection with various dispute resolution matters that existed prior to the Settlement Agreement.
(2)Loss for the three and six months ended June 29, 2024 and July 1, 2023 resulted primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions.