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ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables) | 3 Months Ended
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Mar. 29, 2025
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 KTS as of January 27, 2025:
Assets acquired: |  |
Current assets(1) |  | $ | 66.3 |
Property, plant and equipment |  | 5.5 |
Goodwill |  | 105.0 |
Intangible assets |  | 164.5 |
Other assets(1) |  | 21.2 |
Total assets acquired |  | 362.5 |
Current liabilities assumed |  | 15.4 |
Other long-term liabilities |  | 4.7 |
Net assets acquired |  | $ | 342.4 |
___________________________ (1)Includes $26.2 and $20.3 within “Current assets” and “Other assets”, respectively, for deferred compensation assets related to the employee retention agreements discussed previously. The following is a summary of the recorded final 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 |  | $ | 31.2 |
Property, plant and equipment |  | 73.6 |
Goodwill |  | 142.4 |
Intangible assets |  | 97.9 |
Total assets acquired |  | 345.1 |
Current liabilities assumed |  | 14.5 |
Deferred and other income taxes |  | 37.1 |
Net assets acquired |  | $ | 293.5 |
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 March 29, 2025 and December 31, 2024. The major line items constituting DBT’s assets and liabilities as of March 29, 2025 and December 31, 2024 are shown below:
|  | March 29, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Cash and equivalents |  | $ | 4.3 |  |  | $ | 4.4 |
Other current assets(1) |  | 3.4 |  |  | 3.4 |
Total assets of DBT |  | $ | 7.7 |  |  | $ | 7.8 |
LIABILITIES |  |  |  |
Accounts payable(1) |  | $ | 0.7 |  |  | $ | 0.7 |
Contract liabilities(1) |  | 2.1 |  |  | 2.0 |
Accrued expenses(1) |  | 6.1 |  |  | 5.8 |
Other long-term liabilities(1) |  | 4.3 |  |  | 4.2 |
Total liabilities of DBT |  | $ | 13.2 |  |  | $ | 12.7 |
___________________________ (1)Balances 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.
Schedule of Business Acquisition, Pro Forma Information | The following unaudited pro forma information presents our condensed consolidated results of operations for the three months ended March 29, 2025 and March 30, 2024, respectively, as if the acquisition of KTS and Ingénia had taken place on January 1, 2024 and January 1, 2023, 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 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 KTS and Ingénia. 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-related costs and charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold as if they were incurred beginning during the first quarter of 2024 for KTS and first quarter of 2023 for Ingénia, and the related income tax effects.
| Three months ended
| March 29, 2025 |  | March 30, 2024
Revenues | $ | 485.3 |  |  | $ | 491.6 |
Income from continuing operations | 53.9 |  |  | 39.1 |
Net income | 53.4 |  |  | 38.9 |
Income from continuing operations per share of common stock: |  |  |
Basic | $ | 1.16 |  |  | $ | 0.85 |
Diluted | $ | 1.14 |  |  | $ | 0.84 |
Net income per share of common stock: |  |  |
Basic | $ | 1.15 |  |  | $ | 0.85 |
Diluted | $ | 1.13 |  |  | $ | 0.83 |
Schedule of Discontinued Operations | The major line items constituting Heat Transfer’s assets and liabilities as of March 29, 2025 and December 31, 2024 are shown below:
|  | March 29, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Cash and equivalents |  | $ | 0.1 |  |  | $ | 0.1 |
Other current assets |  | 0.3 |  |  | 0.3 |
Total assets of Heat Transfer |  | $ | 0.4 |  |  | $ | 0.4 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | — |  |  | $ | 0.1 |
Total liabilities of Heat Transfer |  | $ | — |  |  | $ | 0.1 |
For the three months ended March 29, 2025 and March 30, 2024, results of operations from our businesses reported as discontinued operations were as follows:
| Three months ended
| March 29, 2025 |  | March 30, 2024
Loss from discontinued operations(1) | $ | (0.5) |  |  | $ | (0.4) |
Income tax benefit | — |  |  | 0.2 |
Loss from discontinued operations, net | $ | (0.5) |  |  | $ | (0.2) |
___________________________ (1)Loss for the three months ended March 29, 2025 and March 30, 2024 related primarily to costs incurred to support DBT through the subcontractor liquidation process mentioned above.

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