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REVENUES FROM CONTRACTS
 6 Months Ended
Jun. 28, 2025
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 six months ended June 28, 2025 and June 29, 2024:
Three months ended June 28, 2025
Reportable SegmentsHVACDetection and MeasurementTotal
Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions$238.8 $— $238.8 
Hydronic heating, electrical heating, and ventilation137.9 — 137.9 
Underground locators, inspection and rehabilitation
 equipment, and robotic systems		— 69.5 69.5 
Communication technologies, aids to navigation, and transportation systems— 106.2 106.2 
$376.7 $175.7 $552.4 
Timing of Revenue Recognition
Revenues recognized at a point in time$345.4 $151.9 $497.3 
Revenues recognized over time31.3 23.8 55.1 
$376.7 $175.7 $552.4 

Six months ended June 28, 2025
Reportable SegmentsHVACDetection and MeasurementTotal
Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions$437.9 $— $437.9 
Hydronic heating, electrical heating, and ventilation261.8 — 261.8 
Underground locators, inspection and rehabilitation
 equipment, and robotic systems		— 126.2 126.2 
Communication technologies, aids to navigation, and transportation systems— 209.1 209.1 
$699.7 $335.3 $1,035.0 
Timing of Revenue Recognition
Revenues recognized at a point in time$649.5 $293.4 $942.9 
Revenues recognized over time50.2 41.9 92.1 
$699.7 $335.3 $1,035.0 
Three months ended June 29, 2024
Reportable SegmentsHVACDetection and MeasurementTotal
Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions$244.6 $— $244.6 
Hydronic heating, electrical heating, and ventilation111.9 — 111.9 
Underground locators, inspection and rehabilitation
 equipment, and robotic systems		— 66.1 66.1 
Communication technologies, aids to navigation, and transportation systems— 78.7 78.7 
$356.5 $144.8 $501.3 
Timing of Revenue Recognition
Revenues recognized at a point in time$315.0 $120.7 $435.7 
Revenues recognized over time41.5 24.1 65.6 
$356.5 $144.8 $501.3 

Six months ended June 29, 2024
Reportable SegmentsHVACDetection and MeasurementTotal
Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions$432.4 $— $432.4 
Hydronic heating, electrical heating, and ventilation226.5 — 226.5 
Underground locators, inspection and rehabilitation
 equipment, and robotic systems		— 127.1 127.1 
Communication technologies, aids to navigation, and transportation systems— 180.5 180.5 
$658.9 $307.6 $966.5 
Timing of Revenue Recognition
Revenues recognized at a point in time$597.4 $258.7 $856.1 
Revenues recognized over time61.5 48.9 110.4 
$658.9 $307.6 $966.5 

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 June 28, 2025 and December 31, 2024:

Contract BalancesJune 28, 2025December 31, 2024Change
Contract Accounts Receivable(1)
$355.5 $305.4 $50.1 
Contract Assets42.0 11.3 30.7 
Contract Liabilities - current(76.5)(62.3)(14.2)
Contract Liabilities - non-current(2)
(3.5)(4.0)0.5 
Net contract balance$317.5 $250.4 $67.1 
___________________________
(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.
Our contract balances consisted of the following as of June 29, 2024 and December 31, 2023:
Contract BalancesJune 29, 2024December 31, 2023Change
Contract Accounts Receivable$319.3 $275.4 $43.9 
Contract Assets32.0 16.6 15.4 
Contract Liabilities - current(61.7)(73.5)11.8 
Contract Liabilities - non-current(3.7)(4.0)0.3 
Net contract balance$285.9 $214.5 $71.4 
The timing of revenue recognition, invoicing and cash collections results in Contract Accounts Receivable, contract assets, and customer advances and deposits (contract liabilities) on our condensed consolidated balance sheets. In general, we receive payments from customers based on a billing schedule established in our contracts. During the three and six months ended June 28, 2025, changes in contract balances were not significantly impacted by any other factors besides the acquisition of KTS. At June 28, 2025, Contract Account Receivables, contract assets, and current contract liabilities attributable to KTS were $2.7, $5.1, and $8.6, respectively.
During the three and six months ended June 28, 2025, we recognized revenues of $10.3 and $39.0, respectively, related to our contract liabilities at December 31, 2024. During the three and six months ended June 29, 2024, we recognized revenues of $14.2 and $40.7, respectively, related to our contract liabilities at December 31, 2023.
Performance Obligations

As of June 28, 2025, the aggregate amount allocated to remaining performance obligations was $221.4. We expect to recognize revenue on approximately 45% and 61% of these remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.