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REVENUES FROM CONTRACTS | 9 Months Ended
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Sep. 27, 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 nine months ended September 27, 2025 and September 28, 2024:
|  | Three months ended September 27, 2025
Reportable Segments |  | HVAC |  | Detection and Measurement |  | Total
Major product lines |  |  |  |  |  |
Package and process cooling equipment and services, and engineered air movement and handling solutions |  | $ | 236.5 |  |  | $ | — |  |  | $ | 236.5 |
Hydronic heating, electrical heating, and ventilation |  | 150.9 |  |  | — |  |  | 150.9 |
Underground locators, inspection and rehabilitation equipment, and robotic systems |  | — |  |  | 63.4 |  |  | 63.4 |
Communication technologies, aids to navigation, and transportation systems |  | — |  |  | 142.0 |  |  | 142.0 |
|  | $ | 387.4 |  |  | $ | 205.4 |  |  | $ | 592.8 |
Timing of Revenue Recognition |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 353.9 |  |  | $ | 168.0 |  |  | $ | 521.9 |
Revenues recognized over time |  | 33.5 |  |  | 37.4 |  |  | 70.9 |
|  | $ | 387.4 |  |  | $ | 205.4 |  |  | $ | 592.8 |
|  | Nine months ended September 27, 2025
Reportable Segments |  | HVAC |  | Detection and Measurement |  | Total
Major product lines |  |  |  |  |  |
Package and process cooling equipment and services, and engineered air movement and handling solutions |  | $ | 674.4 |  |  | $ | — |  |  | $ | 674.4 |
Hydronic heating, electrical heating, and ventilation |  | 412.7 |  |  | — |  |  | 412.7 |
Underground locators, inspection and rehabilitation equipment, and robotic systems |  | — |  |  | 189.6 |  |  | 189.6 |
Communication technologies, aids to navigation, and transportation systems |  | — |  |  | 351.1 |  |  | 351.1 |
|  | $ | 1,087.1 |  |  | $ | 540.7 |  |  | $ | 1,627.8 |
Timing of Revenue Recognition |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 1,003.4 |  |  | $ | 461.4 |  |  | $ | 1,464.8 |
Revenues recognized over time |  | 83.7 |  |  | 79.3 |  |  | 163.0 |
|  | $ | 1,087.1 |  |  | $ | 540.7 |  |  | $ | 1,627.8 |
|  | Three months ended September 28, 2024
Reportable Segments |  | HVAC |  | Detection and Measurement |  | Total
Major product lines |  |  |  |  |  |
Package and process cooling equipment and services, and engineered air movement and handling solutions |  | $ | 217.7 |  |  | $ | — |  |  | $ | 217.7 |
Hydronic heating, electrical heating, and ventilation |  | 117.6 |  |  | — |  |  | 117.6 |
Underground locators, inspection and rehabilitation equipment, and robotic systems |  | — |  |  | 64.7 |  |  | 64.7 |
Communication technologies, aids to navigation, and transportation systems |  | — |  |  | 83.7 |  |  | 83.7 |
|  | $ | 335.3 |  |  | $ | 148.4 |  |  | $ | 483.7 |
Timing of Revenue Recognition |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 314.9 |  |  | $ | 117.5 |  |  | $ | 432.4 |
Revenues recognized over time |  | 20.4 |  |  | 30.9 |  |  | 51.3 |
|  | $ | 335.3 |  |  | $ | 148.4 |  |  | $ | 483.7 |
|  | Nine months ended September 28, 2024
Reportable Segments |  | HVAC |  | Detection and Measurement |  | Total
Major product lines |  |  |  |  |  |
Package and process cooling equipment and services, and engineered air movement and handling solutions |  | $ | 650.1 |  |  | $ | — |  |  | $ | 650.1 |
Hydronic heating, electrical heating, and ventilation |  | 344.1 |  |  | — |  |  | 344.1 |
Underground locators, inspection and rehabilitation equipment, and robotic systems |  | — |  |  | 191.8 |  |  | 191.8 |
Communication technologies, aids to navigation, and transportation systems |  | — |  |  | 264.2 |  |  | 264.2 |
|  | $ | 994.2 |  |  | $ | 456.0 |  |  | $ | 1,450.2 |
Timing of Revenue Recognition |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 912.3 |  |  | $ | 376.2 |  |  | $ | 1,288.5 |
Revenues recognized over time |  | 81.9 |  |  | 79.8 |  |  | 161.7 |
|  | $ | 994.2 |  |  | $ | 456.0 |  |  | $ | 1,450.2 |
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. Project volumes, primarily within our communication technologies, aids to navigation, cooling products, and transportation systems businesses, can vary from period to period based on the timing of project execution. Our contract balances consisted of the following as of September 27, 2025 and December 31, 2024:
Contract Balances | September 27, 2025 |  | December 31, 2024 |  | Change
Contract Accounts Receivable(1) | $ | 368.1 |  |  | $ | 305.4 |  |  | $ | 62.7 |
Contract Assets | 70.3 |  |  | 11.3 |  |  | 59.0 |
Contract Liabilities - current | (85.1) |  |  | (62.3) |  |  | (22.8) |
Contract Liabilities - non-current(2) | (3.7) |  |  | (4.0) |  |  | 0.3 |
Net contract balance | $ | 349.6 |  |  | $ | 250.4 |  |  | $ | 99.2 |
___________________________ (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. Our contract balances consisted of the following as of September 28, 2024 and December 31, 2023:
Contract Balances | September 28, 2024 |  | December 31, 2023 |  | Change
Contract Accounts Receivable | $ | 333.7 |  |  | $ | 275.4 |  |  | $ | 58.3 |
Contract Assets | 36.7 |  |  | 16.6 |  |  | 20.1 |
Contract Liabilities - current | (60.8) |  |  | (73.5) |  |  | 12.7 |
Contract Liabilities - non-current | (4.3) |  |  | (4.0) |  |  | (0.3) |
Net contract balance | $ | 305.3 |  |  | $ | 214.5 |  |  | $ | 90.8 |
The timing and amount 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 nine months ended September 27, 2025, changes in contract balances were not significantly impacted by any other factors besides the acquisition of KTS. At September 27, 2025, Contract Account Receivables, contract assets, and current contract liabilities attributable to KTS were $10.3, $0.8, and $13.3, respectively. During the three and nine months ended September 27, 2025, we recognized revenues of $8.5 and $47.5, respectively, related to our contract liabilities at December 31, 2024. During the three and nine months ended September 28, 2024, we recognized revenues of $7.0 and $47.7, respectively, related to our contract liabilities at December 31, 2023. Performance Obligations As of September 27, 2025, the aggre gate amount allocated to remaining performance obligations was $341.1. We expect to recognize revenue on approximately 62% and 75% of these remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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