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GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended
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Jun. 27, 2026
Intangible Asset, Goodwill and Other [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the six months ended June 27, 2026 were as follows:
| December 31, 2025 |  |  |  | Goodwill Resulting from Business Combinations (1) |  |  |  |  |  | Foreign Currency Translation |  | June 27, 2026
HVAC reportable segment |  |  |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | $ | 1,013.7 |  |  |  |  | $ | 206.1 |  |  |  |  |  |  | $ | (16.2) |  |  | $ | 1,203.6 |
Accumulated impairments | (336.9) |  |  |  |  | — |  |  |  |  |  |  | 3.0 |  |  | (333.9) |
Goodwill | 676.8 |  |  |  |  | 206.1 |  |  |  |  |  |  | (13.2) |  |  | 869.7 |
Detection and Measurement reportable segment |  |  |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 542.4 |  |  |  |  | — |  |  |  |  |  |  | (3.0) |  |  | 539.4 |
Accumulated impairments | (175.8) |  |  |  |  | — |  |  |  |  |  |  | 1.0 |  |  | (174.8) |
Goodwill | 366.6 |  |  |  |  | — |  |  |  |  |  |  | (2.0) |  |  | 364.6 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 1,556.1 |  |  |  |  | 206.1 |  |  |  |  |  |  | (19.2) |  |  | 1,743.0 |
Accumulated impairments | (512.7) |  |  |  |  | — |  |  |  |  |  |  | 4.0 |  |  | (508.7) |
Goodwill | $ | 1,043.4 |  |  |  |  | $ | 206.1 |  |  |  |  |  |  | $ | (15.2) |  |  | $ | 1,234.3 |
__________________________ (1)Reflects goodwill acquired with the Thermolec and Crawford acquisitions o f $75.0 and $131.1, respectively, within the HVAC reportable segment. As indicated in Note 1, the acquired assets, including goodwill, and liabilities assumed in these acquisitions have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting. Other Intangibles, Net Identifiable intangible assets at June 27, 2026 and December 31, 2025 comprised the following:
| June 27, 2026 |  | December 31, 2025
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Intangible assets with determinable lives: (1) |  |  |  |  |  |  |  |  |  |  |
Customer relationships and contracts | $ | 697.0 |  |  | $ | (177.5) |  |  | $ | 519.5 |  |  | $ | 557.8 |  |  | $ | (150.2) |  |  | $ | 407.6 |
Technology | 297.3 |  |  | (75.3) |  |  | 222.0 |  |  | 274.3 |  |  | (64.0) |  |  | 210.3 |
Patents | 4.5 |  |  | (4.5) |  |  | — |  |  | 4.5 |  |  | (4.5) |  |  | — |
Other | 127.8 |  |  | (81.6) |  |  | 46.2 |  |  | 101.0 |  |  | (72.1) |  |  | 28.9 |
| 1,126.6 |  |  | (338.9) |  |  | 787.7 |  |  | 937.6 |  |  | (290.8) |  |  | 646.8 |
Trademarks with indefinite lives | 227.6 |  |  | — |  |  | 227.6 |  |  | 221.4 |  |  | — |  |  | 221.4 |
Total | $ | 1,354.2 |  |  | $ | (338.9) |  |  | $ | 1,015.3 |  |  | $ | 1,159.0 |  |  | $ | (290.8) |  |  | $ | 868.2 |
__________________________ (1)The gross carrying value of identifiable intangible assets acquired with the Thermolec acquisition consist of customer relationships of $64.3, technology of $8.2, and definite-lived trademarks of $6.9. The gross carrying value of identifiable intangible assets acquired with the Crawford acquisition consist of customer relationships of $81.8, technology of $17.7, definite-lived trademarks of $14.7, and customer backlog of $13.9. In connection with the acquisitions of Thermolec and Crawford, which have definite-lived intangible assets as noted above, we updated our estimated annual amortization expense related to intangible assets to approximately $103.0 for the full year 2026, $89.0 for 2027, and $87.0 for each of the three years thereafter. At June 27, 2026, the net carrying value of intangible assets with determinable lives consisted of $567.6 in the HVAC reportable segment and $220.1 in the Detection and Measurement reportable segment. At June 27, 2026, trademarks with indefinite lives consisted of $163.6 in the HVAC reportable segment and $64.0 in the Detection and Measurement reportable segment. We review goodwill and indefinite-lived intangible assets for impairment annually during th e fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In reviewing goodwill and indefinite-lived intangible assets for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indication may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit. The fair value of the net assets related to the Thermolec, Crawford, KTS and Sigma & Omega acquisitions approximate their respective carrying values. If Thermolec, Crawford, KTS and Sigma & Omega are unable to achieve their current financial forecasts, or there is a change in key assumptions used in the fair value analyses (e.g. projected revenues and profit growth rates, industry price multiples, discount rates, etc.) we may be required to record an impairment charge in a future period related to their goodwill. As of June 27, 2026, Thermolec, Crawford, KTS and Sigma & Omega's goodwill totaled $73.1, $131.1, $104.4 and $74.3, respectively. We perform our annual indefinite-lived trademarks impairment testing during the fourth quarter, or on a more frequent basis, if there are indications of potential impairment. The fair value of these trademarks is based on applying estimated royalty rates to projected revenues, with resulting cash flows discounted at a rate of return that reflects current market conditions (fair value based on unobservable inputs - Level 3, as defined in Note 17). The primary basis for these projected revenues is the annual operating plan for each of the related businesses, which is prepared in the fourth quarter of each year. The implied value of our ASPEQ and ULC business unit's trademarks approximated their carrying value. If ASPEQ or ULC is unable to achieve their current revenue forecasts, or there is a change in assumptions used in the fair value analyses (e.g., projected revenues, royalty rates, and discount rates, etc.), we may be required to record an impairment charge in a future period related to their trademarks. As of June 27, 2026, ASPEQ and ULC's trademarks totaled $51.5 and $4.7, respectively.

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- Definition The entire disclosure for intangible asset and goodwill. Includes, but is not limited to, finite- and indefinite-lived intangible assets, capitalized cost for internal-use software and software to be sold, leased, or marketed. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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