0000088205-24-000008 | 10-K | XBRL Viewer

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Special Charges, Net - Narrative (Details) $ in Millions	12 Months Ended
Special Charges, Net - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($) employee
Special charges, net
Special charges, net \| $	$ 0.8	$ 0.4	$ 1.0
Period for selling an asset	1 year
Period for settling liabilities	1 year
HVAC reportable segment \| Employee Termination Costs
Special charges, net
Number of employees terminated	1	2	6
Detection and Measurement reportable segment \| Employee Termination Costs
Special charges, net
Number of employees terminated	14		44

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Indebtedness - Debt - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Year one	$ 17.3
Year two	27.4
Year three	27.4
Year four	470.0
Year five	$ 0.0

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale - Narrative (Details) R in Millions, $ in Millions					1 Months Ended		3 Months Ended		8 Months Ended	12 Months Ended
	Sep. 04, 2023 USD ($) project	Jun. 02, 2023 USD ($)	Feb. 22, 2021 USD ($) dispute	Feb. 22, 2021 ZAR (R) dispute	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 05, 2023 project	Dec. 31, 2023 USD ($) project	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 ZAR (R)	Sep. 04, 2023 ZAR (R)	Oct. 01, 2021 USD ($)
Asset acquired :
Net income										$ 89.9	$ 0.2	$ 425.4
Intangible amortization										43.9	28.5	21.6
Gain (loss) on disposition of discontinued operations, net of tax										$ (54.8)	(19.6)	360.7
Number of large power projects \| project										2
ASPEQ Parent Holdings, Inc.
Asset acquired :
Payment for acquisition		$ 421.5
Cash acquired from acquisition		0.9
Intangible assets		246.1
Gross receivables acquired		18.0
Acquired receivable, fair Value		17.9
Revenues										$ 63.9
Net income										3.6
Intangible amortization										13.2
Inventory Write-down										3.6
Acquisition-related and other costs										5.4
ASPEQ Parent Holdings, Inc. \| Customer relationships
Asset acquired :
Intangible assets		$ 142.3
Amortization period		12 years
ASPEQ Parent Holdings, Inc. \| Trademarks
Asset acquired :
Intangible assets		$ 51.5
ASPEQ Parent Holdings, Inc. \| Technology
Asset acquired :
Intangible assets		$ 47.8
Amortization period		16 years
ASPEQ Parent Holdings, Inc. \| Customer Backlog
Asset acquired :
Intangible assets		$ 4.5
Amortization period		1 year
Large power projects
Asset acquired :
Gain contingency							$ 54.4			54.4
South Africa \| Large power projects
Asset acquired :
Gain contingency	$ 54.4												R 1,000.0	R 1,000.0
Number of disputes \| dispute			2	2
Litigation settlement			$ 8.6	R 126.6
Gain on disposal							6.8			6.8
South Africa \| Large power projects \| MHI Additional Claims
Asset acquired :
Estimate of possible legal claim deemed unlikely	$ 153.2													R 2,815.2
Discontinued operations, disposed of by sale \| Transformer Solutions
Asset acquired :
Accrued liabilities															$ 620.6
Gain (loss) on disposition of discontinued operations, net of tax											0.2	382.2
Discontinued operations, disposed of by sale \| DBT
Asset acquired :
Number of large power projects \| project	2								2
Discontinued operation of incurred charges								$ 54.2
Accounts receivable and other assets, write off							15.2			15.2
Discontinued operations \| Transformer Solutions
Asset acquired :
Accrued liabilities												620.6
Cash payment											13.9
Options exercised											$ 1.0
Discontinued operations \| DBT
Asset acquired :
Gain (loss) on disposition of discontinued operations, net of tax					$ 1.3	$ 5.5		$ 6.8				$ (19.9)
Discontinued operations \| DBT \| MHI Additional Claims
Asset acquired :
Cash payment							$ 25.3			25.3
Transaction costs										$ 14.7

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Our significant accounting policies are described below, as well as in other Notes that follow. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 4 for information on discontinued operations). Merger and Consummation of Holding Company Reorganization — As of August 15, 2022, SPX Technologies, Inc. (“SPX”, “our”, “we”, or the “Company”) is the successor registrant pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended, to SPX Corporation (“Legacy SPX”) as a result of the completion on August 15, 2022 of a holding company reorganization (the “Holding Company Reorganization”) effected as a merger of Legacy SPX with and into SPX Merger, LLC, a subsidiary of the Company. Each share of Legacy SPX’s common stock, par value $0.01 per share, issued and outstanding immediately prior to the consummation of the Holding Company Reorganization was automatically converted into an equivalent corresponding share of the Company's common stock having the same designations, rights, powers and preferences and the qualifications, limitations and restrictions as the corresponding share of Legacy SPX common stock being converted. Accordingly, upon consummation of the Holding Company Reorganization, Legacy SPX stockholders became stockholders of the Company. The terms “SPX,” “we” and “our” include Legacy SPX for periods prior to the consummation of the Holding Company Reorganization as the context requires. Principles of Consolidation — The consolidated financial statements include our accounts prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) after the elimination of intercompany transactions. Investments in unconsolidated companies where we exercise significant influence but do not have control are accounted for using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits of the entity that could potentially be significant to the VIE. All of our VIEs are immaterial, individually and in aggregate, to our consolidated financial statements. Shift Away from the Power Generation Markets — On September 26, 2015, we completed the spin-off to our stockholders (the “Spin-Off”) of all the outstanding shares of SPX FLOW, Inc., a wholly-owned subsidiary of SPX prior to the Spin-Off, which at the time of the Spin-Off held the businesses comprising our Flow Technology reportable segment, our Hydraulic Technologies business, and certain of our corporate subsidiaries. Prior to the Spin-Off, our businesses serving the power generation markets had a major impact on the consolidated financial results of SPX. In the years leading up to the Spin-Off, these businesses experienced significant declines in revenues and profitability associated with weak demand and increased competition within the global power generation markets. Based on a review of our post-spin portfolio and the belief that a recovery within the power generation markets was unlikely in the foreseeable future, we decided coming out of the Spin-Off that our strategic focus would be on our (i) scalable growth businesses that serve the heating, ventilation and cooling (“HVAC”) and detection and measurement markets and (ii) power transformers and process cooling systems businesses. As a result, we have significantly reduced our exposure to the power generation markets as indicated by the activities summarized below: •Sale of Dry Cooling Business – On March 30, 2016, we completed the sale of our dry cooling business, a business that provides dry cooling systems to the global power generation markets. •Sale of Balcke Dürr Business – On December 30, 2016, we completed the sale of Balcke Dürr, a business that provides heat exchangers and other related components to the European and Asian power generation markets. Balcke Dürr historically had been the most significant of our power generation businesses. As we considered the disposition of Balcke Dürr to be the cornerstone of our strategic shift away from the power generation markets, and given the significance of Balcke Dürr’s financial results to our overall operations prior to its disposition, we began classifying Balcke Dürr as a discontinued operation at the time of its disposition. •Wind-Down of the SPX Heat Transfer Business – After an unsuccessful attempt to sell the SPX Heat Transfer (“Heat Transfer”) business, and as a continuation of our strategic shift away from power generation markets, we initiated a wind-down plan for the business in 2018. During the fourth quarter of 2020, we completed the plan, which included providing all products and services on the business’s remaining contracts with customers. As a result, we are reporting Heat Transfer as a discontinued operation in the accompanying consolidated financial statements. See Note 4 for additional details. •Wind-Down of DBT Technologies Business – As a culmination of our strategic shift away from power generation markets, in 2021 we substantially ceased all operations of, and have ceased accepting new businesses in, our South African subsidiary, DBT Technologies (PTY) LTD (“DBT”). As a result, we are reporting DBT as a discontinued operation in the accompanying consolidated financial statements. Since that time, DBT has been involved in various dispute resolution matters related to two large power projects. See Notes 4 and 15 for additional details regarding DBT's presentation as a discontinued operation and dispute resolution matters. Sale of Transformer Solutions Business — On October 1, 2021, we completed the sale of SPX Transformer Solutions, Inc. (“Transformer Solutions”) pursuant to the terms of the Stock Purchase Agreement dated June 8, 2021 with GE-Prolec Transformers, Inc. (the “Purchaser”) and Prolec GE Internacional, S. de R.L. de C.V. We transferred all of the outstanding common stock of Transformer Solutions to the Purchaser for an aggregate cash purchase price of $645.0 (the “Transaction”). The purchase price was subject to potential adjustment based on Transformer Solutions’ cash, debt and working capital on the date the Transaction was consummated, as well as for specified transaction expenses and other specified items. In connection with the sale, we received cash proceeds of $620.6 and recorded a gain of $382.2 to “Gain (loss) on disposition of discontinued operations, net of tax” within our 2021 consolidated statement of operations. During 2022, we agreed to the final adjustment of the purchase price which resulted in a payment to the Purchaser of $13.9 with an increase to the gain on sale of $0.2. Historically, Transformer Solutions’ operations had a significant impact on our consolidated financial results, with revenues totaling approximately 25% of our consolidated revenues. As we no longer have a consequential presence in the power transmission and distribution markets, and given Transformer Solutions' significance to our historical consolidated financial results, we concluded that the sale of Transformer Solutions represents a strategic shift. Accordingly, we have classified the business as a discontinued operation in the accompanying consolidated financial statements. See Note 4 for additional details. Divestiture of Asbestos Liabilities and Certain Assets — On November 1, 2022, we divested three wholly-owned subsidiaries that hold asbestos liabilities and certain assets, including related insurance assets, to Canvas Holdco LLC (“Canvas”), an entity formed by a joint venture of Global Risk Capital LLC and an affiliate of Premia Holdings Ltd. In connection with the divestiture (the “Asbestos Portfolio Sale”), we contributed $138.8 in cash to the divested subsidiaries, financed with cash on hand; while Canvas made a capital contribution to the divested subsidiaries of $8.0. The divestiture resulted in a loss of $73.9, recorded to “Other operating (income) expense, net,” which includes the write-off of certain deferred income tax assets recorded by the divested subsidiaries. The divested subsidiaries have agreed to indemnify us and our affiliates for their asbestos-related liabilities, which encompassed all of our consolidated asbestos-related liabilities and contingent liabilities immediately prior to the divestiture. These indemnification obligations are not subject to any cap or time limitation. As a result of this transaction, all asbestos obligations and liabilities and related insurance assets have been removed from our consolidated balance sheets effective November 12, 2022. The board of managers of the divested subsidiaries each received a solvency opinion from an independent advisory firm that the divested subsidiaries were solvent after giving effect to the Asbestos Portfolio Sale. The agreement for the Asbestos Portfolio Sale contains customary representations and warranties with respect to the divested subsidiaries, the Company, and Canvas. Pursuant to the agreement, the Company and Canvas will each indemnify the other for breaches of representation and warranties or breaches of covenants, subject to certain limitations as set forth in the agreement. Refer to Note 4 for additional details. Acquisitions in 2023: •TAMCO - On April 3, 2023, we completed the acquisition of T. A. Morrison & Co. Inc. (“TAMCO”), a market leader in motorized and non-motorized dampers that control airflow in large-scale specialty applications in commercial, industrial, and institutional markets. We purchased TAMCO for cash consideration of $125.5, inclusive of an adjustment to the purchase price of $0.2 paid during 2023 related to acquired working capital, and net of cash acquired of $1.0. The post-acquisition operating results of TAMCO are reflected within our HVAC reportable segment. •ASPEQ - On June 2, 2023, we completed the acquisition of ASPEQ Heating Group (“ASPEQ”), a leading provider of electrical heating solutions to customers in industrial and commercial markets. We purchased ASPEQ for cash consideration of $421.5, net of (i) an adjustment to the purchase price of $0.3 received during 2023 related to acquired working capital and (ii) cash acquired of $0.9. The post-acquisition operating results of ASPEQ are reflected within our HVAC reportable segment. The assets acquired and liabilities assumed in the TAMCO and ASPEQ transactions have been recorded at estimates of fair value as determined by management, based on information available and assumptions as to future operations and are subject to change, primarily for the final assessment and valuation of certain income tax amounts. Acquisitions in 2022: •ITL - On March 31, 2022, we completed the acquisition of International Tower Lighting, LLC (“ITL”), a leader in the design and manufacture of highly-engineered aids to navigation systems, including obstruction lighting for telecommunications towers, wind turbines and numerous other terrestrial obstructions. We purchased ITL for cash proceeds of $40.4, net of (i) an adjustment to the purchase price received during 2022 of $1.4 related to acquired working capital and (ii) cash acquired of $1.1. The post-acquisition operating results of ITL are reflected within our Detection and Measurement reportable segment. Acquisitions in 2021: •Sealite - On April 19, 2021, we completed the acquisition of Sealite Pty Ltd and affiliated entities, including Sealite USA, LLC (doing business as Avlite Systems) and Star2M Pty Ltd (collectively, “Sealite”). Sealite is a leader in the design and manufacture of marine and aviation aids to navigation products. We purchased Sealite for cash proceeds of $80.3, net of cash acquired of $2.3. The post-acquisition operating results of Sealite are reflected within our Detection and Measurement reportable segment. •ECS - On August 2, 2021, we completed the acquisition of Enterprise Control Systems Ltd (“ECS”), a leader in the design and manufacture of highly-engineered tactical datalinks and radio frequency (“RF”) countermeasures, including counter-drone and counter-improvised explosive device RF jammers. We purchased ECS for cash proceeds of $39.4, net of cash acquired of $5.1. Under the terms of the purchase and sales agreement, the seller was eligible for additional cash consideration of up to $16.0, with payment to be made in 2022 upon successful achievement of certain financial performance milestones. The estimated fair value of such contingent consideration as of the date of acquisition was $8.2. During the fourth quarter of 2021, we concluded that the probability of achieving the above financial performance milestones had lessened due to a delay in the execution of a large order, resulting in a reduction of the estimated liability of $6.7, with such amount recorded within “Other operating (income) expense, net” in the 2021 consolidated statement of operations. During the first and second quarters of 2022, we further reduced the estimated liability by $0.9 and $0.4, respectively, with such amount recorded within “Other operating (income) expense, net” in the 2022 consolidated statement of operations. The estimated fair value of such contingent consideration was $0.0 at December 31, 2023 and 2022 as the financial performance milestones were not met. The post-acquisition operating results of ECS are reflected within our Detection and Measurement reportable segment. •Cincinnati Fan - On December 15, 2021, we completed the acquisition of Cincinnati Fan & Ventilator Co., Inc. (“Cincinnati Fan”), a leader in engineered air movement solutions, including blowers and critical exhaust systems. We purchased Cincinnati Fan for cash proceeds of $145.2, net of (i) an adjustment to the purchase price received during 2022 of $0.4 related to acquired working capital and (ii) cash acquired of $2.5. The post-acquisition operating results of Cincinnati Fan are reflected within our HVAC reportable segment. Foreign Currency Translation and Transactions — The financial statements of our foreign subsidiaries are translated into U.S. dollars in accordance with the Foreign Currency Matters Topic of the Financial Accounting Standards Board Codification (“Codification”). Gains and losses on foreign currency translations are reflected as a separate component of stockholders' equity and other comprehensive income/loss. Foreign currency transaction gains and losses, as well as gains and losses related to foreign currency forward contracts, are included in “Other income (expense), net,” with the related net losses totaling $0.9, $1.1 and $0.9 in 2023, 2022 and 2021, respectively. Cash Equivalents — We consider highly liquid money market investments with original maturities of three months or less at the date of purchase to be cash equivalents. Revenue Recognition — We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606. See Note 5 for our policy for recognizing revenue under, as well as the various other disclosures required by, ASC 606. Research and Development Costs — We expense research and development costs as incurred. We charge costs incurred in the research and development of new software included in products to expense until technological feasibility is established. After technological feasibility is established, additional eligible costs are capitalized until the product is available for general release. We amortize these costs over the economic lives of the related products and include the amortization in cost of products sold. We perform periodic reviews of the recoverability of these capitalized software costs. If, and at the time, we determine that capitalized amounts are not recoverable based on the estimated cash flows to be generated from the applicable software, we write off any unrecoverable capitalized amounts. Capitalized software, net of amortization, totaled $3.1 and $1.2 as of December 31, 2023 and 2022, respectively. Capitalized software amortization expense totaled $0.1, $0.1, and $1.3 in 2023, 2022, and 2021, respectively. We expensed research activities relating to the development and improvement of our products of $43.2, $39.1 and $30.7 in 2023, 2022 and 2021, respectively. Property, Plant and Equipment — Property, plant and equipment (“PP&E”) is stated at cost, less accumulated depreciation. We use the straight-line method for computing depreciation expense over the useful lives of PP&E, which do not exceed 40 years for buildings and range from 3 to 15 years for machinery and equipment. Depreciation expense, including amortization of finance leases, was $19.2, $17.8 and $19.4 for the years ended December 31, 2023, 2022 and 2021, respectively. Leasehold improvements are amortized over the life of the related asset or the life of the lease, whichever is shorter. Interest is capitalized on significant construction or installation projects. No interest was capitalized during 2023, 2022 or 2021. Pension and Postretirement — We recognize changes in the fair value of plan assets and actuarial gains and losses in earnings during the fourth quarter of each year, unless earlier remeasurement is required, as a component of net periodic benefit expense/income and, accordingly, recognize the effects of plan investment performance, interest rate changes, and changes in actuarial assumptions as a component of earnings in the year in which they occur. The remaining components of pension/postretirement expense/income, primarily interest costs and expected return on plan assets, are recorded on a quarterly basis. Company-owned Life Insurance Policies — The Company has investments in company-owned life insurance (“COLI”) policies, which are recorded at their cash surrender value at each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss within “Other income (expense), net” within our consolidated statements of operations. The value of the company’s investments in COLI assets was $76.7 and $77.0 at December 31, 2023 and 2022, respectively, recorded in “Other assets” on the consolidated balance sheets. The Company has the ability to monetize its investment in the COLI policies as an additional source of liquidity. At December 31, 2023, the Company had not monetized any of its existing COLI policies' cash surrender value. Income Taxes — We account for income taxes based on the requirements of the Income Taxes Topic of the Codification, which includes an estimate of the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess the realizability of deferred tax assets and the adequacy of deferred tax liabilities, including the results of local, state, federal or foreign statutory tax audits or estimates and judgments used. Derivative Financial Instruments — We use foreign currency forward contracts to manage our exposures to fluctuating currency exchange rates and interest rate protection agreements to manage our exposures to fluctuating interest rate risk on variable rate debt. In addition, prior to the sale of Transformers Solutions, we used forward contracts to manage the exposure on forecasted purchases of commodity raw materials (“commodity contracts”). Derivatives are recorded on the balance sheet and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in fair value of the derivatives is recorded in accumulated other comprehensive income (“AOCI”) and subsequently recognized in earnings when the forecasted transaction impacts earnings. We do not enter into financial instruments for speculative or trading purposes. For those transactions that are designated as cash flow hedges, on the date the derivative contract is entered into, we document our hedge relationship, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. We also assess, both at inception and quarterly thereafter, whether such derivatives are highly effective in offsetting changes in the fair value of the hedged item. See Notes 14 and 17 for further information. Cash flows from hedging activities are included in the same category as the items being hedged, which are primarily operating activities.

Use of Estimates - Estimated Useful Lives (Details)	Dec. 31, 2023
Technology
Indefinite-lived Intangible Assets [Line Items]
Weighted average useful lives	12 years
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Weighted average useful lives	11 years
Other
Indefinite-lived Intangible Assets [Line Items]
Weighted average useful lives	7 years

Indebtedness - Consolidated Leverage Ratio (Details) - Term loans	Apr. 21, 2023	Aug. 12, 2022
Greater than or equal to 3.00 to 1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio	2.00
Between 2.00 to 1.00 and 3.00 to 1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio	2.00
Between 2.00 to 1.00 and 3.00 to 1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio	3.00
Between 1.50 to 1.00 and 2.00 to 1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio	3.00
SOFR \| Greater than or equal to 3.00 to 1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio		3.00
SOFR \| Between 2.00 to 1.00 and 3.00 to 1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio		2.00
SOFR \| Between 2.00 to 1.00 and 3.00 to 1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio		3.00
SOFR \| Between 1.50 to 1.00 and 2.00 to 1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio		1.50
SOFR \| Between 1.50 to 1.00 and 2.00 to 1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio		2.00
SOFR \| Less than 1.50 to 1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio		1.50
Revolving loans \| Greater than or equal to 3.00 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.225%	0.275%
Revolving loans \| Between 2.00 to 1.00 and 3.00 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.25%	0.25%
Revolving loans \| Between 1.50 to 1.00 and 2.00 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.275%	0.225%
Revolving loans \| Less than 1.50 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio		0.20%
Letters of credit and guarantees \| Greater than or equal to 3.00 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio		1.75%
Letters of credit and guarantees \| Between 2.00 to 1.00 and 3.00 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio		1.50%
Letters of credit and guarantees \| Between 1.50 to 1.00 and 2.00 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio		1.375%
Letters of credit and guarantees \| Less than 1.50 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio		1.25%
Foreign credit instrument facility \| Greater than or equal to 3.00 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio		1.00%
Fee percentage		0.275%
Foreign credit instrument facility \| Between 2.00 to 1.00 and 3.00 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio		0.875%
Fee percentage		0.25%
Foreign credit instrument facility \| Between 1.50 to 1.00 and 2.00 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio		0.80%
Fee percentage		0.225%
Foreign credit instrument facility \| Less than 1.50 to 1.00
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio		0.75%
Fee percentage		0.20%
Line of credit \| SOFR \| Greater than or equal to 3.00 to 1.00
Line of Credit Facility [Line Items]
Fee percentage		1.75%
Line of credit \| SOFR \| Between 2.00 to 1.00 and 3.00 to 1.00
Line of Credit Facility [Line Items]
Fee percentage		1.50%
Line of credit \| SOFR \| Between 1.50 to 1.00 and 2.00 to 1.00
Line of Credit Facility [Line Items]
Fee percentage		1.375%
Line of credit \| SOFR \| Less than 1.50 to 1.00
Line of Credit Facility [Line Items]
Fee percentage		1.25%
Line of credit \| ABR Loans \| Greater than or equal to 3.00 to 1.00
Line of Credit Facility [Line Items]
Fee percentage	0.50%	0.75%
Line of credit \| ABR Loans \| Between 2.00 to 1.00 and 3.00 to 1.00
Line of Credit Facility [Line Items]
Fee percentage	0.625%	0.50%
Line of credit \| ABR Loans \| Between 1.50 to 1.00 and 2.00 to 1.00
Line of Credit Facility [Line Items]
Fee percentage	0.875%	0.375%
Line of credit \| ABR Loans \| Less than 1.50 to 1.00
Line of Credit Facility [Line Items]
Fee percentage		0.25%

Employee Benefit Plans - Defined Contribution Retirement Plans (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
The DC Plan
Defined Contribution Retirement Plans
Maximum voluntary contribution by eligible U.S. employees as a percentage of their compensation	50.00%
Number of shares contributed	127	149	135
Compensation expense	$ 9.8	$ 7.8	$ 7.8
Supplemental Retirement Savings Plan (SRSP)
Defined Contribution Retirement Plans
Compensation expense	0.2	0.2	$ 0.2
Supplemental Retirement Savings Plan (SRSP) \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Contribution Retirement Plans
Fair value of assets	$ 14.0	$ 13.8

Use of Estimates - Narrative (Details) - Discontinued operations, disposed of by sale - Transformer Solutions - Subsidiary of mutares AG (the Buyer) € in Millions	Dec. 31, 2016 EUR (€)
Parent Company Guarantees
Guarantor Obligations [Line Items]
Amount of guarantees	€ 79.0
Bank and Surety Bonds
Guarantor Obligations [Line Items]
Amount of guarantees	€ 79.0

Employee Benefit Plans - Estimated Future Benefit Payments (Details) - Pension plans $ in Millions	Dec. 31, 2023 USD ($)
United States
Estimated future benefit payments, net of subsidies:
2024	$ 23.0
2025	28.0
2026	28.7
2027	27.2
2028	25.7
Subsequent five years	84.6
Foreign Plan
Estimated future benefit payments, net of subsidies:
2024	7.0
2025	39.4
2026	4.1
2027	4.4
2028	4.3
Subsequent five years	24.9
Foreign Plan \| Canadian Pension Plans
Estimated future benefit payments, net of subsidies:
Amounts payable	$ 35.1

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards
Operating loss carryforwards, domestic	$ 36.3
Operating loss carryforwards, state and local	174.7
Operating loss carryforwards, foreign	205.4
Tax credit carryforwards	9.3
Carryforwards expiring in 2023	14.2
Tax credit carryforwards expiring between 2024 and 2040	165.1
Increase (decrease) in valuation allowance	6.1	$ (20.7)
Income taxes on gain from sale of business			$ 2.0
Undistributed earnings of foreign subsidiaries	286.6
Unrecognized tax benefit	2.2	4.5	7.1	$ 13.6
Net unrecognized tax benefits		4.0	6.4
Gross accrued interest	1.3	1.9	2.6
Net accrued interest		1.7	2.2
Gross interest income included in income tax (provision) benefit	0.2	0.6	1.0
Penalties excluded	0.0	0.0	0.0
Income tax expense (benefit)	(41.6)	(7.3)	(10.9)
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount	2.3	4.7
Effective income tax rate reconciliation tax expense benefit uncertain tax position amount	1.1	3.0
Excess tax benefits from stock-based compensation awards vested during the year	1.8	1.7
Income tax benefits related to various valuation allowance adjustments, primarily due to foreign tax credits for which the future realization is considered likely			4.3
Excess tax benefit, revaluation of deferred tax liabilities			3.5
Expense associated with global, intangible low-taxed income			13.2
Uncertain tax positions and interest with various refund claims period			$ 2.2
Disposed of by Sale \| Asbestos Portfolio Sale
Operating Loss Carryforwards
Income tax expense (benefit)		$ 1.1
Maximum
Operating Loss Carryforwards
Uncertain tax positions and interest with various refund claims period	$ 1.0

Leases - Future Minimum Payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Next 12 months	$ 12.4
12 to 24 months	7.8
24 to 36 months	6.1
36 to 48 months	5.5
48 to 60 months	4.8
Thereafter	7.0
Total lease payments	43.6
Less imputed interest	3.8
Total	39.8	$ 43.9
Finance Leases
Next 12 months	0.3
12 to 24 months	0.1
24 to 36 months	0.1
36 to 48 months	0.0
48 to 60 months	0.0
Thereafter	0.0
Total lease payments	0.5
Less imputed interest	0.0
Total	0.5	$ 0.7
Total
Next 12 months	12.7
12 to 24 months	7.9
24 to 36 months	6.2
36 to 48 months	5.5
48 to 60 months	4.8
Thereafter	7.0
Total lease payments	44.1
Less imputed interest	3.8
Total	$ 40.3

Derivative Financial Instruments and Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Concentrations of Credit Risk	Derivative Financial Instruments and Concentrations of Credit Risk Interest Rate Swaps We previously maintained interest rate swap agreements that matured in March 2021 and effectively converted borrowings under our senior credit facilities to a fixed rate of 2.535%, plus the applicable margin. In 2020 we entered into additional interest swap agreements (“Swaps”). The Swaps have a remaining notional amount of $218.8, cover the period through November 2024, and effectively convert this portion of the borrowings under our senior credit facilities to a fixed rate of 1.077%, plus the applicable margin. We have designated, and are accounting for, our Swaps as cash flow hedges. In connection with an August 2022 amendment of the Credit Agreement, the Swaps were amended to be based on SOFR as opposed to LIBOR. As mentioned in Note 3, we applied the optional expedient per ASU No. 2020-04, No. 2021-01, and 2022-06 and, thus, continue to designate and account for our interest rate swap agreements as cash flow hedges. As of December 31, 2023 and 2022, the unrealized gain, net of tax, recorded in AOCI was $5.7 and $11.0, respectively. In addition, the fair value of our interest rate swap agreements was $7.5 (with $7.5 recorded as a current asset) as of December 31, 2023, and $14.7 (with $8.7 recorded as a current asset and $6.0 as a non-current asset) as of December 31, 2022. Changes in fair value of our interest rate swap agreements are reclassified into earnings as a component of interest expense when the forecasted transaction impacts earnings. Currency Forward Contracts We manufacture and sell our products in a number of countries and, as a result, are exposed to movements in foreign currency exchange rates. Our objective is to preserve the economic value of non-functional currency-denominated cash flows and to minimize the impact of changes as a result of currency fluctuations. Our principal currency exposures relate to the South African Rand, British Pound Sterling, and Euro. From time to time, we enter into forward contracts to manage the exposure on contracts with forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities denominated in currencies other than the functional currency of certain subsidiaries (“FX forward contracts”). We had FX forward contracts with an aggregate notional amount of $9.4 and $6.9 outstanding as of December 31, 2023 and 2022, respectively, with all of the $9.4 scheduled to mature within one year. The fair value of our FX forward contracts was less than $0.1 at December 31, 2023 and 2022. In addition to the above, we entered FX forward contracts associated with the Settlement Agreement, to mitigate our exposure to fluctuations in the South African Rand, with a notional amount of South African Rand 480.9 (or $24.9 at the time of execution) and a fair value of $1.3, which is included within “Assets of DBT and Heat Transfer” on the consolidated balance sheet as of December 31, 2023, all of which are scheduled to mature within one year. Refer to Note 4 for additional details. Commodity Contracts For our Transformer Solutions business, we historically entered into commodity contracts to manage the exposure on forecasted purchases of commodity raw materials. As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions, which has been presented within discontinued operations. Immediately prior to the sale, we extinguished the existing commodity contracts and reclassified from AOCI a net loss of $0.6 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021. Prior to extinguishment, we designated and accounted for these contracts as cash flow hedges and the change in fair value was included in AOCI. We reclassified amounts associated with our commodity contracts out of AOCI when the forecasted transaction impacted earnings. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and equivalents, trade accounts receivable, COLI policies, and interest rate swaps and FX forward contracts. These financial instruments, other than trade accounts receivable, are placed with high-quality financial institutions throughout the world. We periodically evaluate the credit standing of these financial institutions. We maintain cash levels in bank accounts that, at times, may exceed federally-insured limits. We have not experienced significant loss, and believe we are not exposed to significant risk of loss, in these accounts. We have credit loss exposure in the event of nonperformance by counterparties to the above financial instruments, but have no other off-balance-sheet credit risk of accounting loss. We anticipate, however, that counterparties will be able to fully satisfy their obligations under the contracts. We do not obtain collateral or other security to support financial instruments subject to credit risk, but we do monitor the credit standing of counterparties. Concentrations of credit risk arising from trade accounts receivable are due to selling to customers in a particular industry. Credit risks are mitigated by performing ongoing credit evaluations of our customers’ financial conditions and obtaining collateral, advance payments, or other security when appropriate. No one customer, or group of customers that to our knowledge are under common control, accounted for more than 10% of our revenues for any period presented.

Revenues from Contracts - Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 152.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected revenue recognition on remaining performance obligations (as a percentage)	69.00%
Performance obligation satisfaction period (years)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected revenue recognition on remaining performance obligations (as a percentage)	88.00%
Performance obligation satisfaction period (years)	24 months

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term, operating leases (years)	5 years 6 months	6 years
Weighted average remaining lease term, finance leases (years)	1 year 10 months 24 days	1 year 8 months 12 days

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
NOL and credit carryforwards	$ 88.9	$ 77.3
Pension, other postretirement and postemployment benefits	26.8	26.1
Payroll and compensation	18.6	15.6
Legal, environmental and self-insurance accruals	23.4	15.7
Working capital accruals	20.0	17.5
Research and experimental expenditures	25.6	13.6
Other	4.3	8.1
Total deferred tax assets	207.6	173.9
Valuation allowance	(75.2)	(69.1)
Net deferred tax assets	132.4	104.8
Deferred tax liabilities:
Intangible assets recorded in acquisitions	159.4	84.5
Basis difference in affiliates	17.4	15.3
Accelerated depreciation	16.1	14.4
Other	9.0	16.2
Total deferred tax liabilities	201.9	130.4
Total deferred tax liabilities	$ (69.5)	$ (25.6)

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale - Sale of Transformers Solutions Business (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Oct. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset acquired :
Gain (loss) from discontinued operations, net of tax		$ (54.8)	$ (19.6)	$ 366.4
Discontinued operations
Asset acquired :
Income before tax		(70.3)	(24.3)	409.2
Income tax (provision) benefit		15.5	4.7	(42.8)
Gain (loss) from discontinued operations, net of tax		$ (54.8)	$ (19.6)	366.4
Discontinued operations \| Transformer Solutions
Asset acquired :
Revenues	$ 313.5
Cost of product sold	257.2
Selling, general and administrative	28.4
Income before tax	27.9
Income tax (provision) benefit	(7.0)
Gain (loss) from discontinued operations, net of tax	$ 20.9
Discontinued operations \| DBT
Asset acquired :
Revenues				0.5
Cost of product sold				0.9
Selling, general and administrative				15.1
Special charges, net				1.3
Other income, net				1.2
Interest income, net				(0.1)
Income before tax				(17.9)
Income tax (provision) benefit				2.7
Gain (loss) from discontinued operations, net of tax				$ (15.2)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Charlotte, North Carolina

Shareholders' Equity and Long-Term Incentive Compensation - Black-Scholes Option-Pricing Model (Details) - Stock options	Mar. 01, 2023	Mar. 01, 2022	Mar. 01, 2021
Black-Scholes Option-Pricing Model [Line Items]
Annual expected stock price volatility	37.15%	38.62%	41.15%
Annual expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	4.18%	1.61%	0.91%
Expected life of stock option (in years)	6 years	6 years	6 years

Revenues from Contracts - Disaggregated Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 1,741.2	$ 1,460.9	$ 1,219.5
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	1,568.0	1,293.1	1,077.1
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues	173.2	167.8	142.4
Package and process cooling equipment and services, and engineered air movement solutions
Disaggregation of Revenue [Line Items]
Revenues	683.2	537.0	433.8
Boilers, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	439.1	376.8	318.3
Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	264.1	262.1	256.8
Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenues	354.8	285.0	210.6
HVAC
Disaggregation of Revenue [Line Items]
Revenues	1,122.3	913.8	752.1
HVAC \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	1,042.8	838.0	661.2
HVAC \| Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues	79.5	75.8	90.9
HVAC \| Package and process cooling equipment and services, and engineered air movement solutions
Disaggregation of Revenue [Line Items]
Revenues	683.2	537.0	433.8
HVAC \| Boilers, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	439.1	376.8	318.3
HVAC \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
HVAC \| Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Detection and Measurement
Disaggregation of Revenue [Line Items]
Revenues	618.9	547.1	467.4
Detection and Measurement \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	525.2	455.1	415.9
Detection and Measurement \| Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues	93.7	92.0	51.5
Detection and Measurement \| Package and process cooling equipment and services, and engineered air movement solutions
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Detection and Measurement \| Boilers, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Detection and Measurement \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	264.1	262.1	256.8
Detection and Measurement \| Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenues	$ 354.8	$ 285.0	$ 210.6

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans

Schedule of the Fair Value of Plan Assets by Asset Class

Actual asset allocation percentages of each class of our domestic and foreign pension plan assets as of December 31, 2023 and 2022, along with the current targeted asset investment allocation percentages, each of which is based on the midpoint of an allocation range, were as follows:

Domestic Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2023		2022		2023
Fixed income common trust funds	53	%	68	%	65	%
Commingled global fund allocation	4	%	6	%	6	%

Global equity common trust funds	19	%	15	%	15	%

U.S. Government securities	20	%	8	%	12	%
Short-term investments and other (1)	4	%	3	%	2	%

Total	100	%	100	%	100	%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

Foreign Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2023		2022		2023
Global equity common trust funds	3	%	11	%	3	%

Fixed income common trust funds	73	%	65	%	72	%
Commingled global fund allocation	15	%	23	%	17	%


Short-term investments (1)	9	%	1	%	8	%
Total	100	%	100	%	100	%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

Schedule of Net Periodic Benefit (Income) Expense

Net periodic pension benefit (income) expense for our domestic and foreign pension plans included the following components:

Domestic Pension Plans


	Year ended December 31,
	2023		2022		2021
Service cost	$	—	$	—	$	—
Interest cost	13.0		10.5		8.4
Expected return on plan assets	(8.8)		(8.2)		(8.7)
Amortization of unrecognized prior service credits	—		(0.1)		(0.1)
Recognized net actuarial (gains) losses (1)	5.6		(1.6)		(4.2)
Total net periodic pension benefit (income) expense	$	9.8	$	0.6	$	(4.6)

___________________________________________________________________

(1)Consists primarily of our reported actuarial (gains) losses, the difference between actual and expected returns on plan assets, and settlement losses.

Foreign Pension Plans


	Year ended December 31,
	2023		2022		2021
Service cost	$	—	$	—	$	—
Interest cost	5.6		3.7		3.4
Expected return on plan assets	(6.4)		(5.6)		(5.8)
Amortization of unrecognized prior service costs	—		0.1		—
Recognized net actuarial (gains) losses (1)	5.5		6.4		(1.8)
Total net periodic pension benefit (income) expense	$	4.7	$	4.6	$	(4.2)

___________________________________________________________________

(1)Consists of our reported actuarial (gains) losses and the difference between actual and expected returns on plan assets.

Pension plans

Employee Benefit Plans

Schedule of the Fair Value of Plan Assets by Asset Class

The fair values of pension plan assets at December 31, 2023, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	180.3	$	—	$	180.3	$	—


U.S. Government securities	34.4		—		34.4		—
Equity securities:
Global equity common trust funds (1) (3)	36.4		—		36.4		—








Alternative investments:
Commingled global fund allocations (1) (4)	26.1		—		26.1		—
Other:
Short-term investments (5)	17.4		14.7		2.7		—
Other	0.9		—		—		0.9
Total	$	295.5	$	14.7	$	279.9	$	0.9

The fair values of pension plan assets at December 31, 2022, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	196.4	$	—	$	196.4	$	—

Non-U.S. Government securities	0.3		—		0.3		—
U.S. Government securities	13.9		—		13.9		—
Equity securities:
Global equity common trust funds (1) (3)	38.0		—		38.0		—
Alternative Investments:








Commingled global fund allocations (1) (4)	37.2		—		37.2		—
Other:
Short-term investments (5)	6.0		6.0		—		—
Other	0.9		—		—		0.9
Total	$	292.7	$	6.0	$	285.8	$	0.9

___________________________________________________________________

(1)Common/commingled trust funds are similar to mutual funds, with a daily net asset value per share measured by the fund sponsor and used as the basis for current transactions. These investments, however, are not registered with the U.S. Securities and Exchange Commission and participation is not open to the public. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.

(2)This class represents investments in actively managed common trust funds that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal and government securities, interest rate swaps, options and futures.

(3)This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures.

(4)This class represents investments in actively managed common trust funds with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, interest rate swaps, options and futures.

(5)Amounts are generally invested in actively managed common trust funds or interest-bearing accounts.

Schedule of Estimated Minimum Benefit Payments

Following is a summary, as of December 31, 2023, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2023 to measure our obligations.

Estimated future benefit payments:

(Domestic and foreign pension plans)


	Domestic Pension Benefits		Foreign Pension Benefits
2024	$	23.0	$	7.0
2025 (1)	28.0		39.4
2026	28.7		4.1
2027	27.2		4.4
2028	25.7		4.3
Subsequent five years	84.6		24.9

_________________________

(1) Payments for the foreign pension plans include amounts payable of $35.1 in connection with the Canadian Pension Plans wind-up mentioned above.

Schedule of Funded Status of the Pension Plans and Amounts Recognized in Consolidated Balance Sheets

The following tables show the domestic and foreign pension plans’ funded status and amounts recognized in our consolidated balance sheets:


	Domestic Pension Plans				Foreign Pension Plans
	2023		2022		2023		2022
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	$	246.9	$	335.4	$	109.5	$	182.4

Service cost	—		—		—		—
Interest cost	13.0		10.5		5.6		3.7

Actuarial (gains) losses	7.6		(66.4)		5.4		(52.7)
Settlements	—		(17.1)		—		—


Benefits paid	(21.8)		(15.5)		(6.6)		(6.9)
Foreign exchange and other	—		—		6.3		(17.0)
Projected benefit obligation — end of year	$	245.7	$	246.9	$	120.2	$	109.5

The actuarial gains and losses for all pension plans in 2023 and 2022 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.


	Domestic Pension Plans				Foreign Pension Plans
	2023		2022		2023		2022
Change in plan assets:
Fair value of plan assets — beginning of year	$	176.8	$	260.4	$	115.9	$	193.6
Actual return on plan assets	10.9		(56.6)		6.9		(54.4)
Contributions (employer and employee)	5.4		5.6		1.8		1.0
Settlements	—		(17.1)		—		—
Benefits paid	(21.8)		(15.5)		(6.6)		(6.9)

Foreign exchange and other	—		—		6.2		(17.4)

Fair value of plan assets — end of year	$	171.3	$	176.8	$	124.2	$	115.9
Funded status at year-end	$	(74.4)	$	(70.1)	$	4.0	$	6.4
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	1.9	$	1.8	$	4.1	$	6.5

Accrued expenses	(5.1)		(5.1)		—		—

Other long-term liabilities	(71.2)		(66.8)		(0.1)		(0.1)
Net amount recognized	$	(74.4)	$	(70.1)	$	4.0	$	6.4
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	$	—	$	—	$	1.0	$	1.0

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2023 and 2022:


	Domestic Pension Plans				Foreign Pension Plans
	2023		2022		2023		2022
Projected benefit obligation	$	241.1	$	242.1	$	0.1	$	0.1
Accumulated benefit obligation	241.1		242.1		0.1		0.1
Fair value of plan assets	164.8		170.2		—		—

Schedule of Actuarial Assumptions Used in Accounting for Pension Plans

Actuarial assumptions used in accounting for our domestic and foreign pension plans were as follows:


	Year ended December 31,
	2023		2022		2021
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate (1)	5.54	%	3.99	%	2.35	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	5.23	%	3.23	%	3.22	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	5.18	%	5.54	%	2.83	%
Rate of increase in compensation levels	N/A		N/A		N/A
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.15	%	2.19	%	1.76	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	6.08	%	3.44	%	3.31	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	4.83	%	5.15	%	2.19	%
Rate of increase in compensation levels	N/A		N/A		N/A

___________________________________________________________________

(1) The discount rate for the year ended December 31, 2022 includes adjustments due to remeasurements in the U.S. Plan during the second and third quarters of 2022.

Postretirement Plans

Employee Benefit Plans

Schedule of Funded Status of the Pension Plans and Amounts Recognized in Consolidated Balance Sheets

The following tables show the postretirement plans’ funded status and amounts recognized in our consolidated balance sheets:


	Postretirement Plans
	2023		2022
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year	$	32.1	$	51.7

Interest cost	1.4		1.1
Loss on settlement of retiree life insurance benefits	—		0.7
Actuarial (gains) losses	0.2		(7.0)
Transfer to insurance carrier for cash consideration	—		(10.0)
Benefits paid	(4.0)		(4.4)



Projected postretirement benefit obligation — end of year	$	29.7	$	32.1
Funded status at year-end	$	(29.7)	$	(32.1)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	(3.6)	$	(4.0)

Other long-term liabilities	(26.1)		(28.1)
Net amount recognized	$	(29.7)	$	(32.1)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(7.2)	$	(11.1)

Schedule of Net Periodic Benefit (Income) Expense

The net periodic postretirement benefit income included the following components:


	Year ended December 31,
	2023		2022		2021
Service cost	$	—	$	—	$	—
Interest cost	1.4		1.1		1.0
Amortization of unrecognized prior service credits	(3.9)		(4.4)		(4.7)

Settlement loss (1)	—		0.7		—
Recognized net actuarial (gains) losses	0.2		(7.0)		(3.9)
Net periodic postretirement benefit income	$	(2.3)	$	(9.6)	$	(7.6)

___________________________________________________________________

(1)Relates to the transfer of the retiree life insurance benefits obligation.

Schedule of Estimated Future Benefit Payments and Expected Federal Subsidies

Following is a summary, as of December 31, 2023, of the estimated future benefit payments for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments are estimated based on the same assumptions used at December 31, 2023 to measure our obligations.


	Postretirement Payments
2024	$	3.7
2025	3.3
2026	3.0
2027	2.7
2028	2.5
Subsequent five years	9.1

Schedule of Actuarial Assumptions Used in Accounting for Plans

Actuarial assumptions used in accounting for our domestic postretirement plans were as follows:


	Year ended December 31,
	2023		2022		2021
Assumed health care cost trend rates:
Health care cost trend rate for next year	6.75	%	7.00	%	6.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2031		2031		2027
Discount rate used in determining net periodic postretirement benefit expense (1)	5.50	%	2.84	%	2.00	%
Discount rate used in determining year-end postretirement benefit obligation	5.16	%	5.50	%	2.56	%

_______________________________________

(1) The discount rate for the year ended December 31, 2022 includes an adjustment due to a remeasurement in the Plans that took place in the first quarter of 2022.

Employee Benefit Plans - Fair Values of Pension Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Employee benefit plans
Fair value of plan assets	$ 295.5	$ 292.7
Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	180.3	196.4
Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets		0.3
U.S. Government securities
Employee benefit plans
Fair value of plan assets	34.4	13.9
Global equity common trust funds
Employee benefit plans
Fair value of plan assets	36.4	38.0
Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	26.1	37.2
Short-term investments
Employee benefit plans
Fair value of plan assets	17.4	6.0
Other
Employee benefit plans
Fair value of plan assets	0.9	0.9
Quoted Prices in Active Markets for Identical Assets (Level 1)
Employee benefit plans
Fair value of plan assets	14.7	6.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets		0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Short-term investments
Employee benefit plans
Fair value of plan assets	14.7	6.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Observable Inputs (Level 2)
Employee benefit plans
Fair value of plan assets	279.9	285.8
Significant Observable Inputs (Level 2) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	180.3	196.4
Significant Observable Inputs (Level 2) \| Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets		0.3
Significant Observable Inputs (Level 2) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	34.4	13.9
Significant Observable Inputs (Level 2) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	36.4	38.0
Significant Observable Inputs (Level 2) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	26.1	37.2
Significant Observable Inputs (Level 2) \| Short-term investments
Employee benefit plans
Fair value of plan assets	2.7	0.0
Significant Observable Inputs (Level 2) \| Other
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3)
Employee benefit plans
Fair value of plan assets	0.9	0.9
Significant Unobservable Inputs (Level 3) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets		0.0
Significant Unobservable Inputs (Level 3) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Short-term investments
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Other
Employee benefit plans
Fair value of plan assets	$ 0.9	$ 0.9

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale - Wind-Down of DBT - Assets and Liabilities of Discontinued Operations (Details) - Discontinued operations, disposed of by sale - DBT R in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 USD ($)
ASSETS
Cash and equivalents	$ 5.5		$ 9.3
Accounts receivable, net	0.4		7.6
Other current assets	4.7		6.5
Property, plant and equipment:
Property, plant and equipment, gross	0.7		0.9
Accumulated depreciation	(0.6)		(0.8)
Property, plant and equipment, net	0.1		0.1
Other assets	0.0		19.1
Total assets	10.7		42.6
LIABILITIES
Accounts payable	26.9		1.4
Contract liabilities	2.1		3.6
Accrued expenses	6.3		22.0
Other long-term liabilities	4.2		4.6
Total liabilities	39.5		31.6
Due in September 2024
LIABILITIES
Accounts payable	26.2	R 480.9
Buildings and leasehold improvements
Property, plant and equipment:
Property, plant and equipment, gross	0.2		0.2
Machinery and equipment
Property, plant and equipment:
Property, plant and equipment, gross	$ 0.5		$ 0.7

Information on Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Reportable and Other Operating Segments

Financial data for our reportable segments for the years ended December 31, 2023, 2022 and 2021 were as follows:


	2023		2022		2021
Revenues:
HVAC reportable segment	$	1,122.3	$	913.8	$	752.1
Detection and Measurement reportable segment	618.9		547.1		467.4
Consolidated revenues	$	1,741.2	$	1,460.9	$	1,219.5

Income:
HVAC reportable segment	$	234.4	$	135.5	$	107.7
Detection and Measurement reportable segment	118.8		114.1		92.9
Total income for segments	353.2		249.6		200.6
Corporate expense	58.4		68.6		60.5
Acquisition-related and other costs (1)	5.8		1.9		5.1
Long-term incentive compensation expense	13.4		10.9		12.8
Amortization of intangible assets	43.9		28.5		21.6
Impairment of goodwill and intangible assets (2)	—		13.4		30.0
Special charges, net	0.8		0.4		1.0
Other operating (income) expense, net (3)	9.0		74.9		(4.1)
Consolidated operating income	$	221.9	$	51.0	$	73.7


Capital expenditures:
HVAC reportable segment	$	17.6	$	10.1	$	5.3
Detection and Measurement reportable segment	5.4		4.6		3.4
General corporate	0.9		1.2		0.9
Total capital expenditures	$	23.9	$	15.9	$	9.6
Depreciation and amortization:
HVAC reportable segment	$	37.1	$	20.5	$	11.5
Detection and Measurement reportable segment	23.7		23.5		28.0
General corporate	2.4		2.4		2.8
Total depreciation and amortization	$	63.2	$	46.4	$	42.3










Geographic Areas:
Revenues: (4)
United States	$	1,454.1	$	1,223.5	$	991.5
China	53.7		51.0		57.9
United Kingdom	96.3		96.5		80.1
Other	137.1		89.9		90.0
	$	1,741.2	$	1,460.9	$	1,219.5


Tangible Long-Lived Assets: (5)
United States	$	292.4	$	275.0	$	762.4
Other	41.0		35.0		37.8
Long-lived assets of continuing operations	333.4		310.0		800.2
Long-lived assets of discontinued operations, DBT and Heat Transfer	0.2		19.3		28.0
Total tangible long-lived assets	$	333.6	$	329.3	$	828.2

_______________________________________________________________

(1)Represents cost incurred in connection with acquisitions of $5.8, $1.9, and $3.3, including additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with these acquisitions of $3.6, $1.1 and $2.6, during the years ended December 31, 2023, 2022 and 2021, respectively. The year ended December 31, 2021 also includes a non-cash impairment charge of $1.8.

(2)The year ended December 31, 2022 includes impairment charges of $12.9 related to the goodwill and trademarks of ULC Robotics (“ULC”) and $0.5 related to certain other trademarks. The year ended December 31, 2021 includes impairment charges of $29.5 related to the goodwill and trademarks of ULC and $0.5 related to certain other trademarks.

(3)The year ended December 31, 2023 includes a charge of $9.0 related to the resolution of a dispute with a former representative at one of our businesses within the Detection and Measurement reportable segment. The year ended December 31, 2022 includes a loss on

the Asbestos Portfolio Sale of $73.9 as well as charges of $2.3 for asbestos product liability matters incurred prior to the Asbestos Portfolio Sale, partially offset by a reduction in the fair value/liability associated with contingent consideration related to the ECS acquisition of $1.3. For 2021, includes income of $24.3 and $6.7 related to the reduction of the liabilities associated with contingent consideration for the ULC and ECS acquisitions, respectively, partially offset by charges of (i) $26.3 for asbestos product liability matters and (ii) $0.6 related to revisions to the liability associated with the contingent consideration for the Sensors & Software acquisition.

(4)Revenues are included in the above geographic areas based on the country that recorded the revenue.

(5)Our CODM does not review asset information for our reportable segments as this information is not used to assess performance or allocate resources.

Use of Estimates - Warranty (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 34.7	$ 34.8	$ 35.3
Acquisitions	0.9	0.4	0.1
Provisions	16.9	10.6	8.5
Usage	(14.6)	(10.8)	(9.1)
Currency translation adjustment	0.0	(0.3)	0.0
Balance at end of year	37.9	34.7	34.8
Less: Current portion of warranty	16.4	12.9	11.8
Non-current portion of warranty	$ 21.5	$ 21.8	$ 23.0

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Cash and equivalents included in assets of DBT and Heat Transfer	$ 5.5	$ 9.3
Common stock shares, issued (in shares)	53,618,720	53,350,918
Common stock shares, outstanding (in shares)	45,674,572	45,291,989
Treasury stock shares (in shares)	7,944,148	8,058,929

Use of Estimates - Accounts Receivable Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of year	$ 10.4	$ 10.4	$ 11.5
Acquisitions	0.2	0.1	0.0
Allowances provided	18.2	17.9	14.9
Write-offs, net of recoveries, credits issued and other	(17.3)	(18.0)	(16.0)
Balance at end of year	$ 11.5	$ 10.4	$ 10.4

Shareholders' Equity and Long-Term Incentive Compensation

12 Months Ended

Dec. 31, 2023

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

Shareholders' Equity and Long-Term Incentive Compensation

Stockholders’ Equity and Long-Term Incentive Compensation

Income Per Share

The following table sets forth the computations of the components used for the calculation of basic and diluted income per share:


	Year ended December 31,
	2023		2022		2021
Numerator:
Income from continuing operations	$	144.7	$	19.8	$	59.0
Income (loss) from discontinued operations, net of tax	$	(54.8)	$	(19.6)	$	366.4


Denominator:
Weighted-average number of common shares used in basic income per share	45.545		45.345		45.289
Dilutive securities — Employee stock options and restricted stock units	1.067		0.876		1.206
Weighted-average number of common shares and dilutive securities used in diluted income per share	46.612		46.221		46.495

For the years ended December 31, 2023, 2022, and 2021, 0.179, 0.240, and 0.245, respectively, of unvested restricted stock units were excluded from the computation of diluted earnings per share as the assumed proceeds for these instruments exceeded the average market value of the underlying common stock for the related years. For the years ended December 31, 2023, 2022, and 2021, 0.512, 0.695, and 0.627, respectively, of outstanding stock options were excluded from the computation of diluted earnings per share as the assumed proceeds for these instruments exceeded the average market value of the underlying common stock for the related years.

Common Stock and Treasury Stock

On May 9, 2023, and May 10, 2022, our Board of Directors re-authorized management, in its sole discretion, to repurchase, in any fiscal year, up to $100.0 of our common stock, subject to maintaining compliance with all covenants of our Credit Agreement. Pursuant to this authorization, during the second quarter of 2022, we repurchased 0.707 shares of our common stock for aggregate cash payments of $33.7. As of December 31, 2023, the maximum approximate amount of our common stock that may be purchased under this authorization is $100.0.

At December 31, 2023, we had 200.0 authorized shares of common stock (par value $0.01). Common shares issued, treasury shares and shares outstanding are summarized in the table below.


	Common Stock Issued	Treasury Stock	Shares Outstanding
Balance at December 31, 2020	52.705	(7.673)	45.032


Restricted stock units	—	0.130	0.130
Other	0.306	—	0.306
Balance at December 31, 2021	53.011	(7.543)	45.468

Restricted stock units	—	0.191	0.191

Share repurchases	—	(0.707)	(0.707)
Other	0.340	—	0.340
Balance at December 31, 2022	53.351	(8.059)	45.292

Restricted stock units	—	0.115	0.115


Other	0.268	—	0.268
Balance at December 31, 2023	53.619	(7.944)	45.675

Long-Term Incentive Compensation

On May 9, 2019, our stockholders approved our 2019 Stock Compensation Plan (the “2019 Plan”) which replaced our 2002 Stock Compensation Plan, as amended in 2006, 2011, 2012 and 2015 (the “Prior Plan”). As a result of the approval of the 2019 Plan, no further awards were permitted to be made under the Prior Plan. Up to 3.597 shares of our common stock were available for grant at December 31, 2023 under the 2019 Plan. The 2019 Plan permits the issuance of new shares or shares from treasury upon the exercise of options, vesting of time-based restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). Each RSU and PSU granted reduces availability by two shares. Similar awards were permitted to be granted under the Prior Plan before the approval of the 2019 Plan.

PSU’s and RSU’s may be granted to certain eligible employees or non-employee directors in accordance with applicable equity compensation plan documents and agreements. Subject to participants’ continued employment and other plan terms and conditions, the restrictions lapse and awards generally vest over a period of time, generally one or three years. In some instances, such as death, disability, or retirement, stock may vest concurrently with or following an employee’s termination. PSU’s are eligible to vest at the end of the performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the S&P 600 Capital Goods Index, while the RSU’s vest based on the passage of time since grant date. PSU’s and RSU’s that do not vest within the applicable vesting period are forfeited.

We grant RSU’s to non-employee directors under the 2019 Plan. The 2023, 2022 and 2021 grants to non-employee directors generally vest over a 1 year-period, with the 2023 grants of 0.014 RSU’s scheduled to vest in their entirety immediately prior to the annual meeting of stockholders in May 2024.

Stock options may be granted to key employees in the form of incentive stock options or non-qualified stock options. The option price per share may be no less than the fair market value of our common stock at the close of business the day prior to the date of grant. Upon exercise, the employee has the option to surrender previously owned shares at current value in payment of the exercise price and/or for withholding tax obligations.

The recognition of compensation expense for share-based awards, including stock options, is based on their grant date fair values. The fair value of each award is amortized over the lesser of the award’s requisite or derived service period, which is generally up to three years. Compensation expense within income from continuing operations related to PSU’s, RSU’s and stock options totaled $13.4, $10.9 and $12.9 for the years ended December 31, 2023, 2022 and 2021, respectively, with the related tax benefit being $2.3, $1.7 and $2.2 for the years ended December 31, 2023, 2022 and 2021, respectively.

In years prior to 2019, annual long-term cash awards were granted to executive officers and other members of senior management. These awards were eligible to vest at the end of a three-year performance measurement period, with performance based on our achievement of a target segment income amount over the three-year measurement period. Long-term incentive compensation expense for 2023, 2022, and 2021 included $0.0, $0.0 and $(0.1), respectively, associated with long-term cash awards.

We use the Monte Carlo simulation model valuation technique to determine fair value of our restricted stock awards that contain a market condition (i.e., the PSU’s). The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award and calculates the fair value of each PSU. We issued PSU’s to eligible participants on March 1, 2023, 2022, and 2021. We used the following assumptions in determining the fair value of these awards:


	Annual Expected Stock Price Volatility		Annual Expected Dividend Yield		Risk-Free Interest Rate		Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index
March 1, 2023
SPX	35.72	%	—	%	4.60	%	57.87	%
Peer group within S&P 600 Capital Goods Index	43.92	%	n/a		4.60	%
March 1, 2022
SPX	43.04	%	—	%	1.44	%	62.44	%
Peer group within S&P 600 Capital Goods Index	50.98	%	n/a		1.44	%
March 1, 2021
SPX	42.88	%	—	%	0.25	%	60.24	%
Peer group within S&P 600 Capital Goods Index	51.25	%	n/a		0.25	%

Annual expected stock price volatility is based on the three-year historical volatility. There is no annual expected dividend yield as we discontinued dividend payments in 2015 and do not expect to pay dividends for the foreseeable future. The average risk-free interest rate is based on the one-year through three-year daily treasury yield curve rate as of the grant date.

The following table summarizes the PSU and RSU activity from December 31, 2020 through December 31, 2023:


	Unvested PSU’s and RSU’s	Weighted-Average Grant-Date Fair Value Per Share
December 31, 2020	0.644	$	42.32
Granted	0.243	57.24
Vested	(0.219)	37.40
Forfeited	(0.032)	53.69
December 31, 2021	0.636	49.14
Granted	0.307	48.72
Vested	(0.332)	44.16
Forfeited	(0.081)	53.41
December 31, 2022	0.530	51.38
Granted	0.175	72.35
Vested	(0.190)	51.38
Forfeited	(0.005)	59.92
December 31, 2023	0.510	$	58.53

As of December 31, 2023, there was $10.9 of unrecognized compensation cost related to PSU’s and RSU’s. We expect this cost to be recognized over a weighted-average period of 1.9 years.

Stock Options

On March 1, 2023, 2022, and 2021, we granted stock options totaling 0.074, 0.105, and 0.105, respectively. The exercise price per share of these options is $71.93, $48.97, and $58.34, respectively, and the maximum contractual term of these options is ten years.

The fair value of each stock option granted on March 1, 2023, 2022, and 2021 was $31.20, $19.33, and $23.49, respectively. The fair value of each option grant was estimated using a Black-Scholes option-pricing model with the following assumptions:


	March 1, 2023		March 1, 2022		March 1, 2021
Annual expected stock price volatility	37.15	%	38.62	%	41.15	%
Annual expected dividend yield	—	%	—	%	—	%
Risk-free interest rate	4.18	%	1.61	%	0.91	%
Expected life of stock option (in years)	6.0		6.0		6.0

Annual expected stock price volatility for the March 1, 2023, 2022, and 2021 grants were based on a weighted average of SPX’s stock volatility since the Spin-Off and an average of the most recent six-year historical volatility of a peer company group. There is no annual expected dividend yield as we discontinued dividend payments in 2015 and do not expect to pay dividends for the foreseeable future. The average risk-free interest rate is based on the five-year and seven-year treasury constant maturity rates. The expected option life is based on a three-year pro-rata vesting schedule and represents the period of time that awards are expected to be outstanding.

The following table shows stock option activity from December 31, 2020 through December 31, 2023.


	Shares	Weighted- Average Exercise Price
Options outstanding at December 31, 2020	1.419	$	23.21
Exercised	(0.123)	15.82
Forfeited	(0.008)	50.11
Granted	0.105	58.34
Options outstanding at December 31, 2021	1.393	26.35
Exercised	(0.191)	26.64
Forfeited	(0.043)	51.32
Granted	0.127	50.14
Options outstanding at December 31, 2022	1.286	27.82
Exercised	(0.141)	26.47
Forfeited	—	—
Granted	0.076	71.71
Options outstanding at December 31, 2023	1.221	$	30.70

As of December 31, 2023, 1.047 of the above stock options were exercisable and there was $1.6 of unrecognized compensation cost related to the outstanding stock options. We expect this cost to be recognized over a weighted-average period of 2.0 years.

Accumulated Other Comprehensive Income

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2023 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at December 31, 2022	$	239.1	$	11.0	$	7.4	$	257.5
Other comprehensive income before reclassifications	11.9		1.5		—		13.4
Amounts reclassified from accumulated other comprehensive income	—		(6.8)		(3.0)		(9.8)
Current-period other comprehensive income (loss)	11.9		(5.3)		(3.0)		3.6
Balance at December 31, 2023	$	251.0	$	5.7	$	4.4	$	261.1

__________________________________________________________________

(1) Net of tax provision of $1.8 and $3.7 as of December 31, 2023 and 2022, respectively.

(2) Net of tax provision of $1.8 and $2.7 as of December 31, 2023 and 2022, respectively. The balances as of December 31, 2023 and 2022 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2022 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges (1)		Pension and Postretirement Liability Adjustment (2)		Total
Balance at December 31, 2021	$	252.7	$	0.5	$	10.7	$	263.9
Other comprehensive income (loss) before reclassifications	(13.6)		11.7		0.1		(1.8)
Amounts reclassified from accumulated other comprehensive income	—		(1.2)		(3.4)		(4.6)
Current-period other comprehensive income (loss)	(13.6)		10.5		(3.3)		(6.4)
Balance at December 31, 2022	$	239.1	$	11.0	$	7.4	$	257.5

__________________________________________________________________

(1) Net of tax provision of $3.7 and $0.1 as of December 31, 2022 and 2021, respectively.

(2) Net of tax provision of $2.7 and $3.7 as of December 31, 2022 and 2021, respectively. The balances as of December 31, 2022 and 2021 include unamortized prior service credits.

The following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2023 and 2022:


	Amount Reclassified from AOCI				Affected Line Items in the Consolidated Statements of Operations
	Year ended December 31,
	2023		2022
Gains on qualifying cash flow hedges:

FX forward contracts	$	—	$	(0.1)	Revenues

Swaps	(9.3)		(1.5)		Interest expense
Pre-tax	(9.3)		(1.6)
Income taxes	2.5		0.4
	$	(6.8)	$	(1.2)
Gains on pension and postretirement items:

Amortization of unrecognized prior service credits - Pre-tax	$	(3.9)	$	(4.4)	Other income (expense), net

Income taxes	0.9		1.0
	$	(3.0)	$	(3.4)

Common Stock in Treasury

During the years ended December 31, 2023, 2022, and 2021, “Common stock in treasury” was decreased by the settlement of restricted stock units, net of recipient tax withholdings, issued from treasury stock of $6.6, $12.1 and $7.7, respectively. During the year ended December 31, 2022, “Common stock in treasury” was increased by the previously mentioned repurchase of our common stock for aggregate cash payments of $33.7.

Preferred Stock

None of our 3.0 shares of authorized no par value preferred stock was outstanding at December 31, 2023, 2022 or 2021.

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Retained Earnings (Deficit)	Accum. Other Comprehensive Income	Treasury Stock
Balance at beginning of period at Dec. 31, 2020	$ 640.1	$ 0.5	$ 1,319.9	$ (477.2)	$ 248.5	$ (451.6)
Increase (Decrease) in Stockholders' Equity
Net income	425.4			425.4
Other comprehensive income (loss), net	15.4				15.4
Incentive plan activity	12.8		12.8
Long-term incentive compensation expense	14.2		14.2
Restricted stock unit vesting	(5.0)		(12.7)			7.7
Balance at end of period at Dec. 31, 2021	1,102.9	0.5	1,334.2	(51.8)	263.9	(443.9)
Increase (Decrease) in Stockholders' Equity
Net income	0.2			0.2
Other comprehensive income (loss), net	(6.4)				(6.4)
Incentive plan activity	12.6		12.6
Long-term incentive compensation expense	10.9		10.9
Restricted stock unit vesting	(7.3)		(19.4)			12.1
Common stock repurchases	(33.7)					(33.7)
Balance at end of period at Dec. 31, 2022	1,079.2	0.5	1,338.3	(51.6)	257.5	(465.5)
Increase (Decrease) in Stockholders' Equity
Net income	89.9			89.9
Other comprehensive income (loss), net	3.6				3.6
Incentive plan activity	13.8		13.8
Long-term incentive compensation expense	13.4		13.4
Restricted stock unit vesting	(5.3)		(11.9)			6.6
Balance at end of period at Dec. 31, 2023	$ 1,194.6	$ 0.5	$ 1,353.6	$ 38.3	$ 261.1	$ (458.9)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 89.9	$ 0.2	$ 425.4
Other comprehensive income (loss), net:
Pension and postretirement liability adjustment, net of tax benefit of $0.9, $1.0, and $1.2 in 2023, 2022 and 2021, respectively	(3.0)	(3.3)	(3.6)
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $1.9, $(3.6), and $(1.5) in 2023, 2022 and 2021, respectively	(5.3)	10.5	4.9
Foreign currency translation adjustments	11.9	(13.6)	14.1
Other comprehensive income (loss), net	3.6	(6.4)	15.4
Total comprehensive income (loss)	$ 93.5	$ (6.2)	$ 440.8

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Employee Benefit Plans - Actual Asset Allocation Percentages (Details)	Dec. 31, 2023	Dec. 31, 2022
United States
Employee benefit plans
Actual Allocations	100.00%	100.00%
Mid-point of Target Allocation Range	100.00%
United States \| Fixed income common trust funds
Employee benefit plans
Actual Allocations	53.00%	68.00%
Mid-point of Target Allocation Range	65.00%
United States \| Commingled global fund allocation
Employee benefit plans
Actual Allocations	4.00%	6.00%
Mid-point of Target Allocation Range	6.00%
United States \| Global equity common trust funds
Employee benefit plans
Actual Allocations	19.00%	15.00%
Mid-point of Target Allocation Range	15.00%
United States \| U.S. Government securities
Employee benefit plans
Actual Allocations	20.00%	8.00%
Mid-point of Target Allocation Range	12.00%
United States \| Short-term investments and other
Employee benefit plans
Actual Allocations	4.00%	3.00%
Mid-point of Target Allocation Range	2.00%
Foreign Plan
Employee benefit plans
Actual Allocations	100.00%	100.00%
Mid-point of Target Allocation Range	100.00%
Foreign Plan \| Fixed income common trust funds
Employee benefit plans
Actual Allocations	73.00%	65.00%
Mid-point of Target Allocation Range	72.00%
Foreign Plan \| Commingled global fund allocation
Employee benefit plans
Actual Allocations	15.00%	23.00%
Mid-point of Target Allocation Range	17.00%
Foreign Plan \| Global equity common trust funds
Employee benefit plans
Actual Allocations	3.00%	11.00%
Mid-point of Target Allocation Range	3.00%
Foreign Plan \| Short-term investments
Employee benefit plans
Actual Allocations	9.00%	1.00%
Mid-point of Target Allocation Range	8.00%

Shareholders' Equity and Long-Term Incentive Compensation - Long-Term Incentive Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended			24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
Stock-based Compensation
Historical period upon which annual expected stock price volatility is based (years)	3 years
Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	1 year
Maximum
Stock-based Compensation
Maximum period over which the fair value of restricted stock shares and restricted stock units are amortized	3 years
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	3 years
Maximum \| 2019 Stock Compensation Plan
Stock-based Compensation
Shares available for grant (in shares)	3,597,000
Restricted stock shares and restricted stock units
Stock-based Compensation
Granted (in shares)	14,000.000
Restricted stock shares and restricted stock units \| 2019 Stock Compensation Plan
Stock-based Compensation
Reduction of shares available for grant (in shares)	2
Vesting period (years)	1 year	1 year	1 year
PSU's, RSU's
Stock-based Compensation
Unrecognized compensation cost related to PSUs, RSUs, and RSs	$ 10.9
PSU's, RSU's \| Minimum
Stock-based Compensation
Vesting period (years)	1 year
PSU's, RSU's \| Maximum
Stock-based Compensation
Vesting period (years)	3 years
PSU's, RSU's \| Weighted Average
Stock-based Compensation
Weighted-average period over which unrecognized compensation costs will be recognized	1 year 10 months 24 days
PSU's
Stock-based Compensation
Vesting period (years)	3 years
PSU's, RSU's, RS's, and Stock Options
Stock-based Compensation
Long-term incentive compensation expense	$ 13.4	$ 10.9	$ 12.9
Related tax benefit	2.3	1.7	2.2
Long Term Cash Awards
Stock-based Compensation
Vesting period (years)				3 years
Long-term incentive compensation expense	$ 0.0	$ 0.0	$ (0.1)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On February 7, 2024, we completed the acquisition of Ingénia Technologies Inc. (“Ingénia”) which specializes in the design and manufacture of custom air handling units that demand high levels of precision and reliability in healthcare, pharmaceutical, education, food processing and industrial end markets. We purchased Ingénia for net cash consideration of CAD 398.8 (or $295.7 at the time of payment) which was funded through borrowings on our revolving credit facilities under our Credit Agreement. The post-acquisition results of Ingénia will be reflected within our HVAC reportable segment.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from (used in) operating activities:
Net income	$ 89.9	$ 0.2	$ 425.4
Less: Gain (loss) from discontinued operations, net of tax	(54.8)	(19.6)	366.4
Income from continuing operations	144.7	19.8	59.0
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities
Loss on divestiture of asbestos-related assets and liabilities	0.0	73.9	0.0
Special charges, net	0.8	0.4	1.0
(Gain) loss on change in fair value of equity security	(3.6)	3.0	(11.8)
Loss on amendment/refinancing of senior credit agreement	0.0	1.1	0.2
Impairment of goodwill and intangible assets	0.0	13.4	30.0
Deferred and other income taxes	(25.2)	(21.4)	(1.4)
Depreciation and amortization	63.2	46.4	42.3
Pension and other employee benefits	22.0	3.4	(8.6)
Long-term incentive compensation	13.4	10.9	12.8
Other, net	(5.9)	0.5	4.3
Contribution to divest asbestos-related assets and liabilities	0.0	(138.8)	0.0
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets	30.6	(0.3)	(19.8)
Inventories	(3.1)	(53.4)	(21.0)
Accounts payable, accrued expenses and other	7.0	(73.7)	45.8
Cash spending on restructuring actions	(0.1)	(0.4)	(1.6)
Net cash from (used in) continuing operations	243.8	(115.2)	131.2
Net cash from (used in) discontinued operations	(35.3)	(21.6)	43.4
Net cash from (used in) operating activities	208.5	(136.8)	174.6
Cash flows from (used in) investing activities:
Proceeds (expenditures) related to company-owned life insurance policies, net	0.7	3.7	(31.2)
Business acquisitions, net of cash acquired	(547.0)	(40.0)	(265.2)
Capital expenditures	(23.9)	(15.9)	(9.6)
Net cash used in continuing operations	(570.2)	(52.2)	(306.0)
Net cash from (used in) discontinued operations	0.0	(13.9)	620.1
Net cash from (used in) investing activities	(570.2)	(66.1)	314.1
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	869.1	245.0	209.9
Repayments under senior credit facilities	(572.5)	(243.7)	(346.0)
Borrowings under trade receivables agreement	178.0	0.0	179.0
Repayments under trade receivables agreement	(162.0)	0.0	(207.0)
Net repayments under other financing arrangements	(0.4)	(0.8)	(0.4)
Payment of contingent consideration	0.0	(1.3)	0.0
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options and other	(1.3)	(3.5)	(3.3)
Repurchases of common stock	0.0	(33.7)	0.0
Financing fees paid	(1.3)	(1.9)	0.0
Net cash from (used in) continuing operations	309.6	(39.9)	(167.8)
Net cash from discontinued operations	0.0	1.0	0.2
Net cash from (used in) financing activities	309.6	(38.9)	(167.6)
Change in cash and equivalents due to changes in foreign currency exchange rates	(0.1)	2.9	6.6
Net change in cash and equivalents	(52.2)	(238.9)	327.7
Consolidated cash and equivalents, beginning of period	157.1	396.0	68.3
Consolidated cash and equivalents, end of period	104.9	157.1	396.0
Supplemental disclosure of cash flow information:
Interest paid	25.6	6.5	11.4
Income tax refunds (payments), net	(58.4)	(59.6)	5.5
Non-cash investing and financing activity:
Debt assumed	$ 0.3	$ 0.0	$ 0.4

Revenues from Contracts - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract Accounts Receivable	$ 275.4	$ 259.9
Increase (decrease) in accounts receivable	15.5
Contract Assets	16.6	23.9
Increase (decrease) in contract with customer, asset, net, current	(7.3)
Contract Liabilities - current	(73.5)	(52.8)
Increase (decrease) in contract with customer, liability, current	(20.7)
Contract liabilities - non-current	(4.0)	(4.7)
Increase (decrease) in contract with customer, liability, noncurrent	0.7
Net contract balance	214.5	$ 226.3
Increase (decrease) in contract with customers, net	$ (11.8)

Revenues from Contracts

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues from Contracts

Summarized below is our policy for recognizing revenue under ASC 606, as well as the various disclosures required by ASC 606.

Performance Obligations - Certain of our contracts are comprised of multiple deliverables, which can include hardware and software components, installation, maintenance, and extended warranties. For these contracts, we evaluate whether these deliverables represent separate performance obligations as defined by ASC 606. In some cases, a customer contracts with us to integrate a complex set of tasks and components into a single project or capability (even if the single project results in the delivery of multiple units). Hence, the entire contract is treated as a single performance obligation. In contrast, we may promise to provide distinct goods or services within a contract, in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. In cases where we sell standard products with observable standalone selling prices, these selling prices are used to determine the relative standalone selling price. In cases where we sell a customized customer specific solution, we typically use the expected cost plus margin approach to estimate the standalone selling price of each performance obligation. Sales taxes and other usage-based taxes are excluded from revenue.

Remaining performance obligations represent performance obligations that have yet to be satisfied. As a practical expedient, we do not disclose performance obligations (i) that are part of a contract that has an original expected duration of less

than one year and/or (ii) where our right to consideration corresponds directly to the value transferred to the customer. Performance obligations for contracts with an original duration in excess of one year that have yet to be satisfied as of the end of a period primarily relate to our aids to navigation systems, communication technologies products, large process cooling systems, as well as certain of our transportation systems. As of December 31, 2023, the aggregate amount allocated to remaining performance obligations after the effect of practical expedients was $152.4. We expect to recognize revenue on approximately 69% and 88% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.

Options - We offer options within certain of our contracts to purchase future goods or services. To the extent the option provides a material right to a future benefit (i.e., future goods and services at a discount from the relative standalone selling price), we separate the material right as a performance obligation and adjust the standalone selling price of the other performance obligations within the contract. When determining the relative standalone selling price of the option, we first determine the incremental discount that the customer would receive by exercising the option and then adjust that value based on the probability of option exercise (based, where possible, on historical experience). Revenue is recognized for the option either when the option is exercised or when it expires.

Contract Combination and Modification - We assess each contract at its inception to determine whether it should be combined with other contracts for revenue recognition purposes. When making this determination, we consider factors such as whether two or more contracts with a customer were negotiated at or near the same time or were negotiated with an overall profit objective. Contracts are sometimes modified for changes in contract specifications, scope, or price (or a combination of these). Contract modifications for goods or services that are not distinct within the context of the contract (generally associated with specification changes for certain product lines within our HVAC reportable segment) are accounted for as part of the existing contract. Contract modifications for goods or services that are distinct (i.e., adding or subtracting distinct goods or services) are accounted for as either a termination of the existing contract and the creation of a new contract (where the goods or services are not priced at their standalone selling price), or the creation of separate contract (where the goods or services are priced at their standalone selling price).

Variable Consideration - We determine the transaction price for each contract based on the consideration we expect to receive for the products or services being provided under the contract. For contracts where a portion of the price may vary, we estimate the variable consideration at the amount to which we expect to be entitled, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. We analyze the risk of a significant revenue reversal and, if necessary, constrain the amount of variable consideration recognized in order to mitigate this risk. Variable consideration primarily pertains to late delivery penalties and unapproved change orders and claims (levied by us and/or against us). Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary from our estimates, we will adjust these estimates, which would affect revenue and earnings, in the period such variances become known.

As noted above, the nature of our contracts gives rise to several types of variable consideration, including unapproved change orders and claims. We include in our contract estimates additional revenue for unapproved change orders or claims against the customer when we believe we have an enforceable right to the unapproved change order or claim, the amount can be reliably estimated, and the above criteria have been met. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs, and the objective evidence available to support the claim. These estimates are also based on historical award experience.

Returns, Customer Sales Incentives and Warranties - We have certain arrangements that require us to estimate, at the time of sale, the amounts of variable consideration that should be excluded from revenue as (i) certain amounts are not expected to be collected from customers and/or (ii) the product may be returned. We principally rely on historical experience, specific customer agreements, and anticipated future trends to estimate these amounts at the time of shipment and to reduce the transaction price. These arrangements include volume rebates, which are estimated using the most likely amount method, as well as early payment discounts and promotional and advertising allowances, which are estimated using the expected value method. We primarily offer assurance-type standard warranties that the product will conform to published specifications for a defined period of time after delivery. These types of warranties do not represent separate performance obligations. We establish provisions for estimated returns and warranties primarily based on contract terms and historical experience, using the expected value method. Certain of our businesses offer extended warranties, which are considered separate performance obligations.

Contract Costs - We have elected to apply the practical expedient provided under ASC 606 which allows an entity to expense incremental costs of obtaining or fulfilling a contract when incurred if the amortization period of the asset that the entity otherwise would have recorded is one year or less. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of products sold. The

net asset recorded for incremental costs incurred to obtain or fulfill contracts, after consideration of the practical expedient mentioned above, is not material to our consolidated financial statements.

Nature of Goods and Services, Satisfaction of Performance Obligations, and Payment Terms

Our HVAC product lines include package and process cooling equipment, residential and commercial boilers, electrical heating and ventilation products, and engineered air movement solutions. Performance obligations for our HVAC product lines relate primarily to the delivery of equipment and components, construction and reconstruction of cooling towers and other components, and providing installation, replacement/spare parts and various other services. Performance obligations related to equipment and components are satisfied at the time of shipment or delivery (i.e., control is transferred at a point in time). The typical length of these contracts is one to three months and payment terms are generally 15 to 60 days after shipment to the customer. Performance obligations for construction and reconstruction of cooling towers and other components, and providing installation and various other services, are typically satisfied through a contract with us to provide a customer-specific solution. The customer typically controls the work in process due to contractual termination clauses whereby we have an enforceable right to recovery of cost incurred including a reasonable profit for work performed to date on products or services that do not have an alternative use to us. Additionally, certain projects are performed on customer sites such that the customer controls the asset as it is created or enhanced. As such, performance obligations for these product lines are generally satisfied over time, with the related revenue recorded based on the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion, as this method best depicts how control of the product or service is being transferred. The length of customer contract for these product lines is generally 6 to 18 months. Revenue for sales of certain engineered components and all replacement/spare parts is recognized upon shipment or delivery (i.e., at a point in time). Payments on longer-term contracts are generally commensurate with milestones defined in the related contract, while payments for the replacement/spare parts contracts typically occur 30 to 60 days after delivery.

Our detection and measurement product lines include underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, transportation systems, communication technologies, and aids to navigation. Performance obligations for these product lines relate to delivery of equipment and components, installation and other short-term services, long-term maintenance and software subscription services, pipeline remediation services and development of robotics, and aids to navigation solutions. Performance obligations for equipment and components generally are satisfied at the time of shipment or delivery (i.e., control is transferred at a point in time). Performance obligations for installation and other short-term services, pipeline remediation, and development of robotics are satisfied over time as the installation or service is performed. Performance obligations for maintenance and software subscription services are satisfied over time, with the related revenue recorded evenly throughout the contract service period as this method best depicts how control of the service is transferred. Payment terms for equipment and components are typically 30 to 60 days after shipment or delivery, while payment for services typically occurs at completion for shorter-term engagements (less than three months in duration) and throughout the service period for longer-term engagements (generally greater than three months in duration). These product lines have varying contract lengths ranging from one to eighteen months (with the longer term contracts generally associated with our aids to navigation systems, transportation systems, and communication technologies product lines), with the typical duration being one to three months.

Customer prepayments, progress billings, and retention payments are customary for some of our longer-term contracts. Customer prepayments, progress billings, and retention payments are not considered a significant financing component because they are intended to protect either the customer or ourselves in the event that some or all of the obligations under the contract are not completed. Additionally, most contract assets are expected to convert to accounts receivable, and contract liabilities are expected to convert to revenue, within one year. As such, after applying the practical expedient to exclude potential financing components that are less than one year in duration, we do not have any such financing components.

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 effected by economic factors, with such disaggregation presented below for the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31, 2023
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	683.2	$	—	$	683.2
Boilers, electrical heating, and ventilation	439.1		—		439.1
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		264.1		264.1
Communication technologies, aids to navigation, and transportation systems	—		354.8		354.8
	$	1,122.3	$	618.9	$	1,741.2

Timing of Revenue Recognition
Revenues recognized at a point in time	$	1,042.8	$	525.2	$	1,568.0
Revenues recognized over time	79.5		93.7		173.2
	$	1,122.3	$	618.9	$	1,741.2


	Year Ended December 31, 2022
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	537.0	$	—	$	537.0
Boilers, electrical heating, and ventilation	376.8		—		376.8
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		262.1		262.1
Communication technologies, aids to navigation, and transportation systems	—		285.0		285.0
	$	913.8	$	547.1	$	1,460.9

Timing of Revenue Recognition
Revenues recognized at a point in time	$	838.0	$	455.1	$	1,293.1
Revenues recognized over time	75.8		92.0		167.8
	$	913.8	$	547.1	$	1,460.9


	Year Ended December 31, 2021
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	433.8	$	—	$	433.8
Boilers, electrical heating, and ventilation	318.3		—		318.3
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		256.8		256.8
Communication technologies, aids to navigation, and transportation systems	—		210.6		210.6
	$	752.1	$	467.4	$	1,219.5

Timing of Revenue Recognition
Revenues recognized at a point in time	$	661.2	$	415.9	$	1,077.1
Revenues recognized over time	90.9		51.5		142.4
	$	752.1	$	467.4	$	1,219.5

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 consolidated balance sheets. Our contract balances consisted of the following as of December 31, 2023 and 2022:


Contract Balances	December 31, 2023		December 31, 2022		Change
Contract Accounts Receivable (1)	$	275.4	$	259.9	$	15.5
Contract Assets	16.6		23.9		(7.3)
Contract Liabilities - current	(73.5)		(52.8)		(20.7)
Contract Liabilities - non-current (2)	(4.0)		(4.7)		0.7
Net contract balance	$	214.5	$	226.3	$	(11.8)

_____________________

(1) Included in “Accounts receivable, net” within the accompanying consolidated balance sheets.

(2) Included in “Other long-term liabilities” within the accompanying consolidated balance sheets.

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 consolidated balance sheets. In general, we receive payments from customers based on a billing schedule established in our contracts. During the years ended December 31, 2023 and 2022, changes in contract balances were not materially impacted by any other factors besides the acquisition of ASPEQ and TAMCO.

During 2023, we recognized revenues of $37.4 related to our contract liabilities at December 31, 2022.

- 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 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Indebtedness - Summary of Debt Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jul. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 21, 2023
Debt
Balance at the beginning of the period		$ 246,800,000
Borrowings		1,047,400,000
Repayments		(735,200,000)
Other		(700,000)
Balance at the end of the period		558,300,000	$ 246,800,000
Short-term debt		17,900,000	1,800,000
Current maturities of long-term debt		17,300,000	2,000,000.0
Long-term debt		523,100,000	243,000,000.0
Repayments under Senior Credit Facilities		572,500,000	243,700,000	$ 346,000,000.0
Finance lease, liability		500,000	700,000
Trade receivables financing arrangement
Debt
Balance at the beginning of the period		0
Borrowings		178,000,000.0
Repayments		(162,000,000.0)
Other		0
Balance at the end of the period		16,000,000.0	0
Maximum borrowing capacity under financing arrangement		60,000,000.0
Available borrowing capacity		44,000,000.0
Other indebtedness
Debt
Balance at the beginning of the period		2,500,000
Borrowings		300,000
Repayments		(700,000)
Other		300,000
Balance at the end of the period		2,400,000	2,500,000
Purchase card programs		1,900,000	1,800,000
Finance lease, liability		500,000	700,000
Revolving loans \| Current Revolving SPX Facilities
Debt
Balance at the beginning of the period		0
Borrowings		569,100,000
Repayments		(569,100,000)
Other		0
Balance at the end of the period		0	0
Term loans \| Current SPX Term Loan Facilities
Debt
Balance at the beginning of the period		244,300,000
Borrowings		300,000,000.0
Repayments		(3,400,000)
Other		(1,000,000.0)
Balance at the end of the period		539,900,000	244,300,000
Face amount of debt					$ 545,000,000.0
Unamortized debt issuance costs		$ 1,700,000	$ 700,000
Term loans \| Incremental Term loans
Debt
Payments of debt issuance costs	$ 1,300,000
Term loans \| 2022 and 2023 \| Current SPX Term Loan Facilities
Debt
Initial principal amount of the term loan to be repaid annually in quarterly installments (as a percent)		0.625%
Term loans \| First three quarters of 2024 \| Current SPX Term Loan Facilities
Debt
Initial principal amount of the term loan to be repaid annually in quarterly installments (as a percent)		1.25%

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 89.9	$ 0.2	$ 425.4

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Inventories, Net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 79.4	$ 73.0
Work in process	31.4	25.7
Raw materials and purchased parts	165.9	145.3
Inventories, net	$ 276.7	$ 244.0

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Cost

The components of lease expense were as follows:


	Year Ended
	December 31, 2023		December 31, 2022
Operating lease cost (1)	$	15.7	$	15.3
Variable lease cost	0.4		0.4

Finance lease cost:
Amortization of right-of-use assets	$	0.5	$	0.5
Interest on lease liabilities	—		—
Total finance lease cost	$	0.5	$	0.5

__________________________

(1) Includes short-term lease cost of $3.5 and $3.7, for the years ended December 31, 2023 and 2022, respectively.

Supplemental cash flow information related to leases was as follows:


	Year Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	12.1	$	11.4
Operating cash flows from finance leases	—		—
Financing cash flows used in finance leases	0.5		0.4
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	6.3		16.4
Finance lease right-of-use assets obtained in exchange for new lease obligations	0.3		—

Supplemental Lease Information

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2023		2022
Operating Leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets	$	42.4	$	46.3	Other assets

Operating lease current liabilities	$	11.3	$	10.1	Accrued expenses
Operating lease non-current liabilities	28.5		33.8		Other long-term liabilities
Total operating lease liabilities	$	39.8	$	43.9

Finance Leases:
Finance lease assets	$	0.5	$	0.7	Property, plant and equipment, net

Finance lease current liabilities	$	0.3	$	0.5	Current maturities of long-term debt
Finance lease non-current liabilities	0.2		0.2		Long-term debt
Total finance lease liabilities	$	0.5	$	0.7

The weighted average remaining lease terms (years) of our leases as of December 31, 2023 and December 31, 2022, were as follows:


	December 31,
	2023	2022
Operating Leases	5.5	6.0
Finance Leases	1.9	1.7

Finance Lease Maturities

The future minimum payments under our operating and finance leases were as follows as of December 31, 2023:


	Operating Leases		Finance Leases		Total

Next 12 months	$	12.4	$	0.3	$	12.7
12 to 24 months	7.8		0.1		7.9
24 to 36 months	6.1		0.1		6.2
36 to 48 months	5.5		—		5.5
48 to 60 months	4.8		—		4.8
Thereafter	7.0		—		7.0
Total lease payments	43.6		0.5		44.1
Less imputed interest	3.8		—		3.8
Total	$	39.8	$	0.5	$	40.3

Operating Lease Maturities

The future minimum payments under our operating and finance leases were as follows as of December 31, 2023:


	Operating Leases		Finance Leases		Total

Next 12 months	$	12.4	$	0.3	$	12.7
12 to 24 months	7.8		0.1		7.9
24 to 36 months	6.1		0.1		6.2
36 to 48 months	5.5		—		5.5
48 to 60 months	4.8		—		4.8
Thereafter	7.0		—		7.0
Total lease payments	43.6		0.5		44.1
Less imputed interest	3.8		—		3.8
Total	$	39.8	$	0.5	$	40.3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended			12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Oct. 02, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 02, 2023
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Amortization of intangible assets				$ 43,900,000	$ 28,500,000	$ 21,600,000
Estimated amortization expense
2024				46,000,000.0
2025				46,000,000.0
2026				46,000,000.0
2027				46,000,000.0
2028				46,000,000.0
Aggregate carrying value of definite lived intangible assets	$ 232,900,000			459,500,000	232,900,000
Goodwill	455,300,000	$ 457,300,000		704,800,000	455,300,000	457,300,000
Goodwill resulting from business combinations				243,200,000	19,900,000
Impairment of goodwill and intangible assets				0	13,400,000	30,000,000.0
Impairments				0	12,000,000.0
Impairment charges				$ 0	300,000	0
Minimum
Estimated amortization expense
Percentage fair value of each reporting unit exceeds carrying value				30.00%
ASPEQ Parent Holdings, Inc.
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Amortization of intangible assets				$ 13,200,000
Estimated amortization expense
Goodwill				191,100,000			$ 191,100,000
Goodwill resulting from business combinations				191,100,000
ULC Robotics
Estimated amortization expense
Contingent consideration, reversal of liability		24,300,000	$ 24,300,000			24,300,000
Impairments		5,200,000
Impairment charges					500,000	500,000
Trademarks
Estimated amortization expense
Trademarks	168,700,000			221,300,000	168,700,000
Impairment charges				0.0	500,000	500,000
Trademarks \| ASPEQ Parent Holdings, Inc.
Estimated amortization expense
Finite-lived intangible assets acquired				51,500,000
Cincinnati Fan and TAMCO
Estimated amortization expense
Goodwill				106,700,000
ULC Robotics
Estimated amortization expense
Goodwill	0				0
Impairment of goodwill and intangible assets	12,900,000		24,300,000
Impairments	12,000,000.0	4,900,000	$ 23,300,000
ULC Robotics \| Trademarks
Estimated amortization expense
Impairment of goodwill and intangible assets					12,900,000	29,500,000
Other indefinite-lived intangible assets	900,000	300,000
HVAC reportable segment
Estimated amortization expense
Aggregate carrying value of definite lived intangible assets				336,700,000
Trademarks				156,700,000
Goodwill	201,300,000	194,800,000		445,900,000	201,300,000	194,800,000
Goodwill resulting from business combinations				242,400,000	8,900,000
Impairments				0	0
Detection and Measurement reportable segment
Estimated amortization expense
Aggregate carrying value of definite lived intangible assets				122,800,000
Trademarks				64,600,000
Goodwill	$ 254,000,000.0	$ 262,500,000		258,900,000	254,000,000.0	$ 262,500,000
Goodwill resulting from business combinations				800,000	11,000,000.0
Impairments				$ 0	$ 12,000,000.0

Contingent Liabilities and Other Matters - Claim for Contingent Consideration related to ULC (Details) - ULC Robotics - USD ($) $ in Millions	Aug. 23, 2022	Oct. 02, 2021	Sep. 30, 2020
Loss Contingencies [Line Items]
Contingent consideration		$ 24.3
Deferred payment	$ 15.0		$ 45.0

Shareholders' Equity and Long-Term Incentive Compensation - Components Used for Calculation of Basic and Diluted Income (Loss) (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Income from continuing operations	$ 144.7	$ 19.8	$ 59.0
Income (loss) from discontinued operations, net of tax	$ (54.8)	$ (19.6)	$ 366.4
Denominator:
Weighted-average number of common shares used in basic income per share (in shares)	45,545	45,345	45,289
Dilutive securities — Employee stock options and restricted stock units (in shares)	1,067	876	1,206
Weighted-average number of common shares and dilutive securities used in diluted income per share (in shares)	46,612	46,221	46,495

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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+ Details

Special Charges, Net

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Special Charges, Net

As part of our business strategy, we periodically right-size and consolidate operations to improve long-term results. Additionally, from time to time, we alter our business model to better serve customer demand, discontinue lower-margin product lines and rationalize and consolidate manufacturing capacity. Our restructuring and integration decisions are based, in part, on discounted cash flows and are designed to achieve our goals of reducing structural footprint and maximizing profitability. As a result of our strategic review process, we recorded net special charges of $0.8 in 2023, $0.4 in 2022, and $1.0 in 2021. These net special charges were primarily related to restructuring initiatives to consolidate manufacturing and sales facilities, reduce workforce, and rationalize certain product lines.

The components of the charges have been computed based on actual cash payouts, including severance and other employee benefits based on existing severance policies, local laws, and other estimated exit costs, and our estimate of the realizable value of the affected tangible assets.

Impairments of long-lived assets, which represent non-cash asset write-downs, typically arise from business restructuring decisions that lead to the disposition of assets no longer required in the restructured business. For these situations, we recognize a loss when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Fair values for assets subject to impairment testing are determined primarily by management, taking into consideration various factors including third-party appraisals, quoted market prices and previous experience. If an asset remains in service at the decision date, the asset is written down to its fair value and the resulting net book value is depreciated over its remaining economic useful life. When we commit to a plan to sell an asset, including the initiation of a plan to locate a buyer, and it is probable that the asset will be sold within one year based on its current condition and sales price, depreciation of the asset is discontinued and the asset is classified as an asset held for sale. The asset is written down to its fair value less any selling costs.

Liabilities for exit costs, including, among other things, severance, other employee benefit costs, and operating lease obligations on idle facilities, are measured initially at their fair value and recorded when incurred.

We anticipate that the liabilities related to restructuring actions will be paid within one year from the period in which the action was initiated.

Special charges for the years ended December 31, 2023, 2022 and 2021 are described in more detail below and in the applicable sections that follow:


	Years Ended December 31,
	2023		2022		2021
Employee termination costs	$	0.8	$	0.1	$	1.0


Non-cash asset write-downs	—		0.3		—
Total	$	0.8	$	0.4	$	1.0

2023 Charges:


	Employee Termination Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.1	$	—	$	—	$	0.1
Detection and Measurement reportable segment	0.7		—		—		0.7
Corporate	—		—		—		—
Total	$	0.8	$	—	$	—	$	0.8

HVAC – Charges for 2023 related to severance costs associated with a restructuring action at one of the segment’s cooling businesses. This action resulted in the termination of 1 employee.

Detection & Measurement – Charges for 2023 related to severance costs associated with a restructuring action at one of the segment's location and inspection businesses. This action resulted in the termination of 14 employees.

2022 Charges:


	Employee Termination Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.1	$	—	$	—	$	0.1
Detection and Measurement reportable segment	—		—		0.3		0.3
Corporate	—		—		—		—
Total	$	0.1	$	—	$	0.3	$	0.4

HVAC – Charges for 2022 related to severance costs associated with a restructuring action at one of the segment’s cooling businesses. This action resulted in the termination of 2 employees.

Detection & Measurement – Charges for 2022 related to asset impairment charges associated with the relocation of certain operations at the segment’s aids to navigation business.

2021 Charges:


	Employee Termination Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.1	$	—	$	—	$	0.1
Detection and Measurement reportable segment	0.9		—		—		0.9
Corporate	—		—		—		—
Total	$	1.0	$	—	$	—	$	1.0

HVAC — Charges for 2021 related to severance costs associated with a restructuring action at one of the segment’s heating businesses. This action resulted in the termination of 6 employees.

Detection & Measurement — Charges for 2021 related primarily to severance costs associated with restructuring actions at the segment's location and inspection businesses. The action resulted in the termination of 44 employees.

The following is an analysis of our restructuring liabilities for the years ended December 31, 2023, 2022 and 2021:



	2023		2022		2021
Balance at beginning of year	$	—	$	0.3	$	0.9
Special charges (1)	0.8		0.1		1.0
Utilization — cash	(0.1)		(0.4)		(1.6)

Balance at the end of year	$	0.7	$	—	$	0.3

___________________________________________________________________

(1)The year ended December 31, 2022 excluded $0.3 of non-cash charges that impacted special charges but not the restructuring liabilities.

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

•Level 1 — Quoted prices for identical instruments in active markets.

•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•Level 3 — Significant inputs to the valuation model are unobservable.

There were no changes during the periods presented to the valuation techniques we use to measure asset and liability fair values on a recurring basis. There were no transfers between the three levels of the fair value hierarchy for the periods presented.

Valuation Methods Used to Measure Fair Value on a Non-Recurring Basis

Parent Guarantees and Bonds Associated with Balcke Dürr — In connection with the 2016 sale of Balcke Dürr, existing parent company guarantees and bank surety bonds, which totaled approximately Euro 79.0 and Euro 79.0, respectively, remained in place at the time of sale. These guarantees and bonds provided protections for Balcke Dürr customers in regard to advance payments, performance, and warranties on projects in existence at the time of sale. In addition, certain bonds related to lease

obligations and foreign tax matters in existence at the time of sale. Balcke Dürr and the acquirer of Balcke Dürr provided us an indemnity in the event that any of the bonds were called or payments were made under the guarantees. In connection with the sale, we recorded a liability for the estimated fair value of the guarantees and bonds for the estimated fair value of the cash collateral and indemnities provided. As of December 31, 2021, the guarantees had expired and bonds had been returned. Summarized below is the liability along with the change in the liability during 2021.


		Year ended
	December 31, 2021
		Guarantees and Bonds Liability
Balance at beginning of year		$	1.8
Reduction/Amortization for the period (1)		(1.7)
Impact of changes in foreign currency rates		(0.1)
Balance at end of period		$	—

___________________________

(1) We reduced the liability generally at the earlier of the completion of the related underlying project milestones or the expiration of the guarantees or bonds. We recorded the reduction of the liability to “Other income (expense), net.”

Contingent Consideration for the Sensors & Software, ECS, and ULC Acquisitions — In connection with the acquisition of Sensors & Software in 2020, the sellers were eligible for additional cash consideration of up to $3.8, with payment of such contingent consideration dependent upon the achievement of certain milestones. The fair value of contingent consideration totaled $1.3, and was paid during 2022.

In connection with the acquisition of ECS in 2021, the seller was eligible for additional cash consideration of up to $16.0, with payment of such contingent consideration dependent upon the achievement of certain milestones. During 2021, we concluded that the probability of achieving the financial performance milestones had lessened due to a delay in the execution of certain large orders, resulting in a reduction of the contingent fair value/liability of $6.7. During the first and second quarters of 2022, we concluded the probability of achieving the financial performance milestones had lessened due to additional delays in the execution of certain large orders. Thus, during 2022 we reduced the fair value/liability by $1.3, with such amounts recorded to “Other operating income (expense), net.” The estimated fair value of such contingent consideration was $0.0 at December 31, 2023 and December 31, 2022 as we determined no additional cash consideration was due to the seller.

As it relates to the ULC acquisition, and as indicated in Note 10, we concluded during the third quarter of 2021 that the operating and financial milestones related to the ULC contingent consideration were not achieved, resulting in the reversal of the related liability of $24.3.

We estimate the fair value of contingent consideration based on the probability of the acquired business achieving the applicable milestones.

Goodwill, Indefinite-Lived Intangible and Other Long-Lived Assets — Certain of our non-financial assets are subject to impairment analysis, including long-lived assets, indefinite-lived intangible assets and goodwill. We review the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually for indefinite-lived intangible assets and goodwill. Any resulting asset impairment would require that the instrument be recorded at its fair value. Refer to Note 10 for additional details.

Valuation Methods Used to Measure Fair Value on a Recurring Basis

Derivative Financial Instruments — Our financial derivative assets and liabilities include commodity contracts (until the sale of Transformer Solutions), interest rate swaps, and FX forward contracts, valued using models based on observable market inputs such as forward rates, interest rates, our own credit risk and the credit risk of our counterparties, which comprise investment-grade financial institutions. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. We have not made any adjustments to the inputs obtained from the independent sources. Based on our continued ability to enter into forward contracts, we consider the markets for our fair value instruments active. We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount.

As of December 31, 2023, there had been no significant impact to the fair value of our derivative liabilities due to our own credit risk, as the related instruments are collateralized under our senior credit facilities. Similarly, there had been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.

Equity Security — We estimate the fair value of an equity security that we hold utilizing a practical expedient under existing guidance, with such estimated fair value based on our ownership percentage applied to the net asset value as provided quarterly by the investee. The value is updated annually, during the first quarter, based on the investee’s most recent audited financial statements.

During the years ended December 31, 2023, 2022, and 2021, we recorded gains (losses) of $3.6, $(3.0) and $11.8, respectively, to “Other income (expense), net” related to changes in the estimated fair value of such equity security. As of December 31, 2023 and 2022, the equity security had an estimated fair value of $39.4 and $35.8, respectively, recorded in “Other assets” on the consolidated balance sheets. We are restricted from transferring this investment without approval of the manager of the investee.

Indebtedness — The estimated fair value of our debt instruments as of December 31, 2023 and December 31, 2022 approximated the related carrying values due primarily to the variable market-based interest rates for such instruments. See Note 13 for further details.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Shareholders' Equity and Long-Term Incentive Compensation - Common Stock and Treasury Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	45,291,989	45,468,000	45,032,000.000
Balance at the beginning of the period (in shares)	(8,058,929)
Restricted stock shares and restricted stock units (in shares)	115,000	191,000	130,000
Stock repurchases (in shares)		(707,000)
Other (in shares)	268,000	340,000	306,000
Balance at the end of the period (in shares)	45,674,572	45,291,989	45,468,000
Balance at the end of the period (in shares)	(7,944,148)	(8,058,929)
Common Stock
Class of Stock [Line Items]
Authorized shares (in shares)	200,000,000.0
Par value (in dollars per share)	$ 0.01
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	53,351,000	53,011,000.000	52,705,000
Restricted stock shares and restricted stock units (in shares)	0	0	0
Stock repurchases (in shares)		0
Other (in shares)	268,000	340,000	306,000
Balance at the end of the period (in shares)	53,619,000	53,351,000	53,011,000.000
Treasury Stock
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	8,059,000.000	7,543,000	7,673,000
Restricted stock shares and restricted stock units (in shares)	115,000	191,000	130,000
Stock repurchases (in shares)		(707,000)
Other (in shares)	0	0	0
Balance at the end of the period (in shares)	7,944,000	8,059,000.000	7,543,000

Employee Benefit Plans - Obligations and Funded Status Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension plans
Employee benefit plans
Non-funded plan, current underfunded status	$ 46.3

Shareholders' Equity and Long-Term Incentive Compensation - Summary of Reclassified Components of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 27.2	$ 9.3	$ 13.1
Other income (expense), net	10.1	15.2	(9.0)
Pre-tax	(186.3)	(27.1)	(69.9)
Income taxes	41.6	7.3	10.9
Net Income (Loss) Attributable to Parent	(89.9)	(0.2)	$ (425.4)
(Gains) losses on qualifying cash flow hedges \| Amount Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pre-tax	(9.3)	(1.6)
Income taxes	2.5	0.4
Net Income (Loss) Attributable to Parent	(6.8)	(1.2)
(Gains) losses on qualifying cash flow hedges \| Amount Reclassified from AOCI \| FX forward contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	0.0	(0.1)
(Gains) losses on qualifying cash flow hedges \| Amount Reclassified from AOCI \| Swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(9.3)	(1.5)
Gains on pension and postretirement items: \| Amount Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net	(3.9)	(4.4)
Income taxes	0.9	1.0
Net Income (Loss) Attributable to Parent	$ (3.0)	$ (3.4)

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 12.1	$ 11.4
Operating cash flows from finance leases	0.0	0.0
Financing cash flows used in finance leases	0.5	0.4
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	6.3	16.4
Finance lease right-of-use assets obtained in exchange for new lease obligations	$ 0.3	$ 0.0

Indebtedness

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Indebtedness

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2023:


	December 31, 2022		Borrowings		Repayments		Other (6)		December 31, 2023
Revolving loans(1)	$	—	$	569.1	$	(569.1)	$	—	$	—
Term loans (2)(3)	244.3		300.0		(3.4)		(1.0)		539.9
Trade receivables financing arrangement (4)	—		178.0		(162.0)		—		16.0
Other indebtedness (5)	2.5		0.3		(0.7)		0.3		2.4
Total debt	246.8		$	1,047.4	$	(735.2)	$	(0.7)	558.3
Less: short-term debt	1.8								17.9
Less: current maturities of long-term debt	2.0								17.3
Total long-term debt	$	243.0							$	523.1

_____________________________________________________________

(1)The revolving loan facility was utilized as the initial funding mechanism for the TAMCO and ASPEQ acquisitions and was repaid with the funds borrowed on the Incremental Term Loan (see additional discussion below) and cash generated from operations.

(2)As noted below, we amended our senior credit agreement on April 21, 2023, with the amendment making available an incremental term loan facility (“Incremental Term Loan”) in the amount of $300.0. The proceeds from the Incremental Term Loan were primarily used to fund the acquisition of ASPEQ.

(3)The term loans are repayable in quarterly installments equal to 0.625% of the initial term loan balances of $545.0, beginning in December 2023 and in each of the first three quarters of 2024, and 1.25% during the fourth quarter of 2024, all quarters of 2025 and 2026, and the first two quarters of 2027. The remaining balances are payable in full on August 12, 2027. Balances are net of unamortized debt issuance costs of $1.7 and $0.7 at December 31, 2023 and December 31, 2022, respectively.

(4)Under this arrangement, we can borrow, on a continuous basis, up to $60.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses. At December 31, 2023, we had $44.0 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $16.0.

(5)Primarily includes balances under a purchase card program of $1.9 and $1.8 and finance lease obligations of $0.5 and $0.7 at December 31, 2023 and December 31, 2022, respectively. The purchase card program allows for payment beyond the normal

payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.

(6)“Other” includes the impact of amortization of debt issuance costs associated with the term loans. During the second quarter of 2023 we capitalized $1.3 of debt issuance costs associated with the Incremental Term Loan.

Maturities of long-term debt payable during each of the five years subsequent to December 31, 2023 are $17.3, $27.4, $27.4, $470.0, and $0.0, respectively.

Senior Credit Facilities

On April 21, 2023 (the “Incremental Amendment Effective Date”), we entered into an Incremental Facility Activation Notice (the “Incremental Amendment”) with Bank of America, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto, which amends the Amended and Restated Credit Agreement, dated as of August 12, 2022 (as amended, the “Credit Agreement”), among the Company, the lenders party thereto, Deutsche Bank AG, as foreign trade facility agent, and the Administrative Agent.

The Incremental Amendment provides for an Incremental Term Loan in the aggregate amount of $300.0, which was available in up to three drawings (subject to customary conditions) from the Incremental Amendment Effective Date to October 18, 2023. The proceeds of the Incremental Term Loan were available to be used to finance, in part, permitted acquisitions, to pay related fees, costs and expenses and for other lawful corporate purposes. The Incremental Term Loan will mature on August 12, 2027. We may voluntarily prepay the Incremental Term Loan, in whole or in part, without premium or penalty. In June 2023, we borrowed $300.0 under the Incremental Term Loan in connection with the ASPEQ acquisition.

The credit facilities (the “Senior Credit Facilities”) under the Credit Agreement consist of the following at December 31, 2023 (each with a final maturity of August 12, 2027):

•Term loan facilities in an aggregate principal amount of $545.0 ($245.0 and $300.0 related to our original term loan and the Incremental Term Loan, respectively);

•A multicurrency revolving credit facility, available for loans and letters of credit in Dollars, Euro, Sterling and other currencies, in an aggregate principal amount up to the equivalent of $500.0 (with sub-limits equal to the equivalents of $200.0 for financial letters of credit, $50.0 for non-financial letters of credit, and $150.0 for non-U.S. exposure); and

•A bilateral foreign credit instrument facility, available for performance letters of credit and bank undertakings, in an aggregate principal amount in various currencies up to the equivalent of $25.0.

The Credit Agreement also:

•Requires that we maintain a Consolidated Leverage Ratio (defined in the Credit Agreement) as of the last day of any fiscal quarter of not more than 3.75 to 1.00 (or (i) 4.00 to 1.00 for the four fiscal quarters after certain permitted acquisitions or (ii) 4.25 to 1.00 for the four fiscal quarters after certain permitted acquisitions with a minimum amount financed by unsecured debt);

•Requires that we maintain a Consolidated Interest Coverage Ratio (defined in the Credit Agreement) as of the last day of any fiscal quarter of at least 3.00 to 1.00;

•Allows SPX to seek additional commitments, without consent from the existing lenders, to add incremental term loan facilities and/or increase the commitments in respect of the revolving credit facility and/or the bilateral foreign credit instrument facility by up to an aggregate principal amount not to exceed (x) the greater of (i) $200.0 and (ii) the amount of Consolidated EBITDA (as defined in the Credit Agreement) for the four fiscal quarters ended most recently before the date of determination, plus (y) an unlimited amount so long as, immediately after giving effect thereto, our Consolidated Senior Secured Leverage Ratio (defined in the Credit Agreement generally as the ratio of consolidated total debt (excluding the face amount of undrawn letters of credit, bank undertakings, or analogous instruments and net of unrestricted cash and cash equivalents) at the date of determination secured by liens to Consolidated EBITDA for the four fiscal quarters ended most recently before such date) does not exceed 2.75:1.00, plus (z) an amount equal to all voluntary prepayments of the term loan facility and voluntary prepayments accompanied by permanent commitment reductions of the revolving credit facility and foreign credit instrument facility; and

•Establishes per annum fees charged and applies interest rate margins to all the credit facilities under the Credit Agreement, other than the Incremental Term Loan, as follows:


Consolidated Leverage Ratio	Revolving Commitment Fee		Financial Letter of Credit Fee		Foreign Credit Instrument (“FCI”) Commitment Fee		FCI Fee and Non-Financial Letter of Credit Fee		Term Secured Overnight Financing Rate (“SOFR”) Loans/Alternative Currency Loans		ABR Loans
Greater than or equal to 3.00 to 1.00	0.275	%	1.750	%	0.275	%	1.000	%	1.750	%	0.750	%
Between 2.00 to 1.00 and 3.00 to 1.00	0.250	%	1.500	%	0.250	%	0.875	%	1.500	%	0.500	%
Between 1.50 to 1.00 and 2.00 to 1.00	0.225	%	1.375	%	0.225	%	0.800	%	1.375	%	0.375	%
Less than 1.50 to 1.00	0.200	%	1.250	%	0.200	%	0.750	%	1.250	%	0.250	%

The commitment fee rate and interest rate margins for the Incremental Term Loan are as follows:


Consolidated Leverage Ratio	Commitment Fee		Term SOFR Loans		ABR Loans
Less than 2.00 to 1.0	0.225	%	1.500	%	0.500	%
Greater than or equal to 2.00 to 1.0 but less than 3.00 to 1.0	0.250	%	1.625	%	0.625	%
Greater than or equal to 3.00 to 1.0	0.275	%	1.875	%	0.875	%

The interest rates applicable to loans under the Senior Credit Facilities are, at our option, equal to either (i) an alternate base rate (the highest of (a) the federal funds effective rate plus 0.5%, (b) the prime rate of Bank of America, N.A., and (c) the one-month Term SOFR rate plus 1.0%) or (ii) the Term SOFR rate for the applicable interest period plus 0.1%, plus, in each case, an applicable margin percentage, which varies based on the Consolidated Leverage Ratio (defined in the Credit Agreement generally as the ratio of consolidated total debt (excluding the face amount of undrawn letters of credit, bank undertakings or analogous instruments and net of unrestricted cash and cash equivalents) at the date of determination to Consolidated EBITDA for the four fiscal quarters ended most recently before such date). The interest rates applicable to loans in other currencies under the Senior Credit Facilities are, at the applicable borrower’s option, equal to either (a) an adjusted alternative currency daily rate or (b) an adjusted alternative currency term rate for the applicable interest period, plus, in each case, the applicable margin percentage. The borrowers may elect interest periods of one, three or six months (and, if consented to by all relevant lenders, any other period not greater than twelve months) for term rate borrowings, subject in each case to availability in the applicable currency.

The weighted-average interest rate of outstanding borrowings under our Senior Credit Facilities was approximately 6.9% at December 31, 2023.

The fees and bilateral foreign credit commitments are as specified above for foreign credit commitments unless otherwise agreed with the bilateral foreign issuing lender. We also pay fronting fees on the outstanding amounts of letters of credit and foreign credit instruments (in the participation facility) at the rates of 0.125% per annum and 0.25% per annum, respectively.

SPX Enterprises, LLC, the direct wholly owned subsidiary of the Company, is the borrower under each of above facilities, and SPX may designate certain foreign subsidiaries to be borrowers under the revolving credit facility and the foreign credit instrument facility. All borrowings and other extensions of credit under the Credit Agreement are subject to the satisfaction of customary conditions, including absence of defaults and accuracy in material respects of representations and warranties.

The letters of credit under the revolving credit facility are stand-by letters of credit requested by SPX on behalf of any of our subsidiaries or certain joint ventures. The foreign credit instrument facility is used to issue foreign credit instruments, including bank undertakings to support our operations.

The Credit Agreement requires mandatory prepayments in amounts equal to the net proceeds from the sale or other disposition of (including from any casualty to, or governmental taking of) property in excess of specified values (other than in the ordinary course of business and subject to other exceptions) by SPX. Mandatory prepayments will be applied first to repay amounts outstanding under any term loans and then to amounts outstanding under the revolving credit facility (without reducing the commitments thereunder). No prepayment is required generally to the extent the net proceeds are reinvested (or committed to be reinvested) in permitted acquisitions, permitted investments or assets to be used in the business of SPX within 360 days (and if committed to be reinvested, actually reinvested within 180 days after the end of such 360-day period) of the receipt of such proceeds.

We may voluntarily prepay loans under the Credit Agreement, in whole or in part, without premium or penalty. Any voluntary prepayment of loans will be subject to reimbursement of the lenders’ breakage costs in the case of a prepayment of term rate borrowings other than on the last day of the relevant interest period. Indebtedness under the Credit Agreement is guaranteed by:

•Each existing and subsequently acquired or organized domestic material subsidiary with specified exceptions; and

•SPX with respect to the obligations of our foreign borrower subsidiaries under the revolving credit facility and the bilateral foreign credit instrument facility.

Indebtedness under the Credit Agreement is secured by a first priority pledge and security interest in 100% of the capital stock of our domestic subsidiaries (with certain exceptions) or our domestic subsidiary guarantors and 65% of the voting capital stock (and 100% of the non-voting capital stock) of material first-tier foreign subsidiaries (with certain exceptions). If SPX obtains a corporate credit rating from Moody’s and S&P and such corporate credit rating is less than “Ba2” (or not rated) by Moody’s and less than “BB” (or not rated) by S&P, then SPX and our domestic subsidiary guarantors are required to grant security interests, mortgages and other liens on substantially all of their assets. If SPX’s corporate credit rating is “Baa3” or better by Moody’s or “BBB-” or better by S&P and no defaults would exist, then all collateral security is to be released and the indebtedness under the Credit Agreement will be unsecured.

The Credit Agreement also contains covenants that, among other things, restrict our ability to incur additional indebtedness, grant liens, make investments, loans, guarantees, or advances, make restricted junior payments, including dividends, redemptions of capital stock, and voluntary prepayments or repurchase of certain other indebtedness, engage in mergers, acquisitions or sales of assets, enter into sale and leaseback transactions, or engage in certain transactions with affiliates, and otherwise restrict certain corporate activities. The Credit Agreement contains customary representations, warranties, affirmative covenants and events of default.

We are permitted under the Credit Agreement to repurchase capital stock and pay cash dividends in an unlimited amount if our Consolidated Leverage Ratio is (after giving pro forma effect to such payments) less than 2.75 to 1.00. If our Consolidated Leverage Ratio is (after giving pro forma effect to such payments) greater than or equal to 2.75 to 1.00, the aggregate amount of such repurchases and dividend declarations cannot exceed (A) $100.0 in any fiscal year plus (B) an additional amount for all such repurchases and dividend declarations made after September 1, 2015 equal to the sum of (i) $100.0 plus (ii) a positive amount equal to 50% of cumulative Consolidated Net Income (as defined in the Credit Agreement generally as consolidated net income subject to certain adjustments solely for the purposes of determining this basket) during the period from September 1, 2015 to the end of the most recent fiscal quarter preceding the date of such repurchase or dividend declaration for which financial statements have been (or were required to be) delivered (or, in case such Consolidated Net Income is a deficit, minus 100% of such deficit) plus (iii) certain other amounts, less our previous usage of such additional amount for certain other investments and restricted junior payments.

At December 31, 2023, we had $489.2 of available borrowing capacity under our revolving credit facilities, after giving effect to $10.8 reserved for outstanding letters of credit. In addition, at December 31, 2023, we had $13.4 of available issuance capacity under our foreign credit instrument facilities after giving effect to $11.6 reserved for outstanding letters of credit.

At December 31, 2023, we were in compliance with all covenants of our Credit Agreement.

As mentioned previously, during the second quarter of 2023, we capitalized $1.3 of debt issuance costs associated with the Incremental Term Loan. In connection with an August 2022 amendment of the Credit Agreement, we recorded charges of $1.1 to “Loss on amendment/refinancing of senior credit agreement” related to the write-off of a portion of the unamortized deferred financing costs totaling $0.7 and transaction costs of $0.4. Additionally, $1.5 of fees paid in connection with the August 2022 amendment were capitalized, with $1.2 related to our revolving loans and $0.3 related to the initial term loan. During 2021, we reduced the issuance capacity of our then-existing foreign credit instrument facilities resulting in a charge of $0.2 to “Loss on amendment/refinancing of senior credit agreement” associated with the write-off of unamortized deferred financing costs.

Other Borrowings and Financing Activities

Certain of our businesses purchase goods and services under a purchase card program allowing for payment beyond their normal payment terms. As of December 31, 2023 and 2022, the participating businesses had $1.9 and $1.8, respectively, outstanding under this arrangement.

We are party to a trade receivables financing agreement, whereby we can borrow, on a continuous basis, up to $60.0. Availability of funds may fluctuate over time given, among other things, changes in eligible receivable balances, but will not

exceed the $60.0 program limit. The facility contains representations, warranties, covenants and indemnities customary for facilities of this type. The facility does not contain any covenants that we view as materially constraining to the activities of our business.

In addition, we maintain uncommitted line of credit facilities in China and South Africa available to fund operations in these regions, when necessary, and at the discretion of the lender. At December 31, 2023, the aggregate amount of borrowing capacity under these facilities was $20.0, while there were no borrowings outstanding.

Company-owned Life Insurance

The Company has investments in COLI policies, which are recorded at their cash surrender value at each balance sheet date. The Company has the ability to monetize its investment in the COLI policies as an additional source of liquidity. At December 31, 2023, the Company had not monetized any of its existing COLI policies’ cash surrender value. See Note 1 for additional details of the COLI policies.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Special Charges, Net - Analysis of Restructuring Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring liabilities
Balance at beginning of year	$ 0.0	$ 0.3	$ 0.9
Special charges	0.8	0.1	1.0
Utilization — cash	(0.1)	(0.4)	(1.6)
Balance at the end of year	$ 0.7	0.0	$ 0.3
Asset impairment charges		$ 0.3

Subsequent Events (Details) - Feb. 07, 2024 $ in Millions, $ in Millions	USD ($)	CAD ($)
Subsequent Event \| Ingénia Technologies Inc.
Subsequent Event [Line Items]
Purchase price	$ 295.7	$ 398.8

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Summarized below is our policy under, as well as the various other disclosures required by, ASC 842.

We have elected to account for lease agreements with lease and non-lease components as a single component for all leases. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term.

We review if an arrangement is a lease at inception and conclude whether the contract contains an identified asset if we have the right to obtain substantially all the economic benefit and direct the use of the asset. Operating leases with right-of-use (“ROU”) assets are reflected within “Other assets,” “Accrued expenses,” and “Other long-term liabilities” within our

consolidated balance sheets. Finance leases are included in “Property, plant and equipment,” “Current maturities of long-term debt,” and “Long-term debt.”

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and the related liabilities are recognized at commencement date based on the present value of lease payments over the lease term. These payments include renewal options when reasonably certain to be exercised, and exclude termination options. As none of our leases provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any prepaid lease payments and excludes lease incentives.

We have operating and finance leases for facilities, equipment, and vehicles. Our leases have remaining lease terms of one year to 10 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the lease within one year. We rent or sublease certain space within our facilities to third parties under operating leases, with the impact of these lease arrangements being immaterial to our consolidated financial statements.

The components of lease expense were as follows:


	Year Ended
	December 31, 2023		December 31, 2022
Operating lease cost (1)	$	15.7	$	15.3
Variable lease cost	0.4		0.4

Finance lease cost:
Amortization of right-of-use assets	$	0.5	$	0.5
Interest on lease liabilities	—		—
Total finance lease cost	$	0.5	$	0.5

__________________________

(1) Includes short-term lease cost of $3.5 and $3.7, for the years ended December 31, 2023 and 2022, respectively.

Supplemental cash flow information related to leases was as follows:


	Year Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	12.1	$	11.4
Operating cash flows from finance leases	—		—
Financing cash flows used in finance leases	0.5		0.4
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	6.3		16.4
Finance lease right-of-use assets obtained in exchange for new lease obligations	0.3		—

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2023		2022
Operating Leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets	$	42.4	$	46.3	Other assets

Operating lease current liabilities	$	11.3	$	10.1	Accrued expenses
Operating lease non-current liabilities	28.5		33.8		Other long-term liabilities
Total operating lease liabilities	$	39.8	$	43.9

Finance Leases:
Finance lease assets	$	0.5	$	0.7	Property, plant and equipment, net

Finance lease current liabilities	$	0.3	$	0.5	Current maturities of long-term debt
Finance lease non-current liabilities	0.2		0.2		Long-term debt
Total finance lease liabilities	$	0.5	$	0.7

The weighted average remaining lease terms (years) of our leases as of December 31, 2023 and December 31, 2022, were as follows:


	December 31,
	2023	2022
Operating Leases	5.5	6.0
Finance Leases	1.9	1.7

The discount rate utilized to determine the present value of lease payments over the lease term is our incremental borrowing rate based on the information available at lease commencement date. In developing the incremental borrowing rate, we considered the interest rate that reflects a term similar to the underlying lease term on a fully collateralized basis. We concluded to apply the incremental borrowing rate at a consolidated portfolio level using a five-year term, as the results did not materially differ upon further stratification. The weighted-average discount rate for our operating leases was 3.2% and 3.0% at December 31, 2023 and 2022, respectively, and finance leases was 3.9% and 2.9% at December 31, 2023 and 2022, respectively.

The future minimum payments under our operating and finance leases were as follows as of December 31, 2023:


	Operating Leases		Finance Leases		Total

Next 12 months	$	12.4	$	0.3	$	12.7
12 to 24 months	7.8		0.1		7.9
24 to 36 months	6.1		0.1		6.2
36 to 48 months	5.5		—		5.5
48 to 60 months	4.8		—		4.8
Thereafter	7.0		—		7.0
Total lease payments	43.6		0.5		44.1
Less imputed interest	3.8		—		3.8
Total	$	39.8	$	0.5	$	40.3

Leases

Summarized below is our policy under, as well as the various other disclosures required by, ASC 842.

consolidated balance sheets. Finance leases are included in “Property, plant and equipment,” “Current maturities of long-term debt,” and “Long-term debt.”

The components of lease expense were as follows:


	Year Ended
	December 31, 2023		December 31, 2022
Operating lease cost (1)	$	15.7	$	15.3
Variable lease cost	0.4		0.4

Finance lease cost:
Amortization of right-of-use assets	$	0.5	$	0.5
Interest on lease liabilities	—		—
Total finance lease cost	$	0.5	$	0.5

__________________________

(1) Includes short-term lease cost of $3.5 and $3.7, for the years ended December 31, 2023 and 2022, respectively.

Supplemental cash flow information related to leases was as follows:


	Year Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	12.1	$	11.4
Operating cash flows from finance leases	—		—
Financing cash flows used in finance leases	0.5		0.4
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	6.3		16.4
Finance lease right-of-use assets obtained in exchange for new lease obligations	0.3		—

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2023		2022
Operating Leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets	$	42.4	$	46.3	Other assets

Operating lease current liabilities	$	11.3	$	10.1	Accrued expenses
Operating lease non-current liabilities	28.5		33.8		Other long-term liabilities
Total operating lease liabilities	$	39.8	$	43.9

Finance Leases:
Finance lease assets	$	0.5	$	0.7	Property, plant and equipment, net

Finance lease current liabilities	$	0.3	$	0.5	Current maturities of long-term debt
Finance lease non-current liabilities	0.2		0.2		Long-term debt
Total finance lease liabilities	$	0.5	$	0.7

The weighted average remaining lease terms (years) of our leases as of December 31, 2023 and December 31, 2022, were as follows:


	December 31,
	2023	2022
Operating Leases	5.5	6.0
Finance Leases	1.9	1.7

The future minimum payments under our operating and finance leases were as follows as of December 31, 2023:


	Operating Leases		Finance Leases		Total

Next 12 months	$	12.4	$	0.3	$	12.7
12 to 24 months	7.8		0.1		7.9
24 to 36 months	6.1		0.1		6.2
36 to 48 months	5.5		—		5.5
48 to 60 months	4.8		—		4.8
Thereafter	7.0		—		7.0
Total lease payments	43.6		0.5		44.1
Less imputed interest	3.8		—		3.8
Total	$	39.8	$	0.5	$	40.3

Income Taxes - Income Taxes (Provision for) Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) from continuing operations:
United States	$ 118.0	$ (37.7)	$ 17.2
Foreign	68.3	64.8	52.7
Income from continuing operations before income taxes	186.3	27.1	69.9
Current:
United States	(51.1)	(18.9)	(5.4)
Foreign	(15.7)	(9.8)	(6.9)
Total current	(66.8)	(28.7)	(12.3)
Deferred and other:
United States	21.3	17.2	0.8
Foreign	3.9	4.2	0.6
Total deferred and other	25.2	21.4	1.4
Total provision	$ (41.6)	$ (7.3)	$ (10.9)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) from Continuing Operations Before Income Taxes and (Provision for) Benefit from Income Taxes

Income (loss) from continuing operations before income taxes and the (provision for) benefit from income taxes consisted of the following:


	Year ended December 31,
	2023		2022		2021
Income (loss) from continuing operations:
United States	$	118.0	$	(37.7)	$	17.2
Foreign	68.3		64.8		52.7
	$	186.3	$	27.1	$	69.9
Provision for income taxes:
Current:
United States	$	(51.1)	$	(18.9)	$	(5.4)
Foreign	(15.7)		(9.8)		(6.9)
Total current	(66.8)		(28.7)		(12.3)
Deferred and other:
United States	21.3		17.2		0.8
Foreign	3.9		4.2		0.6
Total deferred and other	25.2		21.4		1.4
Total provision	$	(41.6)	$	(7.3)	$	(10.9)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate was as follows:


	Year ended December 31,
	2023		2022		2021
Tax at U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of U.S. federal benefit	3.5	%	9.6	%	0.4	%
U.S. credits and exemptions	(2.1)	%	(13.4)	%	(20.4)	%
Foreign earnings/losses taxed at different rates	0.6	%	(9.7)	%	12.6	%
Nondeductible expenses	2.0	%	7.7	%	3.3	%
Adjustments to uncertain tax positions	(0.6)	%	(9.4)	%	(2.4)	%
Changes in valuation allowance (1)	(1.0)	%	(19.6)	%	47.9	%
Share-based compensation	(1.0)	%	(6.4)	%	(1.8)	%


Capital loss (1)	—	%	—	%	(42.5)	%
Goodwill impairment and basis adjustments	—	%	(3.9)	%	7.3	%
Statutory rate changes	—	%	—	%	2.1	%
Adjustments to contingent consideration	—	%	(0.9)	%	(8.9)	%

Non-deductible loss on Asbestos Portfolio Sale (2)	—	%	53.7	%	—	%
Other	(0.1)	%	(1.8)	%	(3.0)	%
	22.3	%	26.9	%	15.6	%

___________________________________________________________________

(1) During the fourth quarter of 2021, we generated a capital loss in connection with the liquidation of certain recently acquired entities. All but $2.0 of the income tax benefit associated with the capital loss has been reflected in “Gain (loss) from discontinued operations, net of tax” in the accompanying consolidated statement of operations for the year ended December 31, 2021. As such, the capital loss had only a minimal impact on our effective income tax rate for continuing operations during the year ended December 31, 2021.

(2) The income tax benefit associated with the loss of $73.9 on the Asbestos Portfolio Sale totaled $1.1.

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities were as follows:


	As of December 31,
	2023		2022
Deferred tax assets:
NOL and credit carryforwards	$	88.9	$	77.3
Pension, other postretirement and postemployment benefits	26.8		26.1
Payroll and compensation	18.6		15.6
Legal, environmental and self-insurance accruals	23.4		15.7
Working capital accruals	20.0		17.5
Research and experimental expenditures	25.6		13.6

Other	4.3		8.1
Total deferred tax assets	207.6		173.9
Valuation allowance	(75.2)		(69.1)
Net deferred tax assets	132.4		104.8
Deferred tax liabilities:
Intangible assets recorded in acquisitions	159.4		84.5
Basis difference in affiliates	17.4		15.3
Accelerated depreciation	16.1		14.4

Other	9.0		16.2
Total deferred tax liabilities	201.9		130.4
	$	(69.5)	$	(25.6)

Schedule of Changes in Unrecognized Tax Benefits

The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2023, 2022, and 2021 were as follows:


	Year ended December 31,
	2023		2022		2021
Unrecognized tax benefit — opening balance	$	4.5	$	7.1	$	13.6
Gross increases — tax positions in prior period	—		—		0.7
Gross decreases — tax positions in prior period	(1.1)		(0.7)		(6.4)
Gross increases — tax positions in current period	0.1		0.1		0.2
Settlements	(1.0)		—		—
Statute expirations	(0.3)		(1.9)		(1.1)

Change due to foreign currency exchange rates	—		(0.1)		0.1
Unrecognized tax benefit — ending balance	$	2.2	$	4.5	$	7.1

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and equivalents	$ 99.4	$ 147.8
Accounts receivable, net	279.8	263.5
Contract assets	16.6	23.9
Inventories, net	276.7	244.0
Other current assets	37.1	41.9
Total current assets	709.6	721.1
Property, plant and equipment:
Land	17.9	13.9
Buildings and leasehold improvements	73.4	63.7
Machinery and equipment	264.4	233.4
Property, plant and equipment, gross	355.7	311.0
Accumulated depreciation	(215.2)	(201.1)
Property, plant and equipment, net	140.5	109.9
Goodwill	704.8	455.3
Intangibles, net	680.8	401.6
Other assets	188.9	197.4
Deferred income taxes	4.0	2.7
Assets of DBT and Heat Transfer (includes cash and equivalents of $5.5 and $9.3 at December 31, 2023 and 2022, respectively) (Note 4)	11.1	42.9
TOTAL ASSETS	2,439.7	1,930.9
Current liabilities:
Accounts payable	118.7	124.5
Contract liabilities	73.5	52.8
Accrued expenses	168.5	148.0
Income taxes payable	5.3	4.7
Short-term debt	17.9	1.8
Current maturities of long-term debt	17.3	2.0
Total current liabilities	401.2	333.8
Long-term debt	523.1	243.0
Deferred and other income taxes	77.0	34.8
Other long-term liabilities	204.1	208.3
Liabilities of DBT and Heat Transfer (Note 4)	39.7	31.8
Total long-term liabilities	843.9	517.9
Commitments and contingent liabilities (Note 15)
Stockholders' equity:
Common stock (53,618,720 and 45,674,572 issued and outstanding at December 31, 2023, respectively, and 53,350,918 and 45,291,989 issued and outstanding at December 31, 2022, respectively)	0.5	0.5
Paid-in capital	1,353.6	1,338.3
Retained earnings (deficit)	38.3	(51.6)
Accumulated other comprehensive income	261.1	257.5
Common stock in treasury (7,944,148 and 8,058,929 shares at December 31, 2023 and 2022 respectively)	(458.9)	(465.5)
Total stockholders' equity	1,194.6	1,079.2
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,439.7	$ 1,930.9

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax	$ 0.9	$ 1.0	$ 1.2
Cash flow hedge, gain (loss) tax	$ 1.9	$ (3.6)	$ (1.5)

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale - Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Acquisitions, Dispositions and Discontinued Operations [Abstract]
Revenues	$ 1,788.4	$ 1,564.7
Income (loss) from continuing operations	150.4	(3.8)
Net income (loss)	$ 95.6	$ (23.4)
Income (loss) from continuing operations per share of common stock basic (in dollars per share)	$ 3.30	$ (0.08)
Income (loss) from continuing operations per share of common stock diluted (in dollars per share)	3.23	(0.08)
Net income (loss) per share of common stock basic (in dollars per share)	2.10	(0.52)
Net income (loss) per share of common stock diluted (in dollars per share)	$ 2.05	$ (0.52)

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 1,741.2	$ 1,460.9	$ 1,219.5
Costs and expenses:
Cost of products sold	1,071.2	937.0	787.7
Selling, general and administrative	394.4	355.7	309.6
Intangible amortization	43.9	28.5	21.6
Impairment of goodwill and intangible assets	0.0	13.4	30.0
Special charges, net	0.8	0.4	1.0
Other operating (income) expense, net	9.0	74.9	(4.1)
Operating income	221.9	51.0	73.7
Other income (expense), net	(10.1)	(15.2)	9.0
Interest expense	(27.2)	(9.3)	(13.1)
Interest income	1.7	1.7	0.5
Loss on amendment/refinancing of senior credit agreement	0.0	1.1	0.2
Income from continuing operations before income taxes	186.3	27.1	69.9
Income tax provision	(41.6)	(7.3)	(10.9)
Income from continuing operations	144.7	19.8	59.0
Income from discontinued operations, net of tax	0.0	0.0	5.7
Gain (loss) on disposition of discontinued operations, net of tax	(54.8)	(19.6)	360.7
Gain (loss) from discontinued operations, net of tax	(54.8)	(19.6)	366.4
Net income	$ 89.9	$ 0.2	$ 425.4
Basic income (loss) per share of common stock:
Income from continuing operations (in dollars per share)	$ 3.18	$ 0.44	$ 1.30
Income (loss) from discontinued operations (in dollars per share)	(1.21)	(0.44)	8.09
Net income per share (in dollars per share)	$ 1.97	$ 0	$ 9.39
Weighted-average number of common shares outstanding — basic (in shares)	45,545	45,345	45,289
Diluted income (loss) per share of common stock:
Income from continuing operations (in dollars per share)	$ 3.10	$ 0.43	$ 1.27
Income (loss) from discontinued operations (in dollars per share)	(1.17)	(0.43)	7.88
Net income per share (in dollars per share)	$ 1.93	$ 0	$ 9.15
Weighted-average number of common shares outstanding — diluted (in shares)	46,612	46,221	46,495

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements The following is a summary of new accounting pronouncements that apply or may apply to our business. The London Interbank Offered Rate (“LIBOR”) was discontinued on June 30, 2023. In an effort to address the various challenges created by such discontinuance, the FASB issued three amendments to existing guidance, Accounting Standards update (“ASU”) No. 2020-04, No. 2021-01 and No. 2022-06, Reference Rate Reform. The amended guidance is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, etc.) necessitated by the reference rate reform. It also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by the reference rate reform. Application of the guidance in the amendments is optional, is only available in certain situations, and is only available for companies to apply until December 31, 2024. In conjunction with entering into an amended and restated credit agreement (the “Credit Agreement”) on August 12, 2022, we adopted this guidance with no material impact on our consolidated financial statements. Refer to Note 13 for additional information on the Credit Agreement. In November 2023, the FASB issued ASU No. 2023-07. Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the disclosure impact of ASU 2023-07; however, the standard will not have an impact on the Company’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU No. 2023-09, which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the Company’s consolidated financial position, results of operations or cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Overview — Defined benefit pension plans cover a portion of our salaried and hourly paid employees, including certain employees in foreign countries. Beginning in 2001, we discontinued providing these pension benefits generally to newly hired employees. Effective January 31, 2018, we discontinued providing service credits to active participants.

We have domestic postretirement plans that provide health and life insurance benefits to certain retirees and their dependents. Beginning in 2003, we discontinued providing these postretirement benefits generally to newly hired employees.

The plan year-end date for all our plans is December 31.

Actuarial Gains and Losses - As indicated in Notes 1 and 2, changes in fair value of plan assets and actuarial gains and losses related to our pension and postretirement plans are recorded to earnings during the fourth quarter of each year, unless earlier remeasurement is required.

During the fourth quarter of 2023, we initiated the wind-up of our Canadian defined benefit pension plans, collectively the (“Canadian Pension Plans”). The Company is currently seeking regulatory approval for the wind-up, and we expect the process to be completed during 2025. This action had no material impact on the consolidated financial statements for the year ended December 31, 2023.

Defined Benefit Pension Plans

Plan assets — Our investment strategy is based on the long-term growth and protection of principal while mitigating overall risk to ensure that funds are available to pay benefit obligations. The domestic plan assets are invested in a broad range of

investment classes, including fixed income securities and domestic and international equities. We engage various investment managers who are regularly evaluated on long-term performance, adherence to investment guidelines and the ability to manage risk commensurate with the investment style and objective for which they were hired. We continuously monitor the value of assets by class and routinely rebalance our portfolio with the goal of meeting our target allocations.

The strategy for bonds emphasizes investment-grade corporate and government debt with maturities matching the longer duration pension liabilities. The bonds strategy also includes a high yield element, although minimal, which is generally shorter in duration. The strategy for equity assets is to minimize concentrations of risk by investing primarily in companies in a diversified mix of industries worldwide, while targeting neutrality in exposure to global versus regional markets, fund types and fund managers. A small portion of U.S. plan assets is allocated to private equity partnerships and real estate asset fund investments (Level 3 assets) for diversification, providing opportunities for above market returns.

Allowable investments under the plan agreements include fixed income securities, equity securities, mutual funds, venture capital funds, real estate and cash and equivalents. In addition, investments in futures and option contracts, commodities and other derivatives are allowed in commingled fund allocations managed by professional investment managers. Investments prohibited under the plan agreements include private placements and short selling of stock. No shares of our common stock were held by our defined benefit pension plans as of December 31, 2023 or 2022.

Domestic Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2023		2022		2023
Fixed income common trust funds	53	%	68	%	65	%
Commingled global fund allocation	4	%	6	%	6	%

Global equity common trust funds	19	%	15	%	15	%

U.S. Government securities	20	%	8	%	12	%
Short-term investments and other (1)	4	%	3	%	2	%

Total	100	%	100	%	100	%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

Foreign Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2023		2022		2023
Global equity common trust funds	3	%	11	%	3	%

Fixed income common trust funds	73	%	65	%	72	%
Commingled global fund allocation	15	%	23	%	17	%


Short-term investments (1)	9	%	1	%	8	%
Total	100	%	100	%	100	%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

The fair values of pension plan assets at December 31, 2023, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	180.3	$	—	$	180.3	$	—


U.S. Government securities	34.4		—		34.4		—
Equity securities:
Global equity common trust funds (1) (3)	36.4		—		36.4		—








Alternative investments:
Commingled global fund allocations (1) (4)	26.1		—		26.1		—
Other:
Short-term investments (5)	17.4		14.7		2.7		—
Other	0.9		—		—		0.9
Total	$	295.5	$	14.7	$	279.9	$	0.9

The fair values of pension plan assets at December 31, 2022, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	196.4	$	—	$	196.4	$	—

Non-U.S. Government securities	0.3		—		0.3		—
U.S. Government securities	13.9		—		13.9		—
Equity securities:
Global equity common trust funds (1) (3)	38.0		—		38.0		—
Alternative Investments:








Commingled global fund allocations (1) (4)	37.2		—		37.2		—
Other:
Short-term investments (5)	6.0		6.0		—		—
Other	0.9		—		—		0.9
Total	$	292.7	$	6.0	$	285.8	$	0.9

___________________________________________________________________

(3)This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures.

(5)Amounts are generally invested in actively managed common trust funds or interest-bearing accounts.

Employer Contributions — We currently fund U.S. pension plans in amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, plus additional amounts that may be approved from time to time. During 2023, we made no contributions to our qualified domestic pension plans and made direct benefit payments of $5.4 to our non-qualified domestic pension plans. In 2024, we do not expect to make any minimum required funding contributions to our

qualified domestic pension plans and expect to make direct benefit payments of $5.2 to our non-qualified domestic pension plans.

In 2023, we made contributions of $1.8 to our foreign pension plans. In 2024, we expect to make contributions of $1.6 to our foreign pension plans.

Estimated Future Benefit Payments — Following is a summary, as of December 31, 2023, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2023 to measure our obligations.

Estimated future benefit payments:

(Domestic and foreign pension plans)


	Domestic Pension Benefits		Foreign Pension Benefits
2024	$	23.0	$	7.0
2025 (1)	28.0		39.4
2026	28.7		4.1
2027	27.2		4.4
2028	25.7		4.3
Subsequent five years	84.6		24.9

_________________________

(1) Payments for the foreign pension plans include amounts payable of $35.1 in connection with the Canadian Pension Plans wind-up mentioned above.

Obligations and Funded Status — The funded status of our pension plans is dependent upon many factors, including returns on invested assets and the level of market interest rates. Our non-funded pension plans account for $46.3 of the current underfunded status, as these plans are not required to be funded. The following tables show the domestic and foreign pension plans’ funded status and amounts recognized in our consolidated balance sheets:


	Domestic Pension Plans				Foreign Pension Plans
	2023		2022		2023		2022
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	$	246.9	$	335.4	$	109.5	$	182.4

Service cost	—		—		—		—
Interest cost	13.0		10.5		5.6		3.7

Actuarial (gains) losses	7.6		(66.4)		5.4		(52.7)
Settlements	—		(17.1)		—		—


Benefits paid	(21.8)		(15.5)		(6.6)		(6.9)
Foreign exchange and other	—		—		6.3		(17.0)
Projected benefit obligation — end of year	$	245.7	$	246.9	$	120.2	$	109.5

The actuarial gains and losses for all pension plans in 2023 and 2022 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.


	Domestic Pension Plans				Foreign Pension Plans
	2023		2022		2023		2022
Change in plan assets:
Fair value of plan assets — beginning of year	$	176.8	$	260.4	$	115.9	$	193.6
Actual return on plan assets	10.9		(56.6)		6.9		(54.4)
Contributions (employer and employee)	5.4		5.6		1.8		1.0
Settlements	—		(17.1)		—		—
Benefits paid	(21.8)		(15.5)		(6.6)		(6.9)

Foreign exchange and other	—		—		6.2		(17.4)

Fair value of plan assets — end of year	$	171.3	$	176.8	$	124.2	$	115.9
Funded status at year-end	$	(74.4)	$	(70.1)	$	4.0	$	6.4
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	1.9	$	1.8	$	4.1	$	6.5

Accrued expenses	(5.1)		(5.1)		—		—

Other long-term liabilities	(71.2)		(66.8)		(0.1)		(0.1)
Net amount recognized	$	(74.4)	$	(70.1)	$	4.0	$	6.4
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	$	—	$	—	$	1.0	$	1.0

The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2023 and 2022:


	Domestic Pension Plans				Foreign Pension Plans
	2023		2022		2023		2022
Projected benefit obligation	$	241.1	$	242.1	$	0.1	$	0.1
Accumulated benefit obligation	241.1		242.1		0.1		0.1
Fair value of plan assets	164.8		170.2		—		—

The accumulated benefit obligation for all domestic and foreign pension plans was $245.7 and $120.2, respectively, at December 31, 2023 and $246.9 and $109.5, respectively, at December 31, 2022.

Components of Net Periodic Pension Benefit (Income) Expense — Net periodic pension benefit (income) expense for our domestic and foreign pension plans included the following components:

Domestic Pension Plans


	Year ended December 31,
	2023		2022		2021
Service cost	$	—	$	—	$	—
Interest cost	13.0		10.5		8.4
Expected return on plan assets	(8.8)		(8.2)		(8.7)
Amortization of unrecognized prior service credits	—		(0.1)		(0.1)
Recognized net actuarial (gains) losses (1)	5.6		(1.6)		(4.2)
Total net periodic pension benefit (income) expense	$	9.8	$	0.6	$	(4.6)

___________________________________________________________________

(1)Consists primarily of our reported actuarial (gains) losses, the difference between actual and expected returns on plan assets, and settlement losses.

Foreign Pension Plans


	Year ended December 31,
	2023		2022		2021
Service cost	$	—	$	—	$	—
Interest cost	5.6		3.7		3.4
Expected return on plan assets	(6.4)		(5.6)		(5.8)
Amortization of unrecognized prior service costs	—		0.1		—
Recognized net actuarial (gains) losses (1)	5.5		6.4		(1.8)
Total net periodic pension benefit (income) expense	$	4.7	$	4.6	$	(4.2)

___________________________________________________________________

(1)Consists of our reported actuarial (gains) losses and the difference between actual and expected returns on plan assets.

Assumptions — Actuarial assumptions used in accounting for our domestic and foreign pension plans were as follows:


	Year ended December 31,
	2023		2022		2021
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate (1)	5.54	%	3.99	%	2.35	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	5.23	%	3.23	%	3.22	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	5.18	%	5.54	%	2.83	%
Rate of increase in compensation levels	N/A		N/A		N/A
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.15	%	2.19	%	1.76	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	6.08	%	3.44	%	3.31	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	4.83	%	5.15	%	2.19	%
Rate of increase in compensation levels	N/A		N/A		N/A

___________________________________________________________________

(1) The discount rate for the year ended December 31, 2022 includes adjustments due to remeasurements in the U.S. Plan during the second and third quarters of 2022.

We review the pension assumptions annually. Pension income or expense for the year is determined using assumptions as of the beginning of the year (except for the effects of recognizing changes in the fair value of plan assets and actuarial gains and losses in the fourth quarter of each year), while the funded status is determined using assumptions as of the end of the year. We determined assumptions and established them at the respective balance sheet date using the following principles: (i) the expected long-term rate of return on plan assets is established based on forward looking long-term expectations of asset returns over the expected period to fund participant benefits based on the target investment mix of our plans and (ii) the discount rate is primarily determined by matching the expected projected benefit obligation cash flows for each of the plans to a yield curve that is representative of long-term, high-quality (rated AA or higher) fixed income debt instruments as of the measurement date.

Postretirement Benefit Plans

Transfer of Retiree Life Insurance Benefits - On February 17, 2022, we transferred our existing liability under the SPX Postretirement Benefit Plans (the “Plans”) for a group of participants with retiree life insurance benefits to an insurance carrier for consideration paid to the insurance carrier of $10.0. This transaction resulted in a settlement loss of $0.7 recorded to “Other

income (expense), net” during 2022. In addition, and in connection with this transfer, we remeasured the assets and liabilities of the Plans as of the transfer date, which resulted in an actuarial gain of $0.4 recorded to “Other income (expense), net”.

Employer Contributions and Future Benefit Payments — Our postretirement medical plans are unfunded and have no plan assets, but are instead funded by us on a pay-as-you-go basis in the form of direct benefit payments or policy premium payments. In 2023, we made benefit payments of $4.0 to our postretirement benefit plans. Following is a summary, as of December 31, 2023, of the estimated future benefit payments for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments are estimated based on the same assumptions used at December 31, 2023 to measure our obligations.


	Postretirement Payments
2024	$	3.7
2025	3.3
2026	3.0
2027	2.7
2028	2.5
Subsequent five years	9.1

Obligations and Funded Status — The following tables show the postretirement plans’ funded status and amounts recognized in our consolidated balance sheets:


	Postretirement Plans
	2023		2022
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year	$	32.1	$	51.7

Interest cost	1.4		1.1
Loss on settlement of retiree life insurance benefits	—		0.7
Actuarial (gains) losses	0.2		(7.0)
Transfer to insurance carrier for cash consideration	—		(10.0)
Benefits paid	(4.0)		(4.4)



Projected postretirement benefit obligation — end of year	$	29.7	$	32.1
Funded status at year-end	$	(29.7)	$	(32.1)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	(3.6)	$	(4.0)

Other long-term liabilities	(26.1)		(28.1)
Net amount recognized	$	(29.7)	$	(32.1)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(7.2)	$	(11.1)

The actuarial gains and losses for our postretirement benefit plans in 2023 and 2022 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.

The net periodic postretirement benefit income included the following components:


	Year ended December 31,
	2023		2022		2021
Service cost	$	—	$	—	$	—
Interest cost	1.4		1.1		1.0
Amortization of unrecognized prior service credits	(3.9)		(4.4)		(4.7)

Settlement loss (1)	—		0.7		—
Recognized net actuarial (gains) losses	0.2		(7.0)		(3.9)
Net periodic postretirement benefit income	$	(2.3)	$	(9.6)	$	(7.6)

___________________________________________________________________

(1)Relates to the transfer of the retiree life insurance benefits obligation.

Actuarial assumptions used in accounting for our domestic postretirement plans were as follows:


	Year ended December 31,
	2023		2022		2021
Assumed health care cost trend rates:
Health care cost trend rate for next year	6.75	%	7.00	%	6.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2031		2031		2027
Discount rate used in determining net periodic postretirement benefit expense (1)	5.50	%	2.84	%	2.00	%
Discount rate used in determining year-end postretirement benefit obligation	5.16	%	5.50	%	2.56	%

_______________________________________

(1) The discount rate for the year ended December 31, 2022 includes an adjustment due to a remeasurement in the Plans that took place in the first quarter of 2022.

The accumulated postretirement benefit obligation was determined using the terms and conditions of our various plans, together with relevant actuarial assumptions and health care cost trend rates. It is our policy to review the postretirement assumptions annually. The assumptions are determined by us and are established based on our prior experience and our expectations that future health care cost trend rates will decline. In addition, we consider advice from independent actuaries.

Defined Contribution Retirement Plans

We maintain a defined contribution retirement plan (the “DC Plan”) pursuant to Section 401(k) of the U.S. Internal Revenue Code. Under the DC Plan, eligible U.S. employees may voluntarily contribute up to 50% of their compensation into the DC Plan and we match a portion of participating employees’ contributions. Our matching contributions are primarily made in newly issued shares of SPX common stock and are issued at the prevailing market price. The matching contributions vest with the employee immediately upon the date of the match and there are no restrictions on the resale of SPX common stock held by employees.

Under the DC Plan, we contributed 0.127, 0.149 and 0.135 shares of our common stock to employee accounts in 2023, 2022 and 2021, respectively. Compensation expense is recorded based on the market value of shares as the shares are contributed to employee accounts. We recorded $9.8 in 2023, and $7.8 in 2022 and 2021, as compensation expense related to the matching contribution.

Certain collectively-bargained employees participate in the DC Plan with company contributions not being made in SPX common stock, although SPX common stock is offered as an investment option under these plans.

We also maintain a Supplemental Retirement Savings Plan (“SRSP”), which permits certain members of our senior management and executive groups to defer eligible compensation in excess of the amounts allowed under the DC Plan. We match a portion of participating employees’ deferrals to the extent allowable under the SRSP provisions. The matching contributions vest with the participant immediately. Our funding of the participants’ deferrals and our matching contributions are held in certain mutual funds (as allowed under the SRSP), as directed by the participant. The fair values of these assets, which totaled $14.0 and $13.8 at December 31, 2023 and 2022, respectively, are based on quoted prices in active markets for identical assets (Level 1). In addition, the assets under the SRSP are available to the general creditors in the event of our bankruptcy and, thus, are maintained on our consolidated balance sheets within “Other assets,” with a corresponding amount in “Other long-term liabilities” for our obligation to the participants. Lastly, these assets are accounted for as trading securities. During each of 2023, 2022 and 2021, we recorded compensation expense of $0.2 relating to our matching contributions to the SRSP.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 15.7	$ 15.3
Variable lease cost	0.4	0.4
Finance lease cost:
Amortization of right-of-use assets	0.5	0.5
Interest on lease liabilities	0.0	0.0
Total finance lease cost	0.5	0.5
Short-term lease cost	$ 3.5	$ 3.7

Shareholders' Equity and Long-Term Incentive Compensation - AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	$ 1,079.2	$ 1,102.9
Other comprehensive income (loss) before reclassifications	13.4	(1.8)
Amounts reclassified from accumulated other comprehensive income	(9.8)	(4.6)
Current-period other comprehensive income (loss)	3.6	(6.4)
Balance at end of period	1,194.6	1,079.2
Accum. Other Comprehensive Income
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	257.5	263.9
Balance at end of period	261.1	257.5
Foreign Currency Translation Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	239.1	252.7
Other comprehensive income (loss) before reclassifications	11.9	(13.6)
Amounts reclassified from accumulated other comprehensive income	0.0	0.0
Current-period other comprehensive income (loss)	11.9	(13.6)
Balance at end of period	251.0	239.1
Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	11.0	0.5
Other comprehensive income (loss) before reclassifications	1.5	11.7
Amounts reclassified from accumulated other comprehensive income	(6.8)	(1.2)
Current-period other comprehensive income (loss)	(5.3)	10.5
Balance at end of period	5.7	11.0
Pension and postretirement liability adjustment and other, tax (provision) benefit	1.8	3.7	$ 0.1
Pension and Postretirement Liability Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	7.4	10.7
Other comprehensive income (loss) before reclassifications	0.0	0.1
Amounts reclassified from accumulated other comprehensive income	(3.0)	(3.4)
Current-period other comprehensive income (loss)	(3.0)	(3.3)
Balance at end of period	4.4	7.4
Pension and postretirement liability adjustment and other, tax (provision) benefit	$ (1.8)	$ (2.7)	$ (3.7)

Contingent Liabilities and Other Matters - Executive Agreements (Details) - Executive officers	12 Months Ended
	Dec. 31, 2023 officer
Executive Agreements
Period of rolling term of employment agreements	1 year
Number of executive officers with severance benefit agreements	6

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 16, 2024	Jul. 01, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-6948
Entity Registrant Name	SPX Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-3567996
Entity Address, Address Line One	6325 Ardrey Kell Road Suite 400
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	474-3700
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	SPXC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3,813,384,166
Entity Common Stock, Shares Outstanding		45,688,018
Documents Incorporated by Reference	Documents incorporated by reference: Portions of the Registrant’s proxy statement for its Annual Meeting to be held on May 14, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000088205
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Indebtedness - Rate and Margins (Details) - Term loans	Apr. 21, 2023	Aug. 12, 2022
Greater than or equal to 3.00 to 1.00 \| Revolving loans
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.225%	0.275%
Greater than or equal to 3.00 to 1.00 \| Line of credit \| Term SOFR Loans
Line of Credit Facility [Line Items]
Fee percentage	1.50%
Greater than or equal to 3.00 to 1.00 \| Line of credit \| ABR Loans
Line of Credit Facility [Line Items]
Fee percentage	0.50%	0.75%
Between 2.00 to 1.00 and 3.00 to 1.00 \| Revolving loans
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.25%	0.25%
Between 2.00 to 1.00 and 3.00 to 1.00 \| Line of credit \| Term SOFR Loans
Line of Credit Facility [Line Items]
Fee percentage	1.625%
Between 2.00 to 1.00 and 3.00 to 1.00 \| Line of credit \| ABR Loans
Line of Credit Facility [Line Items]
Fee percentage	0.625%	0.50%
Between 1.50 to 1.00 and 2.00 to 1.00 \| Revolving loans
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.275%	0.225%
Between 1.50 to 1.00 and 2.00 to 1.00 \| Line of credit \| Term SOFR Loans
Line of Credit Facility [Line Items]
Fee percentage	1.875%
Between 1.50 to 1.00 and 2.00 to 1.00 \| Line of credit \| ABR Loans
Line of Credit Facility [Line Items]
Fee percentage	0.875%	0.375%
Maximum \| Greater than or equal to 3.00 to 1.00
Line of Credit Facility [Line Items]
Leverage ratio	2.00
Maximum \| Between 2.00 to 1.00 and 3.00 to 1.00
Line of Credit Facility [Line Items]
Leverage ratio	3.00
Minimum \| Between 2.00 to 1.00 and 3.00 to 1.00
Line of Credit Facility [Line Items]
Leverage ratio	2.00
Minimum \| Between 1.50 to 1.00 and 2.00 to 1.00
Line of Credit Facility [Line Items]
Leverage ratio	3.00

Revenues from Contracts - Narrative (Details) $ in Millions	12 Months Ended
Revenues from Contracts - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in contract with customers, net	$ (11.8)
Revenue recognized related to contract liabilities	$ 37.4
HVAC reportable segment \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	1 month
Revenue, performance obligation, payment period	15 days
Revenue, payment term for replacement and spare parts	30 days
HVAC reportable segment \| Minimum \| Process Cooling Equipment and Services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	6 months
HVAC reportable segment \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	3 months
Revenue, performance obligation, payment period	60 days
Revenue, payment term for replacement and spare parts	60 days
HVAC reportable segment \| Maximum \| Process Cooling Equipment and Services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	18 months
Detection and Measurement reportable segment \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	1 month
Revenue, performance obligation, payment period	30 days
Detection and Measurement reportable segment \| Minimum \| Communication technologies, aids to navigation, and transportation systems
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	1 month
Detection and Measurement reportable segment \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	18 months
Revenue, performance obligation, payment period	60 days
Detection and Measurement reportable segment \| Maximum \| Communication technologies, aids to navigation, and transportation systems
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	3 months

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases:
Operating lease ROU assets	$ 42.4	$ 46.3
Operating lease current liabilities	11.3	10.1
Operating lease non-current liabilities	28.5	33.8
Total operating lease liabilities	39.8	43.9
Finance Leases:
Finance lease assets	0.5	0.7
Finance lease current liabilities	0.3	0.5
Finance lease non-current liabilities	0.2	0.2
Total finance lease liabilities	$ 0.5	$ 0.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt	Current maturities of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt

Shareholders' Equity and Long-Term Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2023

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

Computations of the Components Used for the Calculation of Basic and Diluted Income per Share

The following table sets forth the computations of the components used for the calculation of basic and diluted income per share:


	Year ended December 31,
	2023		2022		2021
Numerator:
Income from continuing operations	$	144.7	$	19.8	$	59.0
Income (loss) from discontinued operations, net of tax	$	(54.8)	$	(19.6)	$	366.4


Denominator:
Weighted-average number of common shares used in basic income per share	45.545		45.345		45.289
Dilutive securities — Employee stock options and restricted stock units	1.067		0.876		1.206
Weighted-average number of common shares and dilutive securities used in diluted income per share	46.612		46.221		46.495

Summary of Common Shares Issued, Treasury Shares, and Shares Outstanding

Common shares issued, treasury shares and shares outstanding are summarized in the table below.


	Common Stock Issued	Treasury Stock	Shares Outstanding
Balance at December 31, 2020	52.705	(7.673)	45.032


Restricted stock units	—	0.130	0.130
Other	0.306	—	0.306
Balance at December 31, 2021	53.011	(7.543)	45.468

Restricted stock units	—	0.191	0.191

Share repurchases	—	(0.707)	(0.707)
Other	0.340	—	0.340
Balance at December 31, 2022	53.351	(8.059)	45.292

Restricted stock units	—	0.115	0.115


Other	0.268	—	0.268
Balance at December 31, 2023	53.619	(7.944)	45.675

Schedule of Assumptions to Determine the Fair Value of Restricted Stock Awards

We used the following assumptions in determining the fair value of these awards:


	Annual Expected Stock Price Volatility		Annual Expected Dividend Yield		Risk-Free Interest Rate		Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index
March 1, 2023
SPX	35.72	%	—	%	4.60	%	57.87	%
Peer group within S&P 600 Capital Goods Index	43.92	%	n/a		4.60	%
March 1, 2022
SPX	43.04	%	—	%	1.44	%	62.44	%
Peer group within S&P 600 Capital Goods Index	50.98	%	n/a		1.44	%
March 1, 2021
SPX	42.88	%	—	%	0.25	%	60.24	%
Peer group within S&P 600 Capital Goods Index	51.25	%	n/a		0.25	%

Schedule of Restricted Stock Share and Restricted Stock Unit Activity

The following table summarizes the PSU and RSU activity from December 31, 2020 through December 31, 2023:


	Unvested PSU’s and RSU’s	Weighted-Average Grant-Date Fair Value Per Share
December 31, 2020	0.644	$	42.32
Granted	0.243	57.24
Vested	(0.219)	37.40
Forfeited	(0.032)	53.69
December 31, 2021	0.636	49.14
Granted	0.307	48.72
Vested	(0.332)	44.16
Forfeited	(0.081)	53.41
December 31, 2022	0.530	51.38
Granted	0.175	72.35
Vested	(0.190)	51.38
Forfeited	(0.005)	59.92
December 31, 2023	0.510	$	58.53

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Grants

The fair value of each option grant was estimated using a Black-Scholes option-pricing model with the following assumptions:


	March 1, 2023		March 1, 2022		March 1, 2021
Annual expected stock price volatility	37.15	%	38.62	%	41.15	%
Annual expected dividend yield	—	%	—	%	—	%
Risk-free interest rate	4.18	%	1.61	%	0.91	%
Expected life of stock option (in years)	6.0		6.0		6.0

Schedule of Stock Option Activity

The following table shows stock option activity from December 31, 2020 through December 31, 2023.


	Shares	Weighted- Average Exercise Price
Options outstanding at December 31, 2020	1.419	$	23.21
Exercised	(0.123)	15.82
Forfeited	(0.008)	50.11
Granted	0.105	58.34
Options outstanding at December 31, 2021	1.393	26.35
Exercised	(0.191)	26.64
Forfeited	(0.043)	51.32
Granted	0.127	50.14
Options outstanding at December 31, 2022	1.286	27.82
Exercised	(0.141)	26.47
Forfeited	—	—
Granted	0.076	71.71
Options outstanding at December 31, 2023	1.221	$	30.70

Schedule of Changes in the Components of AOCI

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2023 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at December 31, 2022	$	239.1	$	11.0	$	7.4	$	257.5
Other comprehensive income before reclassifications	11.9		1.5		—		13.4
Amounts reclassified from accumulated other comprehensive income	—		(6.8)		(3.0)		(9.8)
Current-period other comprehensive income (loss)	11.9		(5.3)		(3.0)		3.6
Balance at December 31, 2023	$	251.0	$	5.7	$	4.4	$	261.1

__________________________________________________________________

(1) Net of tax provision of $1.8 and $3.7 as of December 31, 2023 and 2022, respectively.

(2) Net of tax provision of $1.8 and $2.7 as of December 31, 2023 and 2022, respectively. The balances as of December 31, 2023 and 2022 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2022 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges (1)		Pension and Postretirement Liability Adjustment (2)		Total
Balance at December 31, 2021	$	252.7	$	0.5	$	10.7	$	263.9
Other comprehensive income (loss) before reclassifications	(13.6)		11.7		0.1		(1.8)
Amounts reclassified from accumulated other comprehensive income	—		(1.2)		(3.4)		(4.6)
Current-period other comprehensive income (loss)	(13.6)		10.5		(3.3)		(6.4)
Balance at December 31, 2022	$	239.1	$	11.0	$	7.4	$	257.5

__________________________________________________________________

(1) Net of tax provision of $3.7 and $0.1 as of December 31, 2022 and 2021, respectively.

(2) Net of tax provision of $2.7 and $3.7 as of December 31, 2022 and 2021, respectively. The balances as of December 31, 2022 and 2021 include unamortized prior service credits.

Schedule of Amounts Reclassified from each Component of AOCI

The following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2023 and 2022:


	Amount Reclassified from AOCI				Affected Line Items in the Consolidated Statements of Operations
	Year ended December 31,
	2023		2022
Gains on qualifying cash flow hedges:

FX forward contracts	$	—	$	(0.1)	Revenues

Swaps	(9.3)		(1.5)		Interest expense
Pre-tax	(9.3)		(1.6)
Income taxes	2.5		0.4
	$	(6.8)	$	(1.2)
Gains on pension and postretirement items:

Amortization of unrecognized prior service credits - Pre-tax	$	(3.9)	$	(4.4)	Other income (expense), net

Income taxes	0.9		1.0
	$	(3.0)	$	(3.4)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 592.6	$ 321.6
Accumulated Amortization	(133.1)	(88.7)
Net Carrying Value	459.5	232.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Value	813.9	490.3
Accumulated Amortization	(133.1)	(88.7)
Net Carrying Value	680.8	401.6
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Trademarks with indefinite lives	221.3	168.7
Trademarks \| ASPEQ Parent Holdings, Inc.
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	51.5
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	403.2	198.9
Accumulated Amortization	(68.8)	(41.7)
Net Carrying Value	334.4	157.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(68.8)	(41.7)
Customer relationships \| T. A. Morrison & Co. Inc. (TAMCO)
Finite-Lived Intangible Assets [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles	60.4
Customer relationships \| ASPEQ Parent Holdings, Inc.
Finite-Lived Intangible Assets [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles	142.3
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	139.5	81.5
Accumulated Amortization	(27.8)	(18.4)
Net Carrying Value	111.7	63.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(27.8)	(18.4)
Technology \| T. A. Morrison & Co. Inc. (TAMCO)
Finite-Lived Intangible Assets [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles	9.4
Technology \| ASPEQ Parent Holdings, Inc.
Finite-Lived Intangible Assets [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles	47.8
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	4.5	4.5
Accumulated Amortization	(4.5)	(4.5)
Net Carrying Value	0.0	0.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(4.5)	(4.5)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	45.4	36.7
Accumulated Amortization	(32.0)	(24.1)
Net Carrying Value	13.4	12.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(32.0)	$ (24.1)
Non Compete Agreements \| T. A. Morrison & Co. Inc. (TAMCO)
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	1.0
Non Compete Agreements \| ASPEQ Parent Holdings, Inc.
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	4.5
Trademarks \| T. A. Morrison & Co. Inc. (TAMCO)
Finite-Lived Intangible Assets [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles	$ 3.2

Employee Benefit Plans - Net Periodic Expense (Income) and Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Net Periodic Benefit Cost
Amortization of unrecognized prior service credits	$ 0.0	$ 0.1	$ 0.0
United States
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0	0.0
Interest cost	13.0	10.5	8.4
Expected return on plan assets	(8.8)	(8.2)	(8.7)
Amortization of unrecognized prior service credits	0.0	(0.1)	(0.1)
Recognized net actuarial (gains) losses	5.6	(1.6)	(4.2)
Total net periodic pension benefit (income) expense	$ 9.8	$ 0.6	$ (4.6)
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.54%	3.99%	2.35%
Expected long-term rate of return on assets	5.23%	3.23%	3.22%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate used in determining year-end postretirement benefit obligation	5.18%	5.54%	2.83%
United States \| Pension plans
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 241.1	$ 242.1
Accumulated benefit obligation	241.1	242.1
Fair value of plan assets	164.8	170.2
Accumulated benefit obligation	245.7	246.9
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0
Interest cost	13.0	10.5
Foreign Plan
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0	$ 0.0
Interest cost	5.6	3.7	3.4
Expected return on plan assets	(6.4)	(5.6)	(5.8)
Recognized net actuarial (gains) losses	5.5	6.4	(1.8)
Total net periodic pension benefit (income) expense	$ 4.7	$ 4.6	$ (4.2)
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.15%	2.19%	1.76%
Expected long-term rate of return on assets	6.08%	3.44%	3.31%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate used in determining year-end postretirement benefit obligation	4.83%	5.15%	2.19%
Foreign Plan \| Pension plans
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 0.1	$ 0.1
Accumulated benefit obligation	0.1	0.1
Fair value of plan assets	0.0	0.0
Accumulated benefit obligation	120.2	109.5
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0
Interest cost	$ 5.6	$ 3.7

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value - Narrative (Details) € in Millions, $ in Millions	3 Months Ended				12 Months Ended
	Jul. 02, 2022 USD ($)	Apr. 02, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 02, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 23, 2022 USD ($)	Aug. 02, 2021 USD ($)	Nov. 11, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2016 EUR (€)
Assets and liabilities measured at fair value on a recurring basis
COLI assets					$ 76.7	$ 77.0
Realized gain on equity security					3.6		$ 11.8
Realized loss						(3.0)
Equity security, fair value					39.4	35.8
Sensors & Software Inc
Assets and liabilities measured at fair value on a recurring basis
Deferred payment										$ 3.8
Contingent consideration		$ 1.3
Enterprise Control Systems Ltd
Assets and liabilities measured at fair value on a recurring basis
Deferred payment									$ 16.0
Contingent consideration					$ 0.0	0.0			$ 8.2
Business combination, reduction in estimated liability	$ 0.4	$ 0.9	$ 6.7			$ 1.3	$ 6.7
ULC Robotics
Assets and liabilities measured at fair value on a recurring basis
Deferred payment								$ 15.0			$ 45.0
Contingent consideration				$ 24.3
Reversal of the related liability				$ 24.3
Discontinued operations, disposed of by sale \| Subsidiary of mutares AG (the Buyer) \| Bank and Surety Bonds \| Transformer Solutions
Assets and liabilities measured at fair value on a recurring basis
Amount of guarantees \| €												€ 79.0
Discontinued operations, disposed of by sale \| Subsidiary of mutares AG (the Buyer) \| Parent Company Guarantees \| Transformer Solutions
Assets and liabilities measured at fair value on a recurring basis
Amount of guarantees \| €												€ 79.0

Contingent Liabilities and Other Matters - Environmental Matters (Details) - Site investigation and remediation - site	Dec. 31, 2023	Dec. 31, 2022
Environmental Matters
Number of sites	16	17
Number of third-party disposal sites for which entity is potentially responsible	9	9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule in the Changes of the Carrying Amount of Goodwill, by Reportable Segment and Other Operating Segments

The changes in the carrying amount of goodwill, for the year ended December 31, 2023, were as follows:


	December 31, 2022		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2023
HVAC reportable segment
Gross goodwill	$	529.5	$	242.4	$	—	$	5.9	$	777.8
Accumulated impairments	(328.2)		—		—		(3.7)		(331.9)
Goodwill	201.3		242.4		—		2.2		445.9
Detection and Measurement reportable segment
Gross goodwill	425.2		0.8		—		6.6		432.6
Accumulated impairments	(171.2)		—		—		(2.5)		(173.7)
Goodwill	254.0		0.8		—		4.1		258.9
Total
Gross goodwill	954.7		243.2		—		12.5		1,210.4
Accumulated impairments	(499.4)		—		—		(6.2)		(505.6)
Goodwill	$	455.3	$	243.2	$	—	$	6.3	$	704.8

___________________________________________________________________

(1) Reflects (i) goodwill acquired with the TAMCO and ASPEQ acquisitions of $51.3 and $191.1, respectively, and (ii) an increase in ITL’s goodwill of $0.8 resulting from revisions to the valuation of certain assets and liabilities. As indicated in Note 1, the acquired assets, including goodwill, and liabilities assumed in the TAMCO and ASPEQ acquisitions have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting.

The changes in the carrying amount of goodwill, for the year ended December 31, 2022, were as follows:


	December 31, 2021		Goodwill Resulting from Business Combinations (1)		Impairments (2)		Foreign Currency Translation		December 31, 2022
HVAC reportable segment
Gross goodwill	$	528.9	$	8.9	$	—	$	(8.3)	$	529.5
Accumulated impairments	(334.1)		—		—		5.9		(328.2)
Goodwill	194.8		8.9		—		(2.4)		201.3
Detection and Measurement reportable segment
Gross goodwill	424.9		11.0		—		(10.7)		425.2
Accumulated impairments	(162.4)		—		(12.0)		3.2		(171.2)
Goodwill	262.5		11.0		(12.0)		(7.5)		254.0
Total
Gross goodwill	953.8		19.9		—		(19.0)		954.7
Accumulated impairments	(496.5)		—		(12.0)		9.1		(499.4)
Goodwill	$	457.3	$	19.9	$	(12.0)	$	(9.9)	$	455.3

___________________________________________________________________

(1) Reflects (i) goodwill acquired with the ITL acquisition of $10.8, (ii) and increase in Sealite’s goodwill of $0.2 resulting from revisions to the valuation of certain assets and liabilities, and (iii) an increase in Cincinnati Fan's goodwill of $8.9 resulting from revisions to the valuation of certain assets and liabilities.

(2) During the fourth quarter of 2022, in connection with the annual impairment analyses of ULC's goodwill and indefinite-lived intangible assets, we determined that the carrying value of ULC's net assets exceeded fair value of the business, resulting in an impairment charge of $12.9, with $12.0 related to goodwill and $0.9 to the ULC trademarks. After such impairment charge, ULC had no goodwill and $5.4 of trademarks included in our consolidated balance sheet as of December 31, 2022.

Schedule of Identifiable Intangible Assets

Identifiable intangible assets were as follows:


	December 31, 2023						December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:(1)
Customer relationships	$	403.2	$	(68.8)	$	334.4	$	198.9	$	(41.7)	$	157.2
Technology	139.5		(27.8)		111.7		81.5		(18.4)		63.1
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	45.4		(32.0)		13.4		36.7		(24.1)		12.6
	592.6		(133.1)		459.5		321.6		(88.7)		232.9
Trademarks with indefinite lives (2)	221.3		—		221.3		168.7		—		168.7
Total	$	813.9	$	(133.1)	$	680.8	$	490.3	$	(88.7)	$	401.6

___________________________________________________________________

(1)The identifiable intangible assets associated with the TAMCO acquisition consist of customer relationships of $60.4, technology of $9.4, definite-lived trademarks of $3.2, and backlog of $1.0. The identifiable intangible assets associated with the ASPEQ acquisition consist of customer relationships of $142.3, technology of $47.8, and backlog of $4.5.

(2)Includes $51.5 of indefinite-lived trademarks associated with the ASPEQ acquisition.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Details)									1 Months Ended		3 Months Ended						12 Months Ended
	Jun. 02, 2023 USD ($)	Apr. 03, 2023 USD ($)	Nov. 01, 2022 USD ($) subsidiary	Mar. 31, 2022 USD ($)	Dec. 15, 2021 USD ($)	Aug. 02, 2021 USD ($)	Jun. 08, 2021 USD ($)	Apr. 19, 2021 USD ($)	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($)	Jul. 02, 2022 USD ($)	Apr. 02, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 23, 2022 USD ($)	Aug. 15, 2022 $ / shares	Oct. 02, 2021 USD ($)	Oct. 01, 2021 USD ($)	Sep. 30, 2020 USD ($)
Asset acquired :
Gain (loss) on disposition of discontinued operations, net of tax																	$ (54,800,000)	$ (19,600,000)	$ 360,700,000
Number of subsidiaries divested (in subsidiaries) \| subsidiary			3
Foreign currency transaction net (losses)																	(900,000)	(1,100,000)	(900,000)
Capitalized software, net of amortization											$ 3,100,000						3,100,000	1,200,000
Capitalized software amortization expense																	100,000	100,000	1,300,000
Research and development expense																	43,200,000	39,100,000	30,700,000
Depreciation expense, including amortization of capital leases																	19,200,000	17,800,000	19,400,000
Interest capitalized																	0	0	0
Impairment of goodwill and intangible assets																	0	13,400,000	30,000,000.0
Other operating (income) expense, net																	$ (9,000,000.0)	(74,900,000)	4,100,000
Maximum \| Buildings
Asset acquired :
Useful lives of property, plant and equipment (in years)											40 years						40 years
Maximum \| Machinery and equipment
Asset acquired :
Useful lives of property, plant and equipment (in years)											15 years						15 years
Minimum \| Machinery and equipment
Asset acquired :
Useful lives of property, plant and equipment (in years)											3 years						3 years
The Subsidiaries
Asset acquired :
Accrued liabilities			$ 138,800,000
Discontinued operations \| DBT
Asset acquired :
Gain (loss) on disposition of discontinued operations, net of tax									$ 1,300,000	$ 5,500,000		$ 6,800,000							(19,900,000)
Discontinued operations \| Transformer Solutions
Asset acquired :
Transfer of all equity							$ 645,000,000.0
Accrued liabilities																$ 620,600,000			620,600,000
Discontinued operations, disposed of by sale \| Transformer Solutions
Asset acquired :
Gain (loss) on disposition of discontinued operations, net of tax																		200,000	382,200,000
Accrued liabilities																							$ 620,600,000
Payment for divestiture																		13,900,000
Disposed of by Sale \| Canvas Holdco LLC
Asset acquired :
Loss on Asbestos Portfolio Sale			73,900,000
Legacy SPX
Asset acquired :
Par value (in dollars per share) \| $ / shares																					$ 0.01
Canvas Holdco LLC \| The Subsidiaries
Asset acquired :
Payment for divestitures			$ 8,000,000.0
International Tower Lighting, LLC
Asset acquired :
Payment for acquisition				$ 40,400,000
Cash acquired from acquisition				$ 1,100,000
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred													$ 1,400,000
Sealite
Asset acquired :
Payment for acquisition								$ 80,300,000
Cash acquired from acquisition								$ 2,300,000
Enterprise Control Systems Ltd
Asset acquired :
Payment for acquisition						$ 39,400,000
Cash acquired from acquisition						5,100,000
Deferred payment						16,000,000.0
Contingent consideration						$ 8,200,000					$ 0.0						$ 0.0	0.0
Business combination, reduction in estimated liability														$ 400,000	$ 900,000	$ 6,700,000		1,300,000	$ 6,700,000
SPX Transformer Solutions, Inc. \| Revenue Benchmark \| Product Concentration Risk
Asset acquired :
Concentration risk, percentage							25.00%
T. A. Morrison & Co. Inc. (TAMCO)
Asset acquired :
Payment for acquisition		$ 125,500,000
Cash acquired from acquisition		$ 1,000,000.0
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred												$ 200,000
ASPEQ Parent Holdings, Inc.
Asset acquired :
Payment for acquisition	$ 421,500,000
Cash acquired from acquisition	$ 900,000
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred											$ 300,000
Cincinnati Fan
Asset acquired :
Payment for acquisition					$ 145,200,000
Cash acquired from acquisition					$ 2,500,000
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred																		$ (400,000)
ULC Robotics
Asset acquired :
Deferred payment																				$ 15,000,000.0				$ 45,000,000.0
Contingent consideration																						$ 24,300,000

Contingent Liabilities and Other Matters - Spin-Off And General (Details) $ in Millions			12 Months Ended
	Jan. 26, 2024 USD ($)	Nov. 01, 2022 subsidiary	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Carrying values of accruals			$ 37.9	$ 39.5
Number of wholly-owned subsidiaries divested \| subsidiary		3
Proceeds from insurance recoveries				31.6	$ 53.9
Payments for asbestos-related matters, net of insurance recoveries				20.1
Receipts from asbestos-related matters, net of insurance recoveries					(0.3)
Recorded charges related to asbestos product liability matters				24.2	51.2
Insurance Settlement
Loss Contingencies [Line Items]
Litigation settlement					15.0
Income from continuing operations before income taxes
Loss Contingencies [Line Items]
Recorded charges related to asbestos product liability matters				18.8	48.6
Gain (Loss) on disposition of discontinued operations, net of tax
Loss Contingencies [Line Items]
Recorded charges related to asbestos product liability matters				5.4	$ 2.6
Resolution of Dispute with Former Agent
Loss Contingencies [Line Items]
Litigation settlement awarded to other party			9.0
Resolution of Dispute with Former Agent \| Subsequent Event
Loss Contingencies [Line Items]
Litigation settlement awarded to other party	$ 9.0
Other Long Term Liabilities
Loss Contingencies [Line Items]
Accruals included in other long-term liabilities			$ 29.4	$ 30.8

Revenues from Contracts (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Year Ended December 31, 2023
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	683.2	$	—	$	683.2
Boilers, electrical heating, and ventilation	439.1		—		439.1
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		264.1		264.1
Communication technologies, aids to navigation, and transportation systems	—		354.8		354.8
	$	1,122.3	$	618.9	$	1,741.2

Timing of Revenue Recognition
Revenues recognized at a point in time	$	1,042.8	$	525.2	$	1,568.0
Revenues recognized over time	79.5		93.7		173.2
	$	1,122.3	$	618.9	$	1,741.2


	Year Ended December 31, 2022
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	537.0	$	—	$	537.0
Boilers, electrical heating, and ventilation	376.8		—		376.8
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		262.1		262.1
Communication technologies, aids to navigation, and transportation systems	—		285.0		285.0
	$	913.8	$	547.1	$	1,460.9

Timing of Revenue Recognition
Revenues recognized at a point in time	$	838.0	$	455.1	$	1,293.1
Revenues recognized over time	75.8		92.0		167.8
	$	913.8	$	547.1	$	1,460.9


	Year Ended December 31, 2021
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	433.8	$	—	$	433.8
Boilers, electrical heating, and ventilation	318.3		—		318.3
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		256.8		256.8
Communication technologies, aids to navigation, and transportation systems	—		210.6		210.6
	$	752.1	$	467.4	$	1,219.5

Timing of Revenue Recognition
Revenues recognized at a point in time	$	661.2	$	415.9	$	1,077.1
Revenues recognized over time	90.9		51.5		142.4
	$	752.1	$	467.4	$	1,219.5

Contract with Customer, Asset and Liability

Our contract balances consisted of the following as of December 31, 2023 and 2022:


Contract Balances	December 31, 2023		December 31, 2022		Change
Contract Accounts Receivable (1)	$	275.4	$	259.9	$	15.5
Contract Assets	16.6		23.9		(7.3)
Contract Liabilities - current	(73.5)		(52.8)		(20.7)
Contract Liabilities - non-current (2)	(4.0)		(4.7)		0.7
Net contract balance	$	214.5	$	226.3	$	(11.8)

_____________________

(1) Included in “Accounts receivable, net” within the accompanying consolidated balance sheets.

(2) Included in “Other long-term liabilities” within the accompanying consolidated balance sheets.

Use of Estimates - Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Employee benefits	$ 73.3	$ 58.3
Warranty	16.4	12.9	$ 11.8
Other	78.8	76.8
Total	$ 168.5	$ 148.0

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale - Results of Operations (Details) $ in Millions		1 Months Ended		3 Months Ended		8 Months Ended	12 Months Ended
	Sep. 04, 2023 project	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)	Sep. 05, 2023 project	Dec. 31, 2023 USD ($) project	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Asset acquired :
Gain (loss) from discontinued operations, net of tax							$ (54.8)	$ (19.6)	$ 366.4
Gain (loss) on disposition of discontinued operations, net of tax							(54.8)	(19.6)	360.7
Income tax expense (benefit)							$ 41.6	7.3	10.9
Number of large power projects \| project							2
Transformer Solutions
Asset acquired :
Income tax expense (benefit)					$ (16.5)
Transformer Solutions \| Discontinued operations
Asset acquired :
Income tax expense (benefit)					(27.4)
Transformer Solutions \| Continuing operations
Asset acquired :
Income tax expense (benefit)					$ 10.9
Discontinued operations
Asset acquired :
Income (loss) from discontinued operations							$ (70.3)	(24.3)	409.2
Income tax (provision) benefit							15.5	4.7	(42.8)
Gain (loss) from discontinued operations, net of tax							(54.8)	(19.6)	366.4
Discontinued operations \| Transformer Solutions
Asset acquired :
Income (loss) from discontinued operations							0.0	(0.6)	454.9
Income tax (provision) benefit							0.0	0.9	(51.8)
Gain (loss) from discontinued operations, net of tax							0.0	0.3	403.1
Discontinued operations \| DBT
Asset acquired :
Income (loss) from discontinued operations							(69.0)	(17.3)	(37.8)
Income tax (provision) benefit							15.3	2.1	2.7
Gain (loss) from discontinued operations, net of tax							(53.7)	(15.2)	(35.1)
Discontinued operations \| All other
Asset acquired :
Income (loss) from discontinued operations							(1.3)	(6.4)	(7.9)
Income tax (provision) benefit							0.2	1.7	6.3
Gain (loss) from discontinued operations, net of tax							$ (1.1)	(4.7)	(1.6)
Discontinued operations \| DBT
Asset acquired :
Income (loss) from discontinued operations									(17.9)
Income tax (provision) benefit									2.7
Gain (loss) from discontinued operations, net of tax									(15.2)
Gain (loss) on disposition of discontinued operations, net of tax		$ 1.3	$ 5.5	$ 6.8					(19.9)
Discontinued operations, disposed of by sale \| Transformer Solutions
Asset acquired :
Gain (loss) on disposition of discontinued operations, net of tax								$ 0.2	$ 382.2
Discontinued operations, disposed of by sale \| DBT
Asset acquired :
Number of large power projects \| project	2					2

Information on Reportable Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Information on Reportable Segments

We are a global supplier of highly specialized, engineered solutions with operations in 15 countries and sales in over 100 countries around the world.

We have aggregated our operating segments into the following two reportable segments: HVAC and Detection and Measurement. The factors considered in determining our aggregated segments are the economic similarity of the businesses, the nature of products sold or services provided, production processes, types of customers, distribution methods, and regulatory environment. In determining our reportable segments, we apply the threshold criteria of the Segment Reporting Topic of the Codification. Segment Income is determined before considering impairment and special charges, long-term incentive compensation, certain other operating income/expense, other indirect corporate expenses, intangible asset amortization expense, inventory step-up charges, and certain other acquisition-related costs. This is consistent with the way our CODM evaluates the results of each segment.

HVAC Reportable Segment

Our HVAC reportable segment engineers, designs, manufactures, installs and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers and electrical heating and ventilation products for the residential, industrial, and commercial markets. The primary distribution channels for the segment’s products are direct to customers, independent manufacturing representatives, third-party distributors, and retailers. The segment serves a global customer base in North America, Europe, and Asia.

Detection and Measurement Reportable Segment

Our Detection and Measurement reportable segment engineers, designs, manufactures, services, and installs underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, transportation systems, communication technologies, and aids to navigation. The primary distribution channels for the segment’s products are direct to customers and third-party distributors. The segment serves a global customer base in North America, Europe, Africa and Asia.

Corporate Expense

Corporate expense generally relates to the operating cost of our Charlotte, North Carolina corporate headquarters.

Financial data for our reportable segments for the years ended December 31, 2023, 2022 and 2021 were as follows:


	2023		2022		2021
Revenues:
HVAC reportable segment	$	1,122.3	$	913.8	$	752.1
Detection and Measurement reportable segment	618.9		547.1		467.4
Consolidated revenues	$	1,741.2	$	1,460.9	$	1,219.5

Income:
HVAC reportable segment	$	234.4	$	135.5	$	107.7
Detection and Measurement reportable segment	118.8		114.1		92.9
Total income for segments	353.2		249.6		200.6
Corporate expense	58.4		68.6		60.5
Acquisition-related and other costs (1)	5.8		1.9		5.1
Long-term incentive compensation expense	13.4		10.9		12.8
Amortization of intangible assets	43.9		28.5		21.6
Impairment of goodwill and intangible assets (2)	—		13.4		30.0
Special charges, net	0.8		0.4		1.0
Other operating (income) expense, net (3)	9.0		74.9		(4.1)
Consolidated operating income	$	221.9	$	51.0	$	73.7


Capital expenditures:
HVAC reportable segment	$	17.6	$	10.1	$	5.3
Detection and Measurement reportable segment	5.4		4.6		3.4
General corporate	0.9		1.2		0.9
Total capital expenditures	$	23.9	$	15.9	$	9.6
Depreciation and amortization:
HVAC reportable segment	$	37.1	$	20.5	$	11.5
Detection and Measurement reportable segment	23.7		23.5		28.0
General corporate	2.4		2.4		2.8
Total depreciation and amortization	$	63.2	$	46.4	$	42.3










Geographic Areas:
Revenues: (4)
United States	$	1,454.1	$	1,223.5	$	991.5
China	53.7		51.0		57.9
United Kingdom	96.3		96.5		80.1
Other	137.1		89.9		90.0
	$	1,741.2	$	1,460.9	$	1,219.5


Tangible Long-Lived Assets: (5)
United States	$	292.4	$	275.0	$	762.4
Other	41.0		35.0		37.8
Long-lived assets of continuing operations	333.4		310.0		800.2
Long-lived assets of discontinued operations, DBT and Heat Transfer	0.2		19.3		28.0
Total tangible long-lived assets	$	333.6	$	329.3	$	828.2

_______________________________________________________________

(4)Revenues are included in the above geographic areas based on the country that recorded the revenue.

(5)Our CODM does not review asset information for our reportable segments as this information is not used to assess performance or allocate resources.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation — The consolidated financial statements include our accounts prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) after the elimination of intercompany transactions. Investments in unconsolidated companies where we exercise significant influence but do not have control are accounted for using the equity method.

Consolidation, Variable Interest Entity

In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits of the entity that could potentially be significant to the VIE. All of our VIEs are immaterial, individually and in aggregate, to our consolidated financial statements.

Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions — The financial statements of our foreign subsidiaries are translated into U.S. dollars in accordance with the Foreign Currency Matters Topic of the Financial Accounting Standards Board Codification (“Codification”). Gains and losses on foreign currency translations are reflected as a separate component of stockholders' equity and other comprehensive income/loss.

Cash Equivalents

Cash Equivalents — We consider highly liquid money market investments with original maturities of three months or less at the date of purchase to be cash equivalents.

Revenue Recognition

Revenue Recognition — We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606.

Research and Development Costs

Research and Development Costs — We expense research and development costs as incurred. We charge costs incurred in the research and development of new software included in products to expense until technological feasibility is established. After technological feasibility is established, additional eligible costs are capitalized until the product is available for general release. We amortize these costs over the economic lives of the related products and include the amortization in cost of products sold. We perform periodic reviews of the recoverability of these capitalized software costs. If, and at the time, we determine that capitalized amounts are not recoverable based on the estimated cash flows to be generated from the applicable software, we write off any unrecoverable capitalized amounts.

Property, Plant and Equipment

Property, Plant and Equipment — Property, plant and equipment (“PP&E”) is stated at cost, less accumulated depreciation. We use the straight-line method for computing depreciation expense over the useful lives of PP&E, which do not exceed 40 years for buildings and range from 3 to 15 years for machinery and equipment. Depreciation expense, including amortization of finance leases, was $19.2, $17.8 and $19.4 for the years ended December 31, 2023, 2022 and 2021, respectively. Leasehold improvements are amortized over the life of the related asset or the life of the lease, whichever is shorter. Interest is capitalized on significant construction or installation projects. No interest was capitalized during 2023, 2022 or 2021.

Pension and Postretirement

Pension and Postretirement — We recognize changes in the fair value of plan assets and actuarial gains and losses in earnings during the fourth quarter of each year, unless earlier remeasurement is required, as a component of net periodic benefit expense/income and, accordingly, recognize the effects of plan investment performance, interest rate changes, and changes in actuarial assumptions as a component of earnings in the year in which they occur. The remaining components of pension/postretirement expense/income, primarily interest costs and expected return on plan assets, are recorded on a quarterly basis.

Defined benefit pension plans cover a portion of our salaried and hourly paid employees, including certain employees in foreign countries. Beginning in 2001, we discontinued providing these pension benefits generally to newly hired employees. Effective January 31, 2018, we discontinued providing service credits to active participants.

The plan year-end date for all our plans is December 31.

Company-owned Life Insurance Policies

Company-owned Life Insurance Policies — The Company has investments in company-owned life insurance (“COLI”) policies, which are recorded at their cash surrender value at each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss within “Other income (expense), net” within our consolidated statements of operations. The value of the company’s investments in COLI assets was $76.7 and $77.0 at December 31, 2023 and 2022, respectively, recorded in “Other assets” on the consolidated balance sheets. The Company has the ability to monetize its investment in the COLI policies as an additional source of liquidity. At December 31, 2023, the Company had not monetized any of its existing COLI policies' cash surrender value.

Income Taxes

Income Taxes — We account for income taxes based on the requirements of the Income Taxes Topic of the Codification, which includes an estimate of the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess the realizability of deferred tax assets and the adequacy of deferred tax liabilities, including the results of local, state, federal or foreign statutory tax audits or estimates and judgments used.

Income Taxes — We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain tax positions in accordance with the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions may be classified as “Income taxes payable” and “Deferred and other income taxes” in the accompanying consolidated balance sheets based on an expectation as to the timing of when the matter will be resolved. As events change or resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities. For tax positions where it is more likely than not that a tax benefit will be sustained, we record the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority, assuming such authority has full knowledge of all relevant information. These reviews also entail analyzing the realization of deferred tax assets. When we believe that it is more likely than not that we will not realize a benefit for a deferred tax asset based on all available evidence, we establish a valuation allowance.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess deferred tax assets to determine if they are likely to be realized and the adequacy of deferred tax liabilities, incorporating the results of local, state, federal and foreign tax audits in our estimates and judgments.

Realization of deferred tax assets, including those associated with net operating loss and credit carryforwards, is dependent upon generating sufficient taxable income in the appropriate tax jurisdiction. We believe that it is more likely than not that we may not realize the benefit of certain of these deferred tax assets and, accordingly, have established a valuation allowance against these deferred tax assets. Although realization is not assured for the remaining deferred tax assets, we believe it is more likely than not that the deferred tax assets will be realized through future taxable earnings or tax planning strategies. However, deferred tax assets could be reduced in the near term if our estimates of taxable income are significantly reduced or tax planning strategies are no longer viable.

Derivative Financial Instruments

Derivative Financial Instruments — We use foreign currency forward contracts to manage our exposures to fluctuating currency exchange rates and interest rate protection agreements to manage our exposures to fluctuating interest rate risk on variable rate debt. In addition, prior to the sale of Transformers Solutions, we used forward contracts to manage the exposure on forecasted purchases of commodity raw materials (“commodity contracts”). Derivatives are recorded on the balance sheet and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in fair value of the derivatives is recorded in accumulated other comprehensive income (“AOCI”) and subsequently recognized in earnings when the forecasted transaction impacts earnings. We do not enter into financial instruments for speculative or trading purposes.

For those transactions that are designated as cash flow hedges, on the date the derivative contract is entered into, we document our hedge relationship, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. We also assess, both at inception and quarterly thereafter, whether such derivatives are highly effective in offsetting changes in the fair value of the hedged item. See Notes 14 and 17 for further information.

Cash flows from hedging activities are included in the same category as the items being hedged, which are primarily operating activities.

We manufacture and sell our products in a number of countries and, as a result, are exposed to movements in foreign currency exchange rates. Our objective is to preserve the economic value of non-functional currency-denominated cash flows and to minimize the impact of changes as a result of currency fluctuations. Our principal currency exposures relate to the South African Rand, British Pound Sterling, and Euro.

From time to time, we enter into forward contracts to manage the exposure on contracts with forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities denominated in currencies other than the functional currency of certain subsidiaries (“FX forward contracts”).

Use of Estimates

The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. We evaluate these estimates and judgments on an ongoing basis and base our estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that we believe are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from the estimates and assumptions used in the consolidated financial statements and related notes.

Accounts Receivable Allowances

Accounts Receivable Allowances — We provide allowances for estimated losses on uncollectible accounts based on our historical experience, current and future economic and market conditions, and the evaluation of the likelihood of success in collecting specific customer receivables. In addition, we maintain allowances for customer returns, discounts and invoice pricing discrepancies, with such allowances primarily based on historical experience.

Inventory

Inventory — We estimate losses for excess and/or obsolete inventory and the net realizable value of inventory based on the aging and historical utilization of the inventory and the evaluation of the likelihood of recovering the inventory costs based on anticipated demand and selling price.

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values.

Acquisitions

Acquisitions — We record acquisitions that meet the definition of a business combination using the acquisition method of accounting. We include the operating results of acquired entities from their respective dates of acquisition and recognize and measure the identifiable assets acquired, liabilities assumed, including contingent consideration as of the acquisition date, at fair value. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired and liabilities assumed is recognized as goodwill. Costs incurred as a result of a business combination, other than costs related to the issuance of debt or equity securities, are recorded in the period the costs are incurred. Additionally, at each reporting period, contingent consideration is remeasured to fair value, with changes recorded in “Other operating (income) expense, net” within our consolidated statements of operations.

Long-Lived Assets and Intangible Assets Subject to Amortization

Long-Lived Assets and Intangible Assets Subject to Amortization — We continually review whether events and circumstances subsequent to the acquisition of any long-lived assets, including intangible assets subject to amortization, have occurred that indicate the remaining estimated useful lives of those assets may warrant revision or that the remaining balance of those assets may not be fully recoverable. If events and circumstances indicate that the long-lived assets should be reviewed for possible impairment, we use projections to assess whether future cash flows on an undiscounted basis related to the assets are likely to exceed the related carrying amount. We will record an impairment charge to the extent that the carrying value of the assets exceed their fair values as determined by valuation techniques appropriate in the circumstances, which could include the use of similar projections on a discounted basis.

In determining the estimated useful lives of definite-lived intangible assets, we consider the nature, competitive position, life cycle position, and historical and expected future cash flows of each acquired asset, as well as our commitment to support these assets through continued investment and legal infringement protection. Definite-lived intangible assets such as customer relationships, technology and other intangible assets with finite useful lives are amortized on a straight-line basis over their estimated economic lives. The weighted-average remaining useful lives approximate the following as of December 31, 2023.


Technology			12 years
Customer relationships			11 years
Other			7 years

Goodwill and Indefinite-Lived Intangible Assets

Goodwill and Indefinite-Lived Intangible Assets — We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred to determine whether the carrying value exceeds the implied fair value. In reviewing goodwill for impairment, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we determine that an impairment is more likely than not, we then perform a quantitative impairment test (described below). Otherwise, no further analysis is required. Our qualitative evaluation is an assessment of factors, including reporting unit-specific operating results, as well as industry, market, and general economic conditions. Our quantitative analysis of the fair value of reporting units is based generally on discounted projected cash flows, but we also consider factors such as comparable industry price multiples. We employ cash flow projections that we believe to be reasonable under current and forecasted circumstances, the results of which

form the basis for making judgments about the carrying values of the reported net assets of our reporting units. Many of our businesses closely follow changes in the industries and end markets that they serve. Accordingly, we consider estimates and judgments that affect the future cash flow projections, including principal methods of competition, such as volume, price, service, product performance and technical innovations, as well as estimates associated with cost reduction initiatives, capacity utilization and assumptions for inflation and foreign currency changes.

Accrued Expenses

Accrued Expenses — We make estimates and judgments in establishing accruals as required under GAAP.

Legal

Legal — It is our policy to accrue for estimated losses from legal actions or claims when events exist that make the realization of the losses probable and they can be reasonably estimated. We do not discount legal obligations or reduce them by anticipated insurance recoveries. See Note 15 for additional details.

Environmental Remediation Costs

Environmental Remediation Costs — We expense costs incurred to investigate and remediate environmental issues unless they extend the economic useful lives of related assets. We record liabilities when it is probable that an obligation has been incurred and the amounts can be reasonably estimated. Our environmental accruals cover anticipated costs, including investigation, remediation and operation and maintenance of clean-up sites. Our estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. We generally do not discount environmental obligations or reduce them by anticipated insurance recoveries.

Risk Management Matters

Risk Management Matters — We are subject to claims associated with risk management matters (e.g., product liability, general liability, automobile, and workers’ compensation claims). The liabilities we record for these claims are based on a number of assumptions, including historical claims and payment experience and, prior to the Asbestos Portfolio Sale, with respect to asbestos claims, actuarial estimates of the future period during which additional claims were reasonably foreseeable. Prior to the Asbestos Portfolio Sale, we also recorded insurance recovery assets associated with the asbestos product liability matters. These assets represented amounts that we believe we were entitled to recover under agreements we had with insurance companies. The assets we recorded for these insurance recoveries were based on a number of assumptions, including the continued solvency of the insurers, and our legal interpretation of our rights for recovery under the agreements we had with the insurers. In addition, we are self-insured for certain of our workers’ compensation, automobile, product, general liability, disability and health costs, and we maintain adequate accruals to cover our retained liabilities. Our accruals for self-insurance liabilities are based on claims filed and an estimate of claims incurred but not yet reported, and generally are not discounted. We consider a number of factors, including third-party actuarial valuations, when making these determinations. We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts; however, this insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against potential loss exposures. The key assumptions considered in estimating the ultimate cost to settle reported claims and the estimated costs associated with incurred but not yet reported claims include, among other factors, our historical and industry claims experience, trends in health care and administrative costs, our current and future risk management programs, and historical lag studies with regard to the timing between when a claim is incurred and reported.

Warranty

Warranty — In the normal course of business, we issue product warranties for specific products and provide for the estimated future warranty cost in the period in which the sale is recorded. We provide for the estimate of warranty cost based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, claims costs may differ from amounts provided. In addition, due to the seasonal fluctuations at certain of our businesses, the timing of warranty provisions and the usage of warranty accruals can vary period to period. We make adjustments to initial obligations for warranties as changes in the obligations become reasonably estimable.

Employee Benefit Plans

Employee Benefit Plans — Defined benefit plans cover a portion of our salaried and hourly employees, including certain employees in foreign countries. As discussed in Note 1, we recognize changes in the fair value of plan assets and actuarial gains and losses associated with our pension and postretirement benefit plans in earnings during the fourth quarter of each year, unless earlier remeasurement is required, as a component of net periodic benefit expense. The remaining components of pension/postretirement expense, primarily interest costs and expected return on plan assets, are recorded on a quarterly basis. See Note 11 for further discussion of our pension and postretirement benefits.

We derive pension expense from an actuarial calculation based on the defined benefit plans’ provisions and our assumptions regarding discount rate. We primarily determine the discount rate for our plans by matching the expected projected benefit obligation cash flows for each of the plans to a yield curve that is representative of long-term, high-quality (rated AA or higher) fixed income debt instruments as of the measurement date. We also consult with independent actuaries in determining these assumptions.

Parent Guarantees and Bonds Associated with Balcke Durr

Parent Guarantees and Bonds Associated with Balcke Dürr — In connection with the sale of Balcke Dürr in 2016, we became contingently obligated under existing parent company guarantees and bank and surety bonds which totaled approximately Euro 79.0 and Euro 79.0, respectively, at the time of sale. Since the sale of Balcke Dürr, the guarantees have expired and, as of the third quarter of 2021, all the bonds have been returned. As the guarantees have expired and the bonds have been returned, we no longer have assets or liabilities recorded for this matter.

New Accounting Pronouncements

The following is a summary of new accounting pronouncements that apply or may apply to our business.

The London Interbank Offered Rate (“LIBOR”) was discontinued on June 30, 2023. In an effort to address the various challenges created by such discontinuance, the FASB issued three amendments to existing guidance, Accounting Standards update (“ASU”) No. 2020-04, No. 2021-01 and No. 2022-06, Reference Rate Reform. The amended guidance is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, etc.) necessitated by the reference rate reform. It also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by the reference rate reform. Application of the guidance in the amendments is optional, is only available in certain situations, and is only available for

companies to apply until December 31, 2024. In conjunction with entering into an amended and restated credit agreement (the “Credit Agreement”) on August 12, 2022, we adopted this guidance with no material impact on our consolidated financial statements. Refer to Note 13 for additional information on the Credit Agreement.

In November 2023, the FASB issued ASU No. 2023-07. Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the disclosure impact of ASU 2023-07; however, the standard will not have an impact on the Company’s consolidated financial position, results of operations or cash flows.

In December 2023, the FASB issued ASU No. 2023-09, which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the Company’s consolidated financial position, results of operations or cash flows.

Special Charges, Net

We anticipate that the liabilities related to restructuring actions will be paid within one year from the period in which the action was initiated.

Goodwill and Other Intangible Assets

As indicated in Note 1, we review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In reviewing goodwill for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. Our quantitative analysis of 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.

During the fourth quarter of 2023, we performed a quantitative analysis on the goodwill of our Engineered Air Movement (“EAM”) reporting unit (the aggregation of our Cincinnati Fan and TAMCO businesses). The EAM analysis indicated that the fair value of its net assets exceeded the related carrying value by approximately 30%. A change in assumptions used in EAM's quantitative analysis (e.g., projected revenues and profit growth rates, discount rates, industry price multiples, etc.) could result in the reporting unit’s estimated fair value being less than the carrying value. If EAM is unable to achieve its current financial forecast, we may be required to record an impairment charge in a future period related to its goodwill. As of December 31, 2023, EAM’s goodwill totaled $106.7. In addition, the fair value of the assets related to the ASPEQ acquisition approximate their carrying value. If ASPEQ is unable to achieve its current financial forecast, we may be required to record an impairment charge in a future period related its goodwill or indefinite-lived intangible assets. As of December 31, 2023, ASPEQ's goodwill and indefinite-lived intangible assets totaled $191.1 and $51.5, respectively.

Defined Contribution Retirement Plans

Potential Uncertain Positions

We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain positions when we determine that a tax position meets the criteria of the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions are recorded in “Income taxes payable” and “Deferred and other income taxes” in the accompanying consolidated balance sheets based on the expectation as to the timing of when the matters will be resolved. As events change and resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities.

In 2021, the Internal Revenue Service (“IRS”) concluded its audit of our 2013, 2014, 2015, 2016 and 2017 federal income tax returns. In connection with such, we recorded a tax benefit of $2.2 during the year ended December 31, 2021 related to the resolution of certain liabilities for uncertain tax positions and interest associated with various refund claims. We are not currently under examination by the Internal Revenue Service and the statue of limitations has closed for 2018 and 2019. We believe any contingencies in open years are adequately provided for.

State income tax returns generally are subject to examination for a period of three to five years after filing the respective tax returns. The impact on such tax returns of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. We regularly have various state income tax returns in the process of examination. We believe any uncertain tax positions related to these examinations have been adequately provided for.

We regularly have various foreign income tax returns under examination. We believe that any uncertain tax positions related to these examinations have been adequately provided for.

An unfavorable resolution of one or more of the above matters could have a material adverse effect on our results of operations or cash flows in the period in which an adjustment is recorded or the tax is due or paid. As audits and examinations are still in process, the timing of the ultimate resolution and any payments that may be required for the above matters cannot be determined at this time.

Concentrations of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and equivalents, trade accounts receivable, COLI policies, and interest rate swaps and FX forward contracts. These financial instruments, other than trade accounts receivable, are placed with high-quality financial institutions throughout the world. We periodically evaluate the credit standing of these financial institutions.

We maintain cash levels in bank accounts that, at times, may exceed federally-insured limits. We have not experienced significant loss, and believe we are not exposed to significant risk of loss, in these accounts.

We have credit loss exposure in the event of nonperformance by counterparties to the above financial instruments, but have no other off-balance-sheet credit risk of accounting loss. We anticipate, however, that counterparties will be able to fully satisfy their obligations under the contracts. We do not obtain collateral or other security to support financial instruments subject to credit risk, but we do monitor the credit standing of counterparties.

Concentrations of credit risk arising from trade accounts receivable are due to selling to customers in a particular industry. Credit risks are mitigated by performing ongoing credit evaluations of our customers’ financial conditions and obtaining collateral, advance payments, or other security when appropriate. No one customer, or group of customers that to our knowledge are under common control, accounted for more than 10% of our revenues for any period presented.

Environmental Matters

Our operations and properties are subject to federal, state, local and foreign regulatory requirements relating to environmental protection. It is our policy to comply fully with all applicable requirements. As part of our effort to comply, we have a comprehensive environmental compliance program that includes environmental audits conducted by internal and external independent professionals, as well as regular communications with our operating units regarding environmental compliance requirements and anticipated regulations. Based on current information, we believe that our operations are in substantial compliance with applicable environmental laws and regulations, and we are not aware of any violations that could have a material effect, individually or in the aggregate, on our business, financial condition, and results of operations or cash flows. We had liabilities for site investigation and/or remediation at 16 sites, that we own or control, as of December 31, 2023 (17 sites as of December 31, 2022). In addition, while we believe that we maintain adequate accruals to cover the costs of site investigation and/or remediation, we cannot provide assurance that new matters, developments, laws and regulations, or stricter interpretations of existing laws and regulations will not materially affect our business or operations in the future.

Our environmental accruals cover anticipated costs, including investigation, remediation, and maintenance of clean-up sites. Our estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. Accordingly, our estimates may change based on future developments, including new or changes in existing environmental laws or policies, differences in costs required to complete anticipated actions from estimates provided, future findings of investigation or remediation actions, or alteration to the expected remediation plans. It is our policy to revise an estimate once it becomes probable and the amount of change can be reasonably estimated. We generally do not discount our environmental accruals and do not reduce them by anticipated insurance recoveries. We take into account third-party indemnification from financially viable parties in determining our accruals where there is no dispute regarding the right to indemnification.

Goodwill, Indefinite-Lived Intangible and Other Long-Lived Assets

Fair Value

•Level 1 — Quoted prices for identical instruments in active markets.

•Level 3 — Significant inputs to the valuation model are unobservable.

Valuation Methods Used to Measure Fair Value on a Recurring Basis

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale - Wind-Down of DBT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset acquired :
Gain (loss) from discontinued operations, net of tax	$ (54.8)	$ (19.6)	$ 366.4
Discontinued operations
Asset acquired :
Income before tax	(70.3)	(24.3)	409.2
Income tax benefit	15.5	4.7	(42.8)
Gain (loss) from discontinued operations, net of tax	$ (54.8)	$ (19.6)	366.4
Discontinued operations \| DBT
Asset acquired :
Revenues			0.5
Cost of product sold			0.9
Selling, general and administrative			15.1
Special charges, net			1.3
Other expense, net			(1.2)
Interest income, net			0.1
Income before tax			(17.9)
Income tax benefit			2.7
Gain (loss) from discontinued operations, net of tax			$ (15.2)

Employee Benefit Plans - Defined Benefit Pension Plans - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 17, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee benefit plans
Common stock held by defined benefit pension plans (in shares)		0	0
SPX Postretirement Plans
Employee benefit plans
Defined benefit plan, benefit obligation, loss on settlement			$ 0.7
Transfer to insurance carrier for cash consideration	$ 10.0
Actuarial (gains) losses			$ 0.4
United States
Employee benefit plans
Discount rate		5.54%	3.99%	2.35%
United States \| Pension plans
Employee benefit plans
Accumulated benefit obligation		$ 245.7	$ 246.9
Actuarial (gains) losses		$ (7.6)	$ 66.4

Fair Value - Schedule of Fair Value Assets and Liabilities (Details) - Discontinued operations, disposed of by sale - Transformer Solutions - Guarantees and Bonds Liability $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year	$ 1.8
Reduction/Amortization for the period	(1.7)
Impact of changes in foreign currency rates	(0.1)
Balance at end of period	$ 0.0

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale

12 Months Ended

Dec. 31, 2023

Acquisitions, Dispositions and Discontinued Operations [Abstract]

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale

Acquisitions

As indicated in Note 1, on April 19, 2021, August 2, 2021, December 15, 2021, March 31, 2022, and April 3, 2023 we completed the acquisitions of Sealite, ECS, Cincinnati Fan, ITL, and TAMCO, respectively. The pro forma effects of these acquisitions are not material to our consolidated results of operations.

Acquisition of ASPEQ

As indicated in Note 1, on June 2, 2023, we completed the acquisition of ASPEQ for $421.5, net of (i) an adjustment to the purchase price of $0.3 received during 2023 related to acquired working capital and (ii) cash acquired of $0.9. We financed the acquisition with available cash and borrowings under our senior credit facilities. The assets acquired and liabilities assumed have been recorded at preliminary estimates of fair value as determined by management, based on information currently available and on current assumptions as to future operations and are subject to change upon completion of the acquisition method of accounting. Final determination of the fair values of certain assets and liabilities will be completed within the measurement period of up to one year from the acquisition date, as permitted under GAAP. The following is a summary of the recorded preliminary 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	$	42.1
Property, plant and equipment	10.6
Goodwill	191.1
Intangible assets	246.1
Other assets	1.3
Total assets acquired	491.2

Current liabilities assumed	10.9
Non-current liabilities assumed (1)	57.9

Net assets acquired	$	422.4

___________________________

(1)Includes net deferred income tax liabilities and other liabilities of $56.9 and $1.0, respectively.

The identifiable intangible assets acquired consist of customer relationships, trademarks, technology, and customer backlog of $142.3, $51.5, $47.8, and $4.5, respectively, with such amounts based on a preliminary assessment of the related fair values. We expect to amortize the customer relationships, technology, and customer backlog assets over 12.0, 16.0, and 1.0 years, respectively, with the trademarks acquired being indefinite-lived.

We acquired gross receivables of $18.0, which had a fair value at the acquisition date of $17.9 based on our estimates of cash flows expected to be recovered.

The qualitative factors that comprise the recorded goodwill include expected market growth for ASPEQ’s existing operations, increased volumes achieved by selling ASPEQ’s products through existing SPX sales channels, procurement and operational savings and efficiencies, and various other factors.

We recognized revenues and net income for ASPEQ of $63.9 and $3.6, respectively, for the year ended December 31, 2023 with the net income impacted by charges during the year ended December 31, 2023 of (i) $13.2 associated with amortization of the various intangible assets mentioned above and (ii) $3.6 associated with the excess fair value (over historical cost) of inventory acquired which has been subsequently sold. During the year ended December 31, 2023, we incurred acquisition-related costs for ASPEQ of $5.4, which have been recorded to “Selling, general and administrative” within our consolidated statements of operations and “Corporate expense” within consolidated operating income in Note 7.

The following unaudited pro forma information presents our consolidated results of operations for the years ended December 31, 2023 and 2022, respectively, as if the acquisition of ASPEQ had taken place on January 1, 2022. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the acquisition 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 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 acquisition, 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 during the first quarter of 2022, and the related income tax effects.


	Years ended December, 31
	2023		2022
Revenues	$	1,788.4	$	1,564.7
Income (loss) from continuing operations	150.4		(3.8)
Net income (loss)	95.6		(23.4)

Income (loss) from continuing operations per share of common stock:
Basic	$	3.30	$	(0.08)
Diluted	$	3.23	$	(0.08)

Net income (loss) per share of common stock:
Basic	$	2.10	$	(0.52)
Diluted	$	2.05	$	(0.52)

Sale of Transformer Solutions Business

As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions for net cash proceeds of $620.6. In connection with the sale, we recorded a gain of $382.2 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021.

The results of Transformer Solutions are presented as a discontinued operation for all periods presented. Major line items constituting pre-tax income and after-tax income of Transformer Solutions for the period January 1, 2021 to October 1, 2021 are shown below:



	2021
Revenues	$	313.5
Costs and expenses:
Cost of product sold	257.2
Selling, general and administrative	28.4

Income before tax	27.9
Income tax provision	(7.0)
Income after tax	$	20.9

Wind-Down of DBT Business

As discussed in Note 1, we completed the wind-down of our DBT business in the fourth quarter of 2021. As a result of completing the wind-down plan, we are reporting DBT as a discontinued operation for all periods presented. In connection with the wind-down, we recorded a charge of $19.9 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021 to reflect the write-off of historical currency translation amounts associated with DBT that had been previously reported within “Stockholders' equity.”

As previously disclosed, DBT had asserted claims against the remaining prime contractor on two large projects, Mitsubishi Heavy Industries Power — ZAF (f.k.a. Mitsubishi-Hitachi Power Systems Africa (PTY) LTD) (“MHI”), of approximately South African Rand 1,000.0 (or $54.4) and MHI had asserted, or issued letters of intent to claim for, alleged damages against DBT. Although it was reasonably possible that some loss may have been incurred in connection with these claims (which totaled approximately South African Rand 2,815.2 or $153.2), we were unable to estimate the potential loss or range of potential loss associated with these claims due to the (i) lack of support provided by MHI for these claims; (ii) complexity of contractual relationships between the end customer, MHI, and DBT; (iii) legal interpretation of the contract provisions and application of South African law to the contracts; and (iv) unpredictable nature of any dispute resolution processes that had occurred or may have occurred in connection with these claims. Although we have experienced success in enforcing and defending our rights through the dispute resolution process over the past few years (including the matters mentioned below), we have invested, and would have continued to invest, significant management and financial resources to defend and pursue these matters.

On September 5, 2023, DBT and SPX entered into an agreement with MHI to resolve all claims between the parties with respect to the two large power projects in South Africa (the “Settlement Agreement”). The Settlement Agreement provides for full and final settlement and mutual release of all claims between the parties with respect to the projects, including any claim against SPX Technologies, Inc. as guarantor of DBT's performance on the projects. It also provides that the underlying subcontracts are terminated and all obligations of both parties under the subcontracts have been satisfied in full. In connection with the Settlement Agreement, we incurred a charge, net of tax, of $54.2 during the third quarter of 2023. The charge included the write-off of $15.2 in net amounts due from MHI. Such charge is included in “Gain (loss) on disposition of discontinued operations, net of tax” for the year ended December 31, 2023.

Prior to the Settlement Agreement, on February 22, 2021, a dispute adjudication panel issued a ruling in favor of DBT against MHI related to costs incurred in connection with delays on two units of the Kusile project. In connection with the ruling, DBT received South African Rand 126.6 (or $8.6 at the time of payment). This ruling was subject to final and binding arbitration in this matter. In March 2023, an arbitration tribunal upheld the decision of the dispute adjudication panel. As a result, the South African Rand 126.6 (or $7.0) was recorded as income during the first quarter of 2023, with such amount recorded within “Gain (loss) on disposition of discontinued operations, net of tax.” Additionally, in June 2023, the arbitration tribunal ruled DBT was entitled to recover $1.3 of legal costs incurred related to the arbitration. Such amount received from MHI was recorded to “Gain (loss) on disposition of discontinued operations, net of tax” during the year ended December 31, 2023. Additionally, in May 2023, a separate arbitration tribunal ruled DBT was entitled to recover $5.5 of legal costs incurred related to a prior arbitration hearing. Such amount received from MHI was recorded to “Gain (loss) on disposition of discontinued operations, net of tax” during the year ended December 31, 2023.

Major line items constituting pre-tax loss and after-tax loss of DBT for the years ended December 31, 2021 are shown below:


	2021
Revenues	$	0.5
Costs and expenses:
Cost of product sold	0.9
Selling, general and administrative	15.1
Special charges, net	1.3
Other expense, net	1.2
Interest income, net	(0.1)
Loss before tax	(17.9)
Income tax benefit	2.7
Loss after tax	$	(15.2)

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 consolidated balance sheets as of December 31, 2023 and 2022. The major line items constituting DBT's assets and liabilities as of December 31, 2023 and 2022 are shown below:


	December 31, 2023		December 31, 2022
ASSETS
Cash and equivalents	$	5.5	$	9.3
Accounts receivable, net	0.4		7.6
Other current assets	4.7		6.5
Property, plant and equipment:
Buildings and leasehold improvements	0.2		0.2
Machinery and equipment	0.5		0.7
	0.7		0.9
Accumulated depreciation	(0.6)		(0.8)
Property, plant and equipment, net	0.1		0.1
Other assets	—		19.1
Total assets of DBT	$	10.7	$	42.6
LIABILITIES
Accounts payable (1)	$	26.9	$	1.4
Contract liabilities	2.1		3.6
Accrued expenses	6.3		22.0
Other long-term liabilities	4.2		4.6
Total liabilities of DBT	$	39.5	$	31.6

___________________________

(1) Includes DBT's remaining obligation under the Settlement Agreement to make a payment to MHI of South African Rand 480.9 (or $26.2 at December 31, 2023), 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.

Wind-Down of the Heat Transfer Business

As discussed in Note 1, we completed the wind-down of our Heat Transfer business in the fourth quarter of 2020. As a result of completing the wind-down plan, we are reporting Heat Transfer as a discontinued operation for all periods presented.

The assets and liabilities of Heat Transfer have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the consolidated balance sheets as of December 31, 2023 and 2022. The major line items constituting Heat Transfer's assets and liabilities as of December 31, 2023 and 2022 are shown below:


	December 31, 2023		December 31, 2022
ASSETS

Other current assets	$	0.3	$	0.2
Other assets	0.1		0.1
Total assets of Heat Transfer	$	0.4	$	0.3
LIABILITIES
Accounts payable	$	0.2	$	0.1
Accrued expenses	—		0.1
Total liabilities of Heat Transfer	$	0.2	$	0.2

For the years ended December 31, 2023, 2022 and 2021, results of operations from our businesses reported as discontinued operations were as follows:


	Year ended December 31,
	2023		2022		2021
Transformer Solutions
Income (loss) from discontinued operations (1)	$	—	$	(0.6)	$	454.9
Income tax (provision) benefit (2)	—		0.9		(51.8)
Income from discontinued operations, net	—		0.3		403.1

DBT
Loss from discontinued operations	(69.0)		(17.3)		(37.8)
Income tax benefit	15.3		2.1		2.7
Loss from discontinued operations, net (3)	(53.7)		(15.2)		(35.1)






All other (4)
Loss from discontinued operations	(1.3)		(6.4)		(7.9)
Income tax benefit	0.2		1.7		6.3
Loss from discontinued operations, net	(1.1)		(4.7)		(1.6)

Total
Income (loss) from discontinued operations	(70.3)		(24.3)		409.2
Income tax (provision) benefit	15.5		4.7		(42.8)
Income (loss) from discontinued operations, net	$	(54.8)	$	(19.6)	$	366.4

________________________________________________

(1) Loss for the year ended December 31, 2022 resulted primarily from revisions to liabilities retained in connection with the disposition. Income for the year ended December 31, 2021 resulted primarily from the gain on sale of the business of $382.2, as well as the results of operations for the year.

(2) During the fourth quarter of 2021, we liquidated certain recently acquired entities. As a result of this action, we recorded a net income tax benefit of $16.5 within our 2021 consolidated statement of operations, which included an income tax charge of $10.9 within continuing operations and an income tax benefit of $27.4 within discontinued operations.

(3) Loss for the year ended December 31, 2023 resulted primarily from the charge, and related income tax impacts, recorded in connection with the Settlement Agreement referred to above and legal costs in connection with the various dispute resolution matters. This loss for the year ended December 31, 2023 was partially offset by the arbitration awards received, which are discussed above. Loss for the years ended December 31, 2022 and 2021 resulted primarily from legal costs incurred in connection with various dispute resolution matters prior to the Settlement Agreement. In addition, and as previously noted, the year ended December 31, 2021 includes a charge of $19.9 related to the write-off of historical translation amounts.

(4) Loss for the years ended December 31, 2023, 2022, and 2021 resulted primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions and, for the years ended December 31, 2022 and 2021, asbestos-related charges for businesses previously disposed of.

Changes in estimates associated with liabilities retained in connection with a business divestiture (e.g., income taxes) may occur. As a result, it is possible that the resulting gains/losses on previous business divestitures may be materially adjusted in subsequent periods.

Net cash used in discontinued operations for the year ended December 31, 2023 related primarily to (i) cash payments of $25.3 made by DBT to MHI during 2023 in connection with the Settlement Agreement, and (ii) disbursements of $14.7 for professional fees and support costs incurred principally in connection with the claims resolved by the Settlement Agreement, partially offset by recovery of legal costs we were awarded in arbitration proceedings between DBT and MHI of $6.8 mentioned above. Net cash used in discontinued operations for the year ended December 31, 2022 related primarily to (i) disbursements for professional fees incurred in connection with the claims activities related to the large power projects in South Africa prior to the Settlement Agreement, (ii) disbursements related to asbestos product liability matters, (iii) a payment of $13.9 to the buyer of Transformer Solutions related to the settlement of the final working capital balances for the business, and (iv) disbursements for liabilities retained in connection with dispositions, including fees associated with the sale of Transformer Solutions. These disbursements were partially offset by proceeds from stock options exercised of $1.0. Net cash from discontinued operations for the year ended December 31, 2021 related primarily to proceeds received in connection with the sale of Transformer Solutions of $620.6. In addition, cash flows from discontinued operations included cash flows from operations generated by Transformer Solutions, partially offset by cash flows used in DBT's operations and disbursements related to liabilities retained in connection with other dispositions.

Asbestos Portfolio Sale

As indicated in Note 1, we completed the Asbestos Portfolio Sale on November 1, 2022.

Below is a summary of the impact of the Asbestos Portfolio Sale, including the loss on sale, on our 2022 consolidated financial statements:


Cash contribution	$	(138.8)
Assets divested:
Accounts receivable, net	(5.0)
Other current assets	(50.0)
Other assets	(420.3)
Deferred tax assets	(27.0)
Liabilities divested:
Accrued liabilities	53.9
Other long-term liabilities	518.0
Loss on Asbestos Portfolio Sale, before transaction costs	(69.2)
Transaction costs	(4.7)
Loss on Asbestos Portfolio Sale	$	(73.9)

Information on Reportable Segments - Financial Data (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Oct. 02, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Revenues			$ 1,741.2	$ 1,460.9	$ 1,219.5
Income:
Consolidated operating income			221.9	51.0	73.7
Amortization of intangible assets			43.9	28.5	21.6
Impairment of goodwill and intangible assets			0.0	13.4	30.0
Special charges, net			0.8	0.4	1.0
Other operating (income) expense, net			(9.0)	(74.9)	4.1
Capital expenditures:
Total capital expenditures			23.9	15.9	9.6
Depreciation and amortization:
Total depreciation and amortization			63.2	46.4	42.3
Tangible Long-Lived Assets:
Long-lived assets of continuing operations	$ 310.0		333.4	310.0	800.2
Long-lived assets of discontinued operations, DBT and Heat Transfer	19.3		0.2	19.3	28.0
Total tangible long-lived assets	329.3		333.6	329.3	828.2
Integration related costs			5.8	1.9	3.3
Non-cash asset write-downs			0.0	0.3	0.0
Recorded charges related to asbestos product liability matters				24.2	51.2
Disposed of by Sale \| Asbestos Portfolio Sale
Tangible Long-Lived Assets:
Loss on Asbestos Portfolio Sale				73.9
ULC Robotics
Tangible Long-Lived Assets:
Non-cash asset write-downs				0.5	0.5
Contingent consideration, reversal of liability		$ 24.3			24.3
ULC Robotics
Income:
Impairment of goodwill and intangible assets	12.9	$ 24.3
Trademarks
Tangible Long-Lived Assets:
Non-cash asset write-downs			0.0	0.5	0.5
Trademarks \| ULC Robotics
Income:
Impairment of goodwill and intangible assets				12.9	29.5
Cost of Sales
Income:
Acquisition related and other costs			3.6	1.1	2.6
Impairment of goodwill and intangible assets					1.8
United States
Revenues:
Revenues			1,454.1	1,223.5	991.5
Tangible Long-Lived Assets:
Total tangible long-lived assets	275.0		292.4	275.0	762.4
China
Revenues:
Revenues			53.7	51.0	57.9
United Kingdom
Revenues:
Revenues			96.3	96.5	80.1
Other
Revenues:
Revenues			137.1	89.9	90.0
Tangible Long-Lived Assets:
Total tangible long-lived assets	35.0		41.0	35.0	37.8
Operating Segments
Revenues:
Revenues			1,741.2	1,460.9	1,219.5
Income:
Consolidated operating income			353.2	249.6	200.6
Corporate
Income:
Corporate expense			58.4	68.6	60.5
Capital expenditures:
Total capital expenditures			0.9	1.2	0.9
Depreciation and amortization:
Total depreciation and amortization			2.4	2.4	2.8
Tangible Long-Lived Assets:
Non-cash asset write-downs			0.0	0.0	0.0
Segment Reconciling Items
Income:
Acquisition related and other costs			5.8	1.9	5.1
Long-term incentive compensation expense			13.4	10.9	12.8
Impairment of goodwill and intangible assets			0.0	13.4	30.0
Special charges, net			0.8	0.4	1.0
Other operating (income) expense, net			9.0	74.9	(4.1)
Tangible Long-Lived Assets:
Recorded charges related to asbestos product liability matters				2.3	26.3
Segment Reconciling Items \| Enterprise Control Systems Ltd
Tangible Long-Lived Assets:
Contingent consideration, reversal of liability	$ 1.3			1.3	6.7
Segment Reconciling Items \| Sensors & Software Inc
Tangible Long-Lived Assets:
Contingent consideration, reversal of liability					0.6
HVAC reportable segment
Revenues:
Revenues			1,122.3	913.8	752.1
HVAC reportable segment \| Operating Segments
Revenues:
Revenues			1,122.3	913.8	752.1
Income:
Consolidated operating income			234.4	135.5	107.7
Special charges, net			0.1	0.1	0.1
Capital expenditures:
Total capital expenditures			17.6	10.1	5.3
Depreciation and amortization:
Total depreciation and amortization			37.1	20.5	11.5
Tangible Long-Lived Assets:
Non-cash asset write-downs			0.0	0.0	0.0
Detection and Measurement reportable segment
Revenues:
Revenues			618.9	547.1	467.4
Detection and Measurement reportable segment \| Operating Segments
Revenues:
Revenues			618.9	547.1	467.4
Income:
Consolidated operating income			118.8	114.1	92.9
Special charges, net			0.7	0.3	0.9
Capital expenditures:
Total capital expenditures			5.4	4.6	3.4
Depreciation and amortization:
Total depreciation and amortization			23.7	23.5	28.0
Tangible Long-Lived Assets:
Non-cash asset write-downs			$ 0.0	$ 0.3	$ 0.0

Contingent Liabilities and Other Matters	12 Months Ended
Contingent Liabilities and Other Matters	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Other Matters	Contingent Liabilities and Other Matters General Numerous claims, complaints and proceedings arising in the ordinary course of business have been asserted or are pending against us or certain of our subsidiaries (collectively, “claims”). These claims relate to litigation matters (e.g., contracts, intellectual property and competitive claims), environmental matters, product liability matters (which, prior to the Asbestos Portfolio Sale, were predominately associated with alleged exposure to asbestos-containing materials), and other risk management matters (e.g., general liability, automobile, and workers’ compensation claims). Additionally, we may become subject to other claims of which we are currently unaware, which may be significant, or the claims of which we are aware may result in our incurring significantly greater loss than we anticipate. While we (and our subsidiaries) maintain property, cargo, auto, product, general liability, environmental, and directors’ and officers’ liability insurance and have acquired rights under similar policies in connection with acquisitions that we believe cover a significant portion of these claims, this insurance may be insufficient or unavailable (e.g., in the case of insurer insolvency) to protect us against potential loss exposures. Also, while we believe we are entitled to indemnification from third parties for some of these claims, these rights may be insufficient or unavailable to protect us against potential loss exposures. Our recorded liabilities related to these matters, primarily associated with environmental matters, totaled $37.9 and $39.5 at December 31, 2023 and 2022, respectively. Of these amounts, $29.4 and $30.8 are included in “Other long-term liabilities” within our consolidated balance sheets at December 31, 2023 and 2022, respectively, with the remainder included in “Accrued expenses.” The liabilities we record for these matters are based on a number of assumptions, including historical claims and payment experience. While we base our assumptions on facts currently known to us, they entail inherently subjective judgments and uncertainties. As a result, our current assumptions for estimating these liabilities may not prove accurate, and we may be required to adjust these liabilities in the future, which could result in charges to earnings. These variances relative to current expectations could have a material impact on our financial position and results of operations. Resolution of Dispute with Former Representative On January 18, 2024, a jury ruled that one of our businesses within the Detection and Measurement reportable segment had breached its contract and implied duties of good faith and fair dealings in connection with an agreement entered into with a former representative. On January 26, 2024, we negotiated a settlement requiring a payment to the former representative of $9.0 to resolve all claims related to the matter. This amount was recorded to “Other operating (income) expense, net” within the consolidated statement of operations for the year ended December 31, 2023. Asbestos Matters As indicated in Note 1, we completed the Asbestos Portfolio Sale on November 1, 2022, which resulted in the divestiture of three wholly-owned subsidiaries that hold asbestos liabilities and certain assets, including related insurance assets. As a result of this transaction, all asbestos obligations and liabilities and related insurance assets have been removed from our consolidated balance sheets effective November 12, 2022. During the years ended December 31, 2022 and 2021 our (receipts) payments for asbestos-related claims, net of respective insurance recoveries of $31.6 and $53.9, were $20.1, and $(0.3), respectively. The year ended December 31, 2021 includes insurance proceeds of $15.0, associated with the settlement of an asbestos insurance coverage matter. During the years ended December 31, 2022 and 2021, we recorded charges of $24.2 and $51.2, respectively, as a result of changes in estimates associated with the liabilities and assets related to asbestos-related claims. Of these charges, $18.8 and $48.6 were reflected in “Income from continuing operations before income taxes” for the years ended December 31, 2022 and 2021, respectively, and $5.4 and $2.6, respectively, were reflected in “Gain (loss) on disposition of discontinued operations, net of tax.” Large Power Projects in South Africa Overview - Since 2008, DBT had been executing on two large power projects in South Africa (Kusile and Medupi), on which it has completed its scope of work. During that time, the business environment surrounding these projects was difficult, as DBT, along with many other contractors on the projects, experienced delays, cost over-runs, and various other challenges associated with a complex set of contractual relationships among the end customer, prime contractors, various subcontractors (including DBT and its subcontractors), and various suppliers. Since substantial completion of the works, DBT’s remaining responsibilities related largely to resolution of various claims, primarily between itself and MHI, the remaining prime contractor. As noted below, SPX and DBT entered into a Settlement Agreement with MHI during the third quarter of 2023. Prior to the Settlement Agreement, DBT had asserted claims against MHI of approximately South African Rand 1,000.0 (or $54.4) and MHI had asserted, or issued letters of intent to claim for, alleged damages against DBT. Although it was reasonably possible that some loss may have been incurred in connection with these claims (which totaled approximately South African Rand 2,815.2 or $153.2), we were unable to estimate the potential loss or range of potential loss associated with these claims due to the (i) lack of support provided by MHI for these claims; (ii) complexity of contractual relationships between the end customer, MHI, and DBT; (iii) legal interpretation of the contract provisions and application of South African law to the contracts; and (iv) unpredictable nature of any dispute resolution processes that may have occurred in connection with these claims. Prior to the Settlement Agreement, DBT had experienced success in enforcing its rights through dispute resolution processes, including favorable arbitration rulings during 2023 related to awards for (i) costs incurred in connection with delays on the Kusile project of South African Rand 126.6 (or $7.0) during the first quarter of 2023 and (ii) recovery of legal costs related to arbitration proceedings of $6.8 during the second quarter of 2023, with such amounts recorded within “Gain (loss) on disposition of discontinued operations, net of tax.” Resolution of Remaining Prime Contractor Claims - We have invested, and would have continued to invest, significant management and financial resources to defend and pursue the above matters. On September 5, 2023, SPX Technologies and DBT entered into the Settlement Agreement with MHI to affect the negotiated resolution of all outstanding claims between the parties with respect to the large power projects. The Settlement Agreement provides for full and final settlement and the mutual release of all claims between the parties with respect to the projects, including any claim against SPX Technologies, Inc. as guarantor of DBT’s performance on the projects. Refer to Note 4 for additional details. Claim against Surety - On February 5, 2021, DBT received payment of $6.7 on bonds issued in support of performance by one of DBT’s subcontractors. The subcontractor maintains a right to seek recovery of such amount and, thus, the amount received by DBT has not been reflected in our consolidated statements of operations. Claim for Contingent Consideration Related to ULC Acquisition In connection with our acquisition of ULC in September 2020, the seller of ULC was eligible for additional cash consideration of up to $45.0 upon achievement of certain operating and financial performance milestones. At the time of the acquisition, we recorded a liability of $24.3, which represented the estimated fair value of the contingent consideration. During the third quarter of 2021, we concluded that the operational and financial performance milestones noted above were not achieved. As a result, we reversed the liability of $24.3 during the third quarter of 2021, with the offset recorded to “Other operating (income) expense, net.” On August 23, 2022, the seller of ULC initiated a breach-of-contract lawsuit against us in the United States District Court for the Eastern District of New York claiming that it is entitled to a portion of the additional cash consideration linked to certain operating performance milestones totaling $15.0. If successful with their claim the plaintiff is also eligible to recover prejudgment interest and attorney's fees. We have defenses against the claim and, thus, while we do not believe we have a probable loss associated with the claim, it is reasonably possible we may incur a loss associated with it. Litigation Matters We are subject to other legal matters that arise in the normal course of business. We believe these matters are either without merit or of a kind that should not have a material effect, individually or in the aggregate, on our financial position, results of operations or cash flows; however, we cannot give assurance that these proceedings or claims will not have a material effect on our financial position, results of operations or cash flows. Environmental Matters Our operations and properties are subject to federal, state, local and foreign regulatory requirements relating to environmental protection. It is our policy to comply fully with all applicable requirements. As part of our effort to comply, we have a comprehensive environmental compliance program that includes environmental audits conducted by internal and external independent professionals, as well as regular communications with our operating units regarding environmental compliance requirements and anticipated regulations. Based on current information, we believe that our operations are in substantial compliance with applicable environmental laws and regulations, and we are not aware of any violations that could have a material effect, individually or in the aggregate, on our business, financial condition, and results of operations or cash flows. We had liabilities for site investigation and/or remediation at 16 sites, that we own or control, as of December 31, 2023 (17 sites as of December 31, 2022). In addition, while we believe that we maintain adequate accruals to cover the costs of site investigation and/or remediation, we cannot provide assurance that new matters, developments, laws and regulations, or stricter interpretations of existing laws and regulations will not materially affect our business or operations in the future. Our environmental accruals cover anticipated costs, including investigation, remediation, and maintenance of clean-up sites. Our estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. Accordingly, our estimates may change based on future developments, including new or changes in existing environmental laws or policies, differences in costs required to complete anticipated actions from estimates provided, future findings of investigation or remediation actions, or alteration to the expected remediation plans. It is our policy to revise an estimate once it becomes probable and the amount of change can be reasonably estimated. We generally do not discount our environmental accruals and do not reduce them by anticipated insurance recoveries. We take into account third-party indemnification from financially viable parties in determining our accruals where there is no dispute regarding the right to indemnification. In the case of contamination at offsite, third-party disposal sites, as of December 31, 2023 and December 31, 2022, we have been notified that we are potentially responsible and have received other notices of potential liability pursuant to various environmental laws at 9 sites, at which the liability has not been settled, and all of which have been active in the past few years. These laws may impose liability on certain persons that are considered jointly and severally liable for the costs of investigation and remediation of hazardous substances present at these sites, regardless of fault or legality of the original disposal. These persons include the present or former owners or operators of the site and companies that generated, disposed of or arranged for the disposal of hazardous substances at the site. We are considered a “de minimis” potentially responsible party at most of the sites, and we estimate that our aggregate liability, if any, related to these sites is not material to our consolidated financial statements. We conduct extensive environmental due diligence with respect to potential acquisitions, including environmental site assessments and such further testing as we may deem warranted. If an environmental matter is identified, we estimate the cost and either establish a liability, purchase insurance or obtain an indemnity from a financially sound seller; however, in connection with our acquisitions or dispositions, we may assume or retain significant environmental liabilities, some of which we may be unaware. The potential costs related to these environmental matters and the possible impact on future operations are uncertain due in part to the complexity of government laws and regulations and their interpretations, the varying costs and effectiveness of various clean-up technologies, the uncertain level of insurance or other types of recovery, and the questionable level of our responsibility. We record a liability when it is both probable and the amount can be reasonably estimated. In our opinion, after considering accruals established for such purposes, the cost of remedial actions for compliance with the present laws and regulations governing the protection of the environment are not expected to have a material impact, individually or in the aggregate, on our financial position, results of operations or cash flows. Self-Insured Risk Management Matters We are self-insured for certain of our workers’ compensation, automobile, product and general liability, disability and health costs, and we believe that we maintain adequate accruals to cover our retained liability. Our accruals for risk management matters are determined by us, are based on claims filed and estimates of claims incurred but not yet reported, and generally are not discounted. We consider a number of factors, including third-party actuarial valuations, when making these determinations. We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts. This insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against potential loss exposures. Executive Agreements The Board of Directors has approved an employment agreement for our President and Chief Executive Officer. This agreement had an initial term through December 31, 2017 and, thereafter, rolling terms of one year, and specifies the executive’s current compensation, benefits and perquisites, severance entitlements, and other employment rights and responsibilities. The Compensation Committee of the Board of Directors has approved severance benefit agreements for our other six executive officers. These agreements cover each executive’s entitlements in the event that the executive’s employment is terminated for other than cause, death or disability, or the executive resigns with good reason. The Compensation Committee of the Board of Directors has also approved change of control agreements for each of our executive officers, which cover each executive’s entitlements following a change of control.

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale - Wind-Down of the Heat Transfer Business - Assets and Liabilities of Discontinued Operations (Details) - Discontinued operations, disposed of by sale - SPX Heat Transfer Business - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Other current assets	$ 0.3	$ 0.2
Other assets	0.1	0.1
Total assets	0.4	0.3
LIABILITIES
Accounts payable	0.2	0.1
Accrued expenses	0.0	0.1
Total liabilities	$ 0.2	$ 0.2

Contingent Liabilities and Other Matters - Large Power Projects in South Africa (Details) R in Millions, $ in Millions				1 Months Ended		3 Months Ended					12 Months Ended
	Feb. 22, 2021 USD ($)	Feb. 22, 2021 ZAR (R)	Feb. 05, 2021 USD ($)	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jul. 01, 2023 USD ($)	Jul. 01, 2023 ZAR (R)	Apr. 01, 2023 USD ($)	Apr. 01, 2023 ZAR (R)	Dec. 31, 2023 USD ($) project	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 ZAR (R)	Sep. 04, 2023 USD ($)	Sep. 04, 2023 ZAR (R)
Loss Contingencies [Line Items]
Number of large power projects \| project											2
Gain (loss) on disposition of discontinued operations, net of tax											$ (54.8)	$ (19.6)	$ 360.7
Discontinued operations \| DBT
Loss Contingencies [Line Items]
Gain (loss) on disposition of discontinued operations, net of tax				$ 1.3	$ 5.5	$ 6.8							$ (19.9)
Large power projects
Loss Contingencies [Line Items]
Unrecorded gain contingency											$ 54.4
Payment for bonds			$ 6.7
South Africa \| Large power projects
Loss Contingencies [Line Items]
Unrecorded gain contingency														R 1,000.0	$ 54.4	R 1,000.0
Litigation settlement	$ 8.6	R 126.6
Gain (loss) related to litigation settlement							$ 7.0	R 126.6	$ 7.0	R 126.6
South Africa \| Large power projects \| MHI Additional Claims
Loss Contingencies [Line Items]
Estimate of possible legal claim deemed unlikely															$ 153.2	R 2,815.2

Special Charges, Net (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Special Charges by Expense Type

Special charges for the years ended December 31, 2023, 2022 and 2021 are described in more detail below and in the applicable sections that follow:


	Years Ended December 31,
	2023		2022		2021
Employee termination costs	$	0.8	$	0.1	$	1.0


Non-cash asset write-downs	—		0.3		—
Total	$	0.8	$	0.4	$	1.0

Schedule of Special Charges

2023 Charges:


	Employee Termination Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.1	$	—	$	—	$	0.1
Detection and Measurement reportable segment	0.7		—		—		0.7
Corporate	—		—		—		—
Total	$	0.8	$	—	$	—	$	0.8

2022 Charges:


	Employee Termination Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.1	$	—	$	—	$	0.1
Detection and Measurement reportable segment	—		—		0.3		0.3
Corporate	—		—		—		—
Total	$	0.1	$	—	$	0.3	$	0.4

2021 Charges:


	Employee Termination Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.1	$	—	$	—	$	0.1
Detection and Measurement reportable segment	0.9		—		—		0.9
Corporate	—		—		—		—
Total	$	1.0	$	—	$	—	$	1.0

Schedule of the Analysis of the Company's Restructuring Liabilities

The following is an analysis of our restructuring liabilities for the years ended December 31, 2023, 2022 and 2021:



	2023		2022		2021
Balance at beginning of year	$	—	$	0.3	$	0.9
Special charges (1)	0.8		0.1		1.0
Utilization — cash	(0.1)		(0.4)		(1.6)

Balance at the end of year	$	0.7	$	—	$	0.3

___________________________________________________________________

(1)The year ended December 31, 2022 excluded $0.3 of non-cash charges that impacted special charges but not the restructuring liabilities.

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit — opening balance	$ 4.5	$ 7.1	$ 13.6
Gross increases — tax positions in prior period	0.0	0.0	0.7
Gross decreases — tax positions in prior period	(1.1)	(0.7)	(6.4)
Gross increases — tax positions in current period	0.1	0.1	0.2
Settlements	(1.0)	0.0	0.0
Statute expirations	(0.3)	(1.9)	(1.1)
Change due to foreign currency exchange rates	0.0	(0.1)
Change due to foreign currency exchange rates			0.1
Unrecognized tax benefit — ending balance	$ 2.2	$ 4.5	$ 7.1

Shareholders' Equity and Long-Term Incentive Compensation - Summary of Performance Shares, Restricted Stock Units And Restricted Stock (Details) - PSU's, RSU's - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unvested PSU’s and RSU’s
Outstanding at the beginning of the period (in shares)	530,000	636,000	644,000
Granted (in shares)	175,000	307,000	243,000
Vested (in shares)	(190,000)	(332,000)	(219,000)
Forfeited (in shares)	(5,000.000)	(81,000.000)	(32,000.000)
Outstanding at the end of the period (in shares)	510,000	530,000	636,000
Weighted-Average Grant-Date Fair Value Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 51.38	$ 49,140,000	$ 42.32
Granted (in dollars per share)	72.35	48.72	57.24
Vested (in dollars per share)	51.38	44.16	37.40
Forfeited (in dollars per share)	59.92	53.41	53.69
Outstanding at the end of the period (in dollars per share)	$ 58.53	$ 51.38	$ 49,140,000

Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Summarized below is the liability along with the change in the liability during 2021.


		Year ended
	December 31, 2021
		Guarantees and Bonds Liability
Balance at beginning of year		$	1.8
Reduction/Amortization for the period (1)		(1.7)
Impact of changes in foreign currency rates		(0.1)
Balance at end of period		$	—

___________________________

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories are accounted for under the first-in, first-out method and are comprised of the following at December 31, 2023 and 2022:


	December 31,
	2023		2022
Finished goods	$	79.4	$	73.0
Work in process	31.4		25.7
Raw materials and purchased parts	165.9		145.3
Total inventories	$	276.7	$	244.0

Shareholders' Equity and Long-Term Incentive Compensation - Income Per Share and Common Stock and Treasury Stock - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jul. 02, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 09, 2023	May 10, 2022
Stock-based Compensation
Treasury stock, value, acquired, cost method			$ 33,700,000
Stock repurchase program, remaining authorized repurchase amount		$ 100,000,000.0
Common Stock
Stock-based Compensation
Treasury stock, shares, acquired	707,000
Treasury stock, value, acquired, cost method	$ 33,700,000
Maximum
Stock-based Compensation
Stock repurchase program, authorized amount					$ 100,000,000.0	$ 100,000,000.0
Stock options
Stock-based Compensation
Number of awards that were excluded from the computation of diluted income per share (in shares)		512,000	695,000	627,000
Unvested Restricted Stock And Restricted Stock Units that did not Meet Required Market Thresholds for Vesting
Stock-based Compensation
Number of awards that were excluded from the computation of diluted income per share (in shares)		179,000	240,000	245,000

Special Charges, Net - Special Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Special charges, net
Employee termination costs	$ 0.8	$ 0.1	$ 1.0
Other cash costs, net		0.0	0.0
Non-cash asset write-downs	0.0	0.3	0.0
Total Special Charges	0.8	0.4	1.0
Operating Segments \| HVAC reportable segment
Special charges, net
Other cash costs, net	0.0	0.0	0.0
Non-cash asset write-downs	0.0	0.0	0.0
Total Special Charges	0.1	0.1	0.1
Operating Segments \| Detection and Measurement reportable segment
Special charges, net
Other cash costs, net	0.0	0.0	0.0
Non-cash asset write-downs	0.0	0.3	0.0
Total Special Charges	0.7	0.3	0.9
Corporate
Special charges, net
Other cash costs, net		0.0	0.0
Non-cash asset write-downs	0.0	0.0	0.0
Employee Termination Costs
Special charges, net
Employee termination costs	0.8	0.1	1.0
Employee Termination Costs \| Operating Segments \| HVAC reportable segment
Special charges, net
Employee termination costs	0.1	0.1	0.1
Employee Termination Costs \| Operating Segments \| Detection and Measurement reportable segment
Special charges, net
Employee termination costs	$ 0.7	$ 0.0	$ 0.9

Employee Benefit Plans - Employer Contributions (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Non-qualified pension plans
Employee benefit plans
Expect to make contributions to our foreign pension plans.	$ 5,200,000
United States
Employee benefit plans
Employer contributions	0
United States \| Non-qualified pension plans
Employee benefit plans
Contributions (employer and employee)	5,400,000
Foreign Plan
Employee benefit plans
Expect to make contributions to our foreign pension plans.	$ 1,600,000

Shareholders' Equity and Long-Term Incentive Compensation - Assumptions In Determining The Fair Value of Awards Granted (Details) - PSU's			1 Months Ended
	Mar. 01, 2023	Mar. 01, 2021	Mar. 31, 2022
Stock-based Compensation
Annual Expected Stock Price Volatility	35.72%	42.88%	43.04%
Annual Expected Dividend Yield	0.00%	0.00%	0.00%
Risk-Free Interest Rate	4.60%	0.25%	1.44%
Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index	0.5787	0.6024	0.6244
Peer group within S&P 600 Capital Goods Index
Stock-based Compensation
Annual Expected Stock Price Volatility	43.92%	51.25%	50.98%
Risk-Free Interest Rate	4.60%	0.25%	1.44%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Option to terminate (years)	1 year
Operating lease weighted average discount rate (percent)	3.20%	3.00%
Finance lease weighted average discount rate (percent)	3.90%	2.90%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (years)	10 years
Option to extend (years)	5 years

Use of Estimates

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Use of Estimates

Listed below are certain significant estimates and assumptions used in the preparation of our consolidated financial statements. Certain other estimates and assumptions are further explained in the related notes.


	Year ended December 31,
	2023		2022		2021
Balance at beginning of year	$	10.4	$	10.4	$	11.5
Acquisitions	0.2		0.1		—
Allowances provided	18.2		17.9		14.9
Write-offs, net of recoveries, credits issued and other	(17.3)		(18.0)		(16.0)
Balance at end of year	$	11.5	$	10.4	$	10.4


Technology			12 years
Customer relationships			11 years
Other			7 years

Accrued Expenses — We make estimates and judgments in establishing accruals as required under GAAP. Summarized in the table below are the components of accrued expenses at December 31, 2023 and 2022.


	December 31,
	2023		2022
Employee benefits	$	73.3	$	58.3
Warranty	16.4		12.9
Other (1)	78.8		76.8
Total	$	168.5	$	148.0

___________________________________________________________________

(1)Other consists of various items including, among other items, the current portion of our liabilities related to risk management matters, environmental remediation costs, and operating leases, as well as, accrued rebates, legal, interest and restructuring costs, none of which is individually material.


	Year ended December 31,
	2023		2022		2021
Balance at beginning of year	$	34.7	$	34.8	$	35.3
Acquisitions	0.9		0.4		0.1
Provisions	16.9		10.6		8.5
Usage	(14.6)		(10.8)		(9.1)
Currency translation adjustment	—		(0.3)		—
Balance at end of year	37.9		34.7		34.8
Less: Current portion of warranty	16.4		12.9		11.8
Non-current portion of warranty	$	21.5	$	21.8	$	23.0

Indebtedness - Senior Credit Facilities (Details)			1 Months Ended		12 Months Ended
Indebtedness - Senior Credit Facilities (Details)	Aug. 12, 2022 USD ($)	Dec. 17, 2019	Jun. 30, 2023 USD ($)	Aug. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 21, 2023 USD ($) drawing
Line of Credit Facility [Line Items]
Number of drawings \| drawing								3
Borrowings					$ 1,047,400,000
Loss on amendment/refinancing of senior credit agreement					0	$ 1,100,000	$ 200,000
Line of credit, outstanding balance					0
Revolving Commitment Fee
Line of Credit Facility [Line Items]
Amount of available borrowing capacity					489,200,000
Letters of credit issued, amount outstanding					10,800,000
Foreign credit instrument facility
Line of Credit Facility [Line Items]
Amount of available borrowing capacity					13,400,000
Line of credit					$ 11,600,000
Senior Credit Facilities
Line of Credit Facility [Line Items]
Loss on extinguishment of debt				$ 1,100,000			$ 200,000
Loss on amendment/refinancing of senior credit agreement				700,000
Unamortized debt issuance costs				400,000
Debt instrument, fee amount				1,500,000
Senior Credit Facilities \| Line of credit
Line of Credit Facility [Line Items]
Weighted-average interest rate of senior credit facilities (as a percent)					6.90%
Maximum period within which net proceeds should be reinvested	360 days
Period after end of 360 day period if committed to be reinvested	180 days
Percentage of capital stock	100.00%
Percentage of capital stock of material first tier foreign subsidiaries	65.00%
Percentage of non-voting capital stock	100.00%
Consolidated leverage ratio to repurchase capital stock and pay cash dividends	2.75
Aggregate amount of repurchases and dividend declarations	$ 100,000,000.0
Additional amount for all such repurchases and dividend declarations after effective date	$ 100,000,000.0
Percentage of cumulative consolidated net income	50.00%
Percentage of cumulative consolidated net deficit		100.00%
Senior Credit Facilities \| Line of credit \| Last Day Of Any Fiscal Quarter \| Maximum
Line of Credit Facility [Line Items]
Coverage ratio	3.75
Senior Credit Facilities \| Line of credit \| Last Day Of Any Fiscal Quarter \| Minimum
Line of Credit Facility [Line Items]
Interest coverage ratio	3.00
Senior Credit Facilities \| Line of credit \| Four Fiscal Quarters After Certain Permitted Acquisitions
Line of Credit Facility [Line Items]
Coverage ratio	4.00
Senior Credit Facilities \| Line of credit \| Four Fiscal Quarters After Certain Permitted Acquisitions Financed By Unsecured Debt
Line of Credit Facility [Line Items]
Coverage ratio	4.25
Senior Credit Facilities \| Term loans
Line of Credit Facility [Line Items]
Debt instrument, fee amount				300,000
Senior Credit Facilities \| Foreign credit instrument facility
Line of Credit Facility [Line Items]
Fronting fees percentage	0.25%
Senior Credit Facilities \| Letters of credit and guarantees
Line of Credit Facility [Line Items]
Fronting fees percentage	0.125%
Senior Credit Facilities \| Revolving loans
Line of Credit Facility [Line Items]
Debt instrument, fee amount				$ 1,200,000
Senior Credit Facilities \| Secured Debt
Line of Credit Facility [Line Items]
Face amount of debt	$ 245,000,000.0
Borrowings			$ 300,000,000.0
Senior Credit Facilities \| Incremental Loan
Line of Credit Facility [Line Items]
Face amount of debt								$ 300,000,000.0
Current SPX Term Loan Facilities \| Term loans
Line of Credit Facility [Line Items]
Face amount of debt								$ 545,000,000.0
Borrowings					$ 300,000,000.0
Unamortized debt issuance costs					1,700,000	700,000
Other indebtedness
Line of Credit Facility [Line Items]
Borrowings					300,000
Purchase card programs					1,900,000	$ 1,800,000
Revolving loans \| Foreign credit instrument facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	500,000,000.0
Revolving loans \| Foreign credit instrument facility \| China and South Africa
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement					20,000,000.0
Revolving loans \| Trade receivables financing arrangement
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement					$ 60,000,000.0
Revolving loans \| Financial Letters Of Credit \| Letters of credit and guarantees
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	200,000,000.0
Revolving loans \| Non - Financial Letters Of Credit \| Letters of credit and guarantees
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	50,000,000.0
Revolving loans \| Non-U.S. Exposure \| Letters of credit and guarantees
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	150,000,000.0
Revolving loans \| Bilateral foreign credit instrument facility \| Term loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	$ 200,000,000.0
EBITDA coverage ratio	2.75
Revolving loans \| Bilateral foreign credit instrument facility \| Letters of credit and guarantees
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	$ 25,000,000.0
Term loans \| Senior Credit Facilities \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Basis spread on variable rate	0.10%
Term loans \| Senior Credit Facilities \| Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Term loans \| Senior Credit Facilities \| One-Month SOFR
Line of Credit Facility [Line Items]
Duration of interest period	1 month
Term loans \| Senior Credit Facilities \| Three-Month SOFR
Line of Credit Facility [Line Items]
Duration of interest period	3 months
Term loans \| Senior Credit Facilities \| Six-Month SOFR
Line of Credit Facility [Line Items]
Duration of interest period	6 months

Employee Benefit Plans - Postretirement Benefit Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Net Periodic Benefit Cost
Amortization of unrecognized prior service credits	$ 0	$ 100,000	$ 0
Postretirement Plans
Estimated future benefit payments, net of subsidies:
2024	3,700,000
2025	3,300,000
2026	3,000,000.0
2027	2,700,000
2028	2,500,000
Subsequent five years	9,100,000
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	32,100,000	51,700,000
Interest cost	1,400,000	1,100,000	1,000,000.0
Loss on settlement of retiree life insurance benefits	0	700,000
Actuarial (gains) losses	200,000	(7,000,000.0)
Transfer to insurance carrier for cash consideration	0	(10,000,000.0)
Benefits paid	(4,000,000.0)	(4,400,000)
Projected benefit obligation — end of year	29,700,000	32,100,000	51,700,000
Funded status at year-end	(29,700,000)	(32,100,000)
Other assets	0
Accrued expenses	3,600,000	4,000,000.0
Other long-term liabilities	26,100,000	28,100,000
Net amount recognized	(29,700,000)	(32,100,000)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	(7,200,000)	(11,100,000)
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0	0	0
Interest cost	1,400,000	1,100,000	1,000,000.0
Amortization of unrecognized prior service credits	(3,900,000)	(4,400,000)	(4,700,000)
Settlement loss	0	700,000	0
Recognized net actuarial (gains) losses	200,000	(7,000,000.0)	(3,900,000)
Total net periodic pension benefit (income) expense	$ (2,300,000)	$ (9,600,000)	$ (7,600,000)
Assumptions - Actuarial assumptions used in accounting for plans
Health care cost trend rate for next year	6.75%	7.00%	6.25%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2031	2031	2027
Discount rate used in determining net periodic postretirement benefit expense	5.50%	2.84%	2.00%
Discount rate used in determining year-end postretirement benefit obligation	5.16%	5.50%	2.56%

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill, for the year ended December 31, 2023, were as follows:


	December 31, 2022		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2023
HVAC reportable segment
Gross goodwill	$	529.5	$	242.4	$	—	$	5.9	$	777.8
Accumulated impairments	(328.2)		—		—		(3.7)		(331.9)
Goodwill	201.3		242.4		—		2.2		445.9
Detection and Measurement reportable segment
Gross goodwill	425.2		0.8		—		6.6		432.6
Accumulated impairments	(171.2)		—		—		(2.5)		(173.7)
Goodwill	254.0		0.8		—		4.1		258.9
Total
Gross goodwill	954.7		243.2		—		12.5		1,210.4
Accumulated impairments	(499.4)		—		—		(6.2)		(505.6)
Goodwill	$	455.3	$	243.2	$	—	$	6.3	$	704.8

___________________________________________________________________

The changes in the carrying amount of goodwill, for the year ended December 31, 2022, were as follows:


	December 31, 2021		Goodwill Resulting from Business Combinations (1)		Impairments (2)		Foreign Currency Translation		December 31, 2022
HVAC reportable segment
Gross goodwill	$	528.9	$	8.9	$	—	$	(8.3)	$	529.5
Accumulated impairments	(334.1)		—		—		5.9		(328.2)
Goodwill	194.8		8.9		—		(2.4)		201.3
Detection and Measurement reportable segment
Gross goodwill	424.9		11.0		—		(10.7)		425.2
Accumulated impairments	(162.4)		—		(12.0)		3.2		(171.2)
Goodwill	262.5		11.0		(12.0)		(7.5)		254.0
Total
Gross goodwill	953.8		19.9		—		(19.0)		954.7
Accumulated impairments	(496.5)		—		(12.0)		9.1		(499.4)
Goodwill	$	457.3	$	19.9	$	(12.0)	$	(9.9)	$	455.3

___________________________________________________________________

Identifiable intangible assets were as follows:


	December 31, 2023						December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:(1)
Customer relationships	$	403.2	$	(68.8)	$	334.4	$	198.9	$	(41.7)	$	157.2
Technology	139.5		(27.8)		111.7		81.5		(18.4)		63.1
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	45.4		(32.0)		13.4		36.7		(24.1)		12.6
	592.6		(133.1)		459.5		321.6		(88.7)		232.9
Trademarks with indefinite lives (2)	221.3		—		221.3		168.7		—		168.7
Total	$	813.9	$	(133.1)	$	680.8	$	490.3	$	(88.7)	$	401.6

___________________________________________________________________

(2)Includes $51.5 of indefinite-lived trademarks associated with the ASPEQ acquisition.

Amortization expense was $43.9, $28.5 and $21.6 for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated amortization expense is approximately $46.0 for 2024 and each of the four years thereafter.

At December 31, 2023, the net carrying value of intangible assets with determinable lives consisted of $336.7 in the HVAC reportable segment and $122.8 in the Detection and Measurement reportable segment. Trademarks with indefinite lives consisted of $156.7 in the HVAC reportable segment and $64.6 in the Detection and Measurement reportable segment.

We concluded during the third quarter of 2021 that the operating and financial performance milestones related to the ULC contingent consideration would not be achieved, resulting in the reversal of the related liability of $24.3, with the offset recorded to “Other operating (income) expense, net.” We also concluded that the lack of achievement of these milestones, along with lower than anticipated future cash flows, were indicators of potential impairment related to ULC’s indefinite-lived intangible assets and goodwill. As such, we performed quantitative analyses of ULC’s goodwill and indefinite-lived intangible assets for impairment during the third quarter of 2021. Based on such testing, we determined that the carrying value of ULC’s net assets exceeded the implied fair value of the business. As a result, we recorded an impairment charge of $24.3 during the third quarter, with $23.3 related to goodwill and the remainder to trademarks. In connection with our annual impairment analyses of ULC’s goodwill and indefinite-lived intangibles, during the fourth quarter of 2021, we determined that the carrying value of ULC’s net assets exceeded the implied fair value of the business by $5.2. As a result, we recorded impairment charges of $4.9 and $0.3 related to the business’s goodwill and trademarks, respectively. As previously discussed, our fourth quarter 2022 quantitative analysis of the ULC reporting unit resulted in an impairment charge of $12.9, with $12.0 related to goodwill and $0.9 to the ULC trademarks.

During 2023, 2022 and 2021, we recorded impairment charges of $0.0, $0.5, and $0.5, respectively, related to certain other trademarks.

Shareholders' Equity and Long-Term Incentive Compensation - Common Stock in Treasury, Dividends and Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock in Treasury
Restricted stock unit vesting	$ (5.3)	$ (7.3)	$ (5.0)
Preferred Stock
Preferred stock outstanding (shares)	0	0	0
Authorized no par value preferred stock (in shares)	3,000,000.0	3,000,000.0	3,000,000.0
Preferred stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Treasury Stock
Common Stock in Treasury
Restricted stock unit vesting	$ 6.6	$ 12.1	$ 7.7
Decrease in stock by the settlement of restricted stock units	$ 6.6	$ 12.1	$ 7.7

Derivative Financial Instruments and Concentrations of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 05, 2023 USD ($)	Sep. 05, 2023 ZAR (R)
Derivative disclosures
Net loss on disposition of discontinued operations, net of tax	$ 54,800,000	$ 19,600,000	$ (360,700,000)
Interest Rate Swap, Through March 2021 \| Derivative contracts designated as hedging instruments
Derivative disclosures
Fixed interest rate	2.535%
Interest Rate Swap Through November2024 \| Derivative contracts designated as hedging instruments
Derivative disclosures
Derivative notional amount	$ 218,800,000
Interest Rate Swap Through November2024 \| Derivative contracts designated as hedging instruments \| Term loan
Derivative disclosures
Fixed interest rate	1.077%
Swaps
Derivative disclosures
Unrealized gain (loss), net of taxes, recorded in AOCI from cash flow hedges	$ 5,700,000	11,000,000.0
Swaps \| Derivative contracts designated as hedging instruments
Derivative disclosures
Fair value of derivatives	7,500,000
Current assets	7,500,000	8,700,000
Non-current asset		6,000,000.0
Derivative liability		14,700,000
FX Forward Contracts
Derivative disclosures
Derivative notional amount				$ 24,900,000	R 480,900,000
Fair value of derivatives	1,300,000
FX Forward Contracts \| Mature Within One Year
Derivative disclosures
Derivative notional amount	9,400,000	6,900,000
Fair value of derivatives	$ 100,000	$ 100,000
Commodity contracts
Derivative disclosures
Net loss on disposition of discontinued operations, net of tax			$ 600,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income (loss) from continuing operations before income taxes and the (provision for) benefit from income taxes consisted of the following:


	Year ended December 31,
	2023		2022		2021
Income (loss) from continuing operations:
United States	$	118.0	$	(37.7)	$	17.2
Foreign	68.3		64.8		52.7
	$	186.3	$	27.1	$	69.9
Provision for income taxes:
Current:
United States	$	(51.1)	$	(18.9)	$	(5.4)
Foreign	(15.7)		(9.8)		(6.9)
Total current	(66.8)		(28.7)		(12.3)
Deferred and other:
United States	21.3		17.2		0.8
Foreign	3.9		4.2		0.6
Total deferred and other	25.2		21.4		1.4
Total provision	$	(41.6)	$	(7.3)	$	(10.9)

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate was as follows:


	Year ended December 31,
	2023		2022		2021
Tax at U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of U.S. federal benefit	3.5	%	9.6	%	0.4	%
U.S. credits and exemptions	(2.1)	%	(13.4)	%	(20.4)	%
Foreign earnings/losses taxed at different rates	0.6	%	(9.7)	%	12.6	%
Nondeductible expenses	2.0	%	7.7	%	3.3	%
Adjustments to uncertain tax positions	(0.6)	%	(9.4)	%	(2.4)	%
Changes in valuation allowance (1)	(1.0)	%	(19.6)	%	47.9	%
Share-based compensation	(1.0)	%	(6.4)	%	(1.8)	%


Capital loss (1)	—	%	—	%	(42.5)	%
Goodwill impairment and basis adjustments	—	%	(3.9)	%	7.3	%
Statutory rate changes	—	%	—	%	2.1	%
Adjustments to contingent consideration	—	%	(0.9)	%	(8.9)	%

Non-deductible loss on Asbestos Portfolio Sale (2)	—	%	53.7	%	—	%
Other	(0.1)	%	(1.8)	%	(3.0)	%
	22.3	%	26.9	%	15.6	%

___________________________________________________________________

(2) The income tax benefit associated with the loss of $73.9 on the Asbestos Portfolio Sale totaled $1.1.

Significant components of our deferred tax assets and liabilities were as follows:


	As of December 31,
	2023		2022
Deferred tax assets:
NOL and credit carryforwards	$	88.9	$	77.3
Pension, other postretirement and postemployment benefits	26.8		26.1
Payroll and compensation	18.6		15.6
Legal, environmental and self-insurance accruals	23.4		15.7
Working capital accruals	20.0		17.5
Research and experimental expenditures	25.6		13.6

Other	4.3		8.1
Total deferred tax assets	207.6		173.9
Valuation allowance	(75.2)		(69.1)
Net deferred tax assets	132.4		104.8
Deferred tax liabilities:
Intangible assets recorded in acquisitions	159.4		84.5
Basis difference in affiliates	17.4		15.3
Accelerated depreciation	16.1		14.4

Other	9.0		16.2
Total deferred tax liabilities	201.9		130.4
	$	(69.5)	$	(25.6)

General Matters

At December 31, 2023, we had $36.3 of federal, $174.7 of state, and $205.4 of foreign tax loss carryforwards available. We also had federal and state tax credit carryforwards of $9.3. Of these amounts, $14.2 expire in 2024 and $165.1 expire at various times between 2025 and 2043. The remaining carryforwards have no expiration date.

The amount of income tax that we pay annually is dependent on various factors, including the timing of certain deductions. These deductions can vary from year-to-year, and, consequently, the amount of income taxes paid in future years will vary from the amounts paid in prior years.

Undistributed Foreign Earnings

In general, it is our practice and intention to reinvest the earnings of our non-U.S. subsidiaries in those operations. As of December 31, 2023, we had $286.6 of undistributed earnings of our foreign subsidiaries. The majority of these earnings have already been reinvested in our overseas businesses. Further, we believe future domestic cash generation will be sufficient to meet future domestic cash needs. For this reason, we have not recorded a provision for U.S. or foreign withholding taxes on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that are essentially permanent in duration. Generally, such amounts may become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of a deferred tax liability related to the

undistributed earnings of our foreign subsidiaries in the event that these earnings are no longer considered to be indefinitely reinvested, due to the hypothetical nature of the calculation.

Unrecognized Tax Benefits

As of December 31, 2023, we had gross and net unrecognized tax benefits of $2.2. All of these net unrecognized tax benefits would impact our effective tax rate from continuing operations if recognized. Similarly, at December 31, 2022 and 2021, we had gross unrecognized tax benefits of $4.5 (net unrecognized tax benefits of $4.0) and $7.1 (net unrecognized tax benefits of $6.4), respectively.

We classify interest and penalties related to unrecognized tax benefits as a component of our income tax provision/benefit. As of December 31, 2023, gross and net accrued interest totaled $1.3, while the related amounts as of December 31, 2022 and 2021 were $1.9 (net accrued interest of $1.7) and $2.6 (net accrued interest of $2.2), respectively. Our income tax provision for the years ended December 31, 2023, 2022, and 2021 included gross interest income of $0.2, $0.6, and $1.0, respectively, resulting from adjustments to our liability for uncertain tax positions. As of December 31, 2023, 2022, and 2021, we had no accrual for penalties included in our unrecognized tax benefits.

Based on the outcome of certain examinations or as a result of the expiration of statutes of limitations for certain jurisdictions, we believe that within the next 12 months it is reasonably possible that our previously unrecognized tax benefits could decrease by up to $1.0. The previously unrecognized tax benefits relate to a variety of tax matters including transfer pricing and various state matters.

The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2023, 2022, and 2021 were as follows:


	Year ended December 31,
	2023		2022		2021
Unrecognized tax benefit — opening balance	$	4.5	$	7.1	$	13.6
Gross increases — tax positions in prior period	—		—		0.7
Gross decreases — tax positions in prior period	(1.1)		(0.7)		(6.4)
Gross increases — tax positions in current period	0.1		0.1		0.2
Settlements	(1.0)		—		—
Statute expirations	(0.3)		(1.9)		(1.1)

Change due to foreign currency exchange rates	—		(0.1)		0.1
Unrecognized tax benefit — ending balance	$	2.2	$	4.5	$	7.1

Organization for Economic Co-operation and Development (“OECD”) Pillar Two Model Rules

In December 2021, the OECD issued model rules for a new global minimum tax framework (“Pillar Two”), and various governments around the world have issued, or are in the process of issuing, legislation to implement these rules. The Company is within the scope of the OECD Pillar Two model rules and is assessing the impact thereof. As of December 31, 2023, we believe the implementation of these rules will not have a material impact on our financial results.

Other Tax Matters

During 2023, our income tax provision was impacted most significantly by (i) $2.3 of tax benefits related to changes in our estimate of valuation allowances recognized against certain deferred tax assets as we now expect to realize these deferred tax assets, (ii) $1.8 of excess tax benefits associated with stock-based compensation awards that vested and/or were exercised during the period, and (iii) $1.1 of tax benefits related to revisions to liabilities for uncertain tax positions.

During 2022, our income tax provision was impacted most significantly by (i) the loss on the Asbestos Portfolio Sale (see Note 4) which generated a tax benefit of only $1.1, (ii) a tax benefit of $4.7 related to the release of valuation allowances recognized against certain deferred tax assets, as we now expect to realize these deferred tax assets, primarily due to the 2022 Holding Company Reorganization (see Note 1), (iii) $3.0 of tax benefits related to statute expirations and other revisions to liabilities for uncertain tax positions, and (iv) $1.7 of excess tax benefits associated with stock-based compensation awards that vested and/or were exercised during the year.

During 2021, our income tax provision was impacted most significantly by (i) earnings in jurisdictions with lower statutory tax rates, (ii) $4.3 of income tax benefits related to various valuation allowance adjustments, primarily due to foreign tax credits

for which the future realization is now considered likely, and (iii) a benefit of $3.5 related to the resolution of certain liabilities for uncertain tax positions and interest associated with various refund claims, partially offset by $13.2 of tax expense associated with global intangible low-taxed income created by the liquidation of various entities.

We regularly have various foreign income tax returns under examination. We believe that any uncertain tax positions related to these examinations have been adequately provided for.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes - Effective Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax at U.S. federal statutory rate	21.00%	21.00%	21.00%
State and local taxes, net of U.S. federal benefit	3.50%	9.60%	0.40%
U.S. credits and exemptions	(2.10%)	(13.40%)	(20.40%)
Foreign earnings/losses taxed at different rates	0.60%	(9.70%)	12.60%
Nondeductible expenses	2.00%	7.70%	3.30%
Adjustments to uncertain tax positions	(0.60%)	(9.40%)	(2.40%)
Changes in valuation allowance	(1.00%)	(19.60%)	47.90%
Share-based compensation	(1.00%)	(6.40%)	(1.80%)
Capital loss	0.00%	0.00%	(42.50%)
Goodwill impairment and basis adjustments	0.00%	(3.90%)	7.30%
Statutory rate changes	0.00%	0.00%	2.10%
Adjustments to contingent consideration	0.00%	(0.90%)	(8.90%)
Non-deductible loss on Asbestos Portfolio Sale	0.00%	53.70%	0.00%
Other	(0.10%)	(1.80%)	(3.00%)
Effective income tax rate	22.30%	26.90%	15.60%
Income taxes on gain from sale of business			$ 2.0
Asset acquired :
Income tax expense (benefit)	$ 41.6	$ 7.3	$ 10.9
Disposed of by Sale \| Asbestos Portfolio Sale
Asset acquired :
Loss on Asbestos Portfolio Sale		(73.9)
Income tax expense (benefit)		$ (1.1)

Information on Reportable Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 country segment
Segment Reporting [Abstract]
Number of countries in which entity operates	15
Number of countries in which entity sells its products and services	100
Number of reportable segments \| segment	2

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)	3 Months Ended			12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Oct. 02, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period				$ 954,700,000	$ 953,800,000
Accumulated impairment, balance at the beginning of the period				(499,400,000)	(496,500,000)
Goodwill, balance at the beginning of the period				455,300,000	457,300,000
Goodwill resulting from business combinations				243,200,000	19,900,000
Impairments				0	(12,000,000.0)
Goodwill, impairment, net of accumulation				0
Gross goodwill related to foreign currency translation				12,500,000	(19,000,000.0)
Accumulated impairments related to foreign currency translation				(6,200,000)	9,100,000
Goodwill related to foreign currency translation				6,300,000	(9,900,000)
Gross goodwill, end of the period	$ 954,700,000	$ 953,800,000		1,210,400,000	954,700,000	$ 953,800,000
Accumulated impairment, balance at the end of the period	(499,400,000)	(496,500,000)		(505,600,000)	(499,400,000)	(496,500,000)
Goodwill, balance at the end of the period	455,300,000	457,300,000		704,800,000	455,300,000	457,300,000
Impairment of goodwill and intangible assets				0	13,400,000	30,000,000.0
Intangibles, net	401,600,000			680,800,000	401,600,000
ULC Robotics
Changes in the carrying amount of goodwill
Goodwill, balance at the beginning of the period				0
Impairments	(12,000,000.0)	(4,900,000)	$ (23,300,000)
Goodwill, balance at the end of the period	0				0
Impairment of goodwill and intangible assets	12,900,000		$ 24,300,000
Trademarks \| ULC Robotics
Changes in the carrying amount of goodwill
Impairment of goodwill and intangible assets					12,900,000	29,500,000
Other indefinite-lived intangible assets	900,000	300,000
Intangibles, net	5,400,000				5,400,000
T. A. Morrison & Co. Inc. (TAMCO)
Changes in the carrying amount of goodwill
Goodwill resulting from business combinations				51,300,000
ASPEQ Parent Holdings, Inc.
Changes in the carrying amount of goodwill
Goodwill resulting from business combinations				191,100,000
Goodwill, balance at the end of the period				191,100,000
ITL
Changes in the carrying amount of goodwill
Goodwill resulting from business combinations					10,800,000
Goodwill, period increase (decrease)				800,000
Sealite Acquisition
Changes in the carrying amount of goodwill
Goodwill, period increase (decrease)					200,000
Cincinnati Fan
Changes in the carrying amount of goodwill
Goodwill, period increase (decrease)					8,900,000
ULC Robotics
Changes in the carrying amount of goodwill
Impairments		(5,200,000)
HVAC reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period				529,500,000	528,900,000
Accumulated impairment, balance at the beginning of the period				(328,200,000)	(334,100,000)
Goodwill, balance at the beginning of the period				201,300,000	194,800,000
Goodwill resulting from business combinations				242,400,000	8,900,000
Impairments				0	0
Accumulated impairment				0
Goodwill, impairment, net of accumulation				0
Gross goodwill related to foreign currency translation				5,900,000	(8,300,000)
Accumulated impairments related to foreign currency translation				(3,700,000)	5,900,000
Goodwill related to foreign currency translation				2,200,000	(2,400,000)
Gross goodwill, end of the period	529,500,000	528,900,000		777,800,000	529,500,000	528,900,000
Accumulated impairment, balance at the end of the period	(328,200,000)	(334,100,000)		(331,900,000)	(328,200,000)	(334,100,000)
Goodwill, balance at the end of the period	201,300,000	194,800,000		445,900,000	201,300,000	194,800,000
Detection and Measurement reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period				425,200,000	424,900,000
Accumulated impairment, balance at the beginning of the period				(171,200,000)	(162,400,000)
Goodwill, balance at the beginning of the period				254,000,000.0	262,500,000
Goodwill resulting from business combinations				800,000	11,000,000.0
Impairments				0	(12,000,000.0)
Accumulated impairment				0
Goodwill, impairment, net of accumulation				0
Gross goodwill related to foreign currency translation				6,600,000	(10,700,000)
Accumulated impairments related to foreign currency translation				(2,500,000)	3,200,000
Goodwill related to foreign currency translation				4,100,000	(7,500,000)
Gross goodwill, end of the period	425,200,000	424,900,000		432,600,000	425,200,000	424,900,000
Accumulated impairment, balance at the end of the period	(171,200,000)	(162,400,000)		(173,700,000)	(171,200,000)	(162,400,000)
Goodwill, balance at the end of the period	$ 254,000,000.0	$ 262,500,000		$ 258,900,000	$ 254,000,000.0	$ 262,500,000

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2023:


	December 31, 2022		Borrowings		Repayments		Other (6)		December 31, 2023
Revolving loans(1)	$	—	$	569.1	$	(569.1)	$	—	$	—
Term loans (2)(3)	244.3		300.0		(3.4)		(1.0)		539.9
Trade receivables financing arrangement (4)	—		178.0		(162.0)		—		16.0
Other indebtedness (5)	2.5		0.3		(0.7)		0.3		2.4
Total debt	246.8		$	1,047.4	$	(735.2)	$	(0.7)	558.3
Less: short-term debt	1.8								17.9
Less: current maturities of long-term debt	2.0								17.3
Total long-term debt	$	243.0							$	523.1

_____________________________________________________________

Schedule of Line of Credit Facilities

Establishes per annum fees charged and applies interest rate margins to all the credit facilities under the Credit Agreement, other than the Incremental Term Loan, as follows:


Consolidated Leverage Ratio	Revolving Commitment Fee		Financial Letter of Credit Fee		Foreign Credit Instrument (“FCI”) Commitment Fee		FCI Fee and Non-Financial Letter of Credit Fee		Term Secured Overnight Financing Rate (“SOFR”) Loans/Alternative Currency Loans		ABR Loans
Greater than or equal to 3.00 to 1.00	0.275	%	1.750	%	0.275	%	1.000	%	1.750	%	0.750	%
Between 2.00 to 1.00 and 3.00 to 1.00	0.250	%	1.500	%	0.250	%	0.875	%	1.500	%	0.500	%
Between 1.50 to 1.00 and 2.00 to 1.00	0.225	%	1.375	%	0.225	%	0.800	%	1.375	%	0.375	%
Less than 1.50 to 1.00	0.200	%	1.250	%	0.200	%	0.750	%	1.250	%	0.250	%

The commitment fee rate and interest rate margins for the Incremental Term Loan are as follows:


Consolidated Leverage Ratio	Commitment Fee		Term SOFR Loans		ABR Loans
Less than 2.00 to 1.0	0.225	%	1.500	%	0.500	%
Greater than or equal to 2.00 to 1.0 but less than 3.00 to 1.0	0.250	%	1.625	%	0.625	%
Greater than or equal to 3.00 to 1.0	0.275	%	1.875	%	0.875	%

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of cash and equivalents:
Cash and equivalents	$ 99.4	$ 147.8	$ 388.2
Cash and equivalents included in assets of DBT and Heat Transfer	5.5	9.3	7.8
Total cash and equivalents	$ 104.9	$ 157.1	$ 396.0

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale- Acquisition of ASPEQ (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 02, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset acquired :
Goodwill	$ 704.8		$ 455.3	$ 457.3
ASPEQ Parent Holdings, Inc.
Asset acquired :
Current assets, including cash and equivalents of $0.9		$ 42.1
Property, plant and equipment		10.6
Goodwill	$ 191.1	191.1
Intangible assets		246.1
Other assets		1.3
Total assets acquired		491.2
Current liabilities assumed		10.9
Non-current liabilities assumed		57.9
Net assets acquired		422.4
Deferred income tax liabilities		56.9
Other liabilities		$ 1.0

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale (Tables)

12 Months Ended

Dec. 31, 2023

Acquisitions, Dispositions and Discontinued Operations [Abstract]

Schedule of Discontinued Operations

The following is a summary of the recorded preliminary 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	$	42.1
Property, plant and equipment	10.6
Goodwill	191.1
Intangible assets	246.1
Other assets	1.3
Total assets acquired	491.2

Current liabilities assumed	10.9
Non-current liabilities assumed (1)	57.9

Net assets acquired	$	422.4

___________________________

(1)Includes net deferred income tax liabilities and other liabilities of $56.9 and $1.0, respectively.


	Years ended December, 31
	2023		2022
Revenues	$	1,788.4	$	1,564.7
Income (loss) from continuing operations	150.4		(3.8)
Net income (loss)	95.6		(23.4)

Income (loss) from continuing operations per share of common stock:
Basic	$	3.30	$	(0.08)
Diluted	$	3.23	$	(0.08)

Net income (loss) per share of common stock:
Basic	$	2.10	$	(0.52)
Diluted	$	2.05	$	(0.52)

Major line items constituting pre-tax income and after-tax income of Transformer Solutions for the period January 1, 2021 to October 1, 2021 are shown below:



	2021
Revenues	$	313.5
Costs and expenses:
Cost of product sold	257.2
Selling, general and administrative	28.4

Income before tax	27.9
Income tax provision	(7.0)
Income after tax	$	20.9

Major line items constituting pre-tax loss and after-tax loss of DBT for the years ended December 31, 2021 are shown below:


	2021
Revenues	$	0.5
Costs and expenses:
Cost of product sold	0.9
Selling, general and administrative	15.1
Special charges, net	1.3
Other expense, net	1.2
Interest income, net	(0.1)
Loss before tax	(17.9)
Income tax benefit	2.7
Loss after tax	$	(15.2)


	December 31, 2023		December 31, 2022
ASSETS
Cash and equivalents	$	5.5	$	9.3
Accounts receivable, net	0.4		7.6
Other current assets	4.7		6.5
Property, plant and equipment:
Buildings and leasehold improvements	0.2		0.2
Machinery and equipment	0.5		0.7
	0.7		0.9
Accumulated depreciation	(0.6)		(0.8)
Property, plant and equipment, net	0.1		0.1
Other assets	—		19.1
Total assets of DBT	$	10.7	$	42.6
LIABILITIES
Accounts payable (1)	$	26.9	$	1.4
Contract liabilities	2.1		3.6
Accrued expenses	6.3		22.0
Other long-term liabilities	4.2		4.6
Total liabilities of DBT	$	39.5	$	31.6

___________________________


	December 31, 2023		December 31, 2022
ASSETS

Other current assets	$	0.3	$	0.2
Other assets	0.1		0.1
Total assets of Heat Transfer	$	0.4	$	0.3
LIABILITIES
Accounts payable	$	0.2	$	0.1
Accrued expenses	—		0.1
Total liabilities of Heat Transfer	$	0.2	$	0.2

For the years ended December 31, 2023, 2022 and 2021, results of operations from our businesses reported as discontinued operations were as follows:


	Year ended December 31,
	2023		2022		2021
Transformer Solutions
Income (loss) from discontinued operations (1)	$	—	$	(0.6)	$	454.9
Income tax (provision) benefit (2)	—		0.9		(51.8)
Income from discontinued operations, net	—		0.3		403.1

DBT
Loss from discontinued operations	(69.0)		(17.3)		(37.8)
Income tax benefit	15.3		2.1		2.7
Loss from discontinued operations, net (3)	(53.7)		(15.2)		(35.1)






All other (4)
Loss from discontinued operations	(1.3)		(6.4)		(7.9)
Income tax benefit	0.2		1.7		6.3
Loss from discontinued operations, net	(1.1)		(4.7)		(1.6)

Total
Income (loss) from discontinued operations	(70.3)		(24.3)		409.2
Income tax (provision) benefit	15.5		4.7		(42.8)
Income (loss) from discontinued operations, net	$	(54.8)	$	(19.6)	$	366.4

________________________________________________

Below is a summary of the impact of the Asbestos Portfolio Sale, including the loss on sale, on our 2022 consolidated financial statements:


Cash contribution	$	(138.8)
Assets divested:
Accounts receivable, net	(5.0)
Other current assets	(50.0)
Other assets	(420.3)
Deferred tax assets	(27.0)
Liabilities divested:
Accrued liabilities	53.9
Other long-term liabilities	518.0
Loss on Asbestos Portfolio Sale, before transaction costs	(69.2)
Transaction costs	(4.7)
Loss on Asbestos Portfolio Sale	$	(73.9)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale - Asbestos Portfolio Sale (Details) - Asbestos Portfolio Sale - Disposed of by Sale $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Asset acquired :
Cash contribution	$ (138.8)
Accounts receivable, net	(5.0)
Assets divested:
Other assets	(50.0)
Other assets	(420.3)
Deferred tax assets	(27.0)
Liabilities divested:
Accrued liabilities	53.9
Other long-term liabilities	518.0
Loss on Asbestos Portfolio Sale, before transaction costs	(69.2)
Transaction costs	(4.7)
Loss on Asbestos Portfolio Sale	$ 73.9

Shareholders' Equity and Long-Term Incentive Compensation - Stock Option Activity (Details) - Stock options - $ / shares				12 Months Ended
	Mar. 01, 2023	Mar. 01, 2022	Mar. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Outstanding at the beginning of the period (in shares)				1,286,000	1,393,000	1,419,000
Exercised (in shares)				(141,000)	(191,000)	(123,000)
Forfeited (in shares)				0	(43,000.000)	(8,000.000)
Granted (in shares)	74,000.000	105,000	105,000	76,000.000	127,000	105,000
Outstanding at the end of the period (in shares)				1,221,000	1,286,000	1,393,000
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share)				$ 27.82	$ 26.35	$ 23.21
Exercised (in dollars per share)				26.47	26.64	15.82
Forfeited (in dollars per share)				0	51.32	50.11
Granted (in dollars per share)	$ 71.93	$ 48.97	$ 58.34	71.71	50.14	58.34
Outstanding, ending balance (in dollars per share)				$ 30.70	$ 27.82	$ 26.35

Employee Benefit Plans - Obligations and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in plan assets:
Fair value of plan assets — beginning of year	$ 292.7
Fair value of plan assets — end of year	295.5	$ 292.7
United States
Change in projected benefit obligation:
Service cost	0.0	0.0	$ 0.0
Interest cost	13.0	10.5	8.4
United States \| Pension plans
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	246.9	335.4
Service cost	0.0	0.0
Interest cost	13.0	10.5
Actuarial (gains) losses	7.6	(66.4)
Settlements	0.0	(17.1)
Benefits paid	(21.8)	(15.5)
Foreign exchange and other	0.0	0.0
Projected benefit obligation — end of year	245.7	246.9	335.4
Change in plan assets:
Fair value of plan assets — beginning of year	176.8	260.4
Actual return on plan assets	10.9	(56.6)
Contributions (employer and employee)		5.6
Settlements	0.0	(17.1)
Benefits paid	(21.8)	(15.5)
Foreign exchange and other	0.0	0.0
Fair value of plan assets — end of year	171.3	176.8	260.4
Funded status at year-end	(74.4)	(70.1)
Amounts recognized in the consolidated balance sheets consist of:
Other assets	1.9	1.8
Accrued expenses	(5.1)	(5.1)
Other long-term liabilities	(71.2)	(66.8)
Net amount recognized	(74.4)	(70.1)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of:
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	0.0	0.0
Foreign Plan
Change in projected benefit obligation:
Service cost	0.0	0.0	0.0
Interest cost	5.6	3.7	3.4
Foreign Plan \| Pension plans
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	109.5	182.4
Service cost	0.0	0.0
Interest cost	5.6	3.7
Actuarial (gains) losses	5.4	(52.7)
Settlements	0.0	0.0
Benefits paid	(6.6)	(6.9)
Foreign exchange and other	6.3	(17.0)
Projected benefit obligation — end of year	120.2	109.5	182.4
Change in plan assets:
Fair value of plan assets — beginning of year	115.9	193.6
Actual return on plan assets	6.9	(54.4)
Contributions (employer and employee)	1.8	1.0
Settlements	0.0	0.0
Benefits paid	(6.6)	(6.9)
Foreign exchange and other	6.2	(17.4)
Fair value of plan assets — end of year	124.2	115.9	$ 193.6
Funded status at year-end	4.0	6.4
Amounts recognized in the consolidated balance sheets consist of:
Other assets	4.1	6.5
Accrued expenses	0.0	0.0
Other long-term liabilities	(0.1)	(0.1)
Net amount recognized	4.0	6.4
Amount recognized in accumulated other comprehensive income (pre-tax) consists of:
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	$ 1.0	$ 1.0

Inventories, Net

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, Net

Inventories are accounted for under the first-in, first-out method and are comprised of the following at December 31, 2023 and 2022:


	December 31,
	2023		2022
Finished goods	$	79.4	$	73.0
Work in process	31.4		25.7
Raw materials and purchased parts	165.9		145.3
Total inventories	$	276.7	$	244.0

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values.

Shareholders' Equity and Long-Term Incentive Compensation - Stock Option - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Mar. 01, 2023	Mar. 01, 2022	Mar. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based Compensation
Historical period upon which annual expected stock price volatility is based (years)				3 years
Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				1 year
Maximum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				3 years
Stock options
Stock-based Compensation
Granted (in shares)	74,000.000	105,000	105,000	76,000.000	127,000	105,000
Exercise price per share (in dollars per share)	$ 71.93	$ 48.97	$ 58.34	$ 71.71	$ 50.14	$ 58.34
Fair value of stock option grants (in dollars per share)	$ 31.20	$ 19.33	$ 23.49
Historical period upon which annual expected stock price volatility is based (years)	6 years	6 years	6 years
Vesting period (years)				3 years
Number of stock options exercisable (in shares)				1,047,000.000
Compensation costs not yet recognized				$ 1.6
Stock options \| Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				5 years
Stock options \| Maximum
Stock-based Compensation
Maximum contractual term (years)	10 years	10 years	10 years
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				7 years
Stock options \| Weighted Average
Stock-based Compensation
Weighted-average period over which unrecognized compensation costs will be recognized				2 years

Use of Estimates (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Accounts Receivable Allowances

Summarized below is the activity for these allowance accounts.


	Year ended December 31,
	2023		2022		2021
Balance at beginning of year	$	10.4	$	10.4	$	11.5
Acquisitions	0.2		0.1		—
Allowances provided	18.2		17.9		14.9
Write-offs, net of recoveries, credits issued and other	(17.3)		(18.0)		(16.0)
Balance at end of year	$	11.5	$	10.4	$	10.4

Schedule of Estimated Useful Lives

The weighted-average remaining useful lives approximate the following as of December 31, 2023.


Technology			12 years
Customer relationships			11 years
Other			7 years

Schedule of Accrued Expenses

Summarized in the table below are the components of accrued expenses at December 31, 2023 and 2022.


	December 31,
	2023		2022
Employee benefits	$	73.3	$	58.3
Warranty	16.4		12.9
Other (1)	78.8		76.8
Total	$	168.5	$	148.0

___________________________________________________________________

Schedule of Product Warranty Accrual

The following is an analysis of our product warranty accrual for the periods presented:


	Year ended December 31,
	2023		2022		2021
Balance at beginning of year	$	34.7	$	34.8	$	35.3
Acquisitions	0.9		0.4		0.1
Provisions	16.9		10.6		8.5
Usage	(14.6)		(10.8)		(9.1)
Currency translation adjustment	—		(0.3)		—
Balance at end of year	37.9		34.7		34.8
Less: Current portion of warranty	16.4		12.9		11.8
Non-current portion of warranty	$	21.5	$	21.8	$	23.0