0000088205-24-000059 | 10-Q | XBRL Viewer

INVENTORIES, NET

9 Months Ended

Sep. 28, 2024

Inventories are accounted for under the first-in, first-out method and are comprised of the following at September 28, 2024 and December 31, 2023:


	September 28, 2024		December 31, 2023
Finished goods	$	77.8	$	79.4
Work in process	38.3		31.4
Raw materials and purchased parts	181.6		165.9
Total inventories	$	297.7	$	276.7

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

FAIR VALUE	9 Months Ended
FAIR VALUE	Sep. 28, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	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 or nonrecurring basis. There were no transfers between the three levels of the fair value hierarchy for the periods presented. Contingent Consideration for the Ingénia Acquisition — In connection with the acquisition of Ingénia, the seller is eligible for additional cash consideration of up to CAD 3.0 (or $2.2 at the time of acquisition), with payment scheduled to be made in the event certain contingent liabilities do not materialize. The estimated fair value of such contingent consideration is $0.3, which is reflected as a liability in our condensed consolidated balance sheet as of September 28, 2024. Goodwill, Indefinite-Lived Intangible and Other Long-Lived Assets — Certain of our non-financial assets are subject to impairment analyses, 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. Any asset impairment would result in the asset being recorded at its fair value. Derivative Financial Instruments — Our financial derivative assets and liabilities include interest rate swaps and FX forward contracts, and are valued using valuation 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 September 28, 2024, there has 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 has 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 three and nine months ended September 28, 2024 and September 30, 2023, we recorded gains (losses) of $0.0 and $(4.2), and $0.0 and $3.6, respectively, to “Other income (expense), net” to reflect changes in the estimated fair value of the equity security. As of September 28, 2024 and December 31, 2023, the equity security had an estimated fair value of $35.2 and $39.4, respectively. Indebtedness and Other — The estimated fair value of our debt instruments as of September 28, 2024 and December 31, 2023 approximated the related carrying values due primarily to the variable market-based interest rates for such instruments. See Note 12 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-Topic 820
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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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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

INFORMATION ON REPORTABLE SEGMENTS - Narrative (Details)	9 Months Ended
	Sep. 28, 2024 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 - Other Intangibles, Net (Details) - USD ($) $ in Millions	Feb. 07, 2024	Sep. 28, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		$ 691.1	$ 592.6
Accumulated Amortization		(181.9)	(133.1)
Net Carrying Value		509.2	459.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Value		912.6	813.9
Accumulated Amortization		(181.9)	(133.1)
Net Carrying Value		730.7	680.8
Trademarks with indefinite lives
Indefinite-lived Intangible Assets [Line Items]
Trademarks with indefinite lives		221.5	221.3
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		427.0	403.2
Accumulated Amortization		(95.9)	(68.8)
Net Carrying Value		331.1	334.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization		(95.9)	(68.8)
Customer relationships \| Ingénia Technologies Inc.
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 23.5
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		186.4	139.5
Accumulated Amortization		(38.6)	(27.8)
Net Carrying Value		147.8	111.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization		(38.6)	(27.8)
Technology \| Ingénia Technologies Inc.
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	46.7
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		73.2	45.4
Accumulated Amortization		(42.9)	(32.0)
Net Carrying Value		30.3	13.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization		$ (42.9)	$ (32.0)
Trademarks with indefinite lives \| Ingénia Technologies Inc.
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	13.9
Customer Backlog \| Ingénia Technologies Inc.
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 13.8

INCOME AND OTHER TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
INCOME AND OTHER TAXES (Details) - USD ($)	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 2,600,000		$ 2,600,000
Gross accrued interest	1,300,000		1,300,000
Penalties accrued	0		0
Income tax provision	15,100,000	$ 12,400,000	32,200,000	$ 31,500,000
Income (loss) from continuing operations before income taxes, noncontrolling interest	$ 66,000,000.0	$ 48,100,000	$ 177,500,000	$ 144,600,000
Effective income tax rate (as a percent)	22.90%	25.80%	18.10%	21.80%
Federal tax credit	$ 700,000		$ 700,000
Excess tax benefit from withholding tax on distribution		$ 800,000
Excess tax benefit from stock-based compensation awards vested			10,800,000	$ 1,700,000
Recognition of certain uncertain tax positions			$ (500,000)	1,200,000
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, benefit, amount				$ 1,800,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from (used in) operating activities:
Net income (loss)	$ 143.4	$ 58.4
Less: Loss from discontinued operations, net of tax	(1.9)	(54.7)
Income from continuing operations	145.3	113.1
Adjustments to reconcile income from continuing operations to net cash from operating activities:
Special charges, net	0.9	0.0
(Gain) loss on change in fair value of equity security	4.2	(3.6)
Deferred and other income taxes	(5.5)	(22.5)
Depreciation and amortization	67.9	46.4
Pension and other employee benefits	9.8	8.2
Long-term incentive compensation	11.0	10.0
Other, net	(4.2)	(4.5)
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets	(44.2)	(16.7)
Inventories	(14.1)	(21.6)
Accounts payable, accrued expenses and other	(23.8)	11.2
Cash spending on restructuring actions	(0.9)	0.0
Net cash from continuing operations	146.4	120.0
Net cash used in discontinued operations	(27.0)	(38.0)
Net cash from operating activities	119.4	82.0
Cash flows from (used in) investing activities:
Proceeds/borrowings related to company-owned life insurance policies, net	42.9	2.6
Business acquisitions, net of cash acquired	(292.0)	(547.3)
Capital expenditures	(28.2)	(16.5)
Net cash used in continuing operations	(277.3)	(561.2)
Net cash used in discontinued operations	0.0	0.0
Net cash used in investing activities	(277.3)	(561.2)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	610.2	851.3
Repayments under senior credit facilities	(462.0)	(455.0)
Borrowings under trade receivables arrangement	217.0	81.0
Repayments under trade receivables arrangement	(186.0)	(49.0)
Net repayments under other financing arrangements	(0.8)	(0.4)
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options	1.1	(1.5)
Financing fees paid	(2.6)	(1.3)
Net cash from continuing operations	176.9	425.1
Net cash from discontinued operations	0.0	0.0
Net cash from financing activities	176.9	425.1
Change in cash and equivalents due to changes in foreign currency exchange rates	5.5	(1.0)
Net change in cash and equivalents	24.5	(55.1)
Consolidated cash and equivalents, beginning of period	104.9	157.1
Consolidated cash and equivalents, end of period	$ 129.4	$ 102.0

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION

Income Per Share

The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:


	Three months ended		Nine months ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Weighted-average number of common shares used in basic income per share	46.305	45.608	46.127	45.507
Dilutive securities — Employee stock options and restricted stock units	0.960	1.143	0.876	1.053
Weighted-average number of common shares and dilutive securities used in diluted income per share	47.265	46.751	47.003	46.560

The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.126 and 0.248, respectively, for the three months ended September 28, 2024, and 0.134 and 0.290, respectively, for the nine months ended September 28, 2024.

The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.184 and 0.488, respectively, for the three months ended September 30, 2023, and 0.191 and 0.521, respectively, for the nine months ended September 30, 2023.

Long-Term Incentive Compensation

Long-term incentive compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2024 is included in our 2023 Annual Report on Form 10-K.

Awards granted on February 28, 2024 to executive officers and other members of senior management were comprised of performance stock units (“PSU’s”), stock options, and time-based restricted stock units (“RSU’s”), while other eligible employees were granted PSU’s and RSU’s. The PSU’s are eligible to vest at the end of a three-year performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the combined S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index. Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant.

Effective May 14, 2024, we granted 0.008 RSU’s to our non-employee directors, which vest in their entirety immediately prior to the annual meeting of stockholders in May 2025.

Compensation expense within income from continuing operations related to long-term incentive awards totaled $4.0 and $3.4 for the three months ended September 28, 2024 and September 30, 2023, respectively, and $11.0 and $10.0 for the nine months ended September 28, 2024 and September 30, 2023, respectively. The related tax benefit was $0.7 and $0.6 for the three months ended September 28, 2024 and September 30, 2023, respectively, and $1.9 and $1.7 for the nine months ended September 28, 2024 and September 30, 2023, respectively.

Repurchases of Common Stock

On May 14, 2024, our Board of Directors 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 senior credit agreement. No share repurchases were effected pursuant to this and prior authorizations during the three and nine months ended September 28, 2024.

Accumulated Other Comprehensive Income

The changes in the components of AOCI, net of tax, for the three months ended September 28, 2024 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	238.8	$	2.9	$	3.2	$	244.9
Other comprehensive income (loss) before reclassifications	19.3		(1.5)		—		17.8
Amounts reclassified from accumulated other comprehensive income	—		(1.7)		(0.6)		(2.3)
Current-period other comprehensive income (loss)	19.3		(3.2)		(0.6)		15.5
Balance at end of period	$	258.1	$	(0.3)	$	2.6	$	260.4

__________________________

(1)Net of tax provision (benefit) of $(0.3) and $0.8 as of September 28, 2024 and June 29, 2024, respectively.

(2)Net of tax provision of $1.2 and $1.4 as of September 28, 2024 and June 29, 2024, respectively. The balances as of September 28, 2024 and June 29, 2024 include unamortized prior service credits.

The changes in the components of AOCI, net of tax, for the nine months ended September 28, 2024 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	251.0	$	5.7	$	4.4	$	261.1
Other comprehensive income (loss) before reclassifications	7.1		(0.8)		—		6.3
Amounts reclassified from accumulated other comprehensive income	—		(5.2)		(1.8)		(7.0)
Current-period other comprehensive income (loss)	7.1		(6.0)		(1.8)		(0.7)
Balance at end of period	$	258.1	$	(0.3)	$	2.6	$	260.4

__________________________

(1)Net of tax provision (benefit) of $(0.3) and $1.8 as of September 28, 2024 and December 31, 2023, respectively.

(2)Net of tax provision of $1.2 and $1.8 as of September 28, 2024 and December 31, 2023, respectively. The balances as of September 28, 2024 and December 31, 2023 include unamortized prior service credits.

The changes in the components of AOCI, net of tax, for the three months ended September 30, 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 beginning of period	$	247.4	$	9.2	$	5.9	$	262.5
Other comprehensive income (loss) before reclassifications	(10.0)		0.7		—		(9.3)
Amounts reclassified from accumulated other comprehensive income	—		(1.8)		(0.7)		(2.5)
Current-period other comprehensive loss	(10.0)		(1.1)		(0.7)		(11.8)
Balance at end of period	$	237.4	$	8.1	$	5.2	$	250.7

__________________________

(1)Net of tax provision of $2.7 and $3.1 as of September 30, 2023 and July 1, 2023.

(2)Net of tax provision of $1.9 and $2.2 as of September 30, 2023 and July 1, 2023, respectively. The balances as of September 30, 2023 and July 1, 2023 include unamortized prior service credits.

The changes in the components of AOCI, net of tax, for the nine months ended September 30, 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 beginning of period	$	239.1	$	11.0	$	7.4	$	257.5
Other comprehensive income (loss) before reclassifications	(1.7)		2.2		—		0.5
Amounts reclassified from accumulated other comprehensive income	—		(5.1)		(2.2)		(7.3)
Current-period other comprehensive loss	(1.7)		(2.9)		(2.2)		(6.8)
Balance at end of period	$	237.4	$	8.1	$	5.2	$	250.7

__________________________

(1)Net of tax provision of $2.7 and $3.7 as of September 30, 2023 and December 31, 2022, respectively.

(2)Net of tax provision of $1.9 and $2.7 as of September 30, 2023 and December 31, 2022, respectively. The balances as of September 30, 2023 and December 31, 2022 include unamortized prior service credits.

The following summarizes amounts reclassified from each component of AOCI for the three months ended September 28, 2024 and September 30, 2023:


	Amount Reclassified from AOCI
	Three months ended
	September 28, 2024		September 30, 2023		Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges:


Swaps	$	(2.3)	$	(2.4)	Interest expense
Pre-tax	(2.3)		(2.4)
Income taxes	0.6		0.6
	$	(1.7)	$	(1.8)

Gains on pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax	$	(0.8)	$	(1.0)	Other income (expense), net
Income taxes	0.2		0.3
	$	(0.6)	$	(0.7)

The following summarizes amounts reclassified from each component of AOCI for the nine months ended September 28, 2024 and September 30, 2023:


	Amount Reclassified from AOCI
	Nine months ended
	September 28, 2024		September 30, 2023		Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges:


Swaps	$	(7.1)	$	(6.8)	Interest expense
Pre-tax	(7.1)		(6.8)
Income taxes	1.9		1.7
	$	(5.2)	$	(5.1)

Gains on pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax	$	(2.4)	$	(3.0)	Other income (expense), net
Income taxes	0.6		0.8
	$	(1.8)	$	(2.2)

INFORMATION ON REPORTABLE SEGMENTS - Financial Data (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Revenues:
Revenues	$ 483.7	$ 448.7	$ 1,450.2	$ 1,271.8
Income:
Consolidated operating income	78.9	57.7	218.1	158.8
Amortization of acquired intangible assets	16.6	14.6	48.2	32.4
Special charges, net	0.5	0.0	0.9	0.0
Other operating expense, net	0.0	0.0	8.4	0.0
Integration related costs	1.4	2.9	6.3	5.0
Ingénia Technologies Inc.
Income:
Amortization of acquired intangible assets	5.1		13.7
Ingénia Technologies Inc. \| Cost of Sales \| Step-Up of Inventory
Income:
Adjustment, inventory			1.8
ASPEQ Heating Group \| Cost of Sales \| Step-Up of Inventory
Income:
Adjustment, inventory		2.5		3.6
HVAC reportable segment
Revenues:
Revenues	335.3	289.2	994.2	809.8
Detection and Measurement reportable segment
Revenues:
Revenues	148.4	159.5	456.0	462.0
Operating Segments
Revenues:
Revenues	483.7	448.7	1,450.2	1,271.8
Income:
Consolidated operating income	113.8	91.6	331.2	250.4
Operating Segments \| HVAC reportable segment
Revenues:
Revenues	335.3	289.2	994.2	809.8
Income:
Consolidated operating income	80.0	58.3	232.1	161.2
Special charges, net	0.0	0.0	0.2	0.0
Operating Segments \| Detection and Measurement reportable segment
Revenues:
Revenues	148.4	159.5	456.0	462.0
Income:
Consolidated operating income	33.8	33.3	99.1	89.2
Special charges, net	0.5	0.0	0.7	0.0
Corporate expense
Income:
Corporate expense	12.4	13.0	38.3	44.2
Segment Reconciling Items
Income:
Acquisition-related and other costs	1.4	2.9	6.3	5.0
Long-term incentive compensation expense	4.0	3.4	11.0	10.0
Amortization of acquired intangible assets	16.6	14.6	48.2	32.4
Special charges, net	0.5	0.0	0.9	0.0
Other operating expense, net	$ 0.0	$ 0.0	8.4	$ 0.0
Segment Reconciling Items \| ULC Robotics
Income:
Other operating expense, net			$ 8.4

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 28, 2024 were as follows:


	December 31, 2023		Goodwill Resulting from Business Combinations (1)		Foreign Currency Translation		September 28, 2024
HVAC reportable segment
Gross goodwill	$	777.8	$	148.2	$	0.5	$	926.5
Accumulated impairments	(331.9)		—		(0.5)		(332.4)
Goodwill	445.9		148.2		—		594.1

Detection and Measurement reportable segment
Gross goodwill	432.6		—		3.0		435.6
Accumulated impairments	(173.7)		—		(1.7)		(175.4)
Goodwill	258.9		—		1.3		260.2

Total
Gross goodwill	1,210.4		148.2		3.5		1,362.1
Accumulated impairments	(505.6)		—		(2.2)		(507.8)
Goodwill	$	704.8	$	148.2	$	1.3	$	854.3

__________________________

(1)Reflects (i) goodwill acquired with the Ingénia acquisition of $142.6 and (ii) an increase in ASPEQ and TAMCO goodwill of $3.9 and $1.7, respectively, resulting from revisions to the valuation of certain assets and liabilities. As indicated in Notes 1 and 3, the acquired assets, including goodwill, and liabilities assumed in the Ingénia acquisition have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting.

Schedule of Identifiable Intangible Assets

Identifiable intangible assets at September 28, 2024 and December 31, 2023 comprised the following:


	September 28, 2024						December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives: (1)
Customer relationships	$	427.0	$	(95.9)	$	331.1	$	403.2	$	(68.8)	$	334.4
Technology	186.4		(38.6)		147.8		139.5		(27.8)		111.7
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	73.2		(42.9)		30.3		45.4		(32.0)		13.4
	691.1		(181.9)		509.2		592.6		(133.1)		459.5
Trademarks with indefinite lives	221.5		—		221.5		221.3		—		221.3
Total	$	912.6	$	(181.9)	$	730.7	$	813.9	$	(133.1)	$	680.8

__________________________

(1)The gross carrying value of identifiable intangible assets acquired with the Ingénia acquisition consist of technology of $46.7, customer relationships of $23.5, definite-lived trademarks of $13.9, and backlog of $13.8.

- 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
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-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
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-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

DERIVATIVE FINANCIAL INSTRUMENTS (Details)	3 Months Ended	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Details)	Sep. 28, 2024 USD ($)	Sep. 28, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 05, 2023 USD ($)	Sep. 05, 2023 ZAR (R)
Initial Swaps \| Derivative contracts designated as hedging instruments
Derivative Financial Instruments
Aggregate notional amount	$ 212,500,000	$ 212,500,000
Initial Swaps \| Derivative contracts designated as hedging instruments \| Term loan
Derivative Financial Instruments
Fixed rate	1.077%	1.077%
Additional Swaps \| Derivative contracts designated as hedging instruments
Derivative Financial Instruments
Aggregate notional amount	$ 531,400,000	$ 531,400,000
Fixed rate	3.58%	3.58%
Swaps
Derivative Financial Instruments
Unrealized gain (loss) recorded in AOCI	$ (300,000)	$ (300,000)	$ 5,700,000
Swaps \| Derivative contracts designated as hedging instruments
Derivative Financial Instruments
Derivative fair value	(600,000)	(600,000)	7,500,000
Current assets	2,100,000	2,100,000	7,500,000
Current liabilities	300,000	300,000
Non-current liabilities	2,400,000	2,400,000
FX Forward Contracts
Derivative Financial Instruments
Aggregate notional amount	14,000,000.0	14,000,000.0	9,400,000	$ 24,900,000	R 480,900,000
Unrealized gain (loss) recorded in AOCI	0	0
Derivative fair value	100,000	100,000	100,000
FX Forward Contracts \| MHI Additional Claims \| Discontinued Operations \| DBT Technologies
Derivative Financial Instruments
Gain on derivative	2,000,000.0	2,000,000.0
FX Forward Contracts \| Large Power Projects
Derivative Financial Instruments
Derivative fair value			$ 1,300,000
FX Forward Contracts \| Mature Within One Year
Derivative Financial Instruments
Aggregate notional amount	$ 14,000,000.0	$ 14,000,000.0

INDEBTEDNESS - Summary of Debt Activity (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Jul. 03, 2027	Sep. 28, 2024	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2023
Debt
Balance at the beginning of the period	$ 737,800,000		$ 558,300,000
Borrowings			827,300,000
Repayments			(648,900,000)
Other			1,100,000
Balance at the end of the period			737,800,000
Less: short-term debt			48,400,000			$ 17,900,000
Less: current maturities of long-term debt			24,200,000			17,300,000
Total long-term debt, net			665,200,000			523,100,000
Trade receivables financing arrangement
Debt
Balance at the beginning of the period	47,000,000.0		16,000,000.0
Borrowings			217,000,000.0
Repayments			(186,000,000.0)
Other			0
Balance at the end of the period			47,000,000.0
Maximum borrowing capacity under financing arrangement			100,000,000.0
Debt instrument, unused borrowing capacity, amount			17,500,000
Other indebtedness
Debt
Balance at the beginning of the period	2,300,000		2,400,000
Borrowings			100,000
Repayments			(900,000)
Other			700,000
Balance at the end of the period			2,300,000
Purchase card programs			1,400,000			1,900,000
Finance lease, liability			900,000			500,000
Revolving loans \| Revolving loans
Debt
Balance at the beginning of the period	155,000,000.0		0
Borrowings			610,200,000
Repayments			(455,200,000)
Other			0
Balance at the end of the period			155,000,000.0
Term loans \| Term loan
Debt
Balance at the beginning of the period	$ 533,500,000		539,900,000
Borrowings			0
Repayments			(6,800,000)
Other			400,000
Balance at the end of the period			$ 533,500,000
Periodic payment (as a percent of principal)			0.625%
Face amount of debt			$ 545,000,000.0
Unamortized debt issuance costs			$ 1,300,000			$ 1,700,000
Term loans \| Term loan \| Forecast
Debt
Periodic payment (as a percent of principal)	1.25%	1.25%		1.25%	1.25%

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 28, 2024

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

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

Domestic Pension Plans


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Service cost	$	—	$	—	$	—	$	—
Interest cost	2.9		3.3		8.9		9.9
Expected return on plan assets	(2.2)		(2.2)		(6.6)		(6.6)


Net periodic pension benefit expense	$	0.7	$	1.1	$	2.3	$	3.3

Foreign Pension Plans


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Service cost	$	—	$	—	$	—	$	—
Interest cost	1.3		1.4		4.1		4.2
Expected return on plan assets	(1.3)		(1.6)		(3.9)		(4.8)

Net periodic pension benefit (income) expense	$	—	$	(0.2)	$	0.2	$	(0.6)

Postretirement Plans


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Service cost	$	—	$	—	$	—	$	—
Interest cost	0.3		0.3		0.9		0.9

Amortization of unrecognized prior service credits	(0.8)		(1.0)		(2.4)		(3.0)

Net periodic postretirement benefit income	$	(0.5)	$	(0.7)	$	(1.5)	$	(2.1)

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-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
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-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
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

ACQUISITIONS AND DISCONTINUED OPERATIONS - Acquisition of Ingénia and ASPEQ (Details) - USD ($) $ in Millions	Feb. 07, 2024	Jun. 02, 2023	Sep. 28, 2024	Dec. 31, 2023
Assets acquired:
Goodwill			$ 854.3	$ 704.8
Ingénia Technologies Inc.
Assets acquired:
Current assets, including cash and equivalents	$ 28.4
Property, plant and equipment	73.6
Goodwill	142.6		$ 142.9
Intangible assets	97.9
Other assets	2.5
Total assets acquired	345.0
Current liabilities assumed	14.1
Deferred and other income taxes	37.4
Net assets acquired	293.5
Cash acquired	$ 1.5
ASPEQ Heating Group
Assets acquired:
Current assets, including cash and equivalents		$ 38.0
Property, plant and equipment		10.6
Goodwill		195.0
Intangible assets		246.1
Other assets		1.2
Total assets acquired		490.9
Current liabilities assumed		11.1
Non-current liabilities assumed		57.4
Net assets acquired		422.4
Deferred income tax liabilities		56.4
Other liabilities		1.0
Cash acquired		$ 0.9

INDEBTEDNESS - Senior Credit Facilities (Details) - USD ($)	9 Months Ended
	Sep. 28, 2024	Aug. 30, 2024	Aug. 29, 2024
Line of Credit Facility [Line Items]
Borrowings	$ 827,300,000
Revolving loans \| Credit agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		$ 1,000,000,000	$ 500,000,000.0
Financing fees paid		$ 2,600,000
Revolving loans \| Revolving loans
Line of Credit Facility [Line Items]
Amount of available borrowing capacity	834,000,000.0
Borrowings	610,200,000
Letters of credit issued, amount outstanding	11,000,000.0
Revolving loans \| Revolving loans \| UNITED STATES
Line of Credit Facility [Line Items]
Borrowings	155,000,000.0
Foreign credit instrument facility
Line of Credit Facility [Line Items]
Amount of available borrowing capacity	8,900,000
Letters of credit issued, amount outstanding	$ 16,100,000
Line of Credit
Line of Credit Facility [Line Items]
Weighted-average interest rate of senior credit facilities	6.50%

SPECIAL CHARGES, NET

9 Months Ended

Sep. 28, 2024

Restructuring and Related Activities [Abstract]

SPECIAL CHARGES, NET

Special charges, net, for the three and nine months ended September 28, 2024 and September 30, 2023 are described in more detail below:


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
HVAC reportable segment	$	—	$	—	$	0.2	$	—
Detection and Measurement reportable segment	0.5		—		0.7		—

Total	$	0.5	$	—	$	0.9	$	—

HVAC — Special charges, net for the nine months ended September 28, 2024 related primarily to recording severance costs associated with a restructuring action at one of the segment’s cooling businesses.

Detection and Measurement — Special charges, net for the three and nine months ended September 28, 2024 related primarily to recording severance costs associated with a restructuring action at the segment’s location and inspection businesses. In addition, special charges, net for the nine months ended September 28, 2024 included severance costs associated with a restructuring action at the segment’s aids to navigation business.

No significant future charges are expected to be incurred under actions approved as of September 28, 2024.

The following is an analysis of our restructuring liabilities for the nine months ended September 28, 2024 and September 30, 2023:


	Nine months ended
	September 28, 2024		September 30, 2023
Balance at beginning of year	$	0.7	$	—
Special charges	0.9		—
Utilization — cash	(0.9)		—

Balance at end of period	$	0.7	$	—

Leases - Future Minimum Payments (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Operating Leases
Remainder of 2024	$ 3.1
2025	11.2
2026	9.7
2027	9.0
2028	8.1
Thereafter	13.6
Total lease payments	54.7
Less imputed interest	6.1
Total	$ 48.6	$ 39.8

LEASES (Tables)

9 Months Ended

Sep. 28, 2024

Leases [Abstract]

Schedule of Supplemental Lease Information

Supplemental balance sheet information related to operating leases is as follows:


	September 28, 2024		December 31, 2023
Operating Leases:					Affected Line Item in the Condensed Consolidated Balance Sheets
Operating lease ROU assets	$	51.1	$	42.4	Other assets

Operating lease current liabilities	$	9.9	$	11.3	Accrued expenses
Operating lease non-current liabilities	38.7		28.5		Other long-term liabilities
Total operating lease liability	$	48.6	$	39.8

The weighted average remaining lease term (years) of our operating leases as of September 28, 2024 and December 31, 2023, were as follows:


	September 28, 2024	December 31, 2023
Operating Leases	6.0	5.5

Schedule of Operating Lease Maturities

The future minimum payments under our operating leases were as follows as of September 28, 2024:


	Operating Leases

Remainder of 2024	$	3.1
2025	11.2
2026	9.7
2027	9.0
2028	8.1
Thereafter	13.6
Total lease payments	54.7
Less imputed interest	6.1
Total	$	48.6

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 3 for information on discontinued operations).
Variable Interest Entity	We account for investments in unconsolidated companies where we exercise significant influence but do not have control 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 that could potentially be significant to the VIE. All of our VIE’s are immaterial, individually and in aggregate, to our condensed consolidated financial statements.
Use of Estimates	Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023 (“our 2023 Annual Report on Form 10-K”). Interim results are not necessarily indicative of full year results.
Fiscal Period	We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2024 are March 30, June 29, and September 28, compared to the respective April 1, July 1, and September 30 dates of 2023. We had one less day in the first quarter of 2024, and will have two more days in the fourth quarter of 2024 than in the respective 2023 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the nine months ended September 28, 2024, when compared to the consolidated operating results for the respective 2023 period.
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS The following is a summary of new accounting pronouncements that apply or may apply to our business. 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 condensed 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 condensed consolidated financial position, results of operations or cash flows.
Inventories, Net	Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values.
Goodwill and Other Intangible Assets	We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In reviewing goodwill and indefinite-lived intangible assets for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indication may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit. The fair value of the assets related to the Ingénia acquisition approximates its carrying value. If Ingénia 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 September 28, 2024, Ingénia's goodwill totaled $142.9. We perform our annual trademarks impairment testing during the fourth quarter, or on a more frequent basis, if there are indications of potential impairment. The fair value of our trademarks is based on applying estimated royalty rates to projected revenues, with resulting cash flows discounted at a rate of return that reflects current market conditions (fair value based on unobservable inputs - Level 3, as defined in Note 17). The primary basis for these projected revenues is the annual operating plan for each of the related businesses, which is prepared in the fourth quarter of each year.
Currency Forward Contracts	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, Canadian Dollar, 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”). Certain of our FX forward contracts are designated as cash flow hedges. Changes in these derivatives’ fair value are included in AOCI and are reclassified into earnings as a component of revenues or cost of products sold, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded into earnings in the period in which the transaction is no longer considered probable of occurring.
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 an uncertain 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 condensed 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. U.S. Federal income tax returns are subject to examination for a period of three years after filing the return. We are not currently under examination by the Internal Revenue Service and 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 impact on our results of operations or cash flows in the quarter and year 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.
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. Goodwill, Indefinite-Lived Intangible and Other Long-Lived Assets — Certain of our non-financial assets are subject to impairment analyses, 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. Any asset impairment would result in the asset being recorded at its fair value. Derivative Financial Instruments — Our financial derivative assets and liabilities include interest rate swaps and FX forward contracts, and are valued using valuation 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 September 28, 2024, there has 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 has been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Sep. 28, 2024
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. 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 condensed 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 condensed 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 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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: 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 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
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACQUISITIONS AND DISCONTINUED OPERATIONS - Wind-Down of Heat Transfer Business - Assets and Liabilities of Discontinued Operations (Details) - Discontinued Operations - SPX Heat Transfer Business - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
ASSETS
Other current assets	$ 0.3	$ 0.3
Other assets	0.0	0.1
Total assets	0.3	0.4
LIABILITIES
Accounts payable	0.2	0.2
Total liabilities	$ 0.2	$ 0.2

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	Sep. 28, 2024	Feb. 07, 2024	Dec. 31, 2023	Jun. 02, 2023
Finite-Lived Intangible Assets [Line Items]
Estimated annual amortization expense, remainder of the year	$ 66.0
Estimated annual amortization expense, year one	54.0
Estimated annual amortization expense, year two	53.0
Estimated annual amortization expense, year three	53.0
Estimated annual amortization expense, year four	53.0
Net carrying value	509.2		$ 459.5
Goodwill	854.3		704.8
Intangibles, net	730.7		680.8
ASPEQ Heating Group
Finite-Lived Intangible Assets [Line Items]
Goodwill				$ 195.0
Ingénia Technologies Inc.
Finite-Lived Intangible Assets [Line Items]
Goodwill	142.9	$ 142.6
Trademarks
Finite-Lived Intangible Assets [Line Items]
Trademarks	221.5		221.3
HVAC reportable segment
Finite-Lived Intangible Assets [Line Items]
Net carrying value	398.6
Goodwill	594.1		445.9
HVAC reportable segment \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Trademarks	156.8
Detection and Measurement reportable segment
Finite-Lived Intangible Assets [Line Items]
Net carrying value	110.6
Goodwill	260.2		$ 258.9
Detection and Measurement reportable segment \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Trademarks	$ 64.7

WARRANTY (Tables)

9 Months Ended

Sep. 28, 2024

Product Warranties Disclosures [Abstract]

Schedule of Warranty Accrual

The following is an analysis of our product warranty accrual for the periods presented:


10	Nine months ended
	September 28, 2024		September 30, 2023
Balance at beginning of year	$	37.9	$	34.7
Acquisitions	1.3		0.9
Provisions	14.1		11.6
Usage	(10.4)		(10.4)
Currency translation adjustment	—		(0.1)
Balance at end of period	42.9		36.7
Less: Current portion of warranty	18.8		14.6
Non-current portion of warranty	$	24.1	$	22.1

ACQUISITIONS AND DISCONTINUED OPERATIONS - Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Ingénia Technologies Inc.
Business Acquisition, Pro Forma Information [Line Items]
Revenues	$ 483.7		$ 1,458.2
Income from continuing operations	52.0		151.3
Net income (loss)	$ 51.3		$ 149.4
Income from continuing operations per share of common stock:
Basic (in dollars per share)	$ 1.12		$ 3.28
Diluted (in dollars per share)	1.10		3.22
Net income (loss) per share of common stock:
Basic (in dollars per share)	1.11		3.24
Diluted (in dollars per share)	$ 1.09		$ 3.18
Ingénia Technologies Inc. and ASPEQ Heating Group
Business Acquisition, Pro Forma Information [Line Items]
Revenues		$ 462.5		$ 1,366.1
Income from continuing operations		34.9		100.7
Net income (loss)		$ (21.2)		$ 46.0
Income from continuing operations per share of common stock:
Basic (in dollars per share)		$ 0.77		$ 2.21
Diluted (in dollars per share)		0.75		2.16
Net income (loss) per share of common stock:
Basic (in dollars per share)		(0.46)		1.01
Diluted (in dollars per share)		$ (0.45)		$ 0.99

ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 28, 2024

Acquisitions and Discontinued Operations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Ingénia as of February 7, 2024:


Assets acquired:
Current assets, including cash and equivalents of $1.5	$	28.4
Property, plant and equipment	73.6
Goodwill	142.6
Intangible assets	97.9
Other assets	2.5
Total assets acquired	345.0

Current liabilities assumed	14.1
Deferred and other income taxes	37.4

Net assets acquired	$	293.5

The following is a summary of the recorded final 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	$	38.0
Property, plant and equipment	10.6
Goodwill	195.0
Intangible assets	246.1
Other assets	1.2
Total assets acquired	490.9

Current liabilities assumed	11.1
Non-current liabilities assumed (1)	57.4

Net assets acquired	$	422.4

________________________________

(1)Includes net deferred income tax liabilities and other liabilities of $56.4 and $1.0, respectively.

The assets and liabilities of DBT have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the condensed consolidated balance sheets as of September 28, 2024 and December 31, 2023. The major line items constituting DBT’s assets and liabilities as of September 28, 2024 and December 31, 2023 are shown below:


	September 28, 2024		December 31, 2023
ASSETS
Cash and equivalents	$	4.6	$	5.5
Accounts receivable, net	—		0.4
Other current assets(1)	3.9		4.7
Property, plant and equipment:
Buildings and leasehold improvements	—		0.2
Machinery and equipment	—		0.5
	—		0.7
Accumulated depreciation	—		(0.6)
Property, plant and equipment, net	—		0.1

Total assets of DBT	$	8.5	$	10.7
LIABILITIES
Accounts payable(1)(2)	$	0.7	$	26.9
Contract liabilities(1)	2.3		2.1
Accrued expenses(1)	6.3		6.3
Other long-term liabilities(1)	4.5		4.2
Total liabilities of DBT	$	13.8	$	39.5

___________________________

(1) Balances relate primarily to disputed amounts due to or from a subcontractor engaged by DBT during the Kusile project, that is currently in liquidation. The timing of the ultimate resolution of these matters is uncertain as they are likely to occur as part of the liquidation process.

(2) At December 31, 2023, the balance included 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), which was paid ($27.1 at the time of payment) during the third quarter of 2024. In connection with this remaining obligation, we entered into a foreign currency forward contract which we accounted for as a fair value hedge and matured at the time of the final payment to MHI. The resulting cash received of $2.0 is presented within “Net cash used in discontinued operations” within the condensed consolidated statement of cash flows for the nine months ended September 28, 2024. Refer to Note 13 for additional details. There are no further payment obligations to MHI under the terms of the Settlement Agreement.

Business Acquisition, Pro Forma Information

The following unaudited pro forma information presents our condensed consolidated results of operations for the three and nine months ended September 28, 2024 and September 30, 2023, respectively, as if the acquisitions of Ingénia and ASPEQ had taken place on January 1, 2023 and January 1, 2022, respectively. The unaudited pro forma financial information is not intended to represent or be indicative of our condensed consolidated results of operations that would have been reported had the acquisitions been completed as of the dates 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 Ingénia and 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 acquisitions, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment and intangible assets, adjustments to reflect charges associated with acquisition and integration-related costs and charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold as if they were incurred beginning in the first quarter of 2023 for Ingénia and first quarter of 2022 for ASPEQ, and the related income tax effects.


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Revenues	$	483.7	$	462.5	$	1,458.2	$	1,366.1
Income from continuing operations	52.0		34.9		151.3		100.7
Net income (loss)	51.3		(21.2)		149.4		46.0

Income from continuing operations per share of common stock:
Basic	$	1.12	$	0.77	$	3.28	$	2.21
Diluted	$	1.10	$	0.75	$	3.22	$	2.16

Net income (loss) per share of common stock:
Basic	$	1.11	$	(0.46)	$	3.24	$	1.01
Diluted	$	1.09	$	(0.45)	$	3.18	$	0.99

Schedule of Discontinued Operations

The major line items constituting Heat Transfer’s assets and liabilities as of September 28, 2024 and December 31, 2023 are shown below:


	September 28, 2024		December 31, 2023
ASSETS


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

Total liabilities of Heat Transfer	$	0.2	$	0.2

For the three and nine months ended September 28, 2024 and September 30, 2023, results of operations from our businesses reported as discontinued operations were as follows:


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023





DBT
Loss from discontinued operations (1)	$	(0.6)	$	(69.2)	$	(1.2)	$	(68.6)
Income tax benefit	—		13.2		—		14.1
Loss from discontinued operations, net	(0.6)		(56.0)		(1.2)		(54.5)






All other
Loss from discontinued operations (2)	(0.1)		(0.1)		(0.5)		(0.2)
Income tax provision	—		—		(0.2)		—
Loss from discontinued operations, net	(0.1)		(0.1)		(0.7)		(0.2)

Total
Loss from discontinued operations	(0.7)		(69.3)		(1.7)		(68.8)
Income tax benefit (provision)	—		13.2		(0.2)		14.1
Loss from discontinued operations, net	$	(0.7)	$	(56.1)	$	(1.9)	$	(54.7)

________________________________

(1)Loss for the three and nine months ended September 30, 2023 resulted primarily from the charge, and related income tax impacts, recorded in connection with the Settlement Agreement referred to above and legal costs incurred in connection with the various dispute resolution matters. This loss for the nine months ended September 30, 2023 was partially offset by the arbitration awards received, which are discussed above.

(2)Loss for the three and nine months ended September 28, 2024 and September 30, 2023 resulted primarily from revisions to liabilities retained in connection with prior dispositions.

- 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

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+ Details

LEASES

9 Months Ended

Sep. 28, 2024

Leases [Abstract]

LEASES

There have been no material changes to our finance leases during the three and nine months ended September 28, 2024.

During the nine months ended September 28, 2024, we obtained operating lease right-of-use assets in exchange for new lease obligations of $17.2, recorded as a non-cash activity within the condensed consolidated statement of cash flows.

Supplemental balance sheet information related to operating leases is as follows:


	September 28, 2024		December 31, 2023
Operating Leases:					Affected Line Item in the Condensed Consolidated Balance Sheets
Operating lease ROU assets	$	51.1	$	42.4	Other assets

Operating lease current liabilities	$	9.9	$	11.3	Accrued expenses
Operating lease non-current liabilities	38.7		28.5		Other long-term liabilities
Total operating lease liability	$	48.6	$	39.8

The weighted average remaining lease term (years) of our operating leases as of September 28, 2024 and December 31, 2023, were as follows:


	September 28, 2024	December 31, 2023
Operating Leases	6.0	5.5

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 3.9% and 3.2% at September 28, 2024 and December 31, 2023, respectively.

The future minimum payments under our operating leases were as follows as of September 28, 2024:


	Operating Leases

Remainder of 2024	$	3.1
2025	11.2
2026	9.7
2027	9.0
2028	8.1
Thereafter	13.6
Total lease payments	54.7
Less imputed interest	6.1
Total	$	48.6

LEASES

There have been no material changes to our finance leases during the three and nine months ended September 28, 2024.

Supplemental balance sheet information related to operating leases is as follows:


	September 28, 2024		December 31, 2023
Operating Leases:					Affected Line Item in the Condensed Consolidated Balance Sheets
Operating lease ROU assets	$	51.1	$	42.4	Other assets

Operating lease current liabilities	$	9.9	$	11.3	Accrued expenses
Operating lease non-current liabilities	38.7		28.5		Other long-term liabilities
Total operating lease liability	$	48.6	$	39.8

The weighted average remaining lease term (years) of our operating leases as of September 28, 2024 and December 31, 2023, were as follows:


	September 28, 2024	December 31, 2023
Operating Leases	6.0	5.5

The future minimum payments under our operating leases were as follows as of September 28, 2024:


	Operating Leases

Remainder of 2024	$	3.1
2025	11.2
2026	9.7
2027	9.0
2028	8.1
Thereafter	13.6
Total lease payments	54.7
Less imputed interest	6.1
Total	$	48.6

INFORMATION ON REPORTABLE SEGMENTS (Tables)

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Schedule of Financial Data for Reportable Segments and Other Operating Segments

Financial data for our reportable segments for the three and nine months ended September 28, 2024 and September 30, 2023 are presented below:


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Revenues:
HVAC reportable segment	$	335.3	$	289.2	$	994.2	$	809.8
Detection and Measurement reportable segment	148.4		159.5		456.0		462.0
Consolidated revenues	$	483.7	$	448.7	$	1,450.2	$	1,271.8

Income:
HVAC reportable segment	$	80.0	$	58.3	$	232.1	$	161.2
Detection and Measurement reportable segment	33.8		33.3		99.1		89.2
Total income for segments	113.8		91.6		331.2		250.4

Corporate expense	12.4		13.0		38.3		44.2
Acquisition-related and other costs (1)	1.4		2.9		6.3		5.0
Long-term incentive compensation expense	4.0		3.4		11.0		10.0
Amortization of acquired intangible assets	16.6		14.6		48.2		32.4
Special charges, net	0.5		—		0.9		—
Other operating expense, net (2)	—		—		8.4		—
Consolidated operating income	$	78.9	$	57.7	$	218.1	$	158.8

________________________________

(1)Represents integration costs incurred of $1.4 and $6.3 during the three and nine months ended September 28, 2024, respectively, and $2.9 and $5.0 during the three and nine months ended September 30, 2023, respectively, including additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with the Ingénia acquisition of $1.8 during nine months ended September 28, 2024, and the ASPEQ acquisition of $2.5 and $3.6 during the three and nine months ended September 30, 2023, respectively.

(2)Represents a charge of $8.4 related to a settlement with the seller of ULC Robotics (“ULC”) regarding additional contingent consideration.

REVENUES FROM CONTRACTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, revenue recognized	$ 7.0	$ 47.7
Disaggregation of Revenue [Line Items]
Contract accounts receivable	333.7	333.7	$ 275.4
Contract liabilities	60.8	60.8	$ 73.5
Ingénia Technologies Inc.
Disaggregation of Revenue [Line Items]
Contract accounts receivable	23.9	23.9
Contract liabilities	$ 0.3	$ 0.3

- 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 - Goodwill (Details) - USD ($) $ in Millions		9 Months Ended
	Feb. 07, 2024	Sep. 28, 2024
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period		$ 1,210.4
Accumulated impairment, balance at the beginning of the period		(505.6)
Goodwill, balance at the beginning of the period		704.8
Goodwill Resulting from Business Combinations		148.2
Gross goodwill related to foreign currency translation		3.5
Accumulated impairments related to foreign currency translation		(2.2)
Goodwill related to foreign currency translation		1.3
Gross goodwill, end of the period		1,362.1
Accumulated impairment, balance at the end of the period		(507.8)
Goodwill, balance at the end of the period		854.3
Ingénia Technologies Inc.
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations	$ 142.6
Goodwill, balance at the end of the period	$ 142.6	142.9
ASPEQ Heating Group
Changes in the carrying amount of goodwill
Increase in goodwill		3.9
TAMCO
Changes in the carrying amount of goodwill
Increase in goodwill		1.7
HVAC reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period		777.8
Accumulated impairment, balance at the beginning of the period		(331.9)
Goodwill, balance at the beginning of the period		445.9
Goodwill Resulting from Business Combinations		148.2
Gross goodwill related to foreign currency translation		0.5
Accumulated impairments related to foreign currency translation		(0.5)
Goodwill related to foreign currency translation		0.0
Gross goodwill, end of the period		926.5
Accumulated impairment, balance at the end of the period		(332.4)
Goodwill, balance at the end of the period		594.1
Detection and Measurement reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period		432.6
Accumulated impairment, balance at the beginning of the period		(173.7)
Goodwill, balance at the beginning of the period		258.9
Goodwill Resulting from Business Combinations		0.0
Gross goodwill related to foreign currency translation		3.0
Accumulated impairments related to foreign currency translation		(1.7)
Goodwill related to foreign currency translation		1.3
Gross goodwill, end of the period		435.6
Accumulated impairment, balance at the end of the period		(175.4)
Goodwill, balance at the end of the period		$ 260.2

CONTINGENT LIABILITIES AND OTHER MATTERS	9 Months Ended
CONTINGENT LIABILITIES AND OTHER MATTERS	Sep. 28, 2024
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., class actions, derivative lawsuits and contracts, intellectual property and competitive claims), environmental matters, claims for contingent consideration on prior acquisitions, product liability matters, 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, among other lines of coverage, 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 $37.2 and $37.9 at September 28, 2024 and December 31, 2023, respectively. Of these amounts, $29.0 and $29.4 are included in “Other long-term liabilities” within our condensed consolidated balance sheets at September 28, 2024 and December 31, 2023, 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 in future periods. 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. DBT had asserted claims against the remaining prime contractor, MHI, and MHI had asserted, or issued letters of intent to claim for, alleged damages against DBT. As previously disclosed in our 2023 Annual Report on Form 10-K, and as mentioned in Note 3, on September 5, 2023, DBT and SPX entered into the Settlement Agreement to resolve all claims between the parties with respect to the two 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 3 for additional details. Prior to the Settlement Agreement, DBT had experienced success in enforcing its rights through dispute resolution processes, including a favorable arbitration ruling during the first quarter of 2023 related to awards for costs incurred in connection with delays on the Kusile project of South African Rand 126.6 (or $7.0) with such amount recorded to “Loss on disposition of discontinued operations, net of tax” during the first quarter of 2023. 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 was recorded to “Loss on disposition of discontinued operations, net of tax” during the second quarter of 2023 with the cash payment received during the nine months ended September 30, 2023. Additionally, in May 2023, a separate arbitration tribunal ruled DBT was entitled to recover $5.5 of legal costs incurred related to another prior arbitration. Such amount was recorded within “Loss on disposition of discontinued operations, net of tax” during the second quarter of 2023 with the cash payment received during the nine months ended September 30, 2023. 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, currently in liquidation, maintains a right to seek recovery of such amount and, thus, the amount received by DBT has not been reflected in our condensed 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 to receive additional contingent consideration of up to $45.0 under an earn-out provision. During the third quarter of 2021, we concluded that none of the milestones for the payment of any of the contingent consideration were achieved. On May 20, 2024, we entered into a settlement agreement with the seller of ULC to resolve a lawsuit it commenced in August 2022 seeking contingent consideration of $15.0, prejudgment interest on that amount, and attorney's fees. The settlement agreement required a payment by us to the seller of ULC of $8.4, which was paid during the second quarter of 2024, with a corresponding charge recorded within “Other operating expense, net” within the condensed consolidated statement of operations for the nine months ended September 28, 2024. We expect this payment to be tax deductible in future periods. 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, paid during the first quarter of 2024, to the former representative of $9.0 to resolve all claims related to the matter. This amount was recorded within “Accrued Liabilities” on the condensed consolidated balance sheet as of December 31, 2023. 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 assure you 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, or formerly owned and controlled, as of September 28, 2024 and December 31, 2023. In addition, while we believe that we maintain adequate accruals to cover the costs of site investigation and/or remediation for compliance with existing laws and regulations of $23.6 at September 28, 2024, 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, changes in our allocation of shared remediation costs, future findings of investigation or remediation actions, or alteration to the expected remediation plans. It is our policy to revise an estimate once the revision 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 September 28, 2024 and December 31, 2023, 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. 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. 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 loss exposures.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Current assets:
Cash and equivalents	$ 124.8	$ 99.4
Accounts receivable, net	339.4	279.8
Contract assets	36.7	16.6
Inventories, net	297.7	276.7
Other current assets	29.0	37.1
Total current assets	827.6	709.6
Property, plant and equipment:
Land	23.5	17.9
Buildings and leasehold improvements	121.6	73.4
Machinery and equipment	305.5	264.4
Property, plant and equipment, gross	450.6	355.7
Accumulated depreciation	(226.6)	(215.2)
Property, plant and equipment, net	224.0	140.5
Goodwill	854.3	704.8
Intangibles, net	730.7	680.8
Other assets	158.3	188.9
Deferred income taxes	2.3	4.0
Assets of DBT and Heat Transfer (includes cash and equivalents of $4.6 and $5.5 at September 28, 2024 and December 31, 2023, respectively) (Note 3)	8.8	11.1
TOTAL ASSETS	2,806.0	2,439.7
Current liabilities:
Accounts payable	139.4	118.7
Contract liabilities	60.8	73.5
Accrued expenses	160.6	168.5
Income taxes payable	12.9	5.3
Short-term debt	48.4	17.9
Current maturities of long-term debt	24.2	17.3
Total current liabilities	446.3	401.2
Long-term debt	665.2	523.1
Deferred and other income taxes	107.3	77.0
Other long-term liabilities	215.0	204.1
Liabilities of DBT and Heat Transfer (Note 3)	14.0	39.7
Total long-term liabilities	1,001.5	843.9
Commitments and contingent liabilities (Note 15)
Stockholders' Equity:
Common stock (54,180,614 and 46,349,838 issued and outstanding at September 28, 2024, respectively, and 53,618,720 and 45,674,572 issued and outstanding at December 31, 2023, respectively)	0.5	0.5
Paid-in capital	1,367.7	1,353.6
Retained earnings	181.7	38.3
Accumulated other comprehensive income	260.4	261.1
Common stock in treasury (7,830,776 and 7,944,148 shares at September 28, 2024 and December 31, 2023, respectively)	(452.1)	(458.9)
Total stockholders' equity	1,358.2	1,194.6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,806.0	$ 2,439.7

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Operating Leases:
Operating lease ROU assets	$ 51.1	$ 42.4
Operating lease current liabilities	9.9	11.3
Operating lease non-current liabilities	38.7	28.5
Total	$ 48.6	$ 39.8
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

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Cash and equivalents included in assets of DBT and Heat Transfer	$ 4.6	$ 5.5
Common stock issued (in shares)	54,180,614	53,618,720
Common stock outstanding (in shares)	46,349,838	45,674,572
Treasury stock (in shares)	7,830,776	7,944,148

REVENUES FROM CONTRACTS - Contract Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract accounts receivable	$ 333.7	$ 275.4
Increase (decrease) in Contract Accounts Receivable	58.3
Contract Assets	36.7	16.6
Increase (decrease) in Contract Assets	20.1
Contract Liabilities - current	(60.8)	(73.5)
Increase (decrease) in Contract Liabilities - current	12.7
Contract liabilities - non-current	(4.3)	(4.0)
Increase (decrease) in Contract Liabilities - non-current	(0.3)
Net contract balance	305.3	$ 214.5
Increase (decrease) in Net contract balance	$ 90.8

SPECIAL CHARGES, NET (Tables)

9 Months Ended

Sep. 28, 2024

Restructuring and Related Activities [Abstract]

Schedule of Special Charges

Special charges, net, for the three and nine months ended September 28, 2024 and September 30, 2023 are described in more detail below:


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
HVAC reportable segment	$	—	$	—	$	0.2	$	—
Detection and Measurement reportable segment	0.5		—		0.7		—

Total	$	0.5	$	—	$	0.9	$	—

Schedule of Analysis of Restructuring Liabilities

The following is an analysis of our restructuring liabilities for the nine months ended September 28, 2024 and September 30, 2023:


	Nine months ended
	September 28, 2024		September 30, 2023
Balance at beginning of year	$	0.7	$	—
Special charges	0.9		—
Utilization — cash	(0.9)		—

Balance at end of period	$	0.7	$	—

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pension Plan \| UNITED STATES
Net periodic pension/postretirement benefit expense
Service cost	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Interest cost	2.9	3.3	8.9	9.9
Expected return on plan assets	(2.2)	(2.2)	(6.6)	(6.6)
Net periodic pension benefit (income) expense	0.7	1.1	2.3	3.3
Pension Plan \| Foreign Plan
Net periodic pension/postretirement benefit expense
Service cost	0.0	0.0	0.0	0.0
Interest cost	1.3	1.4	4.1	4.2
Expected return on plan assets	(1.3)	(1.6)	(3.9)	(4.8)
Net periodic pension benefit (income) expense	0.0	(0.2)	0.2	(0.6)
Postretirement Plans
Net periodic pension/postretirement benefit expense
Service cost	0.0	0.0	0.0	0.0
Interest cost	0.3	0.3	0.9	0.9
Amortization of unrecognized prior service credits	(0.8)	(1.0)	(2.4)	(3.0)
Net periodic pension benefit (income) expense	$ (0.5)	$ (0.7)	$ (1.5)	$ (2.1)

INDEBTEDNESS (Tables)

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Schedule of Debt Activity, Current and Noncurrent

The following summarizes our debt activity (both current and non-current) for the nine months ended September 28, 2024:


	December 31, 2023		Borrowings		Repayments		Other (5)		September 28, 2024
Revolving loans(1)	$	—	$	610.2	$	(455.2)	$	—	$	155.0
Term loans(2)	539.9		—		(6.8)		0.4		533.5




Trade receivables financing arrangement(3)	16.0		217.0		(186.0)		—		47.0
Other indebtedness(4)	2.4		0.1		(0.9)		0.7		2.3
Total debt	558.3		$	827.3	$	(648.9)	$	1.1	737.8


Less: short-term debt	17.9								48.4
Less: current maturities of long-term debt	17.3								24.2
Total long-term debt, net	$	523.1							$	665.2

___________________________

(1)The revolving credit facility extends through August 2027 under the terms of our senior credit agreement and is primarily used to provide liquidity for funding acquisitions, including related fees and expenses, and was utilized as the primary funding mechanism for the Ingénia acquisition.

(2)The term loans are repayable in quarterly installments equal to 0.625% of the initial balances of $545.0, 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 $1.3 and $1.7 at September 28, 2024 and December 31, 2023, respectively.

(3)Under this arrangement, we can borrow, on a continuous basis, up to $100.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses. At September 28, 2024, we had $17.5 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $47.0.

(4)Primarily includes balances under a purchase card program of $1.4 and $1.9 and finance lease obligations of $0.9 and $0.5 at September 28, 2024 and December 31, 2023, 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.

(5)“Other” includes the amortization of debt issuance costs associated with the term loans.

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Restricted stock shares/units
Stock-based Compensation
Number of options or units that were excluded from the computation of diluted income per share (in shares)	126	184	134	191
Stock Options
Stock-based Compensation
Number of options or units that were excluded from the computation of diluted income per share (in shares)	248	488	290	521

- 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
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-Name Accounting Standards Codification
-Section 35
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+ Details

CONTINGENT LIABILITIES AND OTHER MATTERS - General (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Contingent Liabilities and Other Matters
Carrying values of accruals	$ 37.2	$ 37.9
Other Noncurrent Liabilities
Contingent Liabilities and Other Matters
Accruals included in other long-term liabilities	$ 29.0	$ 29.4

- 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

Leases - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets obtained in exchange for new lease obligations	$ 17.2
Weighted-average discount rate (percent)	3.90%	3.20%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 28, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
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
Entity Address, Address Line Two	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,358,661
Entity Central Index Key	0000088205
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS Interest Rate Swaps We maintain interest rate swap agreements (“Initial Swaps”) that have a remaining notional amount of $212.5, 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. In September 2024, commensurate with the Second Amendment, we entered into additional interest rate swap agreements (“Additional Swaps”). The Additional Swaps have a notional amount of $531.4, cover the period from December 2024 to June 2026, and effectively convert this portion of the borrowings under our senior credit facilities to a fixed rate of 3.58%, plus the applicable margin. We have designated, and are accounting for, our Initial Swaps and Additional Swaps as cash flow hedges. As of September 28, 2024 and December 31, 2023, the unrealized gain (loss), net of tax, recorded in accumulated other comprehensive income (“AOCI”) was $(0.3) and $5.7, respectively. In addition, as of September 28, 2024 and December 31, 2023, the fair value of our interest rate swap agreements was a net liability of $0.6 (with $2.1 recorded as a current asset, $0.3 as a current liability, and $2.4 as a non-current liability) and a current asset of $7.5, respectively. Changes in the 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, Canadian Dollar, 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”). Certain of our FX forward contracts are designated as cash flow hedges. Changes in these derivatives’ fair value are included in AOCI and are reclassified into earnings as a component of revenues or cost of products sold, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded into earnings in the period in which the transaction is no longer considered probable of occurring. We had FX forward contracts with an aggregate notional amount of $14.0 and $9.4 outstanding as of September 28, 2024 and December 31, 2023, respectively, with all of the $14.0 scheduled to mature within one year. There were no unrealized gains/losses recorded in AOCI related to FX forward contracts designated as cash flow hedges as of September 28, 2024. The fair value of our FX forward contracts was less than $0.1 at September 28, 2024 and December 31, 2023. 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 at December 31, 2023, which was included within “Assets of DBT and Heat Transfer” on the condensed consolidated balance sheet. These FX forward contracts matured during the quarter ended September 28, 2024 commensurate with the final payment under the Settlement Agreement, resulting in cash received of $2.0 presented within “Net cash used in discontinued operations” within the condensed consolidated statement of cash flows for the nine months ended September 28, 2024. Refer to Note 3 for additional details.

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Long Term Incentive Compensation and Share Repurchases (Details) - USD ($)		3 Months Ended		9 Months Ended
	May 14, 2024	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Stock-based Compensation
Related tax benefit		$ 700,000	$ 600,000	$ 1,900,000	$ 1,700,000
Share repurchase (in shares)		0		0
Maximum
Stock-based Compensation
Authorized amount	$ 100,000,000.0
Segment Reconciling Items
Stock-based Compensation
Long-term incentive compensation expense		$ 4,000,000.0	$ 3,400,000	$ 11,000,000.0	$ 10,000,000.0
Performance Shares
Stock-based Compensation
Award vesting period				3 years
Restricted Stock Units (RSUs) \| Non Employee Director
Stock-based Compensation
Granted (in shares)	8,000.000

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 28, 2024 were as follows:


	December 31, 2023		Goodwill Resulting from Business Combinations (1)		Foreign Currency Translation		September 28, 2024
HVAC reportable segment
Gross goodwill	$	777.8	$	148.2	$	0.5	$	926.5
Accumulated impairments	(331.9)		—		(0.5)		(332.4)
Goodwill	445.9		148.2		—		594.1

Detection and Measurement reportable segment
Gross goodwill	432.6		—		3.0		435.6
Accumulated impairments	(173.7)		—		(1.7)		(175.4)
Goodwill	258.9		—		1.3		260.2

Total
Gross goodwill	1,210.4		148.2		3.5		1,362.1
Accumulated impairments	(505.6)		—		(2.2)		(507.8)
Goodwill	$	704.8	$	148.2	$	1.3	$	854.3

__________________________

Other Intangibles, Net

Identifiable intangible assets at September 28, 2024 and December 31, 2023 comprised the following:


	September 28, 2024						December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives: (1)
Customer relationships	$	427.0	$	(95.9)	$	331.1	$	403.2	$	(68.8)	$	334.4
Technology	186.4		(38.6)		147.8		139.5		(27.8)		111.7
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	73.2		(42.9)		30.3		45.4		(32.0)		13.4
	691.1		(181.9)		509.2		592.6		(133.1)		459.5
Trademarks with indefinite lives	221.5		—		221.5		221.3		—		221.3
Total	$	912.6	$	(181.9)	$	730.7	$	813.9	$	(133.1)	$	680.8

__________________________

In connection with the acquisition of Ingénia, which has definite-lived intangible assets as noted above, we updated our estimated annual amortization expense related to intangible assets to approximately $66.0 for the full year 2024, $54.0 for 2025, and $53.0 for each of the three years thereafter.

At September 28, 2024, the net carrying value of intangible assets with determinable lives consisted of $398.6 in the HVAC reportable segment and $110.6 in the Detection and Measurement reportable segment. At September 28, 2024, trademarks with indefinite lives consisted of $156.8 in the HVAC reportable segment and $64.7 in the Detection and Measurement reportable segment.

We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications

of potential impairment. In reviewing goodwill and indefinite-lived intangible assets for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indication may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit.

The fair value of the assets related to the Ingénia acquisition approximates its carrying value. If Ingénia 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 September 28, 2024, Ingénia's goodwill totaled $142.9.

We perform our annual trademarks impairment testing during the fourth quarter, or on a more frequent basis, if there are indications of potential impairment. The fair value of our trademarks is based on applying estimated royalty rates to projected revenues, with resulting cash flows discounted at a rate of return that reflects current market conditions (fair value based on unobservable inputs - Level 3, as defined in Note 17). The primary basis for these projected revenues is the annual operating plan for each of the related businesses, which is prepared in the fourth quarter of each year.

INCOME AND OTHER TAXES	9 Months Ended
INCOME AND OTHER TAXES	Sep. 28, 2024
Income Tax Disclosure [Abstract]
INCOME AND OTHER TAXES	INCOME AND OTHER TAXES Uncertain Tax Benefits As of September 28, 2024, we had gross and net unrecognized tax benefits of $2.6. All of these unrecognized tax benefits would impact our effective tax rate from continuing operations if recognized. We classify interest and penalties related to unrecognized tax benefits as a component of our income tax provision. As of September 28, 2024, gross and net accrued interest totaled $1.3. As of September 28, 2024, 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 do not believe that within the next 12 months our previously unrecognized tax benefits will decrease by a material amount. The previously unrecognized tax benefits relate to a variety of tax matters including transfer pricing and various state matters. 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 September 28, 2024, we believe the implementation of these rules will not have a material impact on our financial results. Other Tax Matters For the three months ended September 28, 2024, we recorded an income tax provision of $15.1 on $66.0 of pre-tax income from continuing operations, resulting in an effective rate of 22.9%. This compares to an income tax provision for the three months ended September 30, 2023 of $12.4 on $48.1 of pre-tax income from continuing operations, resulting in an effective rate of 25.8%. The most significant items impacting the income tax provision for the third quarters of 2024 and 2023 were $0.7 of tax benefits in 2024 resulting from increased federal tax credits and $0.8 of foreign withholding tax in 2023. For the nine months ended September 28, 2024, we recorded an income tax provision of $32.2 on $177.5 of pre-tax income from continuing operations, resulting in an effective rate of 18.1%. This compares to an income tax provision for the nine months ended September 30, 2023 of $31.5 on $144.6 of pre-tax income from continuing operations, resulting in an effective rate of 21.8%. The most significant items impacting the income tax provision during the first nine months of 2024 and 2023 were (i) $10.8 and $1.7, respectively, of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the periods, (ii) $0.7 of tax benefits in 2024 resulting from increased federal tax credits, and (iii) $0.5 of tax provision and $1.2 of tax benefit, respectively, related to revisions to liabilities for uncertain tax positions. In addition, the 2023 rate was favorably impacted by a tax benefit of $1.8 related to the release of valuation allowances recognized against certain deferred tax assets, as we now expect these deferred tax assets to be realized. We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain positions when we determine that an uncertain 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 condensed 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. U.S. Federal income tax returns are subject to examination for a period of three years after filing the return. We are not currently under examination by the Internal Revenue Service and 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 impact on our results of operations or cash flows in the quarter and year 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONTINGENT LIABILITIES AND OTHER MATTERS - Environmental Matters (Details) - Site investigation and remediation $ in Millions	Sep. 28, 2024 USD ($) site	Dec. 31, 2023 site
Environmental Matters
Number of sites	16	16
Accrual for environmental loss contingencies \| $	$ 23.6
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

SPECIAL CHARGES, NET - Special Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Special Charges, Net
Special charges, net	$ 0.5	$ 0.0	$ 0.9	$ 0.0
Operating Segments \| HVAC reportable segment
Special Charges, Net
Special charges, net	0.0	0.0	0.2	0.0
Operating Segments \| Detection and Measurement reportable segment
Special Charges, Net
Special charges, net	$ 0.5	$ 0.0	$ 0.7	$ 0.0

- 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 - Other Borrowings and Financing Activities (Details)	Sep. 28, 2024 USD ($)
Trade receivables financing arrangement
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	$ 100,000,000.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Cash and equivalents	$ 124.8	$ 100.9
Cash and equivalents included in assets of DBT and Heat Transfer	4.6	1.1
Total cash and equivalents	$ 129.4	$ 102.0

CONTINGENT LIABILITIES AND OTHER MATTERS - Claim for Contingent Consideration related to ULC (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Aug. 31, 2022	Sep. 30, 2020
ULC Robotics
Contingent Liabilities and Other Matters
Payments for legal settlements	$ 8.4
ULC Robotics
Contingent Liabilities and Other Matters
Deferred payment			$ 45.0
ULC Robotics \| ULC Robotics
Contingent Liabilities and Other Matters
Deferred payment		$ 15.0

- 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

REVENUES FROM CONTRACTS - Performance Obligation Narrative (Details) $ in Millions	Sep. 28, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 127.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-29 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	67.00%
Remaining performance obligation, timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-29 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	81.00%
Remaining performance obligation, timing of satisfaction	24 months

SPECIAL CHARGES, NET - Analysis of Restructuring Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Restructuring liabilities
Balance at beginning of year	$ 0.7	$ 0.0
Special charges	0.9	0.0
Utilization — cash	(0.9)	0.0
Balance at end of period	$ 0.7	$ 0.0

ACQUISITIONS AND DISCONTINUED OPERATIONS - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Assets acquired:
Loss from discontinued operations, net of tax	$ (0.7)	$ (56.1)	$ (1.9)	$ (54.7)
Discontinued Operations
Assets acquired:
Loss from discontinued operations	(0.7)	(69.3)	(1.7)	(68.8)
Income tax benefit (provision)	0.0	13.2	(0.2)	14.1
Loss from discontinued operations, net of tax	(0.7)	(56.1)	(1.9)	(54.7)
Discontinued Operations \| DBT
Assets acquired:
Loss from discontinued operations	(0.6)	(69.2)	(1.2)	(68.6)
Income tax benefit (provision)	0.0	13.2	0.0	14.1
Loss from discontinued operations, net of tax	(0.6)	(56.0)	(1.2)	(54.5)
Discontinued Operations \| All other
Assets acquired:
Loss from discontinued operations	(0.1)	(0.1)	(0.5)	(0.2)
Income tax benefit (provision)	0.0	0.0	(0.2)	0.0
Loss from discontinued operations, net of tax	$ (0.1)	$ (0.1)	$ (0.7)	$ (0.2)

- Definition

Amount before tax of income (loss) from a discontinued operation. 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 + Details

- Definition

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

+ References

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-Topic 740
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ 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
-Topic 944
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+ Details

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 28, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit (Income) Expense

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

Domestic Pension Plans


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Service cost	$	—	$	—	$	—	$	—
Interest cost	2.9		3.3		8.9		9.9
Expected return on plan assets	(2.2)		(2.2)		(6.6)		(6.6)


Net periodic pension benefit expense	$	0.7	$	1.1	$	2.3	$	3.3

Foreign Pension Plans


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Service cost	$	—	$	—	$	—	$	—
Interest cost	1.3		1.4		4.1		4.2
Expected return on plan assets	(1.3)		(1.6)		(3.9)		(4.8)

Net periodic pension benefit (income) expense	$	—	$	(0.2)	$	0.2	$	(0.6)

Postretirement Plans


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Service cost	$	—	$	—	$	—	$	—
Interest cost	0.3		0.3		0.9		0.9

Amortization of unrecognized prior service credits	(0.8)		(1.0)		(2.4)		(3.0)

Net periodic postretirement benefit income	$	(0.5)	$	(0.7)	$	(1.5)	$	(2.1)

INVENTORIES, NET (Tables)

9 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories are accounted for under the first-in, first-out method and are comprised of the following at September 28, 2024 and December 31, 2023:


	September 28, 2024		December 31, 2023
Finished goods	$	77.8	$	79.4
Work in process	38.3		31.4
Raw materials and purchased parts	181.6		165.9
Total inventories	$	297.7	$	276.7

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 483.7	$ 448.7	$ 1,450.2	$ 1,271.8
Costs and expenses:
Cost of products sold	286.1	280.1	868.9	789.7
Selling, general and administrative	101.6	96.3	305.7	290.9
Intangible amortization	16.6	14.6	48.2	32.4
Special charges, net	0.5	0.0	0.9	0.0
Other operating expense, net	0.0	0.0	8.4	0.0
Operating income	78.9	57.7	218.1	158.8
Other income (expense), net	(1.4)	(0.2)	(7.1)	2.3
Interest expense	(12.1)	(10.2)	(34.7)	(18.0)
Interest income	0.6	0.8	1.2	1.5
Income from continuing operations before income taxes	66.0	48.1	177.5	144.6
Income tax provision	(15.1)	(12.4)	(32.2)	(31.5)
Income from continuing operations	50.9	35.7	145.3	113.1
Income (loss) from discontinued operations, net of tax	0.0	0.0	0.0	0.0
Loss on disposition of discontinued operations, net of tax	(0.7)	(56.1)	(1.9)	(54.7)
Loss from discontinued operations, net of tax	(0.7)	(56.1)	(1.9)	(54.7)
Net income (loss)	$ 50.2	$ (20.4)	$ 143.4	$ 58.4
Basic income (loss) per share of common stock:
Income from continuing operations (in dollars per share)	$ 1.10	$ 0.78	$ 3.15	$ 2.49
Loss from discontinued operations, net of tax (in dollars per share)	(0.02)	(1.23)	(0.04)	(1.21)
Net income (loss) per share (in dollars per share)	$ 1.08	$ (0.45)	$ 3.11	$ 1.28
Weighted-average number of common shares outstanding — basic (in shares)	46,305	45,608	46,127	45,507
Diluted income (loss) per share of common stock:
Income from continuing operations (in dollars per share)	$ 1.08	$ 0.76	$ 3.09	$ 2.43
Loss from discontinued operations, net of tax (in dollars per share)	(0.02)	(1.20)	(0.04)	(1.18)
Net income (loss) per share (in dollars per share)	$ 1.06	$ (0.44)	$ 3.05	$ 1.25
Weighted-average number of common shares outstanding — diluted (in shares)	47,265	46,751	47,003	46,560
Comprehensive income (loss)	$ 65.7	$ (32.2)	$ 142.7	$ 51.6

ACQUISITIONS AND DISCONTINUED OPERATIONS - Wind-Down of DBT - Assets and Liabilities of Discontinued Operations (Details) - Discontinued Operations - DBT Technologies R in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2024 USD ($)	Sep. 28, 2024 USD ($)	Sep. 28, 2024 ZAR (R)	Dec. 31, 2023 USD ($)
ASSETS
Cash and equivalents	$ 4.6	$ 4.6		$ 5.5
Accounts receivable, net	0.0	0.0		0.4
Other current assets	3.9	3.9		4.7
Property, plant and equipment:
Property, plant and equipment, gross	0.0	0.0		0.7
Accumulated depreciation	0.0	0.0		(0.6)
Property, plant and equipment, net	0.0	0.0		0.1
Total assets	8.5	8.5		10.7
LIABILITIES
Accounts payable	0.7	0.7		26.9
Contract liabilities	2.3	2.3		2.1
Accrued expenses	6.3	6.3		6.3
Other long-term liabilities	4.5	4.5		4.2
Total liabilities	13.8	13.8		39.5
MHI Additional Claims \| FX Forward Contracts
LIABILITIES
Gain on derivative	2.0	2.0
Paid in September 2024
LIABILITIES
Accounts payable	27.1	27.1	R 480.9	26.2
Buildings and leasehold improvements
Property, plant and equipment:
Property, plant and equipment, gross	0.0	0.0		0.2
Machinery and equipment
Property, plant and equipment:
Property, plant and equipment, gross	$ 0.0	$ 0.0		$ 0.5

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION (Tables)

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

Schedule of Weighted-Average Shares Outstanding Used in Computation of Basic and Diluted Income per Share

The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:


	Three months ended		Nine months ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Weighted-average number of common shares used in basic income per share	46.305	45.608	46.127	45.507
Dilutive securities — Employee stock options and restricted stock units	0.960	1.143	0.876	1.053
Weighted-average number of common shares and dilutive securities used in diluted income per share	47.265	46.751	47.003	46.560

Schedule of Changes in Components of Accumulated Other Comprehensive Income, Net of Tax,

The changes in the components of AOCI, net of tax, for the three months ended September 28, 2024 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	238.8	$	2.9	$	3.2	$	244.9
Other comprehensive income (loss) before reclassifications	19.3		(1.5)		—		17.8
Amounts reclassified from accumulated other comprehensive income	—		(1.7)		(0.6)		(2.3)
Current-period other comprehensive income (loss)	19.3		(3.2)		(0.6)		15.5
Balance at end of period	$	258.1	$	(0.3)	$	2.6	$	260.4

__________________________

(1)Net of tax provision (benefit) of $(0.3) and $0.8 as of September 28, 2024 and June 29, 2024, respectively.

(2)Net of tax provision of $1.2 and $1.4 as of September 28, 2024 and June 29, 2024, respectively. The balances as of September 28, 2024 and June 29, 2024 include unamortized prior service credits.

The changes in the components of AOCI, net of tax, for the nine months ended September 28, 2024 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	251.0	$	5.7	$	4.4	$	261.1
Other comprehensive income (loss) before reclassifications	7.1		(0.8)		—		6.3
Amounts reclassified from accumulated other comprehensive income	—		(5.2)		(1.8)		(7.0)
Current-period other comprehensive income (loss)	7.1		(6.0)		(1.8)		(0.7)
Balance at end of period	$	258.1	$	(0.3)	$	2.6	$	260.4

__________________________

(1)Net of tax provision (benefit) of $(0.3) and $1.8 as of September 28, 2024 and December 31, 2023, respectively.

The changes in the components of AOCI, net of tax, for the three months ended September 30, 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 beginning of period	$	247.4	$	9.2	$	5.9	$	262.5
Other comprehensive income (loss) before reclassifications	(10.0)		0.7		—		(9.3)
Amounts reclassified from accumulated other comprehensive income	—		(1.8)		(0.7)		(2.5)
Current-period other comprehensive loss	(10.0)		(1.1)		(0.7)		(11.8)
Balance at end of period	$	237.4	$	8.1	$	5.2	$	250.7

__________________________

(1)Net of tax provision of $2.7 and $3.1 as of September 30, 2023 and July 1, 2023.

(2)Net of tax provision of $1.9 and $2.2 as of September 30, 2023 and July 1, 2023, respectively. The balances as of September 30, 2023 and July 1, 2023 include unamortized prior service credits.

The changes in the components of AOCI, net of tax, for the nine months ended September 30, 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 beginning of period	$	239.1	$	11.0	$	7.4	$	257.5
Other comprehensive income (loss) before reclassifications	(1.7)		2.2		—		0.5
Amounts reclassified from accumulated other comprehensive income	—		(5.1)		(2.2)		(7.3)
Current-period other comprehensive loss	(1.7)		(2.9)		(2.2)		(6.8)
Balance at end of period	$	237.4	$	8.1	$	5.2	$	250.7

__________________________

(1)Net of tax provision of $2.7 and $3.7 as of September 30, 2023 and December 31, 2022, respectively.

Schedule of Amounts Reclassified from Each Component of Other Comprehensive Income (Loss)

The following summarizes amounts reclassified from each component of AOCI for the three months ended September 28, 2024 and September 30, 2023:


	Amount Reclassified from AOCI
	Three months ended
	September 28, 2024		September 30, 2023		Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges:


Swaps	$	(2.3)	$	(2.4)	Interest expense
Pre-tax	(2.3)		(2.4)
Income taxes	0.6		0.6
	$	(1.7)	$	(1.8)

Gains on pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax	$	(0.8)	$	(1.0)	Other income (expense), net
Income taxes	0.2		0.3
	$	(0.6)	$	(0.7)

The following summarizes amounts reclassified from each component of AOCI for the nine months ended September 28, 2024 and September 30, 2023:


	Amount Reclassified from AOCI
	Nine months ended
	September 28, 2024		September 30, 2023		Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges:


Swaps	$	(7.1)	$	(6.8)	Interest expense
Pre-tax	(7.1)		(6.8)
Income taxes	1.9		1.7
	$	(5.2)	$	(5.1)

Gains on pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax	$	(2.4)	$	(3.0)	Other income (expense), net
Income taxes	0.6		0.8
	$	(1.8)	$	(2.2)

FAIR VALUE (Details) $ in Millions, $ in Millions	3 Months Ended		9 Months Ended
FAIR VALUE (Details) $ in Millions, $ in Millions	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Feb. 07, 2024 USD ($)	Feb. 07, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gain on fair value adjustment	$ 0.0	$ 0.0		$ 3.6
Realized loss on fair value adjustment			$ 4.2
Security at fair value	35.2		35.2				$ 39.4
Ingénia Technologies Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred payment					$ 2.2	$ 3.0
Contingent consideration liability	$ 0.3		$ 0.3

INDEBTEDNESS - Company-owned Life Insurance (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Proceeds/borrowings related to company-owned life insurance policies, net	$ 41.2
Life insurance, corporate or bank owned, interest rate	5.30%
Life insurance, corporate or bank owned, amount	$ 34.0	$ 76.7

REVENUES FROM CONTRACTS - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 483.7	$ 448.7	$ 1,450.2	$ 1,271.8
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	432.4	402.0	1,288.5	1,133.8
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	51.3	46.7	161.7	138.0
Package and process cooling equipment and services, and engineered air movement solutions
Disaggregation of Revenue [Line Items]
Revenues	217.7	170.8	650.1	502.4
Boilers, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	117.6	118.4	344.1	307.4
Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	64.7	65.9	191.8	199.0
Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenues	83.7	93.6	264.2	263.0
HVAC
Disaggregation of Revenue [Line Items]
Revenues	335.3	289.2	994.2	809.8
HVAC \| Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	314.9	271.3	912.3	747.6
HVAC \| Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	20.4	17.9	81.9	62.2
HVAC \| Package and process cooling equipment and services, and engineered air movement solutions
Disaggregation of Revenue [Line Items]
Revenues	217.7	170.8	650.1	502.4
HVAC \| Boilers, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	117.6	118.4	344.1	307.4
HVAC \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	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	0.0
Detection and Measurement
Disaggregation of Revenue [Line Items]
Revenues	148.4	159.5	456.0	462.0
Detection and Measurement \| Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	117.5	130.7	376.2	386.2
Detection and Measurement \| Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	30.9	28.8	79.8	75.8
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	0.0
Detection and Measurement \| Boilers, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0	0.0
Detection and Measurement \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	64.7	65.9	191.8	199.0
Detection and Measurement \| Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenues	$ 83.7	$ 93.6	$ 264.2	$ 263.0

INFORMATION ON REPORTABLE SEGMENTS

9 Months Ended

Sep. 28, 2024

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, if applicable, 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 and integration-related costs. This is consistent with the way our Chief Operating Decision Maker (“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, commercial, data center, and power generation markets, as well as boilers and electrical heating and ventilation products for the residential 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 personnel and general operating cost of our corporate headquarters based in Charlotte, North Carolina.

Financial data for our reportable segments for the three and nine months ended September 28, 2024 and September 30, 2023 are presented below:


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Revenues:
HVAC reportable segment	$	335.3	$	289.2	$	994.2	$	809.8
Detection and Measurement reportable segment	148.4		159.5		456.0		462.0
Consolidated revenues	$	483.7	$	448.7	$	1,450.2	$	1,271.8

Income:
HVAC reportable segment	$	80.0	$	58.3	$	232.1	$	161.2
Detection and Measurement reportable segment	33.8		33.3		99.1		89.2
Total income for segments	113.8		91.6		331.2		250.4

Corporate expense	12.4		13.0		38.3		44.2
Acquisition-related and other costs (1)	1.4		2.9		6.3		5.0
Long-term incentive compensation expense	4.0		3.4		11.0		10.0
Amortization of acquired intangible assets	16.6		14.6		48.2		32.4
Special charges, net	0.5		—		0.9		—
Other operating expense, net (2)	—		—		8.4		—
Consolidated operating income	$	78.9	$	57.7	$	218.1	$	158.8

________________________________

(2)Represents a charge of $8.4 related to a settlement with the seller of ULC Robotics (“ULC”) regarding additional contingent consideration.

- 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.

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+ Details

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Sep. 28, 2024	Dec. 31, 2023
Leases [Abstract]
Operating Leases (years)	6 years	5 years 6 months

INVENTORIES, NET (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 77.8	$ 79.4
Work in process	38.3	31.4
Raw materials and purchased parts	181.6	165.9
Total inventories	$ 297.7	$ 276.7

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
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

BASIS OF PRESENTATION (Details) $ in Millions, $ in Millions				3 Months Ended			9 Months Ended
	Feb. 07, 2024 USD ($)	Jun. 02, 2023 USD ($)	Apr. 03, 2023 USD ($)	Sep. 28, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Feb. 07, 2024 CAD ($)
Business Acquisition [Line Items]
Business acquisition, net of cash acquired							$ 292.0	$ 547.3
TAMCO
Business Acquisition [Line Items]
Business acquisition, net of cash acquired			$ 125.5
Adjustment, consideration transferred						$ 0.2
Cash acquired			$ 1.0
ASPEQ Heating Group
Business Acquisition [Line Items]
Business acquisition, net of cash acquired		$ 421.5
Adjustment, consideration transferred					$ (0.3)
Cash acquired		$ 0.9
Ingénia Technologies Inc.
Business Acquisition [Line Items]
Business acquisition, net of cash acquired	$ 292.0
Adjustment, consideration transferred				$ 2.1
Cash acquired	1.5
Deferred payment	$ 2.2								$ 3.0
Contingent consideration liability				$ 0.3			$ 0.3

ACQUISITIONS AND DISCONTINUED OPERATIONS - Narrative (Details) R in Millions					1 Months Ended		3 Months Ended							8 Months Ended	9 Months Ended
	Feb. 07, 2024 USD ($)	Jun. 02, 2023 USD ($)	Feb. 22, 2021 USD ($) dispute	Feb. 22, 2021 ZAR (R) dispute	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Sep. 28, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jul. 01, 2023 USD ($)	Apr. 01, 2023 USD ($)	Apr. 01, 2023 ZAR (R)	Dec. 31, 2021 project	Sep. 05, 2023 project	Sep. 28, 2024 USD ($) project	Sep. 30, 2023 USD ($)
Assets acquired:
Business acquisition, net of cash acquired															$ 292,000,000.0	$ 547,300,000
Net loss							$ 50,200,000		$ (20,400,000)						143,400,000	58,400,000
Intangible amortization							16,600,000		14,600,000						48,200,000	32,400,000
Less: Loss from discontinued operations, net of tax							(700,000)		(56,100,000)						$ (1,900,000)	(54,700,000)
SOUTH AFRICA \| Large Power Projects
Assets acquired:
Number of large power projects \| project															2
Number of disputes \| dispute			2	2
Litigation settlement			$ 8,600,000	R 126.6
Gain (loss) related to litigation settlement					$ 1,300,000	$ 5,500,000		$ 6,800,000			$ 7,000,000.0	R 126.6
Legal settlements																5,500,000
Less: Loss from discontinued operations, net of tax										$ 5,500,000
DBT Technologies \| SOUTH AFRICA \| Large Power Projects \| Non-U.S
Assets acquired:
Taxes paid								3,800,000
Discontinued Operations
Assets acquired:
Less: Loss from discontinued operations, net of tax							(700,000)		(56,100,000)						$ (1,900,000)	(54,700,000)
Discontinued Operations \| DBT Technologies
Assets acquired:
Number of large power projects \| project													2	2
Discontinued Operations \| DBT Technologies \| MHI Additional Claims
Assets acquired:
Final cash payment									25,300,000
Litigation expense									14,500,000
Discontinued Operations \| DBT Technologies \| MHI Additional Claims \| FX Forward Contracts
Assets acquired:
Gain on derivative							2,000,000.0								2,000,000.0
Discontinued operations, disposed of by sale \| DBT Technologies
Assets acquired:
Discontinued operation of incurred charges									54,200,000
Accounts receivable and other assets, write off									$ 15,200,000							$ 15,200,000
Ingénia Technologies Inc.
Assets acquired:
Business acquisition, net of cash acquired	$ 292,000,000.0
Adjustment, consideration transferred							2,100,000
Cash acquired	1,500,000
Intangible assets	97,900,000
Gross amount of receivables acquired	16,100,000
Goodwill, expected tax deductible amount	0
Revenues							19,700,000								53,800,000
Net loss							1,100,000								3,400,000
Intangible amortization							5,100,000								13,700,000
Inventory write-down							0.0								1,800,000
Acquisition-related costs							$ 200,000								$ 3,100,000
Ingénia Technologies Inc. \| Technology
Assets acquired:
Intangible assets	$ 46,700,000
Amortization period	12 years
Ingénia Technologies Inc. \| Customer relationships
Assets acquired:
Intangible assets	$ 23,500,000
Amortization period	7 years
Ingénia Technologies Inc. \| Trademarks with indefinite lives
Assets acquired:
Intangible assets	$ 13,900,000
Amortization period	8 years
Ingénia Technologies Inc. \| Customer Backlog
Assets acquired:
Intangible assets	$ 13,800,000
Amortization period	1 year
ASPEQ Heating Group
Assets acquired:
Business acquisition, net of cash acquired		$ 421,500,000
Adjustment, consideration transferred								$ (300,000)
Cash acquired		900,000
Intangible assets		246,100,000
Gross amount of receivables acquired		18,000,000.0
Acquired receivable, fair Value		17,800,000
ASPEQ Heating Group \| Technology
Assets acquired:
Intangible assets		$ 47,800,000
Amortization period		16 years
ASPEQ Heating Group \| Customer relationships
Assets acquired:
Intangible assets		$ 142,300,000
Amortization period		12 years
ASPEQ Heating Group \| Trademarks with indefinite lives
Assets acquired:
Intangible assets		$ 51,500,000
ASPEQ Heating Group \| Customer Backlog
Assets acquired:
Intangible assets		$ 4,500,000
Amortization period		1 year

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Unless otherwise indicated, “we,” “us” and “our” mean SPX Technologies, Inc. and its consolidated subsidiaries (“SPX” or the “Company”). We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 3 for information on discontinued operations). We account for investments in unconsolidated companies where we exercise significant influence but do not have control 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 that could potentially be significant to the VIE. All of our VIE’s are immaterial, individually and in aggregate, to our condensed consolidated financial statements. Acquisition of 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 the third quarter of 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. Acquisition of 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 the fourth quarter of 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. Acquisition of Ingénia 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 cash consideration of $292.0, net of (i) an adjustment to the purchase price of $2.1 during the third quarter of 2024 related to acquired working capital and (ii) cash acquired of $1.5. Under the terms of the purchase and sales agreement, the seller is eligible for additional cash consideration of up to Canadian Dollar (“CAD”) 3.0 (or $2.2 at the time of acquisition), with payment scheduled to be made in the event certain contingent liabilities do not materialize. The estimated fair value of such contingent consideration is $0.3, which is reflected as a liability in our condensed consolidated balance sheet as of September 28, 2024. The post-acquisition results of Ingénia are reflected within our HVAC reportable segment. The assets acquired and liabilities assumed in the Ingénia transaction 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. Other Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023 (“our 2023 Annual Report on Form 10-K”). Interim results are not necessarily indicative of full year results. We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2024 are March 30, June 29, and September 28, compared to the respective April 1, July 1, and September 30 dates of 2023. We had one less day in the first quarter of 2024, and will have two more days in the fourth quarter of 2024 than in the respective 2023 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the nine months ended September 28, 2024, when compared to the consolidated operating results for the respective 2023 period.

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024	Dec. 31, 2023	Jul. 01, 2023	Dec. 31, 2022
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	$ 1,283.8	$ 1,172.6	$ 1,194.6	$ 1,079.2
Other comprehensive income (loss) before reclassifications	17.8	(9.3)	6.3	0.5
Amounts reclassified from accumulated other comprehensive income	(2.3)	(2.5)	(7.0)	(7.3)
Current-period other comprehensive loss	15.5	(11.8)	(0.7)	(6.8)
Balance at end of period	1,358.2	1,146.9	1,358.2	1,146.9
Accum. Other Comprehensive Income
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	244.9	262.5	261.1	257.5
Balance at end of period	260.4	250.7	260.4	250.7
Foreign Currency Translation Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	238.8	247.4	251.0	239.1
Other comprehensive income (loss) before reclassifications	19.3	(10.0)	7.1	(1.7)
Amounts reclassified from accumulated other comprehensive income	0.0	0.0	0.0	0.0
Current-period other comprehensive loss	19.3	(10.0)	7.1	(1.7)
Balance at end of period	258.1	237.4	258.1	237.4
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	2.9	9.2	5.7	11.0
Other comprehensive income (loss) before reclassifications	(1.5)	0.7	(0.8)	2.2
Amounts reclassified from accumulated other comprehensive income	(1.7)	(1.8)	(5.2)	(5.1)
Current-period other comprehensive loss	(3.2)	(1.1)	(6.0)	(2.9)
Balance at end of period	(0.3)	8.1	(0.3)	8.1
Net of tax provision (benefit)	(0.3)	2.7	(0.3)	2.7	$ 0.8	$ 1.8	$ 3.1	$ 3.7
Pension and Postretirement Liability Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	3.2	5.9	4.4	7.4
Other comprehensive income (loss) before reclassifications	0.0	0.0	0.0	0.0
Amounts reclassified from accumulated other comprehensive income	(0.6)	(0.7)	(1.8)	(2.2)
Current-period other comprehensive loss	(0.6)	(0.7)	(1.8)	(2.2)
Balance at end of period	2.6	5.2	2.6	5.2
Net of tax provision (benefit)	$ 1.2	$ 1.9	$ 1.2	$ 1.9	$ 1.4	$ 1.8	$ 2.2	$ 2.7

WARRANTY (Details) - USD ($) $ in Millions	9 Months Ended
WARRANTY (Details) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023
Analysis of product warranty accrual
Balance at beginning of year	$ 37.9	$ 34.7
Acquisitions	1.3	0.9
Provisions	14.1	11.6
Usage	(10.4)	(10.4)
Currency translation adjustment	0.0	(0.1)
Balance at end of period	42.9	36.7
Less: Current portion of warranty	18.8	14.6
Non-current portion of warranty	$ 24.1	$ 22.1

CONTINGENT LIABILITIES AND OTHER MATTERS - Large Power Projects in South Africa (Details) - SOUTH AFRICA - Large Power Projects R in Millions, $ in Millions		1 Months Ended		3 Months Ended			9 Months Ended
	Feb. 05, 2021 USD ($)	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Apr. 01, 2023 USD ($)	Apr. 01, 2023 ZAR (R)	Sep. 28, 2024 project
Contingent Liabilities and Other Matters
Number of large power projects \| project							2
Gain (loss) related to litigation settlement		$ 1.3	$ 5.5	$ 6.8	$ 7.0	R 126.6
Payment for bonds \| $	$ 6.7

- 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

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Components Used For Calculation Of Basic And Diluted Income (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Per Share
Weighted-average number of common shares used in basic income per share (in shares)	46,305	45,608	46,127	45,507
Dilutive securities — Employee stock options and restricted stock units (in shares)	960	1,143	876	1,053
Weighted-average number of common shares and dilutive securities used in diluted income per share (in shares)	47,265	46,751	47,003	46,560

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ 50.2	$ (20.4)	$ 143.4	$ 58.4

- Definition

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

+ References

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+ Details

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Components of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pre-tax	$ (66.0)	$ (48.1)	$ (177.5)	$ (144.6)
Amortization of unrecognized prior service credits - Pre-tax	1.4	0.2	7.1	(2.3)
Income taxes	15.1	12.4	32.2	31.5
Net income (loss)	(50.2)	20.4	(143.4)	(58.4)
Amount Reclassified from AOCI \| Gains on qualifying cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pre-tax	(2.3)	(2.4)	(7.1)	(6.8)
Income taxes	0.6	0.6	1.9	1.7
Net income (loss)	(1.7)	(1.8)	(5.2)	(5.1)
Amount Reclassified from AOCI \| Gains on pension and postretirement items:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized prior service credits - Pre-tax	(0.8)	(1.0)	(2.4)	(3.0)
Income taxes	0.2	0.3	0.6	0.8
Net income (loss)	(0.6)	(0.7)	(1.8)	(2.2)
Swaps \| Amount Reclassified from AOCI \| Gains on qualifying cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (2.3)	$ (2.4)	$ (7.1)	$ (6.8)

CONTINGENT LIABILITIES AND OTHER MATTERS - Resulution of DisputeContingent Consideration related to ULC (Details) $ in Millions	Jan. 26, 2024 USD ($)
Resolution of Dispute with Former Agent
Contingent Liabilities and Other Matters
Loss contingency, estimate of possible loss	$ 9.0

- 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

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

INDEBTEDNESS

The following summarizes our debt activity (both current and non-current) for the nine months ended September 28, 2024:


	December 31, 2023		Borrowings		Repayments		Other (5)		September 28, 2024
Revolving loans(1)	$	—	$	610.2	$	(455.2)	$	—	$	155.0
Term loans(2)	539.9		—		(6.8)		0.4		533.5




Trade receivables financing arrangement(3)	16.0		217.0		(186.0)		—		47.0
Other indebtedness(4)	2.4		0.1		(0.9)		0.7		2.3
Total debt	558.3		$	827.3	$	(648.9)	$	1.1	737.8


Less: short-term debt	17.9								48.4
Less: current maturities of long-term debt	17.3								24.2
Total long-term debt, net	$	523.1							$	665.2

___________________________

(5)“Other” includes the amortization of debt issuance costs associated with the term loans.

Senior Credit Facilities

A detailed description of our senior credit facilities is included in our 2023 Annual Report on Form 10-K.

On August 30, 2024, we entered into a Second Amendment to the Amended and Restated Credit Agreement and Incremental Facility Activation Notice (the “Second Amendment”) with Bank of America, N.A., as administrative agent (the “Administrative Agent”), the lenders party thereto, and certain domestic subsidiaries of the Company, as guarantors, which amends our Amended and Restated Credit Agreement, dated as of August 12, 2022 (as amended, the “Credit Agreement”) with the lenders party thereto, Deutsche Bank AG, as foreign trade facility agent, and the Administrative Agent.

The Second Amendment increases the aggregate revolving credit commitments under the Credit Agreement from $500.0 to $1,000.0 and makes certain conforming changes and other amendments to the Credit Agreement. We expect to utilize the increased revolving credit capacity to finance, in part, permitted acquisitions, to pay related fees, costs and expenses and for other lawful corporate purposes. In connection with the Second Amendment, we recorded $2.6 of debt issuance costs classified within “Other assets” on the condensed consolidated balance sheet as of September 28, 2024.

At September 28, 2024, we had $834.0 of available borrowing capacity under our revolving credit facilities, after giving effect to borrowings under the domestic revolving loan facilities of $155.0 and $11.0 reserved for outstanding letters of

credit. In addition, at September 28, 2024, we had $8.9 of available issuance capacity under our foreign credit instrument facilities after giving effect to $16.1 reserved for outstanding letters of credit.

The weighted-average interest rate of outstanding borrowings under the Credit Agreement was approximately 6.5% at September 28, 2024.

At September 28, 2024, we were in compliance with all covenants of the Credit Agreement.

Other Borrowings and Financing Activities

During the third quarter of 2024, we renewed, and increased the capacity of, our trade receivables financing agreement for the next 12 months, whereby we can borrow, on a continuous basis, up to $100.0, as available.

Company-owned Life Insurance

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 condensed consolidated statements of operations. The Company has the ability to borrow against a portion of its investment in the COLI policies as an additional source of liquidity. During the first nine months of 2024, the Company borrowed $41.2 against the cash surrender value of these COLI policies. Such borrowings were primarily used to pay down amounts payable under the revolving credit facility. The amounts borrowed incur interest at a rate of 5.3%. The cash surrender value of the Company’s investments in COLI assets, net of the aforementioned borrowing, was $34.0 and $76.7 at September 28, 2024 and December 31, 2023, respectively, recorded in “Other assets” on the condensed consolidated balance sheets.

- 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.

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+ Details

REVENUES FROM CONTRACTS (Tables)

9 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

We disaggregate revenue from contracts with customers by major product line and based on the timing of recognition for each of our reportable segments, as we believe such disaggregation best depicts how the nature, amount, timing, and uncertainty of our revenues and cash flows are affected by economic factors, with such disaggregation presented below for the three and nine months ended September 28, 2024 and September 30, 2023:


	Three months ended September 28, 2024
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	217.7	$	—	$	217.7
Boilers, electrical heating, and ventilation	117.6		—		117.6
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		64.7		64.7
Communication technologies, aids to navigation, and transportation systems	—		83.7		83.7

	$	335.3	$	148.4	$	483.7

Timing of Revenue Recognition
Revenues recognized at a point in time	$	314.9	$	117.5	$	432.4
Revenues recognized over time	20.4		30.9		51.3
	$	335.3	$	148.4	$	483.7


	Nine months ended September 28, 2024
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	650.1	$	—	$	650.1
Boilers, electrical heating, and ventilation	344.1		—		344.1
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		191.8		191.8
Communication technologies, aids to navigation, and transportation systems	—		264.2		264.2

	$	994.2	$	456.0	$	1,450.2

Timing of Revenue Recognition
Revenues recognized at a point in time	$	912.3	$	376.2	$	1,288.5
Revenues recognized over time	81.9		79.8		161.7
	$	994.2	$	456.0	$	1,450.2


	Three months ended September 30, 2023
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	170.8	$	—	$	170.8
Boilers, electrical heating, and ventilation	118.4		—		118.4
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		65.9		65.9
Communication technologies, aids to navigation, and transportation systems	—		93.6		93.6
	$	289.2	$	159.5	$	448.7

Timing of Revenue Recognition
Revenues recognized at a point in time	$	271.3	$	130.7	$	402.0
Revenues recognized over time	17.9		28.8		46.7
	$	289.2	$	159.5	$	448.7


	Nine months ended September 30, 2023
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	502.4	$	—	$	502.4
Boilers, electrical heating, and ventilation	307.4		—		307.4
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		199.0		199.0
Communication technologies, aids to navigation, and transportation systems	—		263.0		263.0
	$	809.8	$	462.0	$	1,271.8

Timing of Revenue Recognition
Revenues recognized at a point in time	$	747.6	$	386.2	$	1,133.8
Revenues recognized over time	62.2		75.8		138.0
	$	809.8	$	462.0	$	1,271.8

Schedule of Contract with Customer, Asset and Liability

Our contract balances consisted of the following as of September 28, 2024 and December 31, 2023:


Contract Balances	September 28, 2024		December 31, 2023		Change
Contract Accounts Receivable(1)	$	333.7	$	275.4	$	58.3
Contract Assets	36.7		16.6		20.1
Contract Liabilities - current	(60.8)		(73.5)		12.7
Contract Liabilities - non-current(2)	(4.3)		(4.0)		(0.3)
Net contract balance	$	305.3	$	214.5	$	90.8

___________________________

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

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

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Retained Earnings (Deficit)	Accum. Other Comprehensive Income	Common Stock In Treasury
Balance at beginning 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 [Roll Forward]
Net income (loss)	58.4			58.4
Other comprehensive income (loss), net	(6.8)				(6.8)
Incentive plan activity	11.3		11.3
Long-term incentive compensation expense	10.0		10.0
Restricted stock unit vesting	(5.2)		(11.6)			6.4
Balance at end of period at Sep. 30, 2023	1,146.9	0.5	1,348.0	6.8	250.7	(459.1)
Balance at beginning of period at Jul. 01, 2023	1,172.6	0.5	1,341.5	27.2	262.5	(459.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(20.4)			(20.4)
Other comprehensive income (loss), net	(11.8)				(11.8)
Incentive plan activity	3.1		3.1
Long-term incentive compensation expense	3.4		3.4
Balance at end of period at Sep. 30, 2023	1,146.9	0.5	1,348.0	6.8	250.7	(459.1)
Balance at beginning of period at Dec. 31, 2023	1,194.6	0.5	1,353.6	38.3	261.1	(458.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	143.4			143.4
Other comprehensive income (loss), net	(0.7)				(0.7)
Incentive plan activity	19.0		19.0
Long-term incentive compensation expense	11.0		11.0
Restricted stock unit vesting	(9.1)		(15.9)			6.8
Balance at end of period at Sep. 28, 2024	1,358.2	0.5	1,367.7	181.7	260.4	(452.1)
Balance at beginning of period at Jun. 29, 2024	1,283.8	0.5	1,359.1	131.5	244.9	(452.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	50.2			50.2
Other comprehensive income (loss), net	15.5				15.5
Incentive plan activity	4.7		4.7
Long-term incentive compensation expense	4.0		4.0
Restricted stock unit vesting	0.0		(0.1)			0.1
Balance at end of period at Sep. 28, 2024	$ 1,358.2	$ 0.5	$ 1,367.7	$ 181.7	$ 260.4	$ (452.1)

- Definition

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

+ References

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

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+ Details

AQUISITIONS AND DISCONTINUED OPERATIONS

9 Months Ended

Sep. 28, 2024

Acquisitions and Discontinued Operations [Abstract]

AQUISITIONS AND DISCONTINUED OPERATIONS

ACQUISITIONS AND DISCONTINUED OPERATIONS

Acquisitions

As indicated in Note 1, on April 3, 2023, we completed the acquisition of TAMCO. The pro forma effect of this acquisition is not material to our condensed consolidated results of operations.

Acquisition of Ingénia

As indicated in Note 1, on February 7, 2024, we completed the acquisition of Ingénia, for $292.0, net of (i) an adjustment to the purchase price of $2.1 during the third quarter of 2024 related to acquired working capital and (ii) cash acquired of $1.5. We financed the acquisition with available borrowings on our revolving credit facilities 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 excess of the purchase price over the total of the estimated fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed is recognized as goodwill. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for Ingénia, we engaged a third-party independent valuation specialist.

The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Ingénia as of February 7, 2024:


Assets acquired:
Current assets, including cash and equivalents of $1.5	$	28.4
Property, plant and equipment	73.6
Goodwill	142.6
Intangible assets	97.9
Other assets	2.5
Total assets acquired	345.0

Current liabilities assumed	14.1
Deferred and other income taxes	37.4

Net assets acquired	$	293.5

The identifiable intangible assets acquired consist of technology, customer relationships, trademarks, and customer backlog of $46.7, $23.5, $13.9, and $13.8, respectively, with such amounts based on a preliminary assessment of the related fair values. We expect to amortize the technology, customer relationships, trademarks, and customer backlog assets over 12.0, 7.0, 8.0, and 1.0 years, respectively.

We acquired gross receivables of $16.1, which had the same fair value at the acquisition date based on our estimates of cash flows expected to be recovered.

The qualitative factors that comprise the recorded goodwill include expected market growth for Ingénia's existing operations, increased volumes achieved by selling Ingénia’s products through existing SPX sales channels, procurement and operational savings and efficiencies, and various other factors. We expect none of the goodwill described above to be deductible for tax purposes.

We recognized revenues and net income for Ingénia of $19.7 and $1.1, and $53.8 and $3.4, respectively, for the three and nine months ended September 28, 2024, with net income impacted by charges during the three and nine months ended September 28, 2024 of (i) $5.1 and $13.7, respectively, associated with amortization of the various intangible assets mentioned above and (ii) $0.0 and $1.8, respectively, associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

Additionally, during the three and nine months ended September 28, 2024, we incurred acquisition-related costs for Ingénia of $0.2 and $3.1, respectively, which have been recorded to “Selling, general and administrative” within our condensed consolidated statements of operations and “Corporate expense” within consolidated operating income, as further described in Note 6.

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 the fourth quarter of 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 excess of the purchase price over the total of the fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed is recognized as goodwill. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for ASPEQ, we engaged a third-party independent valuation specialist.

The following is a summary of the recorded final 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	$	38.0
Property, plant and equipment	10.6
Goodwill	195.0
Intangible assets	246.1
Other assets	1.2
Total assets acquired	490.9

Current liabilities assumed	11.1
Non-current liabilities assumed (1)	57.4

Net assets acquired	$	422.4

________________________________

(1)Includes net deferred income tax liabilities and other liabilities of $56.4 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 final assessment of the related fair values. We expect to amortize the ASPEQ 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 $17.8, respectively, 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.


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Revenues	$	483.7	$	462.5	$	1,458.2	$	1,366.1
Income from continuing operations	52.0		34.9		151.3		100.7
Net income (loss)	51.3		(21.2)		149.4		46.0

Income from continuing operations per share of common stock:
Basic	$	1.12	$	0.77	$	3.28	$	2.21
Diluted	$	1.10	$	0.75	$	3.22	$	2.16

Net income (loss) per share of common stock:
Basic	$	1.11	$	(0.46)	$	3.24	$	1.01
Diluted	$	1.09	$	(0.45)	$	3.18	$	0.99

Wind-Down of DBT Business

We completed the wind-down of our DBT Technologies (PTY) LTD (“DBT”) business after ceasing all operations, including those related to two large power projects in South Africa (Kusile and Medupi), 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. As previously disclosed, DBT had asserted claims against the remaining prime contractor on the large projects, Mitsubishi Heavy Industries Power — ZAF (f.k.a. Mitsubishi-Hitachi Power Systems Africa (PTY) LTD) (“MHI”), which had also asserted claims against DBT.

As previously disclosed in our 2023 Annual Report on Form 10-K, 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 three months ended September 30, 2023. The charge included the write-off of $15.2 in net amounts due from MHI. Such charge is included in “Loss on disposition of discontinued operations, net of tax” for the three and nine months ended September 30, 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, South African Rand 126.6 (or $7.0) was recorded as income during the first quarter of 2023, with such amount recorded within “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 was recorded to “Loss on disposition of discontinued operations, net of tax” during the second quarter of 2023 with the cash payment received during the nine months ended September 30, 2023.

Additionally, in May 2023, a separate arbitration tribunal ruled DBT was entitled to recover $5.5 of legal costs incurred related to another prior arbitration. Such amount was recorded within “Loss on disposition of discontinued operations, net of tax” during the second quarter of 2023 with the cash payment received during the nine months ended September 30, 2023.


	September 28, 2024		December 31, 2023
ASSETS
Cash and equivalents	$	4.6	$	5.5
Accounts receivable, net	—		0.4
Other current assets(1)	3.9		4.7
Property, plant and equipment:
Buildings and leasehold improvements	—		0.2
Machinery and equipment	—		0.5
	—		0.7
Accumulated depreciation	—		(0.6)
Property, plant and equipment, net	—		0.1

Total assets of DBT	$	8.5	$	10.7
LIABILITIES
Accounts payable(1)(2)	$	0.7	$	26.9
Contract liabilities(1)	2.3		2.1
Accrued expenses(1)	6.3		6.3
Other long-term liabilities(1)	4.5		4.2
Total liabilities of DBT	$	13.8	$	39.5

___________________________

Wind-Down of the Heat Transfer Business

We completed the wind-down of our SPX Heat Transfer (“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 condensed consolidated balance sheets as of September 28, 2024 and December 31, 2023. The major line items constituting Heat Transfer’s assets and liabilities as of September 28, 2024 and December 31, 2023 are shown below:


	September 28, 2024		December 31, 2023
ASSETS


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

Total liabilities of Heat Transfer	$	0.2	$	0.2

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 these and other previous divestitures may be materially adjusted in subsequent periods.

For the three and nine months ended September 28, 2024 and September 30, 2023, results of operations from our businesses reported as discontinued operations were as follows:


	Three months ended				Nine months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023





DBT
Loss from discontinued operations (1)	$	(0.6)	$	(69.2)	$	(1.2)	$	(68.6)
Income tax benefit	—		13.2		—		14.1
Loss from discontinued operations, net	(0.6)		(56.0)		(1.2)		(54.5)






All other
Loss from discontinued operations (2)	(0.1)		(0.1)		(0.5)		(0.2)
Income tax provision	—		—		(0.2)		—
Loss from discontinued operations, net	(0.1)		(0.1)		(0.7)		(0.2)

Total
Loss from discontinued operations	(0.7)		(69.3)		(1.7)		(68.8)
Income tax benefit (provision)	—		13.2		(0.2)		14.1
Loss from discontinued operations, net	$	(0.7)	$	(56.1)	$	(1.9)	$	(54.7)

________________________________

(2)Loss for the three and nine months ended September 28, 2024 and September 30, 2023 resulted primarily from revisions to liabilities retained in connection with prior dispositions.

Net cash used in discontinued operations for the nine months ended September 28, 2024 related primarily to the final cash payment of South African Rand 480.9 ($27.1 at time of payment) made by DBT to MHI during the three months ended September 28, 2024 in connection with the Settlement Agreement, partially offset by $2.0 from the foreign currency forward contract mentioned above.

Net cash used in discontinued operations for the nine months ended September 30, 2023 related primarily to (i) cash payments of $25.3 made by DBT to MHI during the three months ended September 30, 2023 in connection with the Settlement Agreement, (ii) disbursements of $14.5 for professional fees and support costs incurred principally in connection with the claims resolved by the Settlement Agreement, and (iii) local taxes of $3.8 paid in South Africa, which we subsequently recovered during the fourth quarter of 2023, partially offset by recovery of legal costs we were awarded in arbitration proceeds between DBT and MHI of $6.8 mentioned above.

WARRANTY

9 Months Ended

Sep. 28, 2024

Product Warranties Disclosures [Abstract]

WARRANTY

The following is an analysis of our product warranty accrual for the periods presented:


10	Nine months ended
	September 28, 2024		September 30, 2023
Balance at beginning of year	$	37.9	$	34.7
Acquisitions	1.3		0.9
Provisions	14.1		11.6
Usage	(10.4)		(10.4)
Currency translation adjustment	—		(0.1)
Balance at end of period	42.9		36.7
Less: Current portion of warranty	18.8		14.6
Non-current portion of warranty	$	24.1	$	22.1

REVENUES FROM CONTRACTS

9 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

REVENUES FROM CONTRACTS

Disaggregated Revenues


	Three months ended September 28, 2024
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	217.7	$	—	$	217.7
Boilers, electrical heating, and ventilation	117.6		—		117.6
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		64.7		64.7
Communication technologies, aids to navigation, and transportation systems	—		83.7		83.7

	$	335.3	$	148.4	$	483.7

Timing of Revenue Recognition
Revenues recognized at a point in time	$	314.9	$	117.5	$	432.4
Revenues recognized over time	20.4		30.9		51.3
	$	335.3	$	148.4	$	483.7


	Nine months ended September 28, 2024
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	650.1	$	—	$	650.1
Boilers, electrical heating, and ventilation	344.1		—		344.1
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		191.8		191.8
Communication technologies, aids to navigation, and transportation systems	—		264.2		264.2

	$	994.2	$	456.0	$	1,450.2

Timing of Revenue Recognition
Revenues recognized at a point in time	$	912.3	$	376.2	$	1,288.5
Revenues recognized over time	81.9		79.8		161.7
	$	994.2	$	456.0	$	1,450.2


	Three months ended September 30, 2023
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	170.8	$	—	$	170.8
Boilers, electrical heating, and ventilation	118.4		—		118.4
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		65.9		65.9
Communication technologies, aids to navigation, and transportation systems	—		93.6		93.6
	$	289.2	$	159.5	$	448.7

Timing of Revenue Recognition
Revenues recognized at a point in time	$	271.3	$	130.7	$	402.0
Revenues recognized over time	17.9		28.8		46.7
	$	289.2	$	159.5	$	448.7


	Nine months ended September 30, 2023
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	502.4	$	—	$	502.4
Boilers, electrical heating, and ventilation	307.4		—		307.4
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		199.0		199.0
Communication technologies, aids to navigation, and transportation systems	—		263.0		263.0
	$	809.8	$	462.0	$	1,271.8

Timing of Revenue Recognition
Revenues recognized at a point in time	$	747.6	$	386.2	$	1,133.8
Revenues recognized over time	62.2		75.8		138.0
	$	809.8	$	462.0	$	1,271.8

Contract Balances

Our customers are invoiced for products and services at the time of delivery or based on contractual milestones, resulting in outstanding receivables with payment terms from these customers (“Contract Accounts Receivable”). In some cases, the timing of revenue recognition, particularly for revenue recognized over time, differs from when such amounts are invoiced to customers, resulting in a contract asset (revenue recognition precedes the invoicing of the related revenue amount) or a contract liability (payment from the customer precedes recognition of the related revenue amount). Contract assets and liabilities are generally classified as current. On a contract-by-contract basis, the contract assets and contract liabilities are reported net within our condensed consolidated balance sheets. Our contract balances consisted of the following as of September 28, 2024 and December 31, 2023:


Contract Balances	September 28, 2024		December 31, 2023		Change
Contract Accounts Receivable(1)	$	333.7	$	275.4	$	58.3
Contract Assets	36.7		16.6		20.1
Contract Liabilities - current	(60.8)		(73.5)		12.7
Contract Liabilities - non-current(2)	(4.3)		(4.0)		(0.3)
Net contract balance	$	305.3	$	214.5	$	90.8

___________________________

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

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

The timing of revenue recognition, invoicing and cash collections results in contract accounts receivable, contract assets, and customer advances and deposits (contract liabilities) on our condensed consolidated balance sheets. In general, we receive payments from customers based on a billing schedule established in our contracts. During the three and nine months ended September 28, 2024, changes in contract balances were not materially impacted by any other factors besides the acquisition of Ingénia. At September 28, 2024, contract account receivables and current contract liabilities attributable to Ingénia were $23.9 and $0.3, respectively.

During the three and nine months ended September 28, 2024, we recognized revenues of $7.0 and $47.7, respectively, related to our contract liabilities at December 31, 2023.

Performance Obligations

As of September 28, 2024, the aggregate amount allocated to remaining performance obligations was $127.0. We expect to recognize revenue on approximately 67% and 81% of these remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.

- 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
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+ Details