0000088205-26-000008 | 10-K | XBRL Viewer

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Income Taxes - Income Taxes (Provision for) Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income from continuing operations:
United States	$ 205.1	$ 172.2	$ 118.0
Foreign	109.0	83.2	68.3
Income from continuing operations before income taxes	314.1	255.4	186.3
Current:
United States	(16.9)	(47.5)	(51.1)
Foreign	(25.6)	(21.2)	(15.7)
Total current	(42.5)	(68.7)	(66.8)
Deferred and other:
United States	(32.0)	7.1	21.3
Foreign	5.9	8.0	3.9
Total deferred and other	(26.1)	15.1	25.2
Total provision	$ (68.6)	$ (53.6)	$ (41.6)

Shareholders' Equity and Long-Term Incentive Compensation - Common Stock and Treasury Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Authorized shares (in shares)	200,000,000.0
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	54,196,620
Balance at the beginning of the period (in shares)	(7,828,380)
Balance at the beginning of the period (in shares)	46,368,240	45,675,000	45,292,000
Restricted stock units (in shares)	125,000	116,000	115,000
Other (in shares)	3,374,000	577,000	268,000
Balance at the end of the period (in shares)	57,570,062	54,196,620
Balance at the end of the period (in shares)	(7,703,166)	(7,828,380)
Balance at the end of the period (in shares)	49,866,896	46,368,240	45,675,000
Common Stock
Class of Stock [Line Items]
Par value (in dollars per share)	$ 0.01
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	54,196,000	53,619,000	53,351,000
Restricted stock units (in shares)	0	0	0
Other (in shares)	3,374,000	577,000	268,000
Balance at the end of the period (in shares)	57,570,000	54,196,000	53,619,000
Treasury Stock
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	(7,828,000)	(7,944,000)	(8,059,000.000)
Restricted stock units (in shares)	125,000	116,000	115,000
Other (in shares)	0	0	0
Balance at the end of the period (in shares)	(7,703,000)	(7,828,000)	(7,944,000)

Employee Benefit Plans - Obligations and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Change in plan assets:
Fair value of plan assets — beginning of year	$ 255.8
Fair value of plan assets — end of year	236.3	$ 255.8
United States \| Pension plans
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	226.1	245.7
Service cost	0.0	0.0	$ 0.0
Interest cost	11.9	12.1	13.0
Actuarial (gains) losses	8.2	(6.1)
Settlements	0.0	(0.2)
Benefits paid	(25.9)	(25.4)
Foreign exchange and other	0.0	0.0
Projected benefit obligation — end of year	220.3	226.1	245.7
Change in plan assets:
Fair value of plan assets — beginning of year	152.5	171.3
Actual return on plan assets	11.2	1.3
Contributions (employer and employee)	9.9	5.5
Settlements	0.0	(0.2)
Benefits paid	(25.9)	(25.4)
Foreign exchange and other	0.0	0.0
Fair value of plan assets — end of year	147.7	152.5	171.3
Funded status at year-end	(72.6)	(73.6)
Amounts recognized in the consolidated balance sheets consist of:
Other assets	1.7	1.7
Accrued expenses	(4.8)	(4.9)
Other long-term liabilities	(69.5)	(70.4)
Net amount recognized	(72.6)	(73.6)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of:
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	0.0	0.0
Foreign Plan \| Pension plans
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	99.5	120.2
Service cost	0.0	0.0	0.0
Interest cost	4.5	5.6	5.6
Actuarial (gains) losses	(0.5)	(7.4)
Settlements	0.3	0.0
Benefits paid	(33.3)	(15.6)
Foreign exchange and other	12.3	(3.3)
Projected benefit obligation — end of year	82.8	99.5	120.2
Change in plan assets:
Fair value of plan assets — beginning of year	103.3	124.2
Actual return on plan assets	4.8	(2.4)
Contributions (employer and employee)	1.1	1.6
Settlements	0.0	0.0
Benefits paid	(33.3)	(15.6)
Foreign exchange and other	12.7	(4.5)
Fair value of plan assets — end of year	88.6	103.3	$ 124.2
Funded status at year-end	5.8	3.8
Amounts recognized in the consolidated balance sheets consist of:
Other assets	6.0	3.9
Accrued expenses	0.0	0.0
Other long-term liabilities	(0.2)	(0.1)
Net amount recognized	5.8	3.8
Amount recognized in accumulated other comprehensive income (pre-tax) consists of:
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	1.0	$ 1.0
Canada \| Pension plans
Change in projected benefit obligation:
Benefits paid	$ (28.4)

Use of Estimates - Estimated Useful Lives (Details)	Dec. 31, 2025
Technology
Indefinite-lived Intangible Assets [Line Items]
Weighted average useful lives	10 years
Customer relationships and contracts
Indefinite-lived Intangible Assets [Line Items]
Weighted average useful lives	10 years
Other
Indefinite-lived Intangible Assets [Line Items]
Weighted average useful lives	7 years

- 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.

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+ Details

Indebtedness - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Year one	$ 3.1
Year two	15.6
Year three	25.0
Year four	25.0
Year five	$ 431.3

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Retained Earnings (Deficit)	Accum. Other Comprehensive Income	Treasury Stock
Balance at beginning of period at Dec. 31, 2022	$ 1,079.2	$ 0.5	$ 1,338.3	$ (51.6)	$ 257.5	$ (465.5)
Increase (Decrease) in Stockholders' Equity
Net income	89.9			89.9
Other comprehensive income (loss), net	3.6				3.6
Incentive plan activity	13.8		13.8
Long-term incentive compensation expense	13.4		13.4
Restricted stock unit vesting	(5.3)		(11.9)			6.6
Balance at end of period at Dec. 31, 2023	1,194.6	0.5	1,353.6	38.3	261.1	(458.9)
Increase (Decrease) in Stockholders' Equity
Net income	200.5			200.5
Other comprehensive income (loss), net	(37.5)				(37.5)
Incentive plan activity	21.1		21.1
Long-term incentive compensation expense	15.0		15.0
Restricted stock unit vesting	(9.3)		(16.2)			6.9
Balance at end of period at Dec. 31, 2024	1,384.4	0.5	1,373.5	238.8	223.6	(452.0)
Increase (Decrease) in Stockholders' Equity
Net income	244.0			244.0
Issuance of common stock in underwritten public offering, net of offering costs of $23.9	551.1		551.1
Other comprehensive income (loss), net	36.9				36.9
Incentive plan activity	17.1	0.1	17.0
Long-term incentive compensation expense	16.7		16.7
Restricted stock unit vesting	(12.7)		(20.1)			7.4
Balance at end of period at Dec. 31, 2025	$ 2,237.5	$ 0.6	$ 1,938.2	$ 482.8	$ 260.5	$ (444.6)

- Definition

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

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Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Information on Reportable Segments and Corporate Expense - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 country segment
Segment Reporting [Abstract]
Number of countries in which entity operates	16
Number of reportable segments \| segment	2
Minimum
Segment Reporting Information [Line Items]
Number of countries in which entity sells its products and services	100

Special Charges, Net - Analysis of Restructuring Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring liabilities
Balance at beginning of year	$ 1.8	$ 0.7	$ 0.0
Special charges	0.5	2.7	0.8
Utilization — cash	(1.8)	(1.6)	(0.1)
Balance at the end of year	0.5	1.8	0.7
Asset impairment charges	$ 0.6	$ 0.9	$ 0.0

Use of Estimates

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Use of Estimates

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

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

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


	Year ended December 31,
	2025		2024		2023
Balance at beginning of year	$	12.5	$	11.5	$	10.4
Acquisitions	0.4		0.1		0.2
Allowances provided	20.0		16.7		18.2
Write-offs, net of recoveries, credits issued and other	(17.8)		(15.8)		(17.3)
Balance at end of year	$	15.1	$	12.5	$	11.5

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

Acquisitions — We record acquisitions that meet the definition of a business combination using the acquisition method of accounting. We include the operating results of acquired entities from their respective dates of acquisition and recognize and measure the identifiable assets acquired, liabilities assumed, including contingent consideration as of the acquisition date, at fair

value. The fair value of the identifiable intangible assets has been estimated using the multi-period excess earnings method (customer relationships and contracts and backlog) and relief-from-royalty-method (trademarks and technology). Significant model inputs using the multi-period excess earnings method include economic life, estimated future revenue growth rates, expenses based on historical results and forecasts, and a discount rate based on a weighted average cost of capital. Significant model inputs to the relief-from-royalty-method include estimated future revenue growth rates, economic life, an estimated royalty rate, and a discount rate based on a weighted average cost of capital. The weighted average cost of capital was determined based on a market participant capital structure, cost of capital, inherent business risk profile and long-term growth expectations. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired and liabilities assumed is recognized as goodwill. Costs incurred as a result of a business combination, other than costs related to the issuance of debt or equity securities, are recorded in the period the costs are incurred. Additionally, at each reporting period, contingent consideration is remeasured to fair value, with changes recorded in “Other operating expense” within our consolidated statements of operations.

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

In determining the estimated useful lives of definite-lived intangible assets, we consider the nature, competitive position, life cycle position, and historical and expected future cash flows of each acquired asset, as well as our commitment to support these assets through continued investment and legal infringement protection. Definite-lived intangible assets such as customer relationships, technology and other intangible assets with finite useful lives are amortized on a straight-line basis over their estimated economic lives. The weighted-average remaining useful lives approximate the following as of December 31, 2025.


Technology			10 years
Customer relationships			10 years
Other			7 years

Goodwill and Indefinite-Lived Intangible Assets — We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred that indicates the carrying value may exceed the implied fair value. In reviewing goodwill for impairment, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we determine that an impairment is more likely than not, we then perform a quantitative impairment test (described below). Otherwise, no further analysis is required. Our qualitative evaluation is an assessment of factors, including reporting unit-specific operating results, as well as industry, market, and general economic conditions. Our quantitative analysis of the fair value of reporting units is based on discounted projected cash flows (an income approach), but we also consider market-adjusted multiples of earnings and revenue (a market approach) and similar transaction multiples (also a market approach). We employ cash flow projections that we believe are reasonable under current and forecasted circumstances, the results of which form the basis for making judgments about the carrying values of the reported net assets of our reporting units. Many of our businesses closely follow changes in the industries and end markets that they serve. Accordingly, we consider estimates and judgments that affect the future cash flow projections, including principal methods of competition, such as volume, price, service, product performance and technical innovations, as well as estimates associated with cost reduction initiatives, capacity utilization and assumptions for inflation and foreign currency changes. The market-adjusted multiple-of-earnings-and-revenue approach reflects the market’s expectations for future growth and risk while the similar-transaction-multiples method considers prices paid in similar transactions that have recently occurred in our industries or in related industries.

Under the income approach, we project cash flows for a period of 5 to 10 years. Under the market approaches, we used multiples of earnings before interest, taxes, depreciation and amortization or revenues based on the market information of comparable companies.

Accrued Expenses — We make estimates and judgments in establishing accruals as required under GAAP. Summarized in the table below are the components of accrued expenses at December 31, 2025 and 2024.


	December 31,
	2025		2024
Short-term incentive compensation	$	47.3	$	38.8
Employee benefits	32.0		38.3
Warranty	20.7		18.9
Other (1)	85.2		74.8
Total	$	185.2	$	170.8

___________________________________________________________________

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

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

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

Risk Management Matters — We are subject to claims associated with risk management matters (e.g., product liability, general liability, automobile, and workers’ compensation claims). The liabilities we record for these claims are based on a number of assumptions, including historical claims and payment experience. In addition, we are self-insured for certain of our workers’ compensation, automobile, product, general liability, disability and health costs, and we maintain adequate accruals to cover our retained liabilities. Our accruals for self-insurance liabilities are based on claims filed and estimates of claims incurred but not yet reported, and are not discounted. We consider a number of factors, including third-party actuarial valuations, when making these determinations. We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts; however, this insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against potential loss exposures. The key assumptions considered in estimating the ultimate cost to settle reported claims and the estimated costs associated with incurred but not yet reported claims include, among other factors, our historical and industry claims experience, trends in health care and administrative costs, our current and future risk management programs, and historical lag studies with regard to the timing between when a claim is incurred and reported. See Note 15 for additional details.

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


	Year ended December 31,
	2025		2024		2023
Balance at beginning of year	$	44.7	$	37.9	$	34.7
Acquisitions	0.4		1.3		0.9
Provisions	19.3		20.3		16.9
Usage	(15.7)		(14.6)		(14.6)
Currency translation adjustment	0.3		(0.2)		—
Balance at end of year	49.0		44.7		37.9
Less: Current portion of warranty	20.7		18.9		16.4
Non-current portion of warranty	$	28.3	$	25.8	$	21.5

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

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

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

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Option to terminate (years)	1 year
Operating lease weighted average discount rate (percent)	4.40%	4.10%
Finance lease weighted average discount rate (percent)	4.90%	4.90%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (years)	10 years
Option to extend (years)	5 years

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

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

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

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

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

During the fourth quarter of 2023, we initiated the wind-up of our Canadian defined benefit pension plans (collectively, the “Canadian Pension Plans”). The Company received regulatory approval for the wind-up which was completed during the first quarter of 2025. This transaction resulted in a settlement loss of $0.3 recorded in net periodic pension benefit expense during the year ended December 31, 2025. In addition, and in connection with this wind-up, we remeasured the assets and liabilities of the Canadian Pension Plans, which resulted in a loss of $0.5 recorded in net periodic pension benefit expense for the year ended December 31, 2025. Lastly, as a result of the wind-up, we have eliminated the third-party cost and internal resource requirements associated with administering these benefit plans.

Defined Benefit Pension Plans

Plan assets — Our investment strategy is based on the long-term growth and protection of principal while mitigating overall risk to ensure that funds are available to pay benefit obligations. The domestic plan assets are invested in a broad range of investment classes, including fixed income securities and domestic and international equities. We engage various investment managers who are regularly evaluated on long-term performance, adherence to investment guidelines and the ability to manage risk commensurate with the investment style and objective for which they were hired. We continuously monitor the value of assets by class and routinely rebalance our portfolio with the goal of meeting our target allocations.

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

Allowable investments under the plan agreements include fixed income securities, equity securities, mutual funds, venture capital funds, real estate and cash and equivalents. In addition, investments in futures and option contracts, commodities and other derivatives are allowed in commingled fund allocations managed by professional investment managers. Investments prohibited under the plan agreements include private placements and short selling of stock. No shares of our common stock were held by our defined benefit pension plans as of December 31, 2025 or 2024.

Actual asset allocation percentages of each class of our domestic and foreign pension plan assets as of December 31, 2025 and 2024, along with the current targeted asset investment allocation percentages, each of which is based on the midpoint of an allocation range, were as follows:

Domestic Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2025		2024		2025
Fixed income common trust funds	63	%	66	%	66	%
Commingled global fund allocation	5	%	5	%	5	%

Global equity common trust funds	19	%	19	%	20	%

U.S. Government securities	9	%	8	%	9	%
Short-term investments and other (1)	4	%	2	%	—	%

Total	100	%	100	%	100	%

___________________________________________________________________

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

Foreign Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2025		2024		2025
Global equity common trust funds	7	%	6	%	8	%

Fixed income common trust funds	57	%	76	%	80	%
Commingled global fund allocation	19	%	10	%	12	%


Short-term investments (1)	17	%	8	%	—	%
Total	100	%	100	%	100	%

___________________________________________________________________

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

The fair values of pension plan assets at December 31, 2025, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	143.8	$	—	$	143.8	$	—


U.S. Government securities	13.3		—		13.3		—
Equity securities:
Global equity common trust funds (1) (3)	34.6		—		34.6		—








Alternative investments:
Commingled global fund allocations (1) (4)	23.8		—		23.8		—
Other:
Short-term investments (5)	19.9		5.5		14.4		—
Other	0.9		—		—		0.9
Total	$	236.3	$	5.5	$	229.9	$	0.9

The fair values of pension plan assets at December 31, 2024, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	179.2	$	—	$	179.2	$	—


U.S. Government securities	13.1		—		13.1		—
Equity securities:
Global equity common trust funds (1) (3)	35.2		—		35.2		—
Alternative investments:








Commingled global fund allocations (1) (4)	16.8		—		16.8		—
Other:
Short-term investments (5)	10.6		4.3		6.3		—
Other	0.9		—		—		0.9
Total	$	255.8	$	4.3	$	250.6	$	0.9

___________________________________________________________________

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

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

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

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

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

Employer Contributions — We currently fund U.S. pension plans in amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, plus additional amounts that may be approved from time to time. During 2025, we made contributions of $4.7 to our qualified domestic pension plans and made direct benefit payments of $5.2 to our non-qualified domestic pension plans. In 2026, we expect to make contributions of $7.2 to our qualified domestic pension plans and expect to make direct benefit payments of $4.9 to our non-qualified domestic pension plans.

In 2025, we made contributions of $1.1 to our foreign pension plans. In 2026, we expect to make contributions of $1.2 to our foreign pension plans.

Estimated Future Benefit Payments — Following is a summary, as of December 31, 2025, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2025 to measure our obligations.

Estimated future benefit payments:

(Domestic and foreign pension plans)


	Domestic Pension Benefits		Foreign Pension Benefits
2026	$	26.2	$	4.6
2027	24.0		4.8
2028	21.9		4.8
2029	21.8		4.9
2030	20.6		5.7
Subsequent five years	82.3		29.3

Obligations and Funded Status — The funded status of our pension plans is dependent upon many factors, including returns on invested assets and the level of market interest rates. Our non-funded pension plans account for $42.3 of the current underfunded status, as these plans are not required to be funded. The following tables show the domestic and foreign pension plans’ funded status and amounts recognized in our consolidated balance sheets:


	Domestic Pension Plans				Foreign Pension Plans
	2025		2024		2025		2024
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	$	226.1	$	245.7	$	99.5	$	120.2

Service cost	—		—		—		—
Interest cost	11.9		12.1		4.5		5.6

Actuarial (gains) losses	8.2		(6.1)		(0.5)		(7.4)
Settlements	—		(0.2)		0.3		—


Benefits paid (1)	(25.9)		(25.4)		(33.3)		(15.6)
Foreign exchange and other	—		—		12.3		(3.3)
Projected benefit obligation — end of year	$	220.3	$	226.1	$	82.8	$	99.5

___________________________________________________________________

(1)Includes benefit payments made in connection with the wind-up of the Canadian Pension Plans of $28.4 during the year ended December 31, 2025.

The actuarial gains and losses for all pension plans in 2025 and 2024 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.


	Domestic Pension Plans				Foreign Pension Plans
	2025		2024		2025		2024
Change in plan assets:
Fair value of plan assets — beginning of year	$	152.5	$	171.3	$	103.3	$	124.2
Actual return on plan assets	11.2		1.3		4.8		(2.4)
Contributions (employer and employee)	9.9		5.5		1.1		1.6
Settlements	—		(0.2)		—		—
Benefits paid (1)	(25.9)		(25.4)		(33.3)		(15.6)

Foreign exchange and other	—		—		12.7		(4.5)

Fair value of plan assets — end of year	$	147.7	$	152.5	$	88.6	$	103.3
Funded status at year-end	$	(72.6)	$	(73.6)	$	5.8	$	3.8
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	1.7	$	1.7	$	6.0	$	3.9

Accrued expenses	(4.8)		(4.9)		—		—

Other long-term liabilities	(69.5)		(70.4)		(0.2)		(0.1)
Net amount recognized	$	(72.6)	$	(73.6)	$	5.8	$	3.8
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	$	—	$	—	$	1.0	$	1.0

___________________________________________________________________

(1)Includes benefit payments made in connection with the wind-up of the Canadian Pension Plans of $28.4 during the year ended December 31, 2025.

The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2025 and 2024:


	Domestic Pension Plans				Foreign Pension Plans
	2025		2024		2025		2024
Projected benefit obligation	$	216.0	$	221.7	$	0.1	$	0.1
Accumulated benefit obligation	216.0		221.7		0.1		0.1
Fair value of plan assets	141.7		146.4		—		—

The accumulated benefit obligation for all domestic and foreign pension plans was $220.3 and $82.8, respectively, at December 31, 2025 and $226.1 and $99.5, respectively, at December 31, 2024.

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

Domestic Pension Plans


	Year ended December 31,
	2025		2024		2023
Service cost	$	—	$	—	$	—
Interest cost	11.9		12.1		13.0
Expected return on plan assets	(8.1)		(8.8)		(8.8)

Recognized net actuarial losses (1)	5.2		1.4		5.6
Total net periodic pension benefit expense	$	9.0	$	4.7	$	9.8

___________________________________________________________________

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

Foreign Pension Plans


	Year ended December 31,
	2025		2024		2023
Service cost	$	—	$	—	$	—
Interest cost	4.5		5.6		5.6
Expected return on plan assets	(3.8)		(5.1)		(6.4)
Settlement loss (1)	0.3		—		—
Recognized net actuarial (gains) losses (2)	(0.8)		1.1		5.5
Total net periodic pension benefit expense	$	0.2	$	1.6	$	4.7

___________________________________________________________________

(1)Relates to the wind-up of the Canadian Pension Plans referred to previously.

(2)Consists primarily of our reported actuarial (gains) losses and the difference between actual and expected returns on plan assets (including amounts in the year ended December 31, 2025 related to the wind-up of the Canadian Pension Plans referred to previously).

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


	Year ended December 31,
	2025		2024		2023
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.57	%	5.18	%	5.54	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	5.71	%	5.47	%	5.23	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	5.15	%	5.57	%	5.18	%
Rate of increase in compensation levels	N/A		N/A		N/A
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.46	%	4.83	%	5.15	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	5.66	%	5.20	%	6.08	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	5.60	%	5.46	%	4.83	%
Rate of increase in compensation levels	N/A		N/A		N/A

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

Postretirement Benefit Plans

Employer Contributions and Future Benefit Payments — Our postretirement medical plans are unfunded and have no plan assets, but are instead funded by us on a pay-as-you-go basis in the form of direct benefit payments or policy premium payments. In 2025, we made benefit payments of $3.2 to our postretirement benefit plans. Following is a summary, as of December 31, 2025, of the estimated future benefit payments for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments are estimated based on the same assumptions used at December 31, 2025 to measure our obligations.


	Postretirement Payments
2026	$	3.2
2027	2.9
2028	2.6
2029	2.3
2030	2.1
Subsequent five years	12.6

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


	Postretirement Plans
	2025		2024
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year	$	27.0	$	29.7

Interest cost	1.1		1.2

Actuarial losses	1.1		0.1

Benefits paid	(3.2)		(4.0)



Projected postretirement benefit obligation — end of year	$	26.0	$	27.0
Funded status at year-end	$	(26.0)	$	(27.0)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	(3.2)	$	(3.3)

Other long-term liabilities	(22.8)		(23.7)
Net amount recognized	$	(26.0)	$	(27.0)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(0.9)	$	(4.1)

The actuarial losses for our postretirement benefit plans in 2025 and 2024 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.

The net periodic postretirement benefit income included the following components:


	Year ended December 31,
	2025		2024		2023
Service cost	$	—	$	—	$	—
Interest cost	1.1		1.2		1.4
Amortization of unrecognized prior service credits	(3.2)		(3.1)		(3.9)


Recognized net actuarial losses	1.1		0.1		0.2
Net periodic postretirement benefit income	$	(1.0)	$	(1.8)	$	(2.3)

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


	Year ended December 31,
	2025		2024		2023
Assumed health care cost trend rates:
Health care cost trend rate for next year	6.25	%	6.50	%	6.75	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2031		2031		2031
Discount rate used in determining net periodic postretirement benefit expense	5.48	%	5.16	%	5.50	%
Discount rate used in determining year-end postretirement benefit obligation	4.95	%	5.48	%	5.16	%

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

Defined Contribution Retirement Plans

We maintain a defined contribution retirement plan (the “DC Plan”) pursuant to Section 401(k) of the U.S. Internal Revenue Code. Under the DC Plan, eligible U.S. employees may voluntarily contribute up to 50% of their compensation into the DC Plan and we match a portion of participating employees’ contributions. Our matching contributions are primarily made in newly issued shares of SPX common stock and are issued at the prevailing market price. The matching contributions vest with

the employee immediately upon the date of the match and there are no restrictions on the resale of SPX common stock held by employees.

Under the DC Plan, we contributed 0.073, 0.084 and 0.127 shares of our common stock to employee accounts in 2025, 2024, and 2023, respectively. Compensation expense is recorded based on the market value of shares as the shares are contributed to employee accounts. We recorded $11.7 in 2025, $10.9 in 2024, and $9.8 in 2023, as compensation expense related to the matching contribution.

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

We also maintain a Supplemental Retirement Savings Plan (“SRSP”), which permits certain members of our senior management and executive groups to defer eligible compensation in excess of the amounts allowed under the DC Plan. We match a portion of participating employees’ deferrals to the extent allowable under the SRSP provisions. The matching contributions vest with the participant immediately. Our funding of the participants’ deferrals and our matching contributions are held in certain mutual funds (as allowed under the SRSP), as directed by the participant. The fair values of these assets, which totaled $16.3 and $16.2 at December 31, 2025 and 2024, respectively, are based on quoted prices in active markets for identical assets (Level 1). In addition, the assets under the SRSP are available to the general creditors in the event of our bankruptcy and, thus, are maintained on our consolidated balance sheets within “Other assets,” with a corresponding amount in “Other long-term liabilities” for our obligation to the participants. Lastly, these assets are accounted for as trading securities. During 2025, 2024, and 2023, we recorded compensation expense of $0.5, $0.4, and $0.2, respectively relating to our matching contributions to the SRSP.

- Definition

The entire disclosure for retirement benefits.

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: 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 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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

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

Reference 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Shareholders' Equity and Long-Term Incentive Compensation - Black-Scholes Option-Pricing Model (Details) - Stock options	Mar. 03, 2025	Feb. 28, 2024	Mar. 01, 2023
Black-Scholes Option-Pricing Model [Line Items]
Annual expected stock price volatility	38.75%	37.43%	37.15%
Annual expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	3.98%	4.23%	4.18%
Expected life of stock option (in years)	6 years	6 years	6 years

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit — opening balance	$ 3.7	$ 2.2	$ 4.5
Gross increases — tax positions in prior period	1.8	1.4	0.0
Gross decreases — tax positions in prior period	0.0	0.0	(1.1)
Gross increases — tax positions in current period	0.1	0.5	0.1
Settlements	0.0	0.0	(1.0)
Statute expirations	(0.2)	(0.4)	(0.3)
Change due to foreign currency exchange rates	0.0	0.0	0.0
Unrecognized tax benefit — ending balance	$ 5.4	$ 3.7	$ 2.2

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating leases (years)	6 years 1 month 6 days	5 years 9 months 18 days
Finance leases (years)	2 years 10 months 24 days	3 years 3 months 18 days

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories are accounted for under the first-in, first-out method and are comprised of the following at December 31, 2025 and 2024:


	December 31,
	2025		2024
Finished goods	$	56.0	$	68.5
Work in process	33.9		32.3
Raw materials and purchased parts	212.3		170.2
Total inventories	$	302.2	$	271.0

Contingent Liabilities and Other Matters - Large Power Projects in South Africa (Details) - Large power projects $ in Millions			192 Months Ended
	Sep. 05, 2023 project	Feb. 05, 2021 USD ($)	Dec. 31, 2023 project
Loss Contingencies [Line Items]
Payments for bonds issued \| $		$ 6.7
South Africa
Loss Contingencies [Line Items]
Number of large power projects \| project	2		2

- 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 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Contingent Liabilities and Other Matters - Resolution of Dispute with Former Representative (Details) $ in Millions	Jan. 26, 2024 USD ($)
Resolution of Dispute with Former Agent
Loss Contingencies [Line Items]
Litigation settlement awarded to other party	$ 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

Fair Value and Other Investments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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

The following table presents our fair value hierarchy of our financial assets measured at fair value on a recurring basis as of December 31, 2025 and 2024:

December 31, 2025

Level 1

Level 2

Level 3

Total

Assets:

Derivative financial instruments

—


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Derivative financial instruments	$	—	$	3.4	$	—	$	3.4

Equity Securities without Readily Determinable Fair Value

The following table provides a reconciliation of activity for the equity security for the year ended December 31, 2025:



Balance at beginning of period	$	35.2
Change in value of equity security	23.0
Balance at end of period	$	58.2

Acquisitions and Discontinued Operations - Acquisitions (Details) - USD ($)					3 Months Ended		12 Months Ended
	Apr. 15, 2025	Jan. 27, 2025	Feb. 07, 2024	Jun. 02, 2023	Dec. 31, 2025	Sep. 27, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset acquired :
Goodwill					$ 1,043,400,000		$ 1,043,400,000	$ 834,500,000	$ 704,800,000
Net loss incurred							(244,000,000.0)	(200,500,000)	(89,900,000)
Selling, general and administrative — intangible amortization							91,300,000	64,500,000	43,900,000
Business acquisition, net of cash acquired							445,000,000.0	292,000,000.0	547,000,000.0
Amortization of compensation expense related to acquisition (Refer to Note 4)							24,200,000	0	0
Integration related costs							28,900,000	7,200,000	5,800,000
HVAC reportable segment
Asset acquired :
Business acquisition, net of cash acquired							8,200,000
Sigma & Omega
Asset acquired :
Receivables, fair value	$ 9,200,000
Sigma & Omega
Asset acquired :
Cash acquired from acquisition	200,000
Current assets	17,100,000
Property, plant and equipment	1,300,000
Goodwill	76,100,000				77,400,000		77,400,000
Intangible assets	77,600,000
Other assets	1,200,000
Total assets acquired	173,300,000
Current liabilities assumed	9,300,000
Non-current liabilities assumed	20,500,000
Net assets acquired	143,500,000
Deferred income	19,900,000
Other liabilities	600,000
Gross amount of receivables acquired	9,600,000
Goodwill, expected tax deductible amount	0
Revenues							53,200,000
Net loss incurred							1,400,000
Selling, general and administrative — intangible amortization							14,200,000
Inventory write-down							100,000
Business acquisition, net of cash acquired	143,300,000
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred					300,000
Integration related costs							800,000
Sigma & Omega \| Customer relationships and contracts
Asset acquired :
Intangible assets	$ 56,300,000
Amortization period	11 years
Sigma & Omega \| Customer Backlog
Asset acquired :
Intangible assets	$ 8,900,000
Amortization period	1 year
Sigma & Omega \| Technology
Asset acquired :
Intangible assets	$ 8,500,000
Amortization period	9 years
Sigma & Omega \| Definite-lived trademarks
Asset acquired :
Intangible assets	$ 3,900,000
Amortization period	8 years
Kranze Technology Solutions, Inc
Asset acquired :
Current assets		$ 60,800,000
Property, plant and equipment		5,600,000
Goodwill		104,400,000			104,400,000		104,400,000
Intangible assets		164,500,000
Other assets		25,600,000
Total assets acquired		360,900,000
Current liabilities assumed		16,500,000
Non-current liabilities assumed		4,400,000
Net assets acquired		340,000,000.0
Deferred compensation plan assets		46,500,000
Gross amount of receivables acquired		7,200,000
Revenues							85,300,000
Net loss incurred							12,700,000
Selling, general and administrative — intangible amortization							18,400,000
Inventory write-down							1,400,000
Business acquisition, net of cash acquired		340,000,000.0
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred						$ 2,400,000	2,400,000
Amortization of compensation expense related to acquisition (Refer to Note 4)							24,200,000
Integration related costs							1,200,000
Kranze Technology Solutions, Inc \| Other Current Assets
Asset acquired :
Deferred compensation plan assets		26,200,000			11,400,000		11,400,000
Kranze Technology Solutions, Inc \| Other Noncurrent Assets
Asset acquired :
Deferred compensation plan assets		$ 20,300,000			$ 10,900,000		10,900,000
Kranze Technology Solutions, Inc \| Retention Agreements
Asset acquired :
Amortization of compensation expense related to acquisition (Refer to Note 4)							$ 24,200,000
Kranze Technology Solutions, Inc \| Minimum
Asset acquired :
Employee retention agreement term		2 years
Kranze Technology Solutions, Inc \| Maximum
Asset acquired :
Employee retention agreement term		8 years
Kranze Technology Solutions, Inc \| Customer relationships and contracts
Asset acquired :
Intangible assets		$ 70,700,000
Amortization period		15 years
Kranze Technology Solutions, Inc \| Customer Backlog
Asset acquired :
Intangible assets		$ 7,300,000
Amortization period		2 years
Kranze Technology Solutions, Inc \| Technology
Asset acquired :
Intangible assets		$ 79,800,000
Amortization period		12 years
Kranze Technology Solutions, Inc \| Definite-lived trademarks
Asset acquired :
Intangible assets		$ 6,700,000
Amortization period		9 years
Ingénia Technologies Inc.
Asset acquired :
Cash acquired from acquisition			$ 1,500,000
Current assets			31,200,000
Property, plant and equipment			73,600,000
Goodwill			142,400,000
Intangible assets			97,900,000
Total assets acquired			345,100,000
Current liabilities assumed			14,500,000
Deferred and other income taxes			37,100,000
Net assets acquired			293,500,000
Gross amount of receivables acquired			16,100,000
Goodwill, expected tax deductible amount			0
Revenues								72,600,000
Net loss incurred								(15,900,000)
Selling, general and administrative — intangible amortization								18,600,000
Inventory write-down								1,800,000
Business acquisition, net of cash acquired			292,000,000.0
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred								(2,100,000)
Integration related costs								$ 2,800,000
Ingénia Technologies Inc. \| Customer relationships and contracts
Asset acquired :
Intangible assets			$ 23,500,000
Amortization period			7 years
Ingénia Technologies Inc. \| Customer Backlog
Asset acquired :
Intangible assets			$ 13,800,000
Amortization period			1 year
Ingénia Technologies Inc. \| Technology
Asset acquired :
Intangible assets			$ 46,700,000
Amortization period			12 years
Ingénia Technologies Inc. \| Definite-lived trademarks
Asset acquired :
Intangible assets			$ 13,900,000
Amortization period			8 years
ASPEQ Parent Holdings, Inc.
Asset acquired :
Cash acquired from acquisition				$ 900,000
Current assets				38,000,000.0
Property, plant and equipment				10,600,000
Goodwill				195,000,000.0
Intangible assets				246,100,000
Other assets				1,200,000
Total assets acquired				490,900,000
Current liabilities assumed				11,100,000
Non-current liabilities assumed				57,400,000
Net assets acquired				422,400,000
Deferred income				56,400,000
Other liabilities				1,000,000.0
Gross amount of receivables acquired				18,000,000.0
Revenues									63,900,000
Net loss incurred									(3,600,000)
Selling, general and administrative — intangible amortization									13,200,000
Inventory write-down									3,600,000
Business acquisition, net of cash acquired				421,500,000
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred									$ (300,000)
ASPEQ Parent Holdings, Inc. \| Customer relationships and contracts
Asset acquired :
Intangible assets				$ 142,300,000
Amortization period				12 years
ASPEQ Parent Holdings, Inc. \| Customer Backlog
Asset acquired :
Intangible assets				$ 4,500,000
Amortization period				1 year
ASPEQ Parent Holdings, Inc. \| Technology
Asset acquired :
Intangible assets				$ 47,800,000
Amortization period				16 years
ASPEQ Parent Holdings, Inc. \| Definite-lived trademarks
Asset acquired :
Intangible assets				$ 51,500,000

Indebtedness - Summary of Debt Activity (Details) - USD ($)	10 Months Ended	12 Months Ended	39 Months Ended
	Oct. 02, 2027	Dec. 31, 2025	Dec. 31, 2030	Sep. 09, 2025	Dec. 31, 2024
Debt
Balance at the beginning of the period		$ 614,700,000
Borrowings		1,258,600,000
Repayments		(1,372,100,000)
Other		400,000
Balance at the end of the period		501,600,000
Less: short-term debt		1,400,000			$ 10,100,000
Less: current maturities of long-term debt		3,500,000			27,600,000
Total long-term debt		496,700,000			577,000,000.0
Total		1,100,000			1,200,000
Trade receivables financing arrangement
Debt
Balance at the beginning of the period		9,000,000.0
Borrowings		280,000,000.0
Repayments		(289,000,000.0)
Other		0
Balance at the end of the period		0
Maximum borrowing capacity under financing arrangement		100,000,000.0
Debt instrument, unused borrowing capacity, amount		100,000,000.0
Other indebtedness
Debt
Balance at the beginning of the period		2,300,000
Borrowings		600,000
Repayments		(500,000)
Other		100,000
Balance at the end of the period		2,500,000
Purchase card programs		1,400,000			1,100,000
Total		1,100,000			1,200,000
Revolving loans \| Revolving loans
Debt
Balance at the beginning of the period		80,000,000.0
Borrowings		478,000,000.0
Repayments		(558,000,000.0)
Other		0
Balance at the end of the period		0
Senior Credit Facility \| Current SPX Term Loan Facility
Debt
Balance at the beginning of the period		523,400,000
Borrowings		500,000,000.0
Repayments		(524,600,000)
Other		300,000
Balance at the end of the period		499,100,000
Face amount of debt				$ 500,000,000.0
Unamortized debt issuance costs		$ 900,000			$ 1,200,000
Senior Credit Facility \| Current SPX Term Loan Facility \| Forecast
Debt
Periodic payment (as a percent of principal)	0.625%		1.25%

Fair Value and Other Investments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets, Other assets	Other current assets, Other assets
Derivative financial instruments	$ 0.0	$ 3.4
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0.0	0.0
Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0.0	3.4
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	$ 0.0	$ 0.0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of cash and equivalents:
Cash and equivalents	$ 364.0	$ 156.9	$ 99.4
Cash and equivalents included in assets of DBT and Heat Transfer	2.0	4.5	5.5
Total cash and equivalents	366.0	$ 161.4	$ 104.9
Proceeds of issuance of common stock in underwritten public offering, net of offering costs	$ 23.9

Acquisitions and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Acquisitions and Discontinued Operations [Abstract]

Business Combination

The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Sigma & Omega as of April 15, 2025:


Assets acquired:
Current assets, including cash and equivalents of $0.2	$	17.1
Property, plant and equipment	1.3
Goodwill	76.1
Intangible assets	77.6

Other assets	1.2
Total assets acquired	173.3

Current liabilities assumed	9.3
Non-current liabilities assumed (1)	20.5

Net assets acquired	$	143.5

___________________________

(1)Includes net deferred income tax liabilities and other liabilities of $19.9 and $0.6, respectively.

The following is a summary of the recorded final fair values of the assets acquired and liabilities assumed for KTS as of January 27, 2025:


Assets acquired:
Current assets(1)	$	60.8
Property, plant and equipment	5.6
Goodwill	104.4
Intangible assets	164.5
Other assets(1)	25.6
Total assets acquired	360.9

Current liabilities assumed	16.5
Non-current liabilities assumed	4.4

Net assets acquired	$	340.0

___________________________

(1)Includes $26.2 and $20.3 within “Current assets” and “Other assets”, respectively, for deferred compensation assets related to the employee retention agreements discussed previously.

The following is a summary of the recorded final 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	$	31.2
Property, plant and equipment	73.6
Goodwill	142.4
Intangible assets	97.9

Total assets acquired	345.1

Current liabilities assumed	14.5
Deferred and other income taxes	37.1

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 consolidated balance sheets as of December 31, 2025 and 2024. The major line items constituting DBT’s assets and liabilities as of December 31, 2025 and 2024 are shown below:


	December 31, 2025		December 31, 2024
ASSETS
Cash and equivalents	$	2.0	$	4.4

Other current assets(1)	3.8		3.4







Total assets of DBT	$	5.8	$	7.8
LIABILITIES
Accounts payable(1)	$	0.1	$	0.7
Contract liabilities(1)	2.3		2.0
Accrued expenses(1)	7.0		5.8
Other long-term liabilities(1)	4.7		4.2
Total liabilities of DBT	$	14.1	$	12.7

___________________________

(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.

Schedule of Acquisition and Integration Related Costs

During the years ended December 31, 2025, 2024 and 2023 we incurred acquisition and integration-related other costs for ASPEQ, Ingénia, KTS, and Sigma & Omega of $32.7, $10.6 and $9.3, respectively. In addition, we recorded these amounts as shown below within consolidated operating income in Note 7.


Acquisition and integration-related costs for ASPEQ, Ingénia, KTS, and Sigma & Omega
	Year ended December 31,
Affected line item in Note 7	2025		2024		2023


Corporate expense	$	4.2	$	4.5	$	5.2
Acquisition and integration-related costs	28.5		6.1		4.1
Consolidated operating income	$	32.7	$	10.6	$	9.3

Business Combination, Pro Forma Information

The following unaudited pro forma information presents our consolidated results of operations for the years ended December 31, 2025, 2024, and 2023, as if the acquisitions of KTS, Ingénia, and ASPEQ had taken place on January 1, 2024, January 1, 2023 and January 1, 2022, respectively. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the 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 integration of KTS, 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, intangible assets and compensation costs related to acquired retention agreements, adjustments to reflect charges associated with acquisition-related costs and charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold as if they were incurred during 2024 for KTS, 2023 for Ingénia, and 2022 for ASPEQ, and the related income tax effects.


	Years ended December 31,
	2025		2024		2023
Revenues	$	2,267.8	$	2,079.1	$	1,852.6
Income from continuing operations	262.9		175.3		127.5
Net income	261.4		174.0		72.7

Income from continuing operations per share of common stock:
Basic	$	5.50	$	3.80	$	2.80
Diluted	$	5.42	$	3.72	$	2.74

Net income per share of common stock:
Basic	$	5.47	$	3.77	$	1.60
Diluted	$	5.39	$	3.70	$	1.56

Schedule of Discontinued Operations

For the years ended December 31, 2025, 2024 and 2023, results of operations from our businesses reported as discontinued operations were as follows:


	Year ended December 31,
	2025		2024		2023





DBT(1)
Loss from discontinued operations	$	(1.5)	$	(0.6)	$	(69.0)
Income tax benefit (provision)	—		(0.1)		15.3
Loss from discontinued operations, net	(1.5)		(0.7)		(53.7)






All other (2)
Loss from discontinued operations	—		(0.3)		(1.3)
Income tax benefit (provision)	—		(0.3)		0.2
Loss from discontinued operations, net	—		(0.6)		(1.1)

Total
Loss from discontinued operations	(1.5)		(0.9)		(70.3)
Income tax benefit (provision)	—		(0.4)		15.5
Loss from discontinued operations, net	$	(1.5)	$	(1.3)	$	(54.8)

________________________________________________

(1) Loss for the years ended December 31, 2025 and 2024 related primarily to costs incurred to support DBT through the subcontractor liquidation process mentioned above. Loss for the year ended December 31, 2023 resulted primarily from the charge, and related income tax impacts, recorded in connection with the Settlement Agreement referred to above and legal costs incurred in connection with the various dispute resolution matters. This loss for the year ended December 31, 2023 was partially offset by arbitration awards received, which are discussed above.

(2) Loss for the years ended December 31, 2024 and 2023 resulted primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions.

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Employee Benefit Plans

Schedule of the Fair Value of Plan Assets by Asset Class

Domestic Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2025		2024		2025
Fixed income common trust funds	63	%	66	%	66	%
Commingled global fund allocation	5	%	5	%	5	%

Global equity common trust funds	19	%	19	%	20	%

U.S. Government securities	9	%	8	%	9	%
Short-term investments and other (1)	4	%	2	%	—	%

Total	100	%	100	%	100	%

___________________________________________________________________

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

Foreign Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2025		2024		2025
Global equity common trust funds	7	%	6	%	8	%

Fixed income common trust funds	57	%	76	%	80	%
Commingled global fund allocation	19	%	10	%	12	%


Short-term investments (1)	17	%	8	%	—	%
Total	100	%	100	%	100	%

___________________________________________________________________

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

Schedule of Net Periodic Benefit (Income) Expense

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

Domestic Pension Plans


	Year ended December 31,
	2025		2024		2023
Service cost	$	—	$	—	$	—
Interest cost	11.9		12.1		13.0
Expected return on plan assets	(8.1)		(8.8)		(8.8)

Recognized net actuarial losses (1)	5.2		1.4		5.6
Total net periodic pension benefit expense	$	9.0	$	4.7	$	9.8

___________________________________________________________________

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

Foreign Pension Plans


	Year ended December 31,
	2025		2024		2023
Service cost	$	—	$	—	$	—
Interest cost	4.5		5.6		5.6
Expected return on plan assets	(3.8)		(5.1)		(6.4)
Settlement loss (1)	0.3		—		—
Recognized net actuarial (gains) losses (2)	(0.8)		1.1		5.5
Total net periodic pension benefit expense	$	0.2	$	1.6	$	4.7

___________________________________________________________________

(1)Relates to the wind-up of the Canadian Pension Plans referred to previously.

Pension plans

Employee Benefit Plans

Schedule of the Fair Value of Plan Assets by Asset Class

The fair values of pension plan assets at December 31, 2025, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	143.8	$	—	$	143.8	$	—


U.S. Government securities	13.3		—		13.3		—
Equity securities:
Global equity common trust funds (1) (3)	34.6		—		34.6		—








Alternative investments:
Commingled global fund allocations (1) (4)	23.8		—		23.8		—
Other:
Short-term investments (5)	19.9		5.5		14.4		—
Other	0.9		—		—		0.9
Total	$	236.3	$	5.5	$	229.9	$	0.9

The fair values of pension plan assets at December 31, 2024, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	179.2	$	—	$	179.2	$	—


U.S. Government securities	13.1		—		13.1		—
Equity securities:
Global equity common trust funds (1) (3)	35.2		—		35.2		—
Alternative investments:








Commingled global fund allocations (1) (4)	16.8		—		16.8		—
Other:
Short-term investments (5)	10.6		4.3		6.3		—
Other	0.9		—		—		0.9
Total	$	255.8	$	4.3	$	250.6	$	0.9

___________________________________________________________________

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

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

Schedule of Estimated Minimum Benefit Payments

Following is a summary, as of December 31, 2025, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2025 to measure our obligations.

Estimated future benefit payments:

(Domestic and foreign pension plans)


	Domestic Pension Benefits		Foreign Pension Benefits
2026	$	26.2	$	4.6
2027	24.0		4.8
2028	21.9		4.8
2029	21.8		4.9
2030	20.6		5.7
Subsequent five years	82.3		29.3

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

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


	Domestic Pension Plans				Foreign Pension Plans
	2025		2024		2025		2024
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	$	226.1	$	245.7	$	99.5	$	120.2

Service cost	—		—		—		—
Interest cost	11.9		12.1		4.5		5.6

Actuarial (gains) losses	8.2		(6.1)		(0.5)		(7.4)
Settlements	—		(0.2)		0.3		—


Benefits paid (1)	(25.9)		(25.4)		(33.3)		(15.6)
Foreign exchange and other	—		—		12.3		(3.3)
Projected benefit obligation — end of year	$	220.3	$	226.1	$	82.8	$	99.5

___________________________________________________________________

(1)Includes benefit payments made in connection with the wind-up of the Canadian Pension Plans of $28.4 during the year ended December 31, 2025.

The actuarial gains and losses for all pension plans in 2025 and 2024 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.


	Domestic Pension Plans				Foreign Pension Plans
	2025		2024		2025		2024
Change in plan assets:
Fair value of plan assets — beginning of year	$	152.5	$	171.3	$	103.3	$	124.2
Actual return on plan assets	11.2		1.3		4.8		(2.4)
Contributions (employer and employee)	9.9		5.5		1.1		1.6
Settlements	—		(0.2)		—		—
Benefits paid (1)	(25.9)		(25.4)		(33.3)		(15.6)

Foreign exchange and other	—		—		12.7		(4.5)

Fair value of plan assets — end of year	$	147.7	$	152.5	$	88.6	$	103.3
Funded status at year-end	$	(72.6)	$	(73.6)	$	5.8	$	3.8
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	1.7	$	1.7	$	6.0	$	3.9

Accrued expenses	(4.8)		(4.9)		—		—

Other long-term liabilities	(69.5)		(70.4)		(0.2)		(0.1)
Net amount recognized	$	(72.6)	$	(73.6)	$	5.8	$	3.8
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	$	—	$	—	$	1.0	$	1.0

___________________________________________________________________

(1)Includes benefit payments made in connection with the wind-up of the Canadian Pension Plans of $28.4 during the year ended December 31, 2025.

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

The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2025 and 2024:


	Domestic Pension Plans				Foreign Pension Plans
	2025		2024		2025		2024
Projected benefit obligation	$	216.0	$	221.7	$	0.1	$	0.1
Accumulated benefit obligation	216.0		221.7		0.1		0.1
Fair value of plan assets	141.7		146.4		—		—

Schedule of Actuarial Assumptions Used in Accounting for Pension Plans

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


	Year ended December 31,
	2025		2024		2023
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.57	%	5.18	%	5.54	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	5.71	%	5.47	%	5.23	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	5.15	%	5.57	%	5.18	%
Rate of increase in compensation levels	N/A		N/A		N/A
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.46	%	4.83	%	5.15	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	5.66	%	5.20	%	6.08	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	5.60	%	5.46	%	4.83	%
Rate of increase in compensation levels	N/A		N/A		N/A

Postretirement Plans

Employee Benefit Plans

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

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


	Postretirement Plans
	2025		2024
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year	$	27.0	$	29.7

Interest cost	1.1		1.2

Actuarial losses	1.1		0.1

Benefits paid	(3.2)		(4.0)



Projected postretirement benefit obligation — end of year	$	26.0	$	27.0
Funded status at year-end	$	(26.0)	$	(27.0)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	(3.2)	$	(3.3)

Other long-term liabilities	(22.8)		(23.7)
Net amount recognized	$	(26.0)	$	(27.0)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(0.9)	$	(4.1)

Schedule of Net Periodic Benefit (Income) Expense

The net periodic postretirement benefit income included the following components:


	Year ended December 31,
	2025		2024		2023
Service cost	$	—	$	—	$	—
Interest cost	1.1		1.2		1.4
Amortization of unrecognized prior service credits	(3.2)		(3.1)		(3.9)


Recognized net actuarial losses	1.1		0.1		0.2
Net periodic postretirement benefit income	$	(1.0)	$	(1.8)	$	(2.3)

Schedule of Estimated Future Benefit Payments and Expected Federal Subsidies

Following is a summary, as of December 31, 2025, of the estimated future benefit payments for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments are estimated based on the same assumptions used at December 31, 2025 to measure our obligations.


	Postretirement Payments
2026	$	3.2
2027	2.9
2028	2.6
2029	2.3
2030	2.1
Subsequent five years	12.6

Schedule of Actuarial Assumptions Used in Accounting for Plans

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


	Year ended December 31,
	2025		2024		2023
Assumed health care cost trend rates:
Health care cost trend rate for next year	6.25	%	6.50	%	6.75	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2031		2031		2031
Discount rate used in determining net periodic postretirement benefit expense	5.48	%	5.16	%	5.50	%
Discount rate used in determining year-end postretirement benefit obligation	4.95	%	5.48	%	5.16	%

Indebtedness - Other Borrowings and Financing Activities (Details) - USD ($)	3 Months Ended
	Jun. 28, 2025	Dec. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Line of credit, outstanding balance		$ 0
Trade receivables financing arrangement \| Revolving loans
Line of Credit Facility [Line Items]
Debt instrument, renewal period	12 months
Maximum borrowing capacity under financing arrangement	$ 100,000,000.0	100,000,000.0
Foreign credit instrument facility \| Revolving loans \| China
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		10,000,000.0
Other indebtedness
Line of Credit Facility [Line Items]
Purchase card programs		$ 1,400,000	$ 1,100,000

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
NOL and credit carryforwards	$ 90.9	$ 84.6
Pension, other postretirement and postemployment benefits	24.1	25.9
Payroll and compensation	18.8	18.0
Legal, environmental and self-insurance accruals	13.3	11.8
Working capital accruals	29.2	27.0
Research and experimental expenditures	3.8	35.9
Other	5.9	5.6
Total deferred tax assets	186.0	208.8
Valuation allowance	(86.7)	(77.0)
Net deferred tax assets	99.3	131.8
Deferred tax liabilities:
Intangible assets recorded in acquisitions	172.5	171.8
Basis difference in affiliates	30.9	15.9
Accelerated depreciation	32.4	30.0
Other	3.8	4.4
Total deferred tax liabilities	239.6	222.1
Total deferred tax liabilities	$ (140.3)	$ (90.3)

Contingent Liabilities and Other Matters - Spin-Off And General (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Carrying values of accruals	$ 43.7	$ 39.9
Other Long Term Liabilities
Loss Contingencies [Line Items]
Accruals included in other long-term liabilities	$ 36.4	$ 32.0

- 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

Shareholders' Equity and Long-Term Incentive Compensation - Stock Option Activity (Details) - Stock options - $ / shares				12 Months Ended
	Mar. 03, 2025	Feb. 28, 2024	Mar. 01, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shares
Outstanding at the beginning of the period (in shares)				787,000	1,221,000	1,286,000
Exercised (in shares)				(242,000)	(494,000)	(141,000)
Forfeited (in shares)				(9,000.000)	(2,000.000)	0
Granted (in shares)	44,000.000	52,000.000	74,000.000	44,000.000	62,000.000	76,000.000
Outstanding at the end of the period (in shares)				580,000	787,000	1,221,000
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share)				$ 43.92	$ 30.70	$ 27.82
Exercised (in dollars per share)				21.48	20.67	26.47
Forfeited (in dollars per share)				136.10	71.93	0
Granted (in dollars per share)	$ 138.60	$ 116.40	$ 71.93	138.60	120.47	71.71
Outstanding, ending balance (in dollars per share)				$ 59.04	$ 43.92	$ 30.70

Use of Estimates (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Accounts Receivable Allowances

Summarized below is the activity for these allowance accounts.


	Year ended December 31,
	2025		2024		2023
Balance at beginning of year	$	12.5	$	11.5	$	10.4
Acquisitions	0.4		0.1		0.2
Allowances provided	20.0		16.7		18.2
Write-offs, net of recoveries, credits issued and other	(17.8)		(15.8)		(17.3)
Balance at end of year	$	15.1	$	12.5	$	11.5

Schedule of Estimated Useful Lives

The weighted-average remaining useful lives approximate the following as of December 31, 2025.


Technology			10 years
Customer relationships			10 years
Other			7 years

Schedule of Accrued Expenses

Summarized in the table below are the components of accrued expenses at December 31, 2025 and 2024.


	December 31,
	2025		2024
Short-term incentive compensation	$	47.3	$	38.8
Employee benefits	32.0		38.3
Warranty	20.7		18.9
Other (1)	85.2		74.8
Total	$	185.2	$	170.8

___________________________________________________________________

Schedule of Product Warranty Accrual

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


	Year ended December 31,
	2025		2024		2023
Balance at beginning of year	$	44.7	$	37.9	$	34.7
Acquisitions	0.4		1.3		0.9
Provisions	19.3		20.3		16.9
Usage	(15.7)		(14.6)		(14.6)
Currency translation adjustment	0.3		(0.2)		—
Balance at end of year	49.0		44.7		37.9
Less: Current portion of warranty	20.7		18.9		16.4
Non-current portion of warranty	$	28.3	$	25.8	$	21.5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 15, 2025	Jan. 27, 2025	Jun. 02, 2023
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Selling, general and administrative — intangible amortization		$ 91,300,000	$ 64,500,000	$ 43,900,000
2026	$ 73,000,000.0	73,000,000.0
2027	70,000,000.0	70,000,000.0
2028	70,000,000.0	70,000,000.0
2029	70,000,000.0	70,000,000.0
2030	70,000,000.0	70,000,000.0
After 2030	70,000,000.0	70,000,000.0
Aggregate carrying value of definite lived intangible assets	646,800,000	646,800,000	483,500,000
Goodwill	1,043,400,000	1,043,400,000	834,500,000	704,800,000
Impairment of intangible assets		700,000	0	0
Definite-lived trademarks
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Trademarks with indefinite lives	221,400,000	221,400,000	219,500,000
Kranze Technology Solutions, Inc
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Selling, general and administrative — intangible amortization		18,400,000
Goodwill	104,400,000	104,400,000				$ 104,400,000
Sigma & Omega
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Selling, general and administrative — intangible amortization		14,200,000
Goodwill	77,400,000	77,400,000			$ 76,100,000
ASPEQ Parent Holdings, Inc.
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Selling, general and administrative — intangible amortization				13,200,000
Goodwill							$ 195,000,000.0
ASPEQ Parent Holdings, Inc. \| Definite-lived trademarks
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Trademarks with indefinite lives	51,500,000	51,500,000
ULC Robotics \| Trade Names
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Trademarks with indefinite lives	4,700,000	4,700,000
Other indefinite-lived intangible assets	700,000
HVAC reportable segment
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Aggregate carrying value of definite lived intangible assets	411,600,000	411,600,000
Trademarks with indefinite lives	157,000,000.0	157,000,000.0
Goodwill	676,800,000	676,800,000	580,700,000	445,900,000
Detection and Measurement reportable segment
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Aggregate carrying value of definite lived intangible assets	235,200,000	235,200,000
Trademarks with indefinite lives	64,400,000	64,400,000
Goodwill	$ 366,600,000	$ 366,600,000	$ 253,800,000	$ 258,900,000

Acquisitions and Discontinued Operations - Wind-Down of DBT - Assets and Liabilities of Discontinued Operations (Details) - Discontinued operations - DBT - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and equivalents	$ 2.0	$ 4.4
Other current assets	3.8	3.4
Total assets	5.8	7.8
LIABILITIES
Accounts payable	0.1	0.7
Contract liabilities	2.3	2.0
Accrued expenses	7.0	5.8
Other long-term liabilities	4.7	4.2
Total liabilities	$ 14.1	$ 12.7

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Cash and equivalents included in assets of DBT and Heat Transfer	$ 2.0	$ 4.5	$ 5.5
Common stock shares, issued (in shares)	57,570,062	54,196,620
Common stock shares, outstanding (in shares)	49,866,896	46,368,240	45,675,000	45,292,000
Treasury stock shares (in shares)	7,703,166	7,828,380

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Revenues from Contracts (Tables)

12 Months Ended

Dec. 31, 2025

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 years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31, 2025
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions	$	932.9	$	—	$	932.9
Hydronic heating, electrical heating, and ventilation	585.3		—		585.3
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		255.9		255.9
Communication technologies, aids to navigation, and transportation systems	—		491.0		491.0
	$	1,518.2	$	746.9	$	2,265.1

Timing of Revenue Recognition
Revenues recognized at a point in time	$	1,396.6	$	629.6	$	2,026.2
Revenues recognized over time	121.6		117.3		238.9
	$	1,518.2	$	746.9	$	2,265.1


	Year Ended December 31, 2024
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions	$	884.0	$	—	$	884.0
Hydronic heating, electrical heating, and ventilation	480.7		—		480.7
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		260.9		260.9
Communication technologies, aids to navigation, and transportation systems	—		358.3		358.3
	$	1,364.7	$	619.2	$	1,983.9

Timing of Revenue Recognition
Revenues recognized at a point in time	$	1,249.0	$	521.5	$	1,770.5
Revenues recognized over time	115.7		97.7		213.4
	$	1,364.7	$	619.2	$	1,983.9


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

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

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

Schedule of Contract with Customer, Asset and Liability

Our contract balances consisted of the following as of December 31, 2025, 2024, and 2023:


Contract Balances	December 31, 2025		December 31, 2024		December 31, 2023		2025 versus 2024 Change		2024 versus 2023 Change
Contract Accounts Receivable (1)	$	346.9	$	305.4	$	275.4	$	41.5	$	30.0
Contract Assets	65.0		11.3		16.6		53.7		(5.3)
Contract Liabilities - current	(115.8)		(62.3)		(73.5)		(53.5)		11.2
Contract Liabilities - non-current (2)	(3.6)		(4.0)		(4.0)		0.4		—
Net contract balance	$	292.5	$	250.4	$	214.5	$	42.1	$	35.9

_____________________

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

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

Indebtedness - Senior Credit Facilities (Details)		12 Months Ended
Indebtedness - Senior Credit Facilities (Details)	Sep. 09, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Borrowings		$ 1,258,600,000
Loss on amendment/refinancing of senior credit agreement		1,500,000	$ 0	$ 0
Senior Credit Facilities
Line of Credit Facility [Line Items]
Loss on amendment/refinancing of senior credit agreement		1,500,000	$ 0	$ 0
Loss on amendment/refinancing of senior credit agreement		1,000,000.0
Transaction cost		500,000
Senior Credit Facilities \| Term loans \| Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Senior Credit Facilities \| Term loans \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Senior Credit Facilities \| Term loans \| One-Month SOFR
Line of Credit Facility [Line Items]
Duration of interest period	1 month
Senior Credit Facilities \| Term loans \| Three-Month SOFR
Line of Credit Facility [Line Items]
Duration of interest period	3 months
Senior Credit Facilities \| Term loans \| Six-Month SOFR
Line of Credit Facility [Line Items]
Duration of interest period	6 months
Foreign Credit Instrument Facilities
Line of Credit Facility [Line Items]
Letters of credit issued, amount outstanding		7,200,000
Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| Term loans \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Leverage ratio	2.00
Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| Term loans \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Leverage ratio	0.75
Senior Credit Facility \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	$ 1,500,000,000
Senior Credit Facility \| Revolving Credit Facility and Current SPX Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	$ 2,025,000,000
Senior Credit Facility \| Revolving Credit Facility and Current SPX Term Loan Facility \| Maximum
Line of Credit Facility [Line Items]
EBITDA coverage ratio	3.00
Senior Credit Facility \| Revolving Credit Facility and Current SPX Term Loan Facility \| Additional Commitments
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	$ 500,000,000.0
Senior Credit Facility \| Current SPX Term Loan Facility
Line of Credit Facility [Line Items]
Face amount of debt	500,000,000.0
Borrowings		500,000,000.0
Financial Letter of Credit Fee \| Financial Letters Of Credit \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	200,000,000.0
Financial Letter of Credit Fee \| Non - Financial Letters Of Credit \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	50,000,000.0
Financial Letter of Credit Fee \| Non-U.S. Exposure \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	250,000,000.0
Financial Letter of Credit Fee \| Bilateral Foreign Credit Instrument Facility \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	$ 25,000,000.0
Financial Letter of Credit Fee \| Senior Credit Facilities
Line of Credit Facility [Line Items]
Fronting fees percentage	0.125%
Financial Letter of Credit Fee \| Domestic Revolving Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		$ 10,500,000
Line of Credit \| Senior Credit Facilities
Line of Credit Facility [Line Items]
Weighted-average interest rate of senior credit facilities		5.10%
Maximum period within which net proceeds should be reinvested	365 days
Period after end of 365 day period if committed to be reinvested	180 days
Percentage of capital stock	100.00%
Percentage of capital stock of material first tier foreign subsidiaries	65.00%
Percentage of non-voting capital stock	100.00%
Line of Credit \| Senior Credit Facilities \| Last Day Of Any Fiscal Quarter \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio	3.75
Line of Credit \| Senior Credit Facilities \| Last Day Of Any Fiscal Quarter \| Minimum
Line of Credit Facility [Line Items]
Interest coverage ratio	3.00
Line of Credit \| Senior Credit Facilities \| Four Fiscal Quarters After Certain Permitted Acquisitions
Line of Credit Facility [Line Items]
Coverage ratio	4.25
Foreign credit instrument facility
Line of Credit Facility [Line Items]
Amount of available borrowing capacity		$ 17,800,000
Foreign credit instrument facility \| Senior Credit Facilities
Line of Credit Facility [Line Items]
Fronting fees percentage	0.25%
Revolving loans \| Revolving loans
Line of Credit Facility [Line Items]
Amount of available borrowing capacity		1,489,500,000
Borrowings		478,000,000.0
Revolving loans \| Revolving loans \| United States
Line of Credit Facility [Line Items]
Borrowings		0.0
Term loans \| Incremental Term loans
Line of Credit Facility [Line Items]
Payments of debt issuance costs		$ 4,200,000

Employee Benefit Plans - Fair Values of Pension Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Employee benefit plans
Fair value of plan assets	$ 236.3	$ 255.8
Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	143.8	179.2
U.S. Government securities
Employee benefit plans
Fair value of plan assets	13.3	13.1
Global equity common trust funds
Employee benefit plans
Fair value of plan assets	34.6	35.2
Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	23.8	16.8
Short-term investments
Employee benefit plans
Fair value of plan assets	19.9	10.6
Other
Employee benefit plans
Fair value of plan assets	0.9	0.9
Quoted Prices in Active Markets for Identical Assets (Level 1)
Employee benefit plans
Fair value of plan assets	5.5	4.3
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Short-term investments
Employee benefit plans
Fair value of plan assets	5.5	4.3
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Observable Inputs (Level 2)
Employee benefit plans
Fair value of plan assets	229.9	250.6
Significant Observable Inputs (Level 2) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	143.8	179.2
Significant Observable Inputs (Level 2) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	13.3	13.1
Significant Observable Inputs (Level 2) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	34.6	35.2
Significant Observable Inputs (Level 2) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	23.8	16.8
Significant Observable Inputs (Level 2) \| Short-term investments
Employee benefit plans
Fair value of plan assets	14.4	6.3
Significant Observable Inputs (Level 2) \| Other
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3)
Employee benefit plans
Fair value of plan assets	0.9	0.9
Significant Unobservable Inputs (Level 3) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Short-term investments
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Other
Employee benefit plans
Fair value of plan assets	$ 0.9	$ 0.9

Fair Value and Other Investments - Fair Vale Reconciliation of Activity For An Equity Security (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Mar. 29, 2025	Dec. 31, 2025	Dec. 31, 2023
Equity Securities without Readily Determinable Fair Value
Balance at beginning of period		$ 35.2	$ 35.2
Change in value of equity security	$ 18.5	$ 4.5	23.0	$ 3.6
Balance at end of period	$ 58.2		$ 58.2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax	$ 1.0	$ 0.8	$ 0.9
Cash flow hedge, gain (loss) tax	$ 0.7	$ 1.1	$ 1.9

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Employee Benefit Plans - Estimated Future Benefit Payments (Details) - Pension plans $ in Millions	Dec. 31, 2025 USD ($)
United States
Estimated future benefit payments, net of subsidies:
2026	$ 26.2
2027	24.0
2028	21.9
2029	21.8
2030	20.6
Subsequent five years	82.3
Foreign Plan
Estimated future benefit payments, net of subsidies:
2026	4.6
2027	4.8
2028	4.8
2029	4.9
2030	5.7
Subsequent five years	$ 29.3

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

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

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

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

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

We have operating and finance leases for facilities, equipment, and vehicles. Our leases have remaining lease terms of 1 year to 10 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the lease within one year. We rent or sublease certain space within our facilities to third parties under operating leases, with the impact of these lease arrangements being immaterial to our consolidated financial statements.

The components of lease expense were as follows:


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease cost (1)	$	19.7	$	16.5	$	15.7
Variable lease cost	0.8		0.4		0.4

Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.4	$	0.5
Interest on lease liabilities	—		—		—
Total finance lease cost	$	0.2	$	0.4	$	0.5

__________________________

(1) Includes short-term lease cost of $3.3, $2.9 and $3.5, for the years ended December 31, 2025, 2024, and 2023, respectively.

Supplemental cash flow information related to leases is as follows:


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	16.1	$	13.5	$	12.1
Operating cash flows from finance leases	—		—		—
Financing cash flows used in finance leases	0.2		0.4		0.5
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	23.6		27.7		6.3
Finance lease right-of-use assets obtained in exchange for new lease obligations	0.1		1.1		0.3

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2025		2024
Operating leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets	$	76.8	$	57.9	Other assets

Operating lease current liabilities	$	14.4	$	11.1	Accrued expenses
Operating lease non-current liabilities	61.4		44.5		Other long-term liabilities
Total operating lease liabilities	$	75.8	$	55.6

Finance leases:
Finance lease assets	$	1.2	$	1.2	Property, plant and equipment, net

Finance lease current liabilities	$	0.4	$	0.3	Current maturities of long-term debt
Finance lease non-current liabilities	0.7		0.9		Long-term debt
Total finance lease liabilities	$	1.1	$	1.2

The weighted-average remaining lease terms (years) of our leases as of December 31, 2025 and 2024, were as follows:


	As of December 31,
	2025	2024
Operating leases	6.1	5.8
Finance leases	2.9	3.3

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 consider the interest rate that reflects a term similar to the underlying lease term on a fully collateralized basis. We 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 4.4% and 4.1% at December 31, 2025 and 2024, respectively, and finance leases was 4.9% at December 31, 2025 and 2024.

The future minimum payments under our operating and finance leases were as follows as of December 31, 2025:


	Operating Leases		Finance Leases		Total

Next 12 months	$	17.4	$	0.4	$	17.8
12 to 24 months	17.0		0.4		17.4
24 to 36 months	16.0		0.2		16.2
36 to 48 months	14.5		0.2		14.7
48 to 60 months	8.1		—		8.1
Thereafter	14.9		—		14.9
Total lease payments	87.9		1.2		89.1
Less imputed interest	12.1		0.1		12.2
Total	$	75.8	$	1.1	$	76.9

Leases

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

The components of lease expense were as follows:


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease cost (1)	$	19.7	$	16.5	$	15.7
Variable lease cost	0.8		0.4		0.4

Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.4	$	0.5
Interest on lease liabilities	—		—		—
Total finance lease cost	$	0.2	$	0.4	$	0.5

__________________________

(1) Includes short-term lease cost of $3.3, $2.9 and $3.5, for the years ended December 31, 2025, 2024, and 2023, respectively.

Supplemental cash flow information related to leases is as follows:


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	16.1	$	13.5	$	12.1
Operating cash flows from finance leases	—		—		—
Financing cash flows used in finance leases	0.2		0.4		0.5
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	23.6		27.7		6.3
Finance lease right-of-use assets obtained in exchange for new lease obligations	0.1		1.1		0.3

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2025		2024
Operating leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets	$	76.8	$	57.9	Other assets

Operating lease current liabilities	$	14.4	$	11.1	Accrued expenses
Operating lease non-current liabilities	61.4		44.5		Other long-term liabilities
Total operating lease liabilities	$	75.8	$	55.6

Finance leases:
Finance lease assets	$	1.2	$	1.2	Property, plant and equipment, net

Finance lease current liabilities	$	0.4	$	0.3	Current maturities of long-term debt
Finance lease non-current liabilities	0.7		0.9		Long-term debt
Total finance lease liabilities	$	1.1	$	1.2

The weighted-average remaining lease terms (years) of our leases as of December 31, 2025 and 2024, were as follows:


	As of December 31,
	2025	2024
Operating leases	6.1	5.8
Finance leases	2.9	3.3

The future minimum payments under our operating and finance leases were as follows as of December 31, 2025:


	Operating Leases		Finance Leases		Total

Next 12 months	$	17.4	$	0.4	$	17.8
12 to 24 months	17.0		0.4		17.4
24 to 36 months	16.0		0.2		16.2
36 to 48 months	14.5		0.2		14.7
48 to 60 months	8.1		—		8.1
Thereafter	14.9		—		14.9
Total lease payments	87.9		1.2		89.1
Less imputed interest	12.1		0.1		12.2
Total	$	75.8	$	1.1	$	76.9

Shareholders' Equity and Long-Term Incentive Compensation - Components Used for Calculation of Basic and Diluted Income (Loss) (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Income from continuing operations	$ 245.5	$ 201.8	$ 144.7
Loss from discontinued operations, net of tax	$ (1.5)	$ (1.3)	$ (54.8)
Denominator:
Weighted-average number of common shares used in basic income per share (in shares)	47,830	46,187	45,545
Dilutive securities — Employee stock options, performance stock units and restricted stock units (in shares)	681	891	1,067
Weighted-average number of common shares and dilutive securities used in diluted income per share (in shares)	48,511	47,078	46,612

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(13))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-18

+ 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
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477349/740-270-45-3

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

Leases - Future Minimum Payments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
Next 12 months	$ 17.4
12 to 24 months	17.0
24 to 36 months	16.0
36 to 48 months	14.5
48 to 60 months	8.1
Thereafter	14.9
Total lease payments	87.9
Less imputed interest	12.1
Total	75.8	$ 55.6
Finance Leases
Next 12 months	0.4
12 to 24 months	0.4
24 to 36 months	0.2
36 to 48 months	0.2
48 to 60 months	0.0
Thereafter	0.0
Total lease payments	1.2
Less imputed interest	0.1
Total	1.1	$ 1.2
Total
Next 12 months	17.8
12 to 24 months	17.4
24 to 36 months	16.2
36 to 48 months	14.7
48 to 60 months	8.1
Thereafter	14.9
Total lease payments	89.1
Less imputed interest	12.2
Total	$ 76.9

Use of Estimates - Accounts Receivable Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of year	$ 12.5	$ 11.5	$ 10.4
Acquisitions	0.4	0.1	0.2
Allowances provided	20.0	16.7	18.2
Write-offs, net of recoveries, credits issued and other	(17.8)	(15.8)	(17.3)
Balance at end of year	$ 15.1	$ 12.5	$ 11.5

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions						3 Months Ended		12 Months Ended
	Apr. 15, 2025	Jan. 27, 2025	Feb. 07, 2024	Jun. 02, 2023	Apr. 03, 2023	Dec. 31, 2025	Sep. 27, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset acquired :
Business acquisition, net of cash acquired								$ 445.0	$ 292.0	$ 547.0
Foreign currency transaction net (losses)								(2.5)	0.8	(0.9)
Capitalized software, net of amortization						$ 7.2		7.2	3.6
Capitalized software amortization expense								0.7	0.4	0.1
Research and development expense								54.0	45.9	43.2
Depreciation expense, including amortization of capital leases								30.6	26.7	19.2
Interest capitalized								0.4	0.0	0.0
Borrowing from life insurance policy during period									41.2
Repayment of borrowing from life insurance policy								37.4
Borrowings from life insurance policies						$ 0.0		$ 0.0	$ 39.0
Life insurance, corporate or bank owned, interest rate						5.30%		5.30%	5.30%
Life insurance policy, maximum borrowing capacity						$ 34.0		$ 34.0
COLI assets						$ 60.3		$ 60.3	$ 36.2
Maximum \| Buildings
Asset acquired :
Useful lives of property, plant and equipment (in years)						40 years		40 years
Maximum \| Machinery and equipment
Asset acquired :
Useful lives of property, plant and equipment (in years)						15 years		15 years
Minimum \| Machinery and equipment
Asset acquired :
Useful lives of property, plant and equipment (in years)						3 years		3 years
Kranze Technology Solutions, Inc
Asset acquired :
Business acquisition, net of cash acquired		$ 340.0
Deferred compensation plan assets		$ 46.5
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred							$ 2.4	$ 2.4
Sigma & Omega
Asset acquired :
Business acquisition, net of cash acquired	$ 143.3
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred						$ 0.3
Cash acquired from acquisition	$ 0.2
Ingénia Technologies Inc.
Asset acquired :
Business acquisition, net of cash acquired			$ 292.0
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred									$ (2.1)
Cash acquired from acquisition			$ 1.5
T. A. Morrison & Co. Inc. (TAMCO)
Asset acquired :
Business acquisition, net of cash acquired					$ 125.5
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred										(0.2)
Cash acquired from acquisition					$ 1.0
ASPEQ Parent Holdings, Inc.
Asset acquired :
Business acquisition, net of cash acquired				$ 421.5
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred										$ (0.3)
Cash acquired from acquisition				$ 0.9
HVAC reportable segment
Asset acquired :
Business acquisition, net of cash acquired								$ 8.2

Contingent Liabilities and Other Matters - Environmental Matters (Details) $ in Millions	Dec. 31, 2025 USD ($) site	Dec. 31, 2024 USD ($) site
Environmental Matters
Accrual for environmental loss contingencies \| $	$ 32.4	$ 27.4
Site investigation and remediation
Environmental Matters
Number of sites	16	16
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

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 2,265,100,000	$ 1,983,900,000	$ 1,741,200,000
Costs and expenses:
Cost of products sold	1,347,400,000	1,184,500,000	1,071,200,000
Selling, general and administrative	477,600,000	414,600,000	394,400,000
Selling, general and administrative — intangible amortization	87,400,000	64,500,000	43,900,000
Special charges, net	1,100,000	3,600,000	800,000
Impairment of intangible assets	700,000	0	0
Other operating expense	500,000	8,400,000	9,000,000.0
Operating income	350,400,000	308,300,000	221,900,000
Other income (expense), net	8,500,000	(9,300,000)	(10,100,000)
Interest expense	(48,100,000)	(45,700,000)	(27,200,000)
Interest income	4,800,000	2,100,000	1,700,000
Loss on amendment/refinancing of senior credit agreement	(1,500,000)	0	0
Income from continuing operations before income taxes	314,100,000	255,400,000	186,300,000
Income tax provision	(68,600,000)	(53,600,000)	(41,600,000)
Income from continuing operations	245,500,000	201,800,000	144,700,000
Income (loss) from discontinued operations, net of tax	0	0	0
Loss on disposition of discontinued operations, net of tax	(1,500,000)	(1,300,000)	(54,800,000)
Loss from discontinued operations, net of tax	(1,500,000)	(1,300,000)	(54,800,000)
Net income	$ 244,000,000.0	$ 200,500,000	$ 89,900,000
Basic income per share of common stock:
Income from continuing operations (in dollars per share)	$ 5.13	$ 4.37	$ 3.18
Loss from discontinued operations (in dollars per share)	(0.03)	(0.03)	(1.21)
Net income per share (in dollars per share)	$ 5.10	$ 4.34	$ 1.97
Weighted-average number of common shares outstanding — basic (in shares)	47,830	46,187	45,545
Diluted income per share of common stock:
Income from continuing operations (in dollars per share)	$ 5.06	$ 4.29	$ 3.10
Loss from discontinued operations (in dollars per share)	(0.03)	(0.03)	(1.17)
Net income per share (in dollars per share)	$ 5.03	$ 4.26	$ 1.93
Weighted-average number of common shares outstanding — diluted (in shares)	48,511	47,078	46,612

Information on Reportable Segments and Corporate Expense

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Information on Reportable Segments and Corporate Expense

We are a diversified, global supplier of highly specialized, engineered solutions with operations in 16 countries and sales in over 100 countries around the world.

In determining our reportable segments, we apply the threshold criteria of the Segment Reporting Topic of the Codification. 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.

Our CODM, who is our President and Chief Executive Officer, uses segment income to evaluate the results of each operating segment. Segment income is determined before considering, if applicable, impairments 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. There have been no changes in the basis of segmentation or measurement of segment income during 2025. Our CODM assesses segment income performance in comparison to prior years, previously forecasted results, and anticipated/experienced market trends when determining how to allocate operating and capital resources. The only significant segment expense categories reviewed by our CODM are total selling, general and administrative expense and cost of products sold (exclusive of intangible amortization expense). Our CODM does not review asset or liability information for our operating segments as this information is not used to assess performance or allocate resources.

HVAC Reportable Segment

Our HVAC reportable segment engineers, designs, manufactures, installs and services package and process cooling products and engineered air movement and handling solutions for the HVAC industrial (including data center and power generation), institutional, and commercial markets, as well as hydronic and electrical heating and ventilation products for the residential, industrial, institutional, 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 costs of our corporate headquarters based in Charlotte, North Carolina.

Financial data for our reportable segments for the years ended December 31, 2025, 2024, and 2023 were as follows:


	Years Ended December 31,
	2025		2024		2023
HVAC reportable segment


Revenues	$	1,518.2	$	1,364.7	$	1,122.3
Cost of products sold	923.8		843.8		712.8

Selling, general and administrative expense	221.8		197.0		175.1
Segment income	$	372.6	$	323.9	$	234.4

Detection and Measurement reportable segment


Revenues	$	746.9	$	619.2	$	618.9
Cost of products sold	418.2		338.9		354.8

Selling, general and administrative expense	152.5		143.6		145.3
Segment income	$	176.2	$	136.7	$	118.8





Consolidated revenues	$	2,265.1	$	1,983.9	$	1,741.2
Consolidated income for segments	548.8		460.6		353.2

Corporate expense	59.2		53.6		58.4
Acquisition and integration-related costs (1)	28.9		7.2		5.8
Long-term incentive compensation expense	16.7		15.0		13.4
Amortization of acquired intangible assets (2)	91.3		64.5		43.9
Impairment of intangible assets (3)	0.7		—		—
Special charges, net	1.1		3.6		0.8
Other operating expense (4)	0.5		8.4		9.0
Consolidated operating income	350.4		308.3		221.9

Other income (expense), net	8.5		(9.3)		(10.1)
Interest expense	(48.1)		(45.7)		(27.2)
Interest income	4.8		2.1		1.7
Loss on amendment/refinancing of senior credit agreement	(1.5)		—		—
Income from continuing operations before income taxes	$	314.1	$	255.4	$	186.3

Capital expenditures:
HVAC reportable segment	$	82.9	$	31.9	$	17.6
Detection and Measurement reportable segment	9.1		5.5		5.4
Capital expenditures of reportable segments	92.0		37.4		23.0
Corporate	0.1		0.6		0.9
Total capital expenditures	$	92.1	$	38.0	$	23.9

Depreciation and amortization:
HVAC reportable segment	$	75.1	$	64.7	$	37.1
Detection and Measurement reportable segment	45.1		24.4		23.7
Depreciation and amortization of reportable segments	120.2		89.1		60.8
Corporate	2.4		2.5		2.4
Total depreciation and amortization	$	122.6	$	91.6	$	63.2


	Years Ended December 31,
	2025		2024		2023
Geographic Areas:
Revenues: (5)
United States	$	1,812.6	$	1,640.8	$	1,454.1
Canada	193.4		111.3		48.4
China	71.7		64.9		53.7
United Kingdom	95.5		90.9		96.3
Other	91.9		76.0		88.7
	$	2,265.1	$	1,983.9	$	1,741.2

Tangible Long-Lived Assets:
United States	$	419.4	$	275.5	$	292.4
Canada	88.2		83.3		11.9
Other	35.6		25.7		29.1
Long-lived assets of continuing operations	543.2		384.5		333.4
Long-lived assets of discontinued operations, DBT and Heat Transfer	—		—		0.2
Total tangible long-lived assets	$	543.2	$	384.5	$	333.6

_______________________________________________________________

(1)Represents integration costs incurred in connection with acquisitions of $28.9, $7.2 and $5.8 during the years ended December 31, 2025, 2024, and 2023, respectively. The year ended December 31, 2025 includes amortization of a deferred compensation asset acquired in connection with the KTS acquisition of $24.2 and additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with the KTS acquisition of $1.4, and the Sigma & Omega acquisition of $0.1. The years ended December 31, 2024 and 2023 include additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with acquisitions of $1.8 and $3.6, respectively.

(2)Includes intangible asset amortization of $3.9 recorded in cost of products sold within the consolidated statement of operations for the year ended December 31, 2025.

(3)The year ended December 31, 2025 includes an impairment charge of $0.7 related to the trademarks of ULC.

(4)The year ended December 31, 2024 includes a charge of $8.4 related to a settlement with the seller of ULC regarding additional contingent consideration. The year ended December 31, 2023 includes a charge of $9.0 related to the resolution of a dispute with a former representative at one of our businesses within the Detection and Measurement reportable segment.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
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+ Details

Fair Value and Other Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Mar. 29, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Change in value of equity security	$ 18.5	$ 4.5	$ 23.0		$ 3.6
Change in value of equity security				$ 4.2
Equity securities	$ 58.2		$ 58.2	$ 35.2

Shareholders' Equity and Long-Term Incentive Compensation

12 Months Ended

Dec. 31, 2025

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

Shareholders' Equity and Long-Term Incentive Compensation

Stockholders’ Equity and Long-Term Incentive Compensation

Income Per Share

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


	Year ended December 31,
	2025		2024		2023
Numerator:
Income from continuing operations	$	245.5	$	201.8	$	144.7
Loss from discontinued operations, net of tax	$	(1.5)	$	(1.3)	$	(54.8)


Denominator:
Weighted-average number of common shares used in basic income per share	47.830		46.187		45.545
Dilutive securities — Employee stock options, performance stock units and restricted stock units	0.681		0.891		1.067
Weighted-average number of common shares and dilutive securities used in diluted income per share	48.511		47.078		46.612

For the years ended December 31, 2025, 2024, and 2023, 0.108, 0.119, and 0.179, respectively, of unvested restricted stock units and performance stock units were excluded from the computation of diluted earnings per share as the assumed proceeds for these instruments exceeded the average market value of the underlying common stock for the related years. For the years ended December 31, 2025, 2024, and 2023, 0.234, 0.280, and 0.512, respectively, of outstanding stock options were excluded from the computation of diluted earnings per share as the assumed proceeds for these instruments exceeded the average market value of the underlying common stock for the related years.

Common Stock and Treasury Stock

On May 13, 2025, May 14, 2024, and May 9, 2023, our Board of Directors re-authorized management, in its sole discretion, to repurchase, in any fiscal year, up to $100.0 of our common stock, subject to maintaining compliance with all covenants of our senior credit agreement. No share repurchases were executed pursuant to this and past authorizations during the years ended December 31, 2025, 2024 and 2023. As of December 31, 2025, the maximum approximate amount of our common stock that may be purchased under this authorization is $100.0.

At December 31, 2025, we had 200.0 authorized shares of common stock (par value $0.01). Common shares issued, treasury shares and shares outstanding are summarized in the table below.


	Common Stock Issued	Treasury Stock	Shares Outstanding
Balance at December 31, 2022	53.351	(8.059)	45.292


Restricted stock units and performance stock units	—	0.115	0.115

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

Restricted stock units and performance stock units	—	0.116	0.116


Other	0.577	—	0.577
Balance at December 31, 2024	54.196	(7.828)	46.368

Restricted stock units and performance stock units	—	0.125	0.125


Other	3.374	—	3.374
Balance at December 31, 2025	57.570	(7.703)	49.867

Long-Term Incentive Compensation

On May 9, 2019, our stockholders approved our 2019 Stock Compensation Plan (the “2019 Plan”) which replaced our 2002 Stock Compensation Plan, as amended in 2006, 2011, 2012 and 2015 (the “Prior Plan”). As a result of the approval of the 2019 Plan, no further awards were permitted to be made under the Prior Plan. Up to 3.330 shares of our common stock were available for grant at December 31, 2025 under the 2019 Plan. The 2019 Plan permits the issuance of new shares or shares from treasury upon the exercise of options, vesting of time-based restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). Each RSU and PSU granted reduces availability by two and four shares, respectively. Similar awards were permitted to be granted under the Prior Plan before the approval of the 2019 Plan.

PSU’s and RSU’s may be granted to certain eligible employees or non-employee directors in accordance with applicable equity compensation plan documents and agreements. Subject to participants’ continued employment and other plan terms and conditions, the restrictions lapse and awards generally vest over a period of time, generally one or three years. In some instances, such as death, disability, or retirement, stock may vest concurrently with or following an employee’s termination. PSU’s are eligible to vest at the end of the performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index, while the RSU’s vest based on the passage of time since grant date. PSU’s and RSU’s that do not vest within the applicable vesting period are forfeited.

We grant RSU’s to non-employee directors under the 2019 Plan. The 2025, 2024 and 2023 grants to non-employee directors generally vest over a 1 year-period, with the 2025 grants of 0.007 RSU’s scheduled to vest in their entirety immediately prior to the annual meeting of stockholders in May 2026.

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

The recognition of compensation expense for share-based awards, including stock options, is based on their grant date fair values. The fair value of each award is amortized over the lesser of the award’s requisite or derived service period, which is generally up to three years. Compensation expense within income from continuing operations related to PSU’s, RSU’s and stock options totaled $16.7, $15.0 and $13.4 for the years ended December 31, 2025, 2024, and 2023, respectively, with the related tax benefit being $2.9, $2.6 and $2.3 for the years ended December 31, 2025, 2024, and 2023, respectively.

We use the Monte Carlo simulation model valuation technique to determine fair value of our restricted stock awards that contain a market condition (i.e., the PSU’s). The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award and calculates the fair value of each PSU. We issued PSU’s to eligible participants on March 3, 2025, February 28, 2024, and March 1, 2023. We used the following assumptions in determining the fair value of these awards:


	Annual Expected Stock Price Volatility		Annual Expected Dividend Yield		Risk-Free Interest Rate		Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index
March 3, 2025
SPX	35.13	%	—	%	3.90	%	46.64	%
Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index	36.41	%	n/a		3.90	%
February 28, 2024
SPX	32.26	%	—	%	4.41	%	49.34	%
Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index	37.00	%	n/a		4.41	%
March 1, 2023
SPX	35.72	%	—	%	4.60	%	57.87	%
Peer group within S&P 600 Capital Goods Index	43.92	%	n/a		4.60	%

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

The following table summarizes the PSU and RSU activity from December 31, 2022 through December 31, 2025:


	Unvested PSU’s and RSU’s	Weighted-Average Grant-Date Fair Value Per Share
December 31, 2022	0.530	$	51.38
Granted	0.175	72.35
Vested	(0.190)	51.38
Forfeited	(0.005)	59.92
December 31, 2023	0.510	58.53
Granted	0.152	124.82
Vested	(0.200)	61.04
Forfeited	(0.016)	126.01
December 31, 2024	0.446	79.22
Granted	0.139	122.69
Vested	(0.216)	60.69
Forfeited	(0.014)	131.48
December 31, 2025	0.355	$	105.45

As of December 31, 2025, there was $12.8 of unrecognized compensation cost related to PSU’s and RSU’s. We expect this cost to be recognized over a weighted-average period of 1.8 years.

Stock Options

On March 3, 2025, February 28, 2024, and March 1, 2023, we granted stock options totaling 0.044, 0.052, and 0.074, respectively. The exercise price per share of these options is $138.60, $116.40, and $71.93, respectively, and the maximum contractual term of these options is ten years.

The fair value of each stock option granted on March 3, 2025, February 28, 2024, and March 1, 2023, was $61.23, $50.84, and $31.20, respectively. The fair value of each option grant was estimated using a Black-Scholes option-pricing model with the following assumptions:


	March 3, 2025		February 28, 2024		March 1, 2023
Annual expected stock price volatility	38.75	%	37.43	%	37.15	%
Annual expected dividend yield	—	%	—	%	—	%
Risk-free interest rate	3.98	%	4.23	%	4.18	%
Expected life of stock option (in years)	6.0		6.0		6.0

Annual expected stock price volatility for the March 3, 2025, February 28, 2024, and March 1, 2023 grants were based on a weighted-average of SPX’s stock volatility of the most recent six-year historical volatility of a peer company group. There is no annual expected dividend yield as we discontinued dividend payments in 2015 and do not expect to pay dividends for the foreseeable future. The average risk-free interest rate is based on the five-year and seven-year treasury constant maturity rates. The expected option life is based on a three-year pro-rata vesting schedule and represents the period of time that awards are expected to be outstanding.

The following table shows stock option activity from December 31, 2022 through December 31, 2025.


	Shares	Weighted- Average Exercise Price
Options outstanding at December 31, 2022	1.286	$	27.82
Exercised	(0.141)	26.47
Forfeited	—	—
Granted	0.076	71.71
Options outstanding at December 31, 2023	1.221	30.70
Exercised	(0.494)	20.67
Forfeited	(0.002)	71.93
Granted	0.062	120.47
Options outstanding at December 31, 2024	0.787	43.92
Exercised	(0.242)	21.48
Forfeited	(0.009)	136.10
Granted	0.044	138.60
Options outstanding at December 31, 2025	0.580	$	59.04

As of December 31, 2025, 0.478 of the above stock options were exercisable and there was $1.6 of unrecognized compensation cost related to the outstanding stock options. We expect this cost to be recognized over a weighted-average period of 1.9 years.

Registered Public Offering

On August 12, 2025, the Company entered into an underwriting agreement, pursuant to which the Company agreed to issue and sell in a registered public offering 3.059 shares (the “Shares”) of the Company's common stock (the “Common Stock”), at a purchase price of $188.0 per share of common stock (the “Offering”).

The gross proceeds to the Company from the Offering, before deducting underwriting discounts, commissions and offering expenses payable by the Company, were approximately $575.0. After deducting underwriting discounts, commissions, and offering expenses payable by the Company of $23.9, net proceeds recorded during the year ended December 31, 2025 were $551.1.

Accumulated Other Comprehensive Income

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2025 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at December 31, 2024	$	218.9	$	2.6	$	2.1	$	223.6
Other comprehensive income (loss) before reclassifications	41.7		(0.3)		—		41.4
Amounts reclassified from accumulated other comprehensive income	—		(2.3)		(2.2)		(4.5)
Current-period other comprehensive income (loss)	41.7		(2.6)		(2.2)		36.9
Balance at December 31, 2025	$	260.6	$	—	$	(0.1)	$	260.5

__________________________________________________________________

(1) Net of tax provision of $0.0 and $0.7 as of December 31, 2025 and 2024, respectively.

(2) Net of tax provision of $0.0 and $1.0 as of December 31, 2025 and 2024, respectively. The balances as of December 31, 2025 and 2024 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2024 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges (1)		Pension and Postretirement Liability Adjustment (2)		Total
Balance at December 31, 2023	$	251.0	$	5.7	$	4.4	$	261.1
Other comprehensive income (loss) before reclassifications	(32.1)		3.3		—		(28.8)
Amounts reclassified from accumulated other comprehensive income	—		(6.4)		(2.3)		(8.7)
Current-period other comprehensive loss	(32.1)		(3.1)		(2.3)		(37.5)
Balance at December 31, 2024	$	218.9	$	2.6	$	2.1	$	223.6

__________________________________________________________________

(1) Net of tax provision of $0.7 and $1.8 as of December 31, 2024 and 2023, respectively.

(2) Net of tax provision of $1.0 and $1.8 as of December 31, 2024 and 2023, respectively. The balances as of December 31, 2024 and 2023 include unamortized prior service credits.

The following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2025 and 2024:


	Amount Reclassified from AOCI				Affected Line Items in the Consolidated Statements of Operations
	Year ended December 31,
	2025		2024
Gains on qualifying cash flow hedges:



Swaps	$	(3.0)	$	(8.7)	Interest expense
Pre-tax	(3.0)		(8.7)
Income taxes	0.7		2.3
	$	(2.3)	$	(6.4)
Gains on pension and postretirement items:

Amortization of unrecognized prior service credits - Pre-tax	$	(3.2)	$	(3.1)	Other income (expense), net

Income taxes	1.0		0.8
	$	(2.2)	$	(2.3)

Common Stock in Treasury

During the years ended December 31, 2025, 2024, and 2023, “Common stock in treasury” was decreased by the settlement of restricted stock units, net of recipient tax withholdings, issued from treasury stock of $7.4, $6.9 and $6.6, respectively.

Preferred Stock

None of our 3.0 shares of authorized no par value preferred stock was outstanding at December 31, 2025, 2024, or 2023.

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Our significant accounting policies are described below, as well as in other Notes that follow. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 4 for information on discontinued operations). Principles of Consolidation — The consolidated financial statements include our accounts prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) after the elimination of intercompany transactions. Investments in unconsolidated companies where we exercise significant influence but do not have control are accounted for using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits of the entity that could potentially be significant to the VIE. All of our VIEs are immaterial, individually and in aggregate, to our consolidated financial statements. From time to time, we may make acquisitions that do not significantly impact our financial position or statements of operations. These acquisitions primarily complement our existing business operations or strategic initiatives with no significant impact to our financial outlook and end markets, nor requiring a significant investment of resources. Such acquisitions are not separately identified within this report on Form 10-K. During the year ended December 31, 2025, cash outflows, net of cash acquired, related to this activity totaled $8.2. The post-acquisition operating results are reflected within our HVAC reportable segment and have no significant impact to our financial outlook and end markets. Acquisitions in 2025: •KTS - On January 27, 2025, we completed the acquisition of Kranze Technology Solutions, Inc. (“KTS”) which specializes in digital interoperability and tactical networking solutions, primarily for the defense industry. We purchased KTS for net cash consideration of $340.0, inclusive of amounts related to future service obligations of certain existing employees of $46.5 and net of an adjustment to the purchase price of $2.4 received during the third quarter of 2025 related to acquired working capital. We financed the acquisition with available borrowings on our revolving credit facilities under our senior credit facilities. The post-acquisition operating results of KTS are reflected within our Detection and Measurement reportable segment. •Sigma & Omega - On April 15, 2025, we completed the acquisition of Sigma Heating and Cooling and Omega Heat Pump (“Sigma & Omega”) which specialize in highly engineered hydronic heating and cooling equipment, including vertical stack heat pumps and fan coils, institutional heating products, and both air-cooled and water-cooled commercial self-contained units. We purchased Sigma & Omega for cash consideration of $143.3, net of (i) an adjustment to the purchase price of $0.3 received during the fourth quarter of 2025 related to acquired working capital and (ii) cash acquired of $0.2. The acquisition was financed primarily through cash on hand, supplemented by borrowings on our revolving credit facilities under our senior credit facilities. The post-acquisition operating results of Sigma & Omega are reflected within our HVAC reportable segment. Acquisitions in 2024: •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 received during 2024 related to acquired working capital and (ii) cash acquired of $1.5. The post-acquisition results of Ingénia are reflected within our HVAC reportable segment. Acquisitions in 2023: •TAMCO - On April 3, 2023, we completed the acquisition of T. A. Morrison & Co. Inc. (“TAMCO”), a market leader in motorized and non-motorized dampers that control airflow in large-scale specialty applications in commercial, industrial, and institutional markets. We purchased TAMCO for cash consideration of $125.5, inclusive of an adjustment to the purchase price of $0.2 paid during 2023 related to acquired working capital, and net of cash acquired of $1.0. The post-acquisition operating results of TAMCO are reflected within our HVAC reportable segment. •ASPEQ - On June 2, 2023, we completed the acquisition of ASPEQ Heating Group (“ASPEQ”), a leading provider of electrical heating solutions to customers in industrial and commercial markets. We purchased ASPEQ for cash consideration of $421.5, net of (i) an adjustment to the purchase price of $0.3 received during 2023 related to acquired working capital and (ii) cash acquired of $0.9. The post-acquisition operating results of ASPEQ are reflected within our HVAC reportable segment. The assets acquired and liabilities assumed in the Sigma & Omega 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 judgmental reserves. Foreign Currency Translation and Transactions — The financial statements of our foreign subsidiaries are translated into U.S. dollars in accordance with the Foreign Currency Matters Topic of the Financial Accounting Standards Board Codification (“Codification”). Gains and losses on foreign currency translations are reflected as a separate component of stockholders' equity and other comprehensive income/loss. Foreign currency transaction gains and losses, as well as gains and losses related to foreign currency forward contracts, are included in “Other income (expense), net,” with the related net gains (losses) totaling $(2.5), $0.8, and $(0.9) in 2025, 2024, and 2023, respectively. Cash Equivalents — We consider highly liquid money market investments with original maturities of three months or less at the date of purchase to be cash equivalents. Revenue Recognition — We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606. See Note 5 for our policy for recognizing revenue under, as well as the various other disclosures required by, ASC 606. Research and Development Costs — We expense research and development costs as incurred. We charge costs incurred in the research and development of new software included in products to expense until technological feasibility is established. After technological feasibility is established, additional eligible costs are capitalized until the product is available for general release. We amortize these costs over the economic lives of the related products and include the amortization in cost of products sold. We perform periodic reviews of the recoverability of these capitalized software costs. If, and at the time, we determine that capitalized amounts are not recoverable based on the estimated cash flows to be generated from the applicable software, we write off any unrecoverable capitalized amounts. Capitalized software, net of amortization, totaled $7.2 and $3.6 as of December 31, 2025 and 2024, respectively. Capitalized software amortization expense totaled $0.7, $0.4, and $0.1 in 2025, 2024, and 2023, respectively. We expensed research activities relating to the development and improvement of our products of $54.0, $45.9, and $43.2 in 2025, 2024, and 2023, respectively. Property, Plant and Equipment — Property, plant and equipment (“PP&E”) is stated at cost, less accumulated depreciation. We use the straight-line method for computing depreciation expense over the useful lives of PP&E, which do not exceed 40 years for buildings and range from 3 to 15 years for machinery and equipment. Depreciation expense, including amortization of finance leases, was $30.6, $26.7, and $19.2 for the years ended December 31, 2025, 2024, and 2023, respectively. Leasehold improvements are amortized over the life of the related asset or the life of the lease, whichever is shorter. Interest is capitalized on significant construction or installation projects. We capitalized interest of $0.4 in 2025, with no interest capitalized in 2024 or 2023. Pension and Postretirement — We recognize changes in the fair value of plan assets and actuarial gains and losses in earnings during the fourth quarter of each year, unless earlier remeasurement is required, as a component of net periodic benefit expense/income and, accordingly, recognize the effects of plan investment performance, interest rate changes, and changes in actuarial assumptions as a component of earnings in the year in which they occur. The remaining components of pension/postretirement expense/income, primarily interest costs and expected return on plan assets, are recorded on a quarterly basis. Company-owned Life Insurance Policies — The Company has investments in company-owned life insurance (“COLI”) policies, which are recorded at their cash surrender value at each balance sheet date. Changes in the cash surrender value during the period are recorded within “Other income (expense), net” within our consolidated statements of operations. The Company has the ability to borrow against a portion of its investments in the COLI policies as an additional source of liquidity. During 2024, the Company borrowed $41.2 against the cash surrender value of these COLI policies. Such borrowings were used to pay down amounts payable under the revolving credit facility. During 2025, the Company repaid the then-outstanding borrowings totaling $37.4, inclusive of accrued interest. The amounts borrowed totaled $0.0 and $39.0 at December 31, 2025 and 2024, respectively, and incurred interest at a weighted-average rate of 5.3%. At December 31, 2025, we had capacity to borrow approximately $34.0 against the policies. The cash surrender value of the Company’s investments in COLI assets, net of any aforementioned borrowing, was $60.3 and $36.2 at December 31, 2025 and 2024, respectively, recorded in “Other assets” on the consolidated balance sheets. Income Taxes — We account for income taxes based on the requirements of the Income Taxes Topic of the Codification, which includes an estimate of the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess the realizability of deferred tax assets and the adequacy of deferred tax liabilities, including the results of local, state, federal or foreign statutory tax audits or estimates and judgments used. Derivative Financial Instruments — We use foreign currency forward contracts to manage our exposures to fluctuating currency exchange rates and interest rate protection agreements to manage our exposures to fluctuating interest rate risk on variable rate debt. Derivatives are recorded on the balance sheet and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in fair value of the derivatives is recorded in accumulated other comprehensive income (“AOCI”) and subsequently recognized in earnings when the forecasted transaction impacts earnings. We do not enter into financial instruments for speculative or trading purposes. For those transactions that are designated as cash flow hedges, we document our hedge relationship, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. We also assess, both at inception and quarterly thereafter, whether such derivatives are highly effective in offsetting changes in the fair value of the hedged item. See Notes 14 and 17 for further information. Cash flows from hedging activities are included in the same category as the items being hedged, which are primarily operating activities.

Employee Benefit Plans - Postretirement Benefit Plans (Details) - Postretirement Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Estimated future benefit payments, net of subsidies:
2026	$ 3.2
2027	2.9
2028	2.6
2029	2.3
2030	2.1
Subsequent five years	12.6
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	27.0	$ 29.7
Interest cost	1.1	1.2	$ 1.4
Actuarial losses	1.1	0.1
Benefits paid	(3.2)	(4.0)
Projected benefit obligation — end of year	26.0	27.0	29.7
Funded status at year-end	(26.0)	(27.0)
Accrued expenses	(3.2)	(3.3)
Other long-term liabilities	(22.8)	(23.7)
Net amount recognized	(26.0)	(27.0)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service costs	(0.9)	(4.1)
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0	0.0
Interest cost	1.1	1.2	1.4
Amortization of unrecognized prior service credits	(3.2)	(3.1)	(3.9)
Recognized net actuarial losses	1.1	0.1	0.2
Total net periodic pension benefit expense	$ (1.0)	$ (1.8)	$ (2.3)
Assumptions - Actuarial assumptions used in accounting for plans
Health care cost trend rate for next year	6.25%	6.50%	6.75%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2031	2031	2031
Discount rate used in determining net periodic postretirement benefit expense	5.48%	5.16%	5.50%
Discount rate used in determining year-end postretirement benefit obligation	4.95%	5.48%	5.16%

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill, for the year ended December 31, 2025, were as follows:


	December 31, 2024		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2025
HVAC reportable segment
Gross goodwill	$	907.3	$	81.6	$	—	$	24.8	$	1,013.7
Accumulated impairments	(326.6)		—		—		(10.3)		(336.9)
Goodwill	580.7		81.6		—		14.5		676.8
Detection and Measurement reportable segment
Gross goodwill	426.6		104.4		—		11.4		542.4
Accumulated impairments	(172.8)		—		—		(3.0)		(175.8)
Goodwill	253.8		104.4		—		8.4		366.6
Total
Gross goodwill	1,333.9		186.0		—		36.2		1,556.1
Accumulated impairments	(499.4)		—		—		(13.3)		(512.7)
Goodwill	$	834.5	$	186.0	$	—	$	22.9	$	1,043.4

___________________________________________________________________

(1) Reflects goodwill acquired with the KTS and Sigma & Omega acquisitions of $104.4 and $76.1, respectively, and an immaterial acquisition within the HVAC reportable segment. As indicated in Note 4, the acquired assets, including goodwill, and liabilities assumed in the Sigma & Omega acquisition have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting.

The changes in the carrying amount of goodwill, for the year ended December 31, 2024, were as follows:


	December 31, 2023		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2024
HVAC reportable segment
Gross goodwill	$	777.8	$	148.0	$	—	$	(18.5)	$	907.3
Accumulated impairments	(331.9)		—		—		5.3		(326.6)
Goodwill	445.9		148.0		—		(13.2)		580.7
Detection and Measurement reportable segment
Gross goodwill	432.6		—		—		(6.0)		426.6
Accumulated impairments	(173.7)		—		—		0.9		(172.8)
Goodwill	258.9		—		—		(5.1)		253.8
Total
Gross goodwill	1,210.4		148.0		—		(24.5)		1,333.9
Accumulated impairments	(505.6)		—		—		6.2		(499.4)
Goodwill	$	704.8	$	148.0	$	—	$	(18.3)	$	834.5

___________________________________________________________________

(1) Reflects (i) goodwill acquired with the Ingénia acquisition of $142.4 and (ii) an increase in ASPEQ’s and TAMCO’s goodwill of $3.9 and $1.7, respectively, resulting from revisions to the valuation of certain assets and liabilities.

Identifiable intangible assets were as follows:


	December 31, 2025						December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:(1)
Customer relationships and contracts	$	557.8	$	(150.2)	$	407.6	$	421.1	$	(103.3)	$	317.8
Technology	274.3		(64.0)		210.3		181.7		(41.3)		140.4
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	101.0		(72.1)		28.9		71.0		(45.7)		25.3
	937.6		(290.8)		646.8		678.3		(194.8)		483.5
Trademarks with indefinite lives(2)	221.4		—		221.4		219.5		—		219.5
Total	$	1,159.0	$	(290.8)	$	868.2	$	897.8	$	(194.8)	$	703.0

___________________________________________________________________

(1)The gross carrying value of identifiable intangible assets acquired with the KTS acquisition consist of technology of $79.8, customer relationships and contracts of $70.7, definite-lived trademarks of $6.7, and customer backlog of $7.3. The gross carrying value of identifiable intangible assets acquired with the Sigma & Omega acquisition consist of customer relationships of $56.3, customer backlog of $8.9, technology of $8.5, and definite-lived trademarks of $3.9.

(2)During the fourth quarter of 2025, we recorded an impairment charge of $0.7 related to our ULC business' trademarks.

Amortization expense was $91.3, $64.5 and $43.9 for the years ended December 31, 2025, 2024, and 2023, respectively. Estimated amortization expense is approximately $73.0 for 2026 and $70.0 for each of the four years thereafter.

At December 31, 2025, the net carrying value of intangible assets with determinable lives consisted of $411.6 in the HVAC reportable segment and $235.2 in the Detection and Measurement reportable segment. Trademarks with indefinite lives consisted of $157.0 in the HVAC reportable segment and $64.4 in the Detection and Measurement reportable segment.

As indicated in Note 1, 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 and indefinite-lived intangible assets for impairment on a more frequent basis if there are indications of potential impairment. In reviewing goodwill for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. Our quantitative analysis of trademarks is based on applying estimated royalty rates to projected revenues, with resulting cash flows discounted at a rate of return that reflects current market conditions (fair value based on unobservable inputs — Level 3, as defined in Note 17).

During the fourth quarter of 2025, we performed our analyses on the goodwill of our reporting units. The fair value of the assets related to the KTS and Sigma & Omega acquisitions approximate their carrying value. If KTS and Sigma & Omega are unable to achieve their current financial forecasts, or there is a change in assumptions used in KTS’s and Sigma & Omega’s analyses (e.g., projected revenues and profit growth rates, discount rates, industry price multiples, etc.), we may be required to record an impairment charge in a future period related to their goodwill. As of December 31, 2025, KTS’s and Sigma & Omega’s goodwill totaled $104.4 and $77.4, respectively.

During the fourth quarter of 2025, in connection with the annual impairment analyses of indefinite-lived intangible assets, we determined that the implied value of ASPEQ’s trademarks approximated their carrying value. If ASPEQ is unable to achieve its current revenue forecast, or there is a change in assumptions used in ASPEQ’s analysis (e.g., projected revenues, royalty rates, and discount rates, etc.), we may be required to record an impairment charge in a future period related to its trademarks. As of December 31, 2025, ASPEQ’s trademarks totaled $51.5.

Additionally, during the fourth quarter of 2025, we made the decision to exit a minor product line within our ULC business. As a result, we recorded an impairment of $0.7 to “Impairment of intangible assets” on the consolidated statement of operations related to the indefinite-lived trademark associated with ULC. If ULC is unable to achieve its current revenue forecast, or there is a change in assumptions used in ULC's analysis (e.g., projected revenues, royalty rates, and discount rates, etc.), we may be required to record an impairment charge in a future period related to its trademark. As of December 31, 2025, ULC's trademark totaled $4.7.

Given the uncertainties related to the financial forecasts of our reporting units, including as a result of changing economic, industry or market conditions that may be outside of our control, (i) it is reasonably possible that a change in estimate resulting in an impairment may occur and (ii) we are unable to estimate the possible loss that could result, but it may be material.

During 2024 and 2023, we recorded no impairment charges related to our goodwill or intangible assets.

Acquisitions and Discontinued Operations - Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Acquisitions and Discontinued Operations [Abstract]
Revenues	$ 2,267.8	$ 2,079.1	$ 1,852.6
Income from continuing operations	262.9	175.3	127.5
Net income	$ 261.4	$ 174.0	$ 72.7
Income from continuing operations per share of common stock:
Basic (in dollars per share)	$ 5.50	$ 3.80	$ 2.80
Diluted (in dollars per share)	5.42	3.72	2.74
Net income per share of common stock:
Basic (in dollars per share)	5.47	3.77	1.60
Diluted (in dollars per share)	$ 5.39	$ 3.70	$ 1.56

Acquisitions and Discontinued Operations

12 Months Ended

Dec. 31, 2025

Acquisitions and Discontinued Operations [Abstract]

Acquisitions and Discontinued Operations

Acquisitions

From time to time, we may make acquisitions that do not significantly impact our financial position or operations. These acquisitions primarily complement our existing business operations or strategic initiatives with no significant impact to our financial outlook and end markets, or requiring a significant investment of resources. Such acquisitions are not separately identified within this report on Form 10-K. During 2025, cash outflows, net of cash acquired, related to this activity totaled $8.2. The post-acquisition operating results are reflected within our HVAC reportable segment and have no significant impact to our financial outlook and end markets.

As indicated in Note 1, on April 15, 2025 and April 3, 2023 we completed the acquisitions of Sigma & Omega and TAMCO, respectively. The pro forma effects of these acquisitions are not material to our consolidated results of operations.

Acquisition of Sigma & Omega

As indicated in Note 1, on April 15, 2025, we completed the acquisition of Sigma & Omega for cash consideration of $143.3, net of (i) an adjustment to the purchase price of $0.3 received during the fourth quarter of 2025 related to acquired working capital and (ii) cash acquired of $0.2. The pro forma effect of this acquisition is not material to our consolidated results of operations.

The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Sigma & Omega as of April 15, 2025:


Assets acquired:
Current assets, including cash and equivalents of $0.2	$	17.1
Property, plant and equipment	1.3
Goodwill	76.1
Intangible assets	77.6

Other assets	1.2
Total assets acquired	173.3

Current liabilities assumed	9.3
Non-current liabilities assumed (1)	20.5

Net assets acquired	$	143.5

___________________________

(1)Includes net deferred income tax liabilities and other liabilities of $19.9 and $0.6, respectively.

The identifiable intangible assets acquired consist of customer relationships, customer backlog, technology, and definite-lived trademarks of $56.3, $8.9, $8.5, and $3.9, respectively, with such amounts based on an assessment of the related fair values. We expect to amortize the customer relationships, customer backlog, technology, and definite-lived trademarks over 11.0, 1.0, 9.0, and 8.0 years, respectively.

We acquired gross receivables of $9.6, which had a fair value of $9.2 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 domestic and global market growth for Sigma & Omega's existing operations, increased volumes achieved by selling Sigma & Omega 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 a net loss for Sigma & Omega of $53.2 and $1.4, respectively, for the year ended December 31, 2025, with the net loss impacted by charges during the year ended December 31, 2025 of $14.2 associated with amortization of the various intangible assets mentioned above, $0.8 of costs incurred for integration-related activities, and $0.1 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

Acquisition of KTS

As indicated in Note 1, on January 27, 2025, we completed the acquisition of KTS for net cash consideration of $340.0, inclusive of amounts paid related to future service obligations of certain employees of $46.5 described further below and net of an adjustment to the purchase price of $2.4 received during 2025 related to acquired working capital. We financed the acquisition with available borrowings on our revolving credit facilities 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 connection with the acquisition of KTS, and as required by the acquisition agreement, we assumed employee retention agreements with certain employees, totaling $46.5, that include future service obligations. In the event employees forfeit any amounts under the terms of the agreements, such amounts are due to the seller of KTS. We funded the amounts related to these retention agreements through a reduction in the purchase price, with $46.5 paid into an escrow account at the time of the acquisition closing, as required by the acquisition agreement. The deferred compensation assets related to these agreements will be amortized over the agreement terms which range from 2 to 8 years. During the year ended December 31, 2025, we recognized compensation costs of $24.2 which have been recorded to “Selling, general and administrative” within our consolidated statements of operations, related to such retention agreements. The remaining deferred compensation assets of $11.4 and $10.9 are recorded within “Other current assets” and “Other assets”, respectively, within our consolidated balance sheet as of December 31, 2025.

The following is a summary of the recorded final fair values of the assets acquired and liabilities assumed for KTS as of January 27, 2025:


Assets acquired:
Current assets(1)	$	60.8
Property, plant and equipment	5.6
Goodwill	104.4
Intangible assets	164.5
Other assets(1)	25.6
Total assets acquired	360.9

Current liabilities assumed	16.5
Non-current liabilities assumed	4.4

Net assets acquired	$	340.0

___________________________

(1)Includes $26.2 and $20.3 within “Current assets” and “Other assets”, respectively, for deferred compensation assets related to the employee retention agreements discussed previously.

The identifiable intangible assets acquired consist of technology, customer relationships and contracts, trademarks, and customer backlog of $79.8, $70.7, $6.7, and $7.3, respectively, with such amounts based on an assessment of the related fair values. We expect to amortize the technology, customer relationships and contracts, trademarks, and customer backlog assets over 12.0, 15.0, 9.0, and 2.0 years, respectively.

We acquired gross receivables of $7.2, 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 domestic and global market growth for KTS's existing operations, increased volumes achieved through product synergies with existing SPX businesses, procurement and operational savings and efficiencies, and various other factors. We expect the goodwill described above to be deductible for tax purposes.

We recognized revenues and a net loss for KTS of $85.3 and $12.7, respectively, for the year ended December 31, 2025, with the net loss impacted by charges during the year ended December 31, 2025 of (i) $24.2 for amortization of compensation costs related to acquired retention agreements, (ii) $18.4 associated with amortization of the various intangible assets mentioned above, (iii) $1.4 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold, and (iv) $1.2 of costs incurred for integration-related activities.

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 received during 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 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.

The following is a summary of the recorded final 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	$	31.2
Property, plant and equipment	73.6
Goodwill	142.4
Intangible assets	97.9

Total assets acquired	345.1

Current liabilities assumed	14.5
Deferred and other income taxes	37.1

Net assets acquired	$	293.5

The identifiable intangible assets acquired consist of technology, customer relationships and contracts, trademarks, and customer backlog of $46.7, $23.5, $13.9, and $13.8, respectively, with such amounts based on an assessment of the related fair values. We expect to amortize the technology, customer relationships and contracts, 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 $72.6 and $15.9, respectively, for the year ended December 31, 2024, with the net income impacted by charges during the year ended December 31, 2024 of (i) $18.6 associated with amortization of the various intangible assets mentioned above, (ii) $1.8 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold, and (iii) $2.8 of costs incurred for integration-related activities.

Acquisition of ASPEQ

As indicated in Note 1, on June 2, 2023, we completed the acquisition of ASPEQ for $421.5, net of (i) an adjustment to the purchase price of $0.3 received during 2023 related to acquired working capital and (ii) cash acquired of $0.9. We financed the acquisition with available cash and borrowings under our senior credit facilities. The 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.

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 an assessment of the related fair values. We expect to amortize the customer relationships, technology, and customer backlog assets over 12.0, 16.0, and 1.0 years, respectively, with the trademarks acquired being indefinite-lived.

We acquired gross receivables of $18.0, which had a fair value at the acquisition date of $17.8 based on our estimates of cash flows expected to be recovered.

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

We recognized revenues and net income for ASPEQ of $63.9 and $3.6, respectively, for the year ended December 31, 2023, with the net income impacted by charges during the year ended December 31, 2023 of (i) $13.2 associated with amortization of the various intangible assets mentioned above and (ii) $3.6 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.


Acquisition and integration-related costs for ASPEQ, Ingénia, KTS, and Sigma & Omega
	Year ended December 31,
Affected line item in Note 7	2025		2024		2023


Corporate expense	$	4.2	$	4.5	$	5.2
Acquisition and integration-related costs	28.5		6.1		4.1
Consolidated operating income	$	32.7	$	10.6	$	9.3


	Years ended December 31,
	2025		2024		2023
Revenues	$	2,267.8	$	2,079.1	$	1,852.6
Income from continuing operations	262.9		175.3		127.5
Net income	261.4		174.0		72.7

Income from continuing operations per share of common stock:
Basic	$	5.50	$	3.80	$	2.80
Diluted	$	5.42	$	3.72	$	2.74

Net income per share of common stock:
Basic	$	5.47	$	3.77	$	1.60
Diluted	$	5.39	$	3.70	$	1.56

Wind-Down of DBT Business

We completed the wind-down of the business of our DBT Technologies (PTY) LTD (“DBT”) subsidiary after it ceased 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.

On September 5, 2023, DBT and SPX entered into an agreement with Mitsubishi Heavy Industries Power — ZAF (f.k.a. Mitsubishi-Hitachi Power Systems Africa (PTY) LTD) (“MHI”) to affect the negotiated resolution of all claims between the parties with respect to the two large power projects in South Africa (the “Settlement Agreement”). The Settlement Agreement provides for full and final settlement and mutual release of all claims between the parties with respect to the projects, including any claim against SPX Technologies, Inc. as guarantor of DBT's performance on the projects. It also provides that the underlying subcontracts are terminated and all obligations of both parties under the subcontracts have been satisfied in full.

In connection with the Settlement Agreement, we incurred a charge, net of tax, of $54.2 during the third quarter of 2023. The charge included the write-off of $15.2 in net amounts due from MHI. Such charge is included in “Loss on disposition of discontinued operations, net of tax” for the year ended December 31, 2023.

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


	December 31, 2025		December 31, 2024
ASSETS
Cash and equivalents	$	2.0	$	4.4

Other current assets(1)	3.8		3.4







Total assets of DBT	$	5.8	$	7.8
LIABILITIES
Accounts payable(1)	$	0.1	$	0.7
Contract liabilities(1)	2.3		2.0
Accrued expenses(1)	7.0		5.8
Other long-term liabilities(1)	4.7		4.2
Total liabilities of DBT	$	14.1	$	12.7

___________________________

Wind-Down of the Heat Transfer Business

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

The assets and liabilities of Heat Transfer have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the consolidated balance sheets as of December 31, 2025 and 2024. For the year ended December 31, 2025, Heat Transfer had total assets and liabilities of $0.3 and $0.0, respectively. For the year ended December 31, 2024, Heat Transfer had total assets and liabilities of $0.4 and $0.1, respectively.

For the years ended December 31, 2025, 2024 and 2023, results of operations from our businesses reported as discontinued operations were as follows:


	Year ended December 31,
	2025		2024		2023





DBT(1)
Loss from discontinued operations	$	(1.5)	$	(0.6)	$	(69.0)
Income tax benefit (provision)	—		(0.1)		15.3
Loss from discontinued operations, net	(1.5)		(0.7)		(53.7)






All other (2)
Loss from discontinued operations	—		(0.3)		(1.3)
Income tax benefit (provision)	—		(0.3)		0.2
Loss from discontinued operations, net	—		(0.6)		(1.1)

Total
Loss from discontinued operations	(1.5)		(0.9)		(70.3)
Income tax benefit (provision)	—		(0.4)		15.5
Loss from discontinued operations, net	$	(1.5)	$	(1.3)	$	(54.8)

________________________________________________

(2) Loss for the years ended December 31, 2024 and 2023 resulted primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions.

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

Net cash used in discontinued operations for the year ended December 31, 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 2024 in connection with the Settlement Agreement, partially offset by $2.0 from the foreign currency forward contract we had entered into, and designated and accounted for as a fair value hedge, that matured at the time of final payment to MHI. Net cash used in discontinued operations for the year ended December 31, 2023 related primarily to (i) cash payments of $25.3 made by DBT to MHI during 2023 in connection with the Settlement Agreement, and (ii) disbursements of $14.7 for professional fees and support costs incurred principally in connection with the claims resolved by the Settlement Agreement, partially offset by recovery of legal costs we were awarded in arbitration proceedings between DBT and MHI of $6.8 mentioned above.

Special Charges, Net - Narrative (Details) $ in Millions	12 Months Ended
Special Charges, Net - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) employee	Dec. 31, 2024 USD ($) employee	Dec. 31, 2023 USD ($) employee
Special charges, net
Special charges, net \| $	$ 1.1	$ 3.6	$ 0.8
Period for selling an asset	1 year
Period for settling liabilities	1 year
HVAC reportable segment \| Employee Termination Costs
Special charges, net
Number of employees terminated		34	1
Detection and Measurement reportable segment \| Employee Termination Costs
Special charges, net
Number of employees terminated	26	9	14

- 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

Acquisitions and Discontinued Operations - Narrative (Details) R in Millions								1 Months Ended		3 Months Ended								8 Months Ended	12 Months Ended				192 Months Ended
	Apr. 15, 2025 USD ($)	Jan. 27, 2025 USD ($)	Feb. 07, 2024 USD ($)	Sep. 05, 2023 project	Jun. 02, 2023 USD ($)	Feb. 22, 2021 USD ($) dispute	Feb. 22, 2021 ZAR (R) dispute	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Sep. 27, 2025 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jul. 01, 2023 USD ($)	Apr. 01, 2023 USD ($)	Apr. 01, 2023 ZAR (R)	Dec. 31, 2021 project	Sep. 05, 2023 project	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 ZAR (R)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 project
Asset acquired :
Business acquisition, net of cash acquired																			$ 445,000,000.0	$ 292,000,000.0		$ 547,000,000.0
Net loss incurred																			(244,000,000.0)	(200,500,000)		(89,900,000)
Selling, general and administrative — intangible amortization																			91,300,000	64,500,000		43,900,000
Integration related costs																			28,900,000	7,200,000		5,800,000
Amortization of compensation expense related to acquisition (Refer to Note 4)																			24,200,000	0		0
Acquisition-related and other costs																			28,900,000	7,200,000		5,800,000
Loss on disposition of discontinued operations, net of tax																			(1,500,000)	(1,300,000)		(54,800,000)
Total assets										$ 3,604,600,000									3,604,600,000	2,714,500,000
South Africa \| Large power projects
Asset acquired :
Number of large power projects \| project				2																			2
Number of disputes \| dispute						2	2
Litigation settlement						$ 8,600,000	R 126.6
Gain (loss) related to litigation settlement									$ 5,500,000						$ 7,000,000.0	R 126.6						6,800,000
Loss on disposition of discontinued operations, net of tax														$ 5,500,000
Proceeds from legal settlements																						5,500,000
Discontinued operations
Asset acquired :
Loss on disposition of discontinued operations, net of tax																			(1,500,000)	(1,300,000)		(54,800,000)
Discontinued operations \| DBT
Asset acquired :
Number of large power projects \| project																	2	2
Discontinued operation of incurred charges													$ 54,200,000
Accounts receivable and other assets, write off																						15,200,000
Gain (loss) related to litigation settlement								$ 1,300,000
Discontinued operation, assets										5,800,000									5,800,000	7,800,000
Discontinued operation, liabilities										14,100,000									14,100,000	12,700,000
Cash payments																				27,100,000	R 480.9
Discontinued operations \| DBT \| MHI Additional Claims
Asset acquired :
Payments for legal settlements																						25,300,000
Litigation settlement, fee expense																						14,700,000
Discontinued operations \| DBT \| MHI Additional Claims \| FX forward contracts
Asset acquired :
Gain on derivative												$ 2,000,000.0								2,000,000.0
Discontinued operations \| Heat Transfer
Asset acquired :
Discontinued operation, assets										300,000									300,000	400,000
Discontinued operation, liabilities										0.0									0.0	100,000
Sigma & Omega
Asset acquired :
Receivables, fair value	$ 9,200,000
Sigma & Omega
Asset acquired :
Business acquisition, net of cash acquired	143,300,000
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred										300,000
Cash acquired from acquisition	200,000
Intangible assets	77,600,000
Gross amount of receivables acquired	9,600,000
Goodwill, expected tax deductible amount	0
Revenues																			53,200,000
Net loss incurred																			1,400,000
Selling, general and administrative — intangible amortization																			14,200,000
Integration related costs																			800,000
Inventory write-down																			100,000
Sigma & Omega \| Customer relationships and contracts
Asset acquired :
Intangible assets	$ 56,300,000
Amortization period	11 years
Sigma & Omega \| Customer Backlog
Asset acquired :
Intangible assets	$ 8,900,000
Amortization period	1 year
Sigma & Omega \| Technology
Asset acquired :
Intangible assets	$ 8,500,000
Amortization period	9 years
Sigma & Omega \| Definite-lived trademarks
Asset acquired :
Intangible assets	$ 3,900,000
Amortization period	8 years
Kranze Technology Solutions, Inc
Asset acquired :
Business acquisition, net of cash acquired		$ 340,000,000.0
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred											$ 2,400,000								2,400,000
Intangible assets		164,500,000
Gross amount of receivables acquired		7,200,000
Revenues																			85,300,000
Net loss incurred																			12,700,000
Selling, general and administrative — intangible amortization																			18,400,000
Integration related costs																			1,200,000
Inventory write-down																			1,400,000
Deferred compensation plan assets		46,500,000
Amortization of compensation expense related to acquisition (Refer to Note 4)																			24,200,000
Kranze Technology Solutions, Inc \| Other Current Assets
Asset acquired :
Deferred compensation plan assets		26,200,000								11,400,000									11,400,000
Kranze Technology Solutions, Inc \| Other Noncurrent Assets
Asset acquired :
Deferred compensation plan assets		$ 20,300,000								$ 10,900,000									10,900,000
Kranze Technology Solutions, Inc \| Retention Agreements
Asset acquired :
Amortization of compensation expense related to acquisition (Refer to Note 4)																			24,200,000
Kranze Technology Solutions, Inc \| Minimum
Asset acquired :
Employee retention agreement term		2 years
Kranze Technology Solutions, Inc \| Maximum
Asset acquired :
Employee retention agreement term		8 years
Kranze Technology Solutions, Inc \| Customer relationships and contracts
Asset acquired :
Intangible assets		$ 70,700,000
Amortization period		15 years
Kranze Technology Solutions, Inc \| Customer Backlog
Asset acquired :
Intangible assets		$ 7,300,000
Amortization period		2 years
Kranze Technology Solutions, Inc \| Technology
Asset acquired :
Intangible assets		$ 79,800,000
Amortization period		12 years
Kranze Technology Solutions, Inc \| Definite-lived trademarks
Asset acquired :
Intangible assets		$ 6,700,000
Amortization period		9 years
Ingénia Technologies Inc.
Asset acquired :
Business acquisition, net of cash acquired			$ 292,000,000.0
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred																				(2,100,000)
Cash acquired from acquisition			1,500,000
Intangible assets			97,900,000
Gross amount of receivables acquired			16,100,000
Goodwill, expected tax deductible amount			0
Revenues																				72,600,000
Net loss incurred																				(15,900,000)
Selling, general and administrative — intangible amortization																				18,600,000
Integration related costs																				2,800,000
Inventory write-down																				1,800,000
Ingénia Technologies Inc. \| Customer relationships and contracts
Asset acquired :
Intangible assets			$ 23,500,000
Amortization period			7 years
Ingénia Technologies Inc. \| Customer Backlog
Asset acquired :
Intangible assets			$ 13,800,000
Amortization period			1 year
Ingénia Technologies Inc. \| Technology
Asset acquired :
Intangible assets			$ 46,700,000
Amortization period			12 years
Ingénia Technologies Inc. \| Definite-lived trademarks
Asset acquired :
Intangible assets			$ 13,900,000
Amortization period			8 years
ASPEQ Parent Holdings, Inc.
Asset acquired :
Business acquisition, net of cash acquired					$ 421,500,000
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred																						(300,000)
Cash acquired from acquisition					900,000
Intangible assets					246,100,000
Gross amount of receivables acquired					18,000,000.0
Revenues																						63,900,000
Net loss incurred																						(3,600,000)
Selling, general and administrative — intangible amortization																						13,200,000
Inventory write-down																						3,600,000
Acquired receivable, fair value					17,800,000
ASPEQ Parent Holdings, Inc. \| Customer relationships and contracts
Asset acquired :
Intangible assets					$ 142,300,000
Amortization period					12 years
ASPEQ Parent Holdings, Inc. \| Customer Backlog
Asset acquired :
Intangible assets					$ 4,500,000
Amortization period					1 year
ASPEQ Parent Holdings, Inc. \| Technology
Asset acquired :
Intangible assets					$ 47,800,000
Amortization period					16 years
ASPEQ Parent Holdings, Inc. \| Definite-lived trademarks
Asset acquired :
Intangible assets					$ 51,500,000
Ingénia Technologies Inc., Kranze Technology Solutions, Inc, Sigma & Omega and ASPEQ Heating Group
Asset acquired :
Integration related costs																			32,700,000	10,600,000		9,300,000
Acquisition-related and other costs																			32,700,000	$ 10,600,000		$ 9,300,000
HVAC reportable segment
Asset acquired :
Business acquisition, net of cash acquired																			$ 8,200,000

Revenues from Contracts

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues from Contracts

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

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

Remaining performance obligations represent performance obligations that have yet to be satisfied. As a practical expedient, we do not disclose performance obligations (i) that are part of a contract that has an original expected duration of less than one year and/or (ii) where our right to consideration corresponds directly to the value transferred to the customer. Performance obligations for contracts with an original duration in excess of one year that have yet to be satisfied as of the end of a period primarily relate to our communication technologies products, large process cooling systems, as well as certain of our transportation systems. As of December 31, 2025, the aggregate amount allocated to remaining performance obligations, after the effect of practical expedients, was $183.3. We expect to recognize revenue on approximately 41% and 65% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.

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

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

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

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

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

Contract Costs - We have elected to apply the practical expedient provided under ASC 606 which allows an entity to expense incremental costs of obtaining or fulfilling a contract when incurred if the amortization period of the asset that the entity

otherwise would have recorded is one year or less. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of products sold. The net asset recorded for incremental costs incurred to obtain or fulfill contracts, after consideration of the practical expedient mentioned above, is not material to our consolidated financial statements.

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

Our HVAC product lines include package and process cooling equipment and services, hydronic heating, electrical heating and ventilation products, and engineered air movement and handling solutions. Performance obligations for our HVAC product lines relate primarily to the delivery of equipment and components, construction and reconstruction of cooling towers and other components, and providing installation, replacement/spare parts and various other services. Performance obligations related to equipment and components are satisfied at the time of shipment or delivery (i.e., control is transferred at a point in time). The typical length of these contracts is one to three months and payment terms are generally 15 to 60 days after shipment to the customer. Performance obligations for construction and reconstruction of cooling towers and other components, and providing installation and various other services, are typically satisfied through a contract with us to provide a customer-specific solution. The customer typically controls the work in process due to contractual termination clauses whereby we have an enforceable right to recovery of cost incurred, including a reasonable profit for work performed to date, on products or services that do not have an alternative use to us. Additionally, certain projects are performed on customer sites such that the customer controls the asset as it is created or enhanced. As such, performance obligations for these product lines are generally satisfied over time, with the related revenue recorded based on the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion, as this method best depicts how control of the product or service is being transferred. The length of customer contract for these product lines is generally 3 to 9 months. Revenue for sales of certain engineered components and all replacement/spare parts is recognized upon shipment or delivery (i.e., at a point in time). Payments on longer-term contracts are generally commensurate with milestones defined in the related contract, while payments for the replacement/spare parts contracts typically occur 30 to 60 days after delivery.

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

Revenue from services was not significant (less than 10%) to our HVAC and Detection and Measurement reportable segments for all periods presented.

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

Disaggregated Revenues


	Year Ended December 31, 2025
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions	$	932.9	$	—	$	932.9
Hydronic heating, electrical heating, and ventilation	585.3		—		585.3
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		255.9		255.9
Communication technologies, aids to navigation, and transportation systems	—		491.0		491.0
	$	1,518.2	$	746.9	$	2,265.1

Timing of Revenue Recognition
Revenues recognized at a point in time	$	1,396.6	$	629.6	$	2,026.2
Revenues recognized over time	121.6		117.3		238.9
	$	1,518.2	$	746.9	$	2,265.1


	Year Ended December 31, 2024
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions	$	884.0	$	—	$	884.0
Hydronic heating, electrical heating, and ventilation	480.7		—		480.7
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		260.9		260.9
Communication technologies, aids to navigation, and transportation systems	—		358.3		358.3
	$	1,364.7	$	619.2	$	1,983.9

Timing of Revenue Recognition
Revenues recognized at a point in time	$	1,249.0	$	521.5	$	1,770.5
Revenues recognized over time	115.7		97.7		213.4
	$	1,364.7	$	619.2	$	1,983.9


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

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

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

Contract Balances

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

Project volumes, primarily within our communication technologies, aids to navigation, cooling products, and transportation systems businesses, can vary from period to period based on the timing of project execution.

Our contract balances consisted of the following as of December 31, 2025, 2024, and 2023:


Contract Balances	December 31, 2025		December 31, 2024		December 31, 2023		2025 versus 2024 Change		2024 versus 2023 Change
Contract Accounts Receivable (1)	$	346.9	$	305.4	$	275.4	$	41.5	$	30.0
Contract Assets	65.0		11.3		16.6		53.7		(5.3)
Contract Liabilities - current	(115.8)		(62.3)		(73.5)		(53.5)		11.2
Contract Liabilities - non-current (2)	(3.6)		(4.0)		(4.0)		0.4		—
Net contract balance	$	292.5	$	250.4	$	214.5	$	42.1	$	35.9

_____________________

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

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

The timing of revenue recognition, invoicing and cash collections results in Contract Accounts Receivable, contract assets, and customer advances and deposits (contract liabilities) on our consolidated balance sheets. In general, we receive payments from customers based on a billing schedule established in our contracts. During the year ended December 31, 2025 and 2024, changes in contract balances were significantly impacted by the acquisitions of KTS and Ingénia. At December 31, 2025, Contract Account Receivables, contract assets, and current contract liabilities attributable to KTS were $16.4, $5.3, and $9.3, respectively. At December 31, 2024, Contract Accounts Receivable and current contract liabilities attributable to Ingénia were $17.1 and $0.1, respectively. In addition, at December 31, 2025, contract assets were impacted by significant progress made on projects during the fourth quarter of 2025 at our cooling products and aids to navigation businesses for which the billing milestones will occur in the first quarter of 2026 and contract liabilities increased significantly due to larger down payments received at our cooling products and air handling businesses to support higher backlog executing in 2026.

During 2025, we recognized revenues of $50.2 related to our contract liabilities at December 31, 2024. During 2024, we recognized revenues of $54.4 related to our contract liabilities at December 31, 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Tax at U.S. federal statutory rate	$ 66.0
State and local income taxes	8.1
Effects of cross border tax laws	5.5
R&D tax credits	(4.2)
Share-based compensation	(7.5)
Other	2.1
Unrecognized tax benefits	0.9
Other adjustments	(0.7)
Tax expense	$ 68.6	$ 53.6	$ 41.6
Percent
Tax at U.S. federal statutory rate	21.00%	21.00%	21.00%
State and local taxes, net of U.S. federal benefit	2.60%	3.60%	3.50%
U.S. credits and exemptions		(1.90%)	(2.10%)
Foreign earnings/losses taxed at different rates		1.40%	0.60%
Effects of cross border tax laws	1.70%
R&D tax credits	(1.30%)
Share-based compensation	(2.40%)
Other	0.70%
Nondeductible expenses		1.20%	2.00%
Adjustments to uncertain tax positions	0.30%	0.40%	(0.60%)
Changes in valuation allowance		(0.40%)	(1.00%)
Share-based compensation		(4.30%)	(1.00%)
Other	(0.30%)	0.00%	(0.10%)
Tax expense	21.80%	21.00%	22.30%
United Kingdom
Amount
Foreign tax effects	$ (4.0)
Percent
Foreign earnings/losses taxed at different rates	(1.30%)
Other
Amount
Foreign tax effects	$ 2.4
Percent
Foreign earnings/losses taxed at different rates	0.80%

Shareholders' Equity and Long-Term Incentive Compensation - AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	$ 1,384.4	$ 1,194.6
Other comprehensive income (loss) before reclassifications	41.4	(28.8)
Amounts reclassified from accumulated other comprehensive income	(4.5)	(8.7)
Current-period other comprehensive income (loss)	36.9	(37.5)
Balance at end of period	2,237.5	1,384.4
Accum. Other Comprehensive Income
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	223.6	261.1
Balance at end of period	260.5	223.6
Foreign Currency Translation Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	218.9	251.0
Other comprehensive income (loss) before reclassifications	41.7	(32.1)
Amounts reclassified from accumulated other comprehensive income	0.0	0.0
Current-period other comprehensive income (loss)	41.7	(32.1)
Balance at end of period	260.6	218.9
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	2.6	5.7
Other comprehensive income (loss) before reclassifications	(0.3)	3.3
Amounts reclassified from accumulated other comprehensive income	(2.3)	(6.4)
Current-period other comprehensive income (loss)	(2.6)	(3.1)
Balance at end of period	0.0	2.6
Pension and postretirement liability adjustment and other, tax (provision) benefit	(0.0)	0.7	$ 1.8
Pension and Postretirement Liability Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	2.1	4.4
Other comprehensive income (loss) before reclassifications	0.0	0.0
Amounts reclassified from accumulated other comprehensive income	(2.2)	(2.3)
Current-period other comprehensive income (loss)	(2.2)	(2.3)
Balance at end of period	(0.1)	2.1
Pension and postretirement liability adjustment and other, tax (provision) benefit	$ (0.0)	$ (1.0)	$ (1.8)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income from Continuing Operations Before Income Taxes and Provision for Income Taxes

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


	Year ended December 31,
	2025		2024		2023
Income from continuing operations:
United States	$	205.1	$	172.2	$	118.0
Foreign	109.0		83.2		68.3
	$	314.1	$	255.4	$	186.3
Provision for income taxes:
Current:
United States	$	(16.9)	$	(47.5)	$	(51.1)
Foreign	(25.6)		(21.2)		(15.7)
Total current	(42.5)		(68.7)		(66.8)
Deferred and other:
United States	(32.0)		7.1		21.3
Foreign	5.9		8.0		3.9
Total deferred and other	(26.1)		15.1		25.2
Total provision	$	(68.6)	$	(53.6)	$	(41.6)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate after the adoption of ASU 2023-09 is as follows:


	Year ended December 31,
	2025
	Amount		Percent
Tax at U.S. federal statutory rate	$	66.0	21.0	%
State and local income taxes (1)	8.1		2.6	%
Foreign tax effects
U.K. patent box regime	(4.0)		(1.3)	%
Other	2.4		0.8	%
Effects of cross border tax laws	5.5		1.7	%
Tax credits
R&D tax credits	(4.2)		(1.3)	%
Nontaxable and nondeductible items
Share-based compensation	(7.5)		(2.4)	%
Other	2.1		0.7	%








Unrecognized tax benefits	0.9		0.3	%
Other adjustments	(0.7)		(0.3)	%


Tax expense	$	68.6	21.8	%

_________________________________________________________________

(1) The jurisdictions that contribute to the majority (greater than 50%) of the state and local tax expense include California, Florida, Maryland, New Jersey, Tennessee, and Wisconsin.

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate prior to the adoption of ASU 2023-09 is as follows:


	Year ended December 31,
	2024		2023
Tax at U.S. federal statutory rate	21.0	%	21.0	%
State and local taxes, net of U.S. federal benefit	3.6	%	3.5	%
U.S. credits and exemptions	(1.9)	%	(2.1)	%
Foreign earnings/losses taxed at different rates	1.4	%	0.6	%
Nondeductible expenses	1.2	%	2.0	%
Adjustments to uncertain tax positions	0.4	%	(0.6)	%
Changes in valuation allowance	(0.4)	%	(1.0)	%
Share-based compensation	(4.3)	%	(1.0)	%








Other	—	%	(0.1)	%
	21.0	%	22.3	%

Schedule of Cash Flow, Supplemental Disclosures

The amounts of cash income taxes paid by the Company were as follows:


	Year ended December 31,
	2025
Federal	$	26.8
State and local	6.6
Foreign
Canada	8.1
China	4.8
Other	11.0




Income taxes, net of amounts refunded	$	57.3

Schedule of Deferred Tax Assets and Liabilities

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


	As of December 31,
	2025		2024
Deferred tax assets:
NOL and credit carryforwards	$	90.9	$	84.6
Pension, other postretirement and postemployment benefits	24.1		25.9
Payroll and compensation	18.8		18.0
Legal, environmental and self-insurance accruals	13.3		11.8
Working capital accruals	29.2		27.0
Research and experimental expenditures	3.8		35.9

Other	5.9		5.6
Total deferred tax assets	186.0		208.8
Valuation allowance	(86.7)		(77.0)
Net deferred tax assets	99.3		131.8
Deferred tax liabilities:
Intangible assets recorded in acquisitions	172.5		171.8
Basis difference in affiliates	30.9		15.9
Accelerated depreciation	32.4		30.0

Other	3.8		4.4
Total deferred tax liabilities	239.6		222.1
	$	(140.3)	$	(90.3)

Schedule of Unrecognized Tax Benefits Roll Forward

The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023 were as follows:


	Year ended December 31,
	2025		2024		2023
Unrecognized tax benefit — opening balance	$	3.7	$	2.2	$	4.5
Gross increases — tax positions in prior period	1.8		1.4		—
Gross decreases — tax positions in prior period	—		—		(1.1)
Gross increases — tax positions in current period	0.1		0.5		0.1
Settlements	—		—		(1.0)
Statute expirations	(0.2)		(0.4)		(0.3)

Change due to foreign currency exchange rates	—		—		—
Unrecognized tax benefit — ending balance	$	5.4	$	3.7	$	2.2

Inventories, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Finished goods	$ 56.0	$ 68.5
Work in process	33.9	32.3
Raw materials and purchased parts	212.3	170.2
Inventories, net	$ 302.2	$ 271.0

Shareholders' Equity and Long-Term Incentive Compensation - Assumptions In Determining The Fair Value of Awards Granted (Details) - PSU's	Mar. 03, 2025	Feb. 28, 2024	Mar. 01, 2023
Stock-based Compensation
Annual Expected Stock Price Volatility	35.13%	32.26%	35.72%
Annual Expected Dividend Yield	0.00%	0.00%	0.00%
Risk-Free Interest Rate	3.90%	4.41%	4.60%
Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index	0.4664	0.4934	0.5787
Peer group within S&P 600 Capital Goods Index
Stock-based Compensation
Annual Expected Stock Price Volatility	36.41%	37.00%	43.92%
Risk-Free Interest Rate	3.90%	4.41%	4.60%

- 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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-Section 50
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+ Details

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Feb. 06, 2026	Jan. 20, 2026
Thermolec Ltd
Subsequent Event [Line Items]
Net cash consideration		$ 141.5
Crawford United Corporation
Subsequent Event [Line Items]
Net cash consideration	$ 300.0

Special Charges, Net

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Special Charges, Net

As part of our business strategy, we periodically right-size and consolidate operations to improve long-term results. Additionally, from time to time, we alter our business model to better serve customer demand, discontinue lower-margin product lines and rationalize and consolidate manufacturing capacity. Our restructuring and integration decisions are based, in part, on discounted cash flows and are designed to achieve plans for reducing structural footprint and maximizing profitability. As a result of our strategic review process, we recorded net special charges of $1.1 in 2025, $3.6 in 2024, and $0.8 in 2023. These net special charges were primarily related to restructuring initiatives to consolidate manufacturing and sales facilities, reduce workforce, and rationalize certain product lines.

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

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

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

We anticipate that the liabilities related to restructuring actions will be paid within one year from the period in which the action was initiated. No significant future charges are expected to be incurred under actions approved as of December 31, 2025.

Special charges for the years ended December 31, 2025, 2024, and 2023 are described in more detail below and in the applicable sections that follow:


	Years Ended December 31,
	2025		2024		2023
Employee termination costs	$	0.5	$	2.4	$	0.8
Facility consolidation costs	—		0.3		—

Non-cash asset write-downs	0.6		0.9		—
Total	$	1.1	$	3.6	$	0.8

2025 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	(0.2)	$	—	$	—	$	(0.2)
Detection and Measurement reportable segment	0.6		—		0.6		1.2
Corporate	0.1		—		—		0.1
Total	$	0.5	$	—	$	0.6	$	1.1

HVAC – Special charges, net for 2025 related primarily to subsequent adjustments of severance costs associated with restructuring actions at one of the segment’s cooling businesses.

Detection & Measurement – Special charges, net for 2025 related primarily to recording severance costs associated with restructuring actions at the segment’s inspection and rehabilitation and aids to navigation businesses. These actions resulted in the termination of 26 employees. The charge within our inspection and rehabilitation businesses includes asset impairment charges as a result of a decision to exit a minor product line within our ULC business.

Corporate – Special charges, net for 2025 related primarily to severance costs associated with a restructuring action.

2024 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	1.2	$	—	$	0.7	$	1.9
Detection and Measurement reportable segment	1.2		0.3		0.2		1.7
Corporate	—		—		—		—
Total	$	2.4	$	0.3	$	0.9	$	3.6

HVAC – Special charges, net for 2024 related primarily to recording severance costs associated with restructuring actions at three of the segment’s cooling businesses and one of the segment’s electrical heating businesses. These actions resulted in the termination of 34 employees. In addition, the actions resulted in asset impairment charges associated with the relocation of certain operations within one of the segment’s electrical heating businesses.

Detection & Measurement – Special charges, net for 2024 related primarily to recording severance costs associated with restructuring actions at the segment’s location and inspection and aids to navigation businesses. These actions resulted in the termination of 9 employees. In addition, the actions resulted in operating lease termination costs and asset impairment charges associated with relocation of certain operations within one of the segment’s location and inspection businesses.

2023 Charges:


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

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

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

The following is an analysis of our restructuring liabilities for the years ended December 31, 2025, 2024, and 2023:



	2025		2024		2023
Balance at beginning of year	$	1.8	$	0.7	$	—
Special charges (1)	0.5		2.7		0.8
Utilization — cash	(1.8)		(1.6)		(0.1)

Balance at the end of year	$	0.5	$	1.8	$	0.7

___________________________________________________________________

(1)The year ended December 31, 2025, 2024, and 2023 excluded $0.6, $0.9, $0.0, respectively, of non-cash charges that impacted special charges but not the restructuring liabilities.

Indebtedness

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Indebtedness

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2025:


	December 31, 2024		Borrowings		Repayments		Other (5)		December 31, 2025
Revolving loans(1)	$	80.0	$	478.0	$	(558.0)	$	—	$	—
Term loans (2)	523.4		500.0		(524.6)		0.3		499.1
Trade receivables financing arrangement (3)	9.0		280.0		(289.0)		—		—
Other indebtedness (4)	2.3		0.6		(0.5)		0.1		2.5
Total debt	614.7		$	1,258.6	$	(1,372.1)	$	0.4	501.6
Less: short-term debt	10.1								1.4
Less: current maturities of long-term debt	27.6								3.5
Total long-term debt	$	577.0							$	496.7

_____________________________________________________________

(1)As noted below, we amended our senior credit agreement on September 9, 2025. The amendment extends the revolving credit facility through September 9, 2030. The revolving credit facilities are primarily used to provide liquidity for funding acquisitions, including related fees and expenses, and were utilized as a funding mechanism for the KTS and Sigma & Omega acquisitions. In connection with the consummation of the underwritten public offering (refer to Note 16 for additional details), amounts then owing under our revolving credit facilities were fully repaid.

(2)The term loan is repayable in quarterly installments equal to 0.625% of the initial term loan balance of $500.0, beginning in December 2026 and in the first three quarters of 2027, and 1.25% during the fourth quarter of 2027, all quarters of 2028 and 2029, and the first two quarters of 2030. The remaining balances are payable in full on September 9, 2030. Balances are net of unamortized debt issuance costs of $0.9 and $1.2 at December 31, 2025 and 2024, 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 December 31, 2025, we had $100.0 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $0.0.

(4)Primarily includes balances under a purchase card program of $1.4 and $1.1 and finance lease obligations of $1.1 and $1.2 at December 31, 2025 and December 31, 2024, 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 capitalization and amortization of debt issuance costs associated with the term loans.

Maturities of long-term debt payable (excluding finance lease obligations) during each of the five years subsequent to December 31, 2025 are $3.1, $15.6, $25.0, $25.0, and $431.3, respectively.

Senior Credit Facilities

On September 9, 2025 (the “Third Amendment Effective Date”), we entered into a Third Amendment to the Amended and Restated Credit Agreement and Amendment to the Amended and Restated Guarantee and Collateral Agreement (the “Third Amendment”) with Bank of America, N.A., as administrative agent (the “Administrative Agent”), the lenders party thereto, and certain domestic subsidiaries of SPX, as guarantors, which amends the Amended and Restated Credit Agreement (as previously amended, the “Existing Credit Agreement”), with the lenders party thereto, Deutsche Bank AG, as foreign trade facility agent, and the Administrative Agent (the “Amended Credit Agreement”).

The Amended Credit Agreement provides for committed senior secured financing in the aggregate amount of $2,025.0, consisting of the following facilities (collectively, the “Senior Credit Facilities”), each with a final maturity of September 9, 2030:

•A term loan facility in the aggregate principal amount of $500.0;

•A multicurrency revolving credit facility, which will be available for loans and letters of credit in U.S. Dollars, Euros, British Pounds Sterling and other currencies, in an aggregate principal amount up to the equivalent of $1,500.0 (with sublimits equal to the equivalents of $200.0 for financial letters of credit, $50.0 for non-financial letters of credit, and $250.0 for non-U.S. exposure); and

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

SPX may also seek additional commitments, without consent from the existing lenders, to add incremental term loan facilities and/or increase the commitments in respect of the revolving credit facility and/or the bilateral foreign credit instrument facility by up to an aggregate principal amount not to exceed (x) the greater of (i) $500.0 and (ii) the amount of Consolidated EBITDA (as defined in the Amended Credit Agreement) for the four fiscal quarters ended most recently before the date of determination, plus (y) an unlimited amount so long as, immediately after giving effect thereto, our Consolidated Senior Secured Leverage Ratio (defined in the Amended Credit Agreement generally as the ratio of consolidated total debt (excluding the face amount of undrawn letters of credit, bank undertakings, or analogous instruments and net of unrestricted cash and cash equivalents) at the date of determination secured by liens to Consolidated EBITDA for the four fiscal quarters ended most recently before such date) does not exceed 3.00:1.00, plus (z) an amount equal to all voluntary prepayments of the term loan facility and voluntary prepayments accompanied by permanent commitment reductions of the revolving credit facility and foreign credit instrument facility.

SPX Enterprises, LLC, a direct wholly owned subsidiary of SPX Technologies, Inc., is the borrower under each of the above facilities, and may designate certain foreign subsidiaries to be borrowers under the revolving credit facility and the foreign credit instrument facility. There are no foreign subsidiary borrowers as of the Third Amendment Effective Date. All borrowings and other extensions of credit under the Amended Credit Agreement are subject to the satisfaction of customary conditions, including absence of defaults and accuracy in material respects of representations and warranties. The proceeds of the initial borrowings were used to repay indebtedness then outstanding under the Existing Credit Agreement.

The interest rates applicable to loans in U.S. Dollars under the Senior Credit Facilities are, at our option, equal to either (x) an alternate base rate (the highest of (a) the federal funds effective rate plus 0.50%, (b) the prime rate of Bank of America, N.A., and (c) the one-month Term Secured Overnight Financing Rate (“SOFR”) plus 1.00%) or (y) the Term SOFR rate for the applicable interest period, plus, in each case, an applicable margin percentage, which varies based on our Consolidated Leverage Ratio (defined in the Amended Credit Agreement generally as the ratio of consolidated total debt (excluding the face amount of

undrawn letters of credit, bank undertakings or analogous instruments and net of unrestricted cash and cash equivalents) at the date of determination to Consolidated EBITDA for the four fiscal quarters ended most recently before such date). The interest rates applicable to loans in other currencies under the Senior Credit Facilities are, at the applicable borrower's option, equal to either (x) an adjusted alternative currency daily rate or (y) an adjusted alternative currency term rate for the applicable interest period, plus, in each case, the applicable margin percentage. The borrowers may elect interest periods of one, three or six months (and, if consented to by all relevant lenders, any other period not greater than twelve months) for term rate borrowings, subject in each case to availability in the applicable currency.

The applicable per annum fees and interest rate margins are as follows:


Consolidated Leverage Ratio	Revolving Commitment Fee		Financial Letter of Credit Fee		Foreign Credit Instrument ("FCI") Commitment Fee		FCI Fee and Non-Financial Letter of Credit Fee		Term SOFR Loans/Alternative Currency Loans		ABR Loans
Less than 0.75 to 1.0	0.200	%	1.250	%	0.200	%	0.750	%	1.250	%	0.250	%
Greater than or equal to 0.75 to 1.0 but less than 2.00 to 1.0	0.225	%	1.375	%	0.225	%	0.800	%	1.375	%	0.375	%
Greater than or equal to 2.00 to 1.0 but less than 3.00 to 1.0	0.250	%	1.500	%	0.250	%	0.875	%	1.500	%	0.500	%
Greater than or equal to 3.00 to 1.0	0.275	%	1.750	%	0.275	%	1.000	%	1.750	%	0.750	%

The weighted-average interest rate of outstanding borrowings under our Senior Credit Facilities was approximately 5.1% at December 31, 2025.

The fees for bilateral foreign credit instruments are as specified above unless otherwise agreed with the bilateral foreign issuing lender. The applicable borrower will also pay fronting fees on the outstanding amounts of financial and non-financial letters of credit at the rates of 0.125% per annum and 0.25% per annum, respectively.

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

The Senior Credit Facilities require mandatory prepayments in amounts equal to the net proceeds from the sale or other disposition of (including from any casualty to, or governmental taking of) property in excess of specified values (other than in the ordinary course of business and subject to other exceptions) by us. Mandatory prepayments will be applied first to repay amounts outstanding under any term loans and then to amounts outstanding under the revolving credit facility (without reducing the commitments thereunder). No prepayment is required generally to the extent the net proceeds are reinvested (or committed to be reinvested) in permitted acquisitions, permitted investments or assets to be used in our business within 365 days (and if committed to be reinvested, actually reinvested within 180 days after the end of such 365-day period) of the receipt of such proceeds.

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

The obligations under the Senior Credit Facilities (and certain specified hedging and treasury obligations) are guaranteed by:

•Each existing and subsequently acquired or organized domestic material subsidiary of SPX Technologies, Inc., with specified exceptions; and

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

The obligations under the Senior Credit Facilities (and certain specified hedging and treasury obligations) are secured by a first priority pledge and security interest in 100% of the capital stock of domestic subsidiaries (with certain exceptions) held by SPX Technologies, Inc. or the domestic subsidiary guarantors and 65% of the voting capital stock (and 100% of the non-voting

capital stock) of material first-tier foreign subsidiaries (with certain exceptions). If we obtain a corporate credit rating from Moody’s and S&P and such corporate credit rating is less than “Ba2” (or not rated) by Moody’s and less than “BB” (or not rated) by S&P, then SPX Technologies, Inc., the borrowers and the domestic subsidiary guarantors are required to grant security interests, mortgages and other liens on substantially all of their assets. If our corporate credit rating is “Baa3” or better by Moody’s or “BBB-” or better by S&P and no defaults would exist, then all collateral security will be released and the indebtedness under the Senior Credit Facilities will be unsecured.

The Amended Credit Agreement requires that we maintain:

•A Consolidated Interest Coverage Ratio (defined in the Amended Credit Agreement generally as the ratio of Consolidated EBITDA for the four fiscal quarters then ended to consolidated cash interest expense for such period) as of the last day of any fiscal quarter of at least 3.00 to 1.00; and

•A Consolidated Leverage Ratio as of the last day of any fiscal quarter of not more than 3.75 to 1.00 (or 4.25 to 1.00 for the four fiscal quarters after certain permitted acquisitions).

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

At December 31, 2025, we had $1,489.5 of available borrowing capacity under our revolving credit facilities, after giving effect to borrowings under the domestic revolving loan facilities of $0.0 and $10.5 reserved for outstanding letters of credit. In addition, at December 31, 2025, we had $17.8 of available issuance capacity under our foreign credit instrument facilities after giving effect to $7.2 reserved for outstanding letters of credit.

At December 31, 2025, we were in compliance with all covenants of our Amended Credit Agreement.

During 2025, we capitalized $4.2 of debt issuance costs associated with the entry into the Third Amendment and recorded charges of $1.5 to “Loss on amendment/refinancing of senior credit agreement” related to the write-off of a portion of previously unamortized deferred financing costs totaling $1.0 and transaction costs of $0.5.

Other Borrowings and Financing Activities

Certain of our businesses purchase goods and services under a purchase card program allowing for payment beyond their normal payment terms. As of December 31, 2025 and 2024, the participating businesses had $1.4 and $1.1, respectively, outstanding under this arrangement.

During the second quarter of 2025, we renewed our trade receivables financing agreement for 12 months, whereby we can borrow, on a continuous basis, up to $100.0. Availability of funds may fluctuate over time given, among other things, changes in eligible receivable balances, but will not exceed the $100.0 program limit. The facility contains representations, warranties, covenants and indemnities customary for facilities of this type. The facility does not contain any covenants that we view as materially constraining to the activities of our business.

In addition, we maintain an uncommitted line of credit facility in China which is available to fund operations in this region, when necessary, at the discretion of the lender. At December 31, 2025, the aggregate amount of borrowing capacity under this facility was $10.0, with no borrowings outstanding.

Company-owned Life Insurance

The Company has investments in COLI policies, which are recorded at their cash surrender value at each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss within “Other income (expense), net” within our consolidated statements of operations. The Company has the ability to borrow against a portion of its investments in the COLI policies as an additional source of liquidity. During 2024, the Company borrowed $41.2 against the cash surrender value of these COLI policies. During 2025, the Company repaid the then-outstanding borrowings totaling $37.4, inclusive of accrued interest. The amounts borrowed totaled $0.0 and $39.0 at December 31, 2025 and 2024, respectively, and incurred interest at a rate of 5.3%. At December 31, 2025, the Company had capacity to borrow approximately $34.0 against the policies. The cash surrender value of our investments in COLI assets, net of any aforementioned borrowings, was $60.3 and $36.2 at December 31, 2025 and 2024, respectively, recorded in “Other assets” on the consolidated balance sheets. See Note 1 for additional details of the COLI policies.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Contingent Liabilities and Other Matters	12 Months Ended
Contingent Liabilities and Other Matters	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Other Matters	Contingent Liabilities and Other Matters General Numerous claims, complaints and proceedings arising in the ordinary course of business have been asserted or are pending against us or certain of our subsidiaries (collectively, “claims”). These claims relate to litigation matters (e.g., contracts, intellectual property and competitive claims), environmental matters, product liability matters, 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 remediation matters, totaled $43.7 and $39.9 at December 31, 2025 and 2024, respectively. Of these amounts, $36.4 and $32.0 are included in “Other long-term liabilities” within our consolidated balance sheets at December 31, 2025 and 2024, 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. Claim for Contingent Consideration Related to ULC Acquisition In connection with our acquisition of ULC in September 2020, the seller of ULC was eligible for additional cash consideration of up to $45.0 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 that 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” within the consolidated statement of operations for the year ended December 31, 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 dealing in connection with an agreement entered into with a former representative. On January 26, 2024, we negotiated a settlement requiring a payment to the former representative of $9.0 to resolve all claims related to the matter. This amount was recorded to “Other operating expense” within the consolidated statement of operations for the year ended December 31, 2023 and paid during the first quarter of 2024. 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. 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 4 for additional details. Claim against Surety - On February 5, 2021, DBT received payment of $6.7 on bonds issued in support of performance by one of DBT’s subcontractors that is currently in liquidation. The subcontractor or liquidator maintain rights to seek recovery of such amount and, thus, the amount received by DBT has not been reflected in our consolidated statements of operations. Litigation Matters We are subject to other legal matters that arise in the normal course of business. We believe these matters are either without merit or of a kind that should not have a material effect, individually or in the aggregate, on our financial position, results of operations or cash flows; however, we cannot give assurance that these proceedings or claims will not have a material effect on our financial position, results of operations or cash flows. Environmental Matters Our operations and properties are subject to federal, state, local and foreign regulatory requirements relating to environmental protection. It is our policy to comply fully with all applicable requirements. As part of our effort to comply, we have a comprehensive environmental compliance program that includes environmental audits conducted by internal and external independent professionals, as well as regular communications with our operating units regarding environmental compliance requirements and anticipated regulations. Based on current information, we believe that our operations are in substantial compliance with applicable environmental laws and regulations, and we are not aware of any violations that could have a material effect, individually or in the aggregate, on our business, financial condition, and results of operations or cash flows. We had liabilities for site investigation and/or remediation at 16 sites, that we own or control, as of December 31, 2025 and 2024. Our environmental accruals relate predominantly to legacy sites that the Company no longer operates as part of its ongoing business and we record adjustments for these sites to “Other income (expense), net” in our consolidated statements of operations. These environmental accruals cover anticipated costs, including investigation, remediation, and maintenance of clean-up sites. Our estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. Accordingly, our estimates may change based on future developments, including new or changes in existing environmental laws or policies, differences in costs required to complete anticipated actions from estimates provided, future findings of investigation or remediation actions, changes in our allocation of shared remediation costs, or alteration to the expected remediation plans. It is our policy to revise an estimate once it becomes probable and the amount of change can be reasonably estimated. We generally do not discount our environmental accruals and do not reduce them by anticipated insurance, litigation or other recoveries. We take into account third-party indemnification from financially viable parties in determining our accruals where there is no dispute regarding the right to indemnification. In the case of contamination at offsite, third-party disposal sites, as of December 31, 2025 and 2024, 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. In our opinion, after considering accruals established for such purposes of $32.4 and $27.4 at December 31, 2025 and 2024, respectively, the cost of remedial actions for compliance with the present laws and regulations governing the protection of the environment are not expected to have a material impact, individually or in the aggregate, on our financial position, results of operations or cash flows. That said, 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. 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 are not discounted. We consider a number of factors, including third-party actuarial valuations, when making these determinations. We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts; however, this insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against potential loss exposures. Executive Agreements The Board of Directors has approved an employment agreement for our President and Chief Executive Officer. This agreement had an initial term through December 31, 2017 and, thereafter, rolling terms of one year, and specifies the executive’s current compensation, benefits and perquisites, severance entitlements, and other employment rights and responsibilities. The Compensation Committee of the Board of Directors has approved severance benefit agreements for our other executive officers. These agreements cover each executive’s entitlements in the event that the executive’s employment is terminated for other than cause, death or disability, or the executive resigns with good reason. The Compensation Committee of the Board of Directors has also approved change of control agreements for each of our executive officers, which cover each executive’s entitlements following a change of control.

Use of Estimates - Narrative (Details)	12 Months Ended
Use of Estimates - Narrative (Details)	Dec. 31, 2025
Minimum
Indefinite-lived Intangible Assets [Line Items]
Cash flows for a period	5 years
Maximum
Indefinite-lived Intangible Assets [Line Items]
Cash flows for a period	10 years

- 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 - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating leases:
Operating lease ROU assets	$ 76.8	$ 57.9
Operating lease current liabilities	14.4	11.1
Operating lease non-current liabilities	61.4	44.5
Total operating lease liabilities	75.8	55.6
Finance leases:
Finance lease assets	1.2	1.2
Finance lease current liabilities	0.4	0.3
Finance lease non-current liabilities	0.7	0.9
Total finance lease liabilities	$ 1.1	$ 1.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt	Current maturities of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 19.7	$ 16.5	$ 15.7
Variable lease cost	0.8	0.4	0.4
Finance lease cost:
Amortization of right-of-use assets	0.2	0.4	0.5
Interest on lease liabilities	0.0	0.0	0.0
Total finance lease cost	0.2	0.4	0.5
Short-term lease cost	$ 3.3	$ 2.9	$ 3.5

Information on Reportable Segments and Corporate Expense - Financial Data (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jan. 26, 2024	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			$ 2,265,100,000	$ 1,983,900,000	$ 1,741,200,000
Cost of products sold			1,347,400,000	1,184,500,000	1,071,200,000
Selling, general and administrative expense			477,600,000	414,600,000	394,400,000
Consolidated operating income			350,400,000	308,300,000	221,900,000
Acquisition and integration-related costs			28,900,000	7,200,000	5,800,000
Long-term incentive compensation expense			16,700,000	15,000,000.0	13,400,000
Amortization of acquired intangible assets			91,300,000	64,500,000	43,900,000
Impairment of intangible assets			700,000	0	0
Special charges, net			1,100,000	3,600,000	800,000
Other operating expense, net			500,000	8,400,000	9,000,000.0
Other income (expense), net			8,500,000	(9,300,000)	(10,100,000)
Interest expense			(48,100,000)	(45,700,000)	(27,200,000)
Interest income			4,800,000	2,100,000	1,700,000
Loss on amendment/refinancing of senior credit agreement			(1,500,000)	0	0
Income from continuing operations before income taxes			314,100,000	255,400,000	186,300,000
Capital expenditures:
Total capital expenditures			92,100,000	38,000,000.0	23,900,000
Depreciation and amortization:
Total depreciation and amortization			122,600,000	91,600,000	63,200,000
Tangible Long-Lived Assets:
Long-lived assets of continuing operations		$ 543,200,000	543,200,000	384,500,000	333,400,000
Long-lived assets of discontinued operations, DBT and Heat Transfer		0	0	0	200,000
Total tangible long-lived assets		543,200,000	543,200,000	384,500,000	333,600,000
Integration related costs			28,900,000	7,200,000	5,800,000
Amortization of compensation expense related to acquisition (Refer to Note 4)			24,200,000	0	0
Resolution of Dispute with Former Agent
Tangible Long-Lived Assets:
Litigation settlement awarded to other party	$ 9,000,000.0
Cost of Sales \| Step-Up of Inventory
Revenues from External Customers and Long-Lived Assets [Line Items]
Acquisition and integration-related costs				1,800,000	3,600,000
Kranze Technology Solutions, Inc
Revenues from External Customers and Long-Lived Assets [Line Items]
Amortization of acquired intangible assets			18,400,000
Tangible Long-Lived Assets:
Integration related costs			1,200,000
Amortization of compensation expense related to acquisition (Refer to Note 4)			24,200,000
Kranze Technology Solutions, Inc \| Cost of Sales \| Step-Up of Inventory
Revenues from External Customers and Long-Lived Assets [Line Items]
Acquisition and integration-related costs			1,400,000
Sigma & Omega
Revenues from External Customers and Long-Lived Assets [Line Items]
Amortization of acquired intangible assets			14,200,000
Tangible Long-Lived Assets:
Integration related costs			800,000
Sigma & Omega \| Cost of Sales \| Step-Up of Inventory
Revenues from External Customers and Long-Lived Assets [Line Items]
Acquisition and integration-related costs			100,000
ULC Robotics \| Trade Names
Tangible Long-Lived Assets:
Other indefinite-lived intangible assets		700,000
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			1,812,600,000	1,640,800,000	1,454,100,000
Tangible Long-Lived Assets:
Total tangible long-lived assets		419,400,000	419,400,000	275,500,000	292,400,000
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			193,400,000	111,300,000	48,400,000
Tangible Long-Lived Assets:
Total tangible long-lived assets		88,200,000	88,200,000	83,300,000	11,900,000
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			71,700,000	64,900,000	53,700,000
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			95,500,000	90,900,000	96,300,000
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			91,900,000	76,000,000.0	88,700,000
Tangible Long-Lived Assets:
Total tangible long-lived assets		$ 35,600,000	35,600,000	25,700,000	29,100,000
Senior Credit Facilities
Revenues from External Customers and Long-Lived Assets [Line Items]
Loss on amendment/refinancing of senior credit agreement			(1,500,000)	0	0
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Amortization of acquired intangible assets			3,900,000
Capital expenditures:
Total capital expenditures			92,000,000.0	37,400,000	23,000,000.0
Depreciation and amortization:
Total depreciation and amortization			120,200,000	89,100,000	60,800,000
Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Corporate expense			59,200,000	53,600,000	58,400,000
Special charges, net			100,000	0	0
Capital expenditures:
Total capital expenditures			100,000	600,000	900,000
Depreciation and amortization:
Total depreciation and amortization			2,400,000	2,500,000	2,400,000
All other \| ULC Robotics
Revenues from External Customers and Long-Lived Assets [Line Items]
Other operating expense, net				8,400,000
HVAC reportable segment \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			1,518,200,000	1,364,700,000	1,122,300,000
Cost of products sold			923,800,000	843,800,000	712,800,000
Selling, general and administrative expense			221,800,000	197,000,000.0	175,100,000
Consolidated operating income			372,600,000	323,900,000	234,400,000
Capital expenditures:
Total capital expenditures			82,900,000	31,900,000	17,600,000
Depreciation and amortization:
Total depreciation and amortization			75,100,000	64,700,000	37,100,000
Detection and Measurement reportable segment \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			746,900,000	619,200,000	618,900,000
Cost of products sold			418,200,000	338,900,000	354,800,000
Selling, general and administrative expense			152,500,000	143,600,000	145,300,000
Consolidated operating income			176,200,000	136,700,000	118,800,000
Capital expenditures:
Total capital expenditures			9,100,000	5,500,000	5,400,000
Depreciation and amortization:
Total depreciation and amortization			45,100,000	24,400,000	23,700,000
Segment Reporting
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			2,265,100,000	1,983,900,000	1,741,200,000
Consolidated operating income			548,800,000	460,600,000	353,200,000
Detection and Measurement reportable segment \| Resolution of Dispute with Former Agent
Tangible Long-Lived Assets:
Litigation settlement awarded to other party					9,000,000.0
Detection and Measurement reportable segment \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues			746,900,000	619,200,000	618,900,000
Special charges, net			$ 1,200,000	$ 1,700,000	$ 700,000

Shareholders' Equity and Long-Term Incentive Compensation - Common Stock in Treasury, Dividends and Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Preferred Stock
Preferred stock outstanding (shares)	0	0	0
Authorized no par value preferred stock (in shares)	3,000,000.0	3,000,000.0	3,000,000.0
Preferred stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Treasury Stock
Common Stock in Treasury
Decrease in stock by the settlement of restricted stock units	$ 7.4	$ 6.9	$ 6.6

Shareholders' Equity and Long-Term Incentive Compensation - Long-Term Incentive Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock-based Compensation
Long-term incentive compensation expense	$ 16.7	$ 15.0	$ 13.4
Related tax benefit	$ 9.3	11.0	1.8
Historical period upon which annual expected stock price volatility is based (years)	3 years
Restricted stock shares and restricted stock units
Stock-based Compensation
Granted (in shares)	7,000.000
PSU's
Stock-based Compensation
Vesting period (years)	3 years
PSU's and RSU's
Stock-based Compensation
Unrecognized compensation cost related to PSUs, RSUs, and RSs	$ 12.8
PSU's, RSU's, RS's, and Stock Options
Stock-based Compensation
Long-term incentive compensation expense	16.7	15.0	13.4
Related tax benefit	$ 2.9	$ 2.6	$ 2.3
2019 Stock Compensation Plan \| Restricted stock shares and restricted stock units
Stock-based Compensation
Reduction of shares available for grant (in shares)	2
Vesting period (years)	1 year	1 year	1 year
2019 Stock Compensation Plan \| PSU's
Stock-based Compensation
Reduction of shares available for grant (in shares)	4,000,000
Maximum
Stock-based Compensation
Maximum period over which the fair value of restricted stock shares and restricted stock units are amortized	3 years
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	3 years
Maximum \| PSU's and RSU's
Stock-based Compensation
Vesting period (years)	3 years
Maximum \| 2019 Stock Compensation Plan
Stock-based Compensation
Shares available for grant (in shares)	3,330,000
Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	1 year
Minimum \| PSU's and RSU's
Stock-based Compensation
Vesting period (years)	1 year
Weighted Average \| PSU's and RSU's
Stock-based Compensation
Weighted-average period over which unrecognized compensation costs will be recognized	1 year 9 months 18 days

Revenues from Contracts - Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 183.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected revenue recognition on remaining performance obligations (as a percentage)	41.00%
Performance obligation satisfaction period (years)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected revenue recognition on remaining performance obligations (as a percentage)	65.00%
Performance obligation satisfaction period (years)	24 months

Special Charges, Net (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Special Charges by Expense Type

Special charges for the years ended December 31, 2025, 2024, and 2023 are described in more detail below and in the applicable sections that follow:


	Years Ended December 31,
	2025		2024		2023
Employee termination costs	$	0.5	$	2.4	$	0.8
Facility consolidation costs	—		0.3		—

Non-cash asset write-downs	0.6		0.9		—
Total	$	1.1	$	3.6	$	0.8

Schedule of Special Charges

2025 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	(0.2)	$	—	$	—	$	(0.2)
Detection and Measurement reportable segment	0.6		—		0.6		1.2
Corporate	0.1		—		—		0.1
Total	$	0.5	$	—	$	0.6	$	1.1

2024 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	1.2	$	—	$	0.7	$	1.9
Detection and Measurement reportable segment	1.2		0.3		0.2		1.7
Corporate	—		—		—		—
Total	$	2.4	$	0.3	$	0.9	$	3.6

2023 Charges:


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

Schedule of the Analysis of the Company's Restructuring Liabilities

The following is an analysis of our restructuring liabilities for the years ended December 31, 2025, 2024, and 2023:



	2025		2024		2023
Balance at beginning of year	$	1.8	$	0.7	$	—
Special charges (1)	0.5		2.7		0.8
Utilization — cash	(1.8)		(1.6)		(0.1)

Balance at the end of year	$	0.5	$	1.8	$	0.7

___________________________________________________________________

(1)The year ended December 31, 2025, 2024, and 2023 excluded $0.6, $0.9, $0.0, respectively, of non-cash charges that impacted special charges but not the restructuring liabilities.

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 16.1	$ 13.5	$ 12.1
Operating cash flows from finance leases	0.0	0.0	0.0
Financing cash flows used in finance leases	0.2	0.4	0.5
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	23.6	27.7	6.3
Finance lease right-of-use assets obtained in exchange for new lease obligations	$ 0.1	$ 1.1	$ 0.3

Employee Benefit Plans - Net Periodic Expense (Income) (Details) - Pension plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
United States
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 216.0	$ 221.7
Accumulated benefit obligation	216.0	221.7
Fair value of plan assets	141.7	146.4
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0	$ 0.0
Interest cost	11.9	12.1	13.0
Expected return on plan assets	(8.1)	(8.8)	(8.8)
Recognized net actuarial (gains) losses	5.2	1.4	5.6
Total net periodic pension benefit expense	$ 9.0	$ 4.7	$ 9.8
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.57%	5.18%	5.54%
Expected long-term rate of return on assets	5.71%	5.47%	5.23%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate used in determining year-end postretirement benefit obligation	5.15%	5.57%	5.18%
Foreign Plan
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 0.1	$ 0.1
Accumulated benefit obligation	0.1	0.1
Fair value of plan assets	0.0	0.0
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0	$ 0.0
Interest cost	4.5	5.6	5.6
Expected return on plan assets	(3.8)	(5.1)	(6.4)
Settlement loss	0.3	0.0	0.0
Recognized net actuarial (gains) losses	(0.8)	1.1	5.5
Total net periodic pension benefit expense	$ 0.2	$ 1.6	$ 4.7
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	5.46%	4.83%	5.15%
Expected long-term rate of return on assets	5.66%	5.20%	6.08%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate used in determining year-end postretirement benefit obligation	5.60%	5.46%	4.83%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Charlotte, North Carolina

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 20, 2026, we completed the acquisition of Thermolec Ltd. (“Thermolec”) which specializes in custom electric duct heating and related solutions. We purchased Thermolec for net cash consideration of approximately $141.5. The acquisition was funded through cash on hand. The post-acquisition results of Thermolec will be reflected within our HVAC reportable segment. On February 6, 2026, we completed the acquisition of Crawford United Corporation (“Crawford”) which specializes in highly engineered air handling and industrial products. We purchased Crawford for net cash consideration of approximately $300.0. The acquisition was funded through cash on hand and borrowings on our revolving credit facilities under our Amended Credit Agreement. The post-acquisition results of Crawford's commercial air handling equipment businesses will be reflected within our HVAC reportable segment. Crawford's industrial and transportation products businesses, which includes businesses serving aerospace, defense, transportation, and marine markets, are non-core to our long-term strategy. These non-core businesses will be recorded as assets held for sale, with their results reported as discontinued operations while we identify suitable buyer(s) and execute our plan to sell these businesses within twelve months. Due to the size, complexity and timing of the close of the acquisitions, the acquisition accounting for both business combinations is incomplete at the time of this filing. As a result, we are unable to provide the amounts recognized as of the acquisition dates for the major classes of assets acquired and liabilities assumed, pre-acquisition contingencies and goodwill. We expect to allocate a portion of the purchase price to identifiable intangible assets such as developed technology, customer relationships, trademarks, and backlog. In addition, we are unable to provide pro forma revenues and earnings of the combined entity. All required disclosures will be included in our Quarterly Report on Form 10-Q for the fiscal first quarter ending March 28, 2026.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from (used in) operating activities:
Net income	$ 244.0	$ 200.5	$ 89.9
Less: Loss from discontinued operations, net of tax	(1.5)	(1.3)	(54.8)
Income from continuing operations	245.5	201.8	144.7
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities
Special charges, net	1.1	3.6	0.8
(Gain) loss on change in value of equity security	(23.0)		(3.6)
Loss on change in value of equity security		4.2
Loss on amendment/refinancing of senior credit agreement	1.5	0.0	0.0
Amortization of compensation expense related to acquisition (Refer to Note 4)	24.2	0.0	0.0
Impairment of intangible assets	0.7	0.0	0.0
Deferred and other income taxes	26.1	(15.1)	(25.2)
Depreciation and amortization	122.6	91.6	63.2
Pension and other employee benefits	19.9	15.4	22.0
Long-term incentive compensation	16.7	15.0	13.4
Other, net, including allowance for doubtful accounts	2.9	(8.7)	(5.9)
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets	(81.8)	2.1	30.6
Contribution related to employee retention agreements from acquisition (Refer to Note 4)	(46.5)	0.0	0.0
Inventories	2.8	9.1	(3.1)
Accounts payable, accrued expenses and other	24.7	(4.3)	7.0
Cash spending on restructuring actions	(1.8)	(1.6)	(0.1)
Net cash from continuing operations	335.6	313.1	243.8
Net cash used in discontinued operations	(2.3)	(27.2)	(35.3)
Net cash from operating activities	333.3	285.9	208.5
Cash flows from (used in) investing activities:
Proceeds/borrowings (repayments) related to company-owned life insurance policies, net	(23.9)	41.9	0.7
Proceeds from asset sales and other	0.0	3.6	0.0
Business acquisitions, net of cash acquired	(445.0)	(292.0)	(547.0)
Capital expenditures	(92.1)	(38.0)	(23.9)
Net cash used in continuing operations	(561.0)	(284.5)	(570.2)
Net cash used in discontinued operations	0.0	0.0	0.0
Net cash used in investing activities	(561.0)	(284.5)	(570.2)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	978.0	384.8	869.1
Repayments under senior credit facilities	(1,082.6)	(321.8)	(572.5)
Borrowings under trade receivables agreement	280.0	272.0	178.0
Repayments under trade receivables agreement	(289.0)	(279.0)	(162.0)
Net borrowings (repayments) under other financing arrangements	0.1	(1.2)	(0.4)
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options and other	(7.4)	0.9	(1.3)
Proceeds of issuance of common stock in underwritten public offering, net of offering costs of $23.9	551.1	0.0	0.0
Financing fees paid	(4.7)	(2.6)	(1.3)
Net cash from continuing operations	425.5	53.1	309.6
Net cash from (used in) discontinued operations	0.0	0.0	0.0
Net cash from financing activities	425.5	53.1	309.6
Change in cash and equivalents due to changes in foreign currency exchange rates	6.8	2.0	(0.1)
Net change in cash and equivalents	204.6	56.5	(52.2)
Consolidated cash and equivalents, beginning of period	161.4	104.9	157.1
Consolidated cash and equivalents, end of period	366.0	161.4	104.9
Supplemental disclosure of cash flow information:
Interest paid	41.7	43.4	25.6
Income tax payments, net	57.3	43.5	58.4
Non-cash investing and financing activity:
Debt assumed	$ 0.1	$ 1.1	$ 0.3

Goodwill and Other Intangible Assets - Intangibles Assets (Details) - USD ($) $ in Millions	Apr. 15, 2025	Feb. 07, 2024	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value			$ 937.6	$ 678.3
Accumulated Amortization			(290.8)	(194.8)
Net Carrying Value			646.8	483.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Value			1,159.0	897.8
Accumulated Amortization			(290.8)	(194.8)
Net Carrying Value			868.2	703.0
Definite-lived trademarks
Indefinite-lived Intangible Assets [Line Items]
Trademarks			221.4	219.5
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value			557.8	421.1
Accumulated Amortization			(150.2)	(103.3)
Net Carrying Value			407.6	317.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization			(150.2)	(103.3)
Customer relationships and contracts \| Kranze Technology Solutions, Inc
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired		$ 70.7
Customer relationships and contracts \| Sigma & Omega
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 56.3
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value			274.3	181.7
Accumulated Amortization			(64.0)	(41.3)
Net Carrying Value			210.3	140.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization			(64.0)	(41.3)
Technology \| Kranze Technology Solutions, Inc
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired		79.8
Technology \| Sigma & Omega
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	8.5
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			101.0	71.0
Accumulated Amortization			(72.1)	(45.7)
Net Carrying Value			28.9	25.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization			$ (72.1)	$ (45.7)
Definite-lived trademarks \| Kranze Technology Solutions, Inc
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired		6.7
Definite-lived trademarks \| Sigma & Omega
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	3.9
Customer Backlog \| Kranze Technology Solutions, Inc
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired		$ 7.3
Customer Backlog \| Sigma & Omega
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 8.9

Indebtedness - Consolidated Leverage Ratio (Details) - Term loans	Sep. 09, 2025
Less than 0.75 to 1.0 \| Revolving Commitment Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.20%
Less than 0.75 to 1.0 \| Financial Letter of Credit Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	1.25%
Less than 0.75 to 1.0 \| Foreign Credit Instrument ("FCI") Commitment Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.20%
Less than 0.75 to 1.0 \| FCI Fee and Non-Financial Letter of Credit Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.75%
Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| Revolving Commitment Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.225%
Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| Financial Letter of Credit Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	1.375%
Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| Foreign Credit Instrument ("FCI") Commitment Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.225%
Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| FCI Fee and Non-Financial Letter of Credit Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.80%
Greater than or equal to 2 to 1.0 but less than 3 to 1.0 \| Revolving Commitment Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.25%
Greater than or equal to 2 to 1.0 but less than 3 to 1.0 \| Financial Letter of Credit Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	1.50%
Greater than or equal to 2 to 1.0 but less than 3 to 1.0 \| Foreign Credit Instrument ("FCI") Commitment Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.25%
Greater than or equal to 2 to 1.0 but less than 3 to 1.0 \| FCI Fee and Non-Financial Letter of Credit Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.875%
Greater than or equal to 3 to 1.0 \| Revolving Commitment Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.275%
Greater than or equal to 3 to 1.0 \| Financial Letter of Credit Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	1.75%
Greater than or equal to 3 to 1.0 \| Foreign Credit Instrument ("FCI") Commitment Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	0.275%
Greater than or equal to 3 to 1.0 \| FCI Fee and Non-Financial Letter of Credit Fee
Line of Credit Facility [Line Items]
Consolidated Leverage Ratio	1.00%
Term SOFR Loans \| Less than 0.75 to 1.0 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio	0.75
SOFR \| Less than 0.75 to 1.0 \| Line of Credit
Line of Credit Facility [Line Items]
Fee percentage	1.25%
SOFR \| Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| Line of Credit
Line of Credit Facility [Line Items]
Fee percentage	1.375%
SOFR \| Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio	2.00
SOFR \| Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio	0.75
SOFR \| Greater than or equal to 2 to 1.0 but less than 3 to 1.0 \| Line of Credit
Line of Credit Facility [Line Items]
Fee percentage	1.50%
SOFR \| Greater than or equal to 2 to 1.0 but less than 3 to 1.0 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio	3.00
SOFR \| Greater than or equal to 2 to 1.0 but less than 3 to 1.0 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio	2.00
SOFR \| Greater than or equal to 3 to 1.0 \| Line of Credit
Line of Credit Facility [Line Items]
Fee percentage	1.75%
SOFR \| Greater than or equal to 3 to 1.0 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio	3.00
ABR Loans \| Less than 0.75 to 1.0 \| Line of Credit
Line of Credit Facility [Line Items]
Fee percentage	0.25%
ABR Loans \| Greater than or equal to 0.75 to 1.0 but less than 2 to 1.0 \| Line of Credit
Line of Credit Facility [Line Items]
Fee percentage	0.375%
ABR Loans \| Greater than or equal to 2 to 1.0 but less than 3 to 1.0 \| Line of Credit
Line of Credit Facility [Line Items]
Fee percentage	0.50%
ABR Loans \| Greater than or equal to 3 to 1.0 \| Line of Credit
Line of Credit Facility [Line Items]
Fee percentage	0.75%

Shareholders' Equity and Long-Term Incentive Compensation - Summary of Reclassified Components of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 48.1	$ 45.7	$ 27.2
Other income (expense), net	(8.5)	9.3	10.1
Pre-tax	(314.1)	(255.4)	(186.3)
Income taxes	68.6	53.6	41.6
Net Income (Loss) Attributable to Parent	(244.0)	(200.5)	$ (89.9)
Gains on qualifying cash flow hedges: \| Amount Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(3.0)	(8.7)
Pre-tax	(3.0)	(8.7)
Income taxes	0.7	2.3
Net Income (Loss) Attributable to Parent	(2.3)	(6.4)
Gains on pension and postretirement items: \| Amount Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net	(3.2)	(3.1)
Income taxes	1.0	0.8
Net Income (Loss) Attributable to Parent	$ (2.2)	$ (2.3)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

- Definition

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

+ References

+ Details

Inventories, Net

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories, Net

Inventories are accounted for under the first-in, first-out method and are comprised of the following at December 31, 2025 and 2024:


	December 31,
	2025		2024
Finished goods	$	56.0	$	68.5
Work in process	33.9		32.3
Raw materials and purchased parts	212.3		170.2
Total inventories	$	302.2	$	271.0

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

Shareholders' Equity and Long-Term Incentive Compensation - Stock Option - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Mar. 03, 2025	Feb. 28, 2024	Mar. 01, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock-based Compensation
Historical period upon which annual expected stock price volatility is based (years)				3 years
Maximum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				3 years
Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				1 year
Stock options
Stock-based Compensation
Granted (in shares)	44,000.000	52,000.000	74,000.000	44,000.000	62,000.000	76,000.000
Exercise price per share (in dollars per share)	$ 138.60	$ 116.40	$ 71.93	$ 138.60	$ 120.47	$ 71.71
Fair value of stock option grants (in dollars per share)	$ 61.23	$ 50.84	$ 31.20
Historical period upon which annual expected stock price volatility is based (years)	6 years	6 years	6 years
Vesting period (years)				3 years
Number of stock options exercisable (in shares)				478,000
Compensation costs not yet recognized				$ 1.6
Stock options \| Maximum
Stock-based Compensation
Maximum contractual term (years)	10 years	10 years	10 years
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				7 years
Stock options \| Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				5 years
Stock options \| Weighted Average
Stock-based Compensation
Weighted-average period over which unrecognized compensation costs will be recognized				1 year 10 months 24 days

Indebtedness - Company-owned Life Insurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Borrowing from life insurance policy during period		$ 41.2
Repayment of borrowing from life insurance policy	$ 37.4
Borrowings from life insurance policies	$ 0.0	$ 39.0
Life insurance, corporate or bank owned, interest rate	5.30%	5.30%
Life insurance policy, maximum borrowing capacity	$ 34.0
COLI assets	$ 60.3	$ 36.2

Contingent Liabilities and Other Matters - Claim for Contingent Consideration related to ULC (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Aug. 23, 2022	Sep. 30, 2020
ULC Robotics
Loss Contingencies [Line Items]
Litigation settlement awarded to other party	$ 8.4
ULC Robotics
Loss Contingencies [Line Items]
Deferred payment		$ 15.0	$ 45.0

- 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

Information on Reportable Segments and Corporate Expense (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reportable and Other Operating Segments

Financial data for our reportable segments for the years ended December 31, 2025, 2024, and 2023 were as follows:


	Years Ended December 31,
	2025		2024		2023
HVAC reportable segment


Revenues	$	1,518.2	$	1,364.7	$	1,122.3
Cost of products sold	923.8		843.8		712.8

Selling, general and administrative expense	221.8		197.0		175.1
Segment income	$	372.6	$	323.9	$	234.4

Detection and Measurement reportable segment


Revenues	$	746.9	$	619.2	$	618.9
Cost of products sold	418.2		338.9		354.8

Selling, general and administrative expense	152.5		143.6		145.3
Segment income	$	176.2	$	136.7	$	118.8





Consolidated revenues	$	2,265.1	$	1,983.9	$	1,741.2
Consolidated income for segments	548.8		460.6		353.2

Corporate expense	59.2		53.6		58.4
Acquisition and integration-related costs (1)	28.9		7.2		5.8
Long-term incentive compensation expense	16.7		15.0		13.4
Amortization of acquired intangible assets (2)	91.3		64.5		43.9
Impairment of intangible assets (3)	0.7		—		—
Special charges, net	1.1		3.6		0.8
Other operating expense (4)	0.5		8.4		9.0
Consolidated operating income	350.4		308.3		221.9

Other income (expense), net	8.5		(9.3)		(10.1)
Interest expense	(48.1)		(45.7)		(27.2)
Interest income	4.8		2.1		1.7
Loss on amendment/refinancing of senior credit agreement	(1.5)		—		—
Income from continuing operations before income taxes	$	314.1	$	255.4	$	186.3

Capital expenditures:
HVAC reportable segment	$	82.9	$	31.9	$	17.6
Detection and Measurement reportable segment	9.1		5.5		5.4
Capital expenditures of reportable segments	92.0		37.4		23.0
Corporate	0.1		0.6		0.9
Total capital expenditures	$	92.1	$	38.0	$	23.9

Depreciation and amortization:
HVAC reportable segment	$	75.1	$	64.7	$	37.1
Detection and Measurement reportable segment	45.1		24.4		23.7
Depreciation and amortization of reportable segments	120.2		89.1		60.8
Corporate	2.4		2.5		2.4
Total depreciation and amortization	$	122.6	$	91.6	$	63.2


	Years Ended December 31,
	2025		2024		2023
Geographic Areas:
Revenues: (5)
United States	$	1,812.6	$	1,640.8	$	1,454.1
Canada	193.4		111.3		48.4
China	71.7		64.9		53.7
United Kingdom	95.5		90.9		96.3
Other	91.9		76.0		88.7
	$	2,265.1	$	1,983.9	$	1,741.2

Tangible Long-Lived Assets:
United States	$	419.4	$	275.5	$	292.4
Canada	88.2		83.3		11.9
Other	35.6		25.7		29.1
Long-lived assets of continuing operations	543.2		384.5		333.4
Long-lived assets of discontinued operations, DBT and Heat Transfer	—		—		0.2
Total tangible long-lived assets	$	543.2	$	384.5	$	333.6

_______________________________________________________________

(2)Includes intangible asset amortization of $3.9 recorded in cost of products sold within the consolidated statement of operations for the year ended December 31, 2025.

(3)The year ended December 31, 2025 includes an impairment charge of $0.7 related to the trademarks of ULC.

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

Use of Estimates - Warranty (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 44.7	$ 37.9	$ 34.7
Acquisitions	0.4	1.3	0.9
Provisions	19.3	20.3	16.9
Usage	(15.7)	(14.6)	(14.6)
Currency translation adjustment	0.3	(0.2)	0.0
Balance at end of year	49.0	44.7	37.9
Less: Current portion of warranty	20.7	18.9	16.4
Non-current portion of warranty	$ 28.3	$ 25.8	$ 21.5

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

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation

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

Consolidation, Variable Interest Entity

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

Foreign Currency Translation and Transactions

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

Cash Equivalents

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

Revenue Recognition

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

Research and Development Costs

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

Property, Plant and Equipment

Property, Plant and Equipment — Property, plant and equipment (“PP&E”) is stated at cost, less accumulated depreciation. We use the straight-line method for computing depreciation expense over the useful lives of PP&E, which do not exceed 40 years for buildings and range from 3 to 15 years for machinery and equipment. Depreciation expense, including amortization of finance leases, was $30.6, $26.7, and $19.2 for the years ended December 31, 2025, 2024, and 2023, respectively. Leasehold improvements are amortized over the life of the related asset or the life of the lease, whichever is shorter. Interest is capitalized on significant construction or installation projects. We capitalized interest of $0.4 in 2025, with no interest capitalized in 2024 or 2023.

Pension and Postretirement

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

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

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

Company-owned Life Insurance Policies

Company-owned Life Insurance Policies — The Company has investments in company-owned life insurance (“COLI”) policies, which are recorded at their cash surrender value at each balance sheet date. Changes in the cash surrender value during the period are recorded within “Other income (expense), net” within our consolidated statements of operations. The Company has the ability to borrow against a portion of its investments in the COLI policies as an additional source of liquidity. During 2024, the Company borrowed $41.2 against the cash surrender value of these COLI policies. Such borrowings were used to pay down amounts payable under the revolving credit facility. During 2025, the Company repaid the then-outstanding borrowings totaling $37.4, inclusive of accrued interest. The amounts borrowed totaled $0.0 and $39.0 at December 31, 2025 and 2024, respectively, and incurred interest at a weighted-average rate of 5.3%. At December 31, 2025, we had capacity to borrow approximately $34.0 against the policies. The cash surrender value of the Company’s investments in COLI assets, net of any aforementioned borrowing, was $60.3 and $36.2 at December 31, 2025 and 2024, respectively, recorded in “Other assets” on the consolidated balance sheets.

Income Taxes

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

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

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

Derivative Financial Instruments

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

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

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

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

From time to time, we enter into forward contracts to manage the exposure on contracts with forecasted transactions denominated in non-functional currencies which 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 of occuring, 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.

Use of Estimates

Accounts Receivable Allowances

Inventory

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

Acquisitions

Long-Lived Assets and Intangible Assets Subject to Amortization


Technology			10 years
Customer relationships			10 years
Other			7 years

Goodwill and Indefinite-Lived Intangible Assets

Accrued Expenses

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

Legal

Environmental Remediation Costs

Risk Management Matters

Warranty

Employee Benefit Plans

New Accounting Pronouncements

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

In December 2023, the FASB issued ASU No. 2023-09, which requires companies to disclose, on an annual basis, required 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 is effective for annual periods beginning January 1, 2025 and has been applied on a prospective basis within these financial statements. Refer to Note 12 for these and other disclosures related to income taxes.

In November 2024, the FASB issued ASU No. 2024-03, which requires companies to disclose, on an interim and annual basis, additional information about specific expense categories in the notes to the financial statements. In addition, ASU 2024-03 requires companies to disclose a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and, on an annual basis, disclose the total amount of selling expenses and the Company's definition of selling expenses. ASU 2024-03, further clarified by ASU 2025-01, will be effective for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, and will be applied on a prospective basis with the option to apply the standard retrospectively, with early adoption permitted. We are currently evaluating the disclosure impact of ASU 2024-03; however, the standard will not have an impact on the Company's consolidated financial position, results of operations or cash flows.

In September 2025, the FASB issued ASU No. 2025-06, which replaces the stage-based capitalization model for the treatment of development costs of internal-use software with a principles-based framework, reflecting modern software development practices. In addition, ASU 2025-06 requires companies to capitalize software costs once management authorizes and commits to funding with probable completion and use. ASU 2025-06 will be effective for annual reporting periods beginning after December 15, 2027, and for interim reporting periods within those annual reporting periods, and allows multiple transition methods, including retrospective, prospective, or modified prospective application, with early adoption permitted. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial position, results of operations and cash flows.

In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which simplifies and expands the application of hedge accounting by providing additional flexibility in the designation and measurement of hedging relationships, including hedges of forecasted transactions, interest rate risk, and certain derivative instruments. ASU 2025-09 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and will be applied on a prospective basis, with early adoption permitted. We are currently evaluating the impact of ASU 2025-09 on our consolidated financial position, results of operations and cash flows.

In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative GAAP guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities, reducing diversity in practice and enhancing consistency in financial reporting. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, and allows multiple transition methods, including modified prospective, modified retrospective, and retrospective application, with early adoption permitted. We are currently evaluating the impact of ASU 2025-10 on our consolidated financial position, results of operations and cash flows.

Special Charges, Net

Goodwill and Other Intangible Assets

Defined Contribution Retirement Plans

the employee immediately upon the date of the match and there are no restrictions on the resale of SPX common stock held by employees.

Potential Uncertain Positions

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

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

Concentrations of Credit Risk

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

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

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

Concentrations of credit risk arising from trade accounts receivable are due to selling to customers in a particular industry. Credit risks are mitigated by performing ongoing credit evaluations of our customers’ financial conditions and obtaining

collateral, advance payments, or other security when appropriate. No one customer, or group of customers that to our knowledge are under common control, accounted for more than 10% of our revenues for any period presented.

Environmental Matters

Our operations and properties are subject to federal, state, local and foreign regulatory requirements relating to environmental protection. It is our policy to comply fully with all applicable requirements. As part of our effort to comply, we have a comprehensive environmental compliance program that includes environmental audits conducted by internal and external independent professionals, as well as regular communications with our operating units regarding environmental compliance requirements and anticipated regulations. Based on current information, we believe that our operations are in substantial compliance with applicable environmental laws and regulations, and we are not aware of any violations that could have a material effect, individually or in the aggregate, on our business, financial condition, and results of operations or cash flows. We had liabilities for site investigation and/or remediation at 16 sites, that we own or control, as of December 31, 2025 and 2024.

Our environmental accruals relate predominantly to legacy sites that the Company no longer operates as part of its ongoing business and we record adjustments for these sites to “Other income (expense), net” in our consolidated statements of operations. These environmental accruals cover anticipated costs, including investigation, remediation, and maintenance of clean-up sites. Our estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. Accordingly, our estimates may change based on future developments, including new or changes in existing environmental laws or policies, differences in costs required to complete anticipated actions from estimates provided, future findings of investigation or remediation actions, changes in our allocation of shared remediation costs, or alteration to the expected remediation plans. It is our policy to revise an estimate once it becomes probable and the amount of change can be reasonably estimated. We generally do not discount our environmental accruals and do not reduce them by anticipated insurance, litigation or other 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.

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 for indefinite-lived intangible assets and goodwill. Any resulting asset impairments result in the asset being recorded at its fair value. Based on the inputs used in the impairment analyses, these assets are classified within Level 3 of the valuation hierarchy. Refer to Note 10 for additional details.

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 and interest rate swap agreements, we consider the markets for our fair value instruments active. We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount.

As of December 31, 2025, there had been no significant impact to the fair value of our derivative liabilities due to our own credit risk, as the related instruments are collateralized under our senior credit facilities. Similarly, there had been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.

Shareholders' Equity and Long-Term Incentive Compensation - Income Per Share and Common Stock and Treasury Stock - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 13, 2025	May 14, 2024	May 09, 2023
Stock-based Compensation
Share repurchases were executed	$ 0	$ 0	$ 0
Stock repurchase program, remaining authorized repurchase amount	$ 100,000,000.0
Authorized shares (in shares)	200,000,000.0
Common Stock
Stock-based Compensation
Par value (in dollars per share)	$ 0.01
Maximum
Stock-based Compensation
Stock repurchase program, authorized amount				$ 100,000,000.0	$ 100,000,000.0	$ 100,000,000.0
Stock options
Stock-based Compensation
Number of awards that were excluded from the computation of diluted income per share (in shares)	234,000	280,000	512,000
Unvested Restricted Stock And Restricted Stock Units that did not Meet Required Market Thresholds for Vesting
Stock-based Compensation
Number of awards that were excluded from the computation of diluted income per share (in shares)	108,000	119,000	179,000

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2025
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 December 2023, the FASB issued ASU No. 2023-09, which requires companies to disclose, on an annual basis, required 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 is effective for annual periods beginning January 1, 2025 and has been applied on a prospective basis within these financial statements. Refer to Note 12 for these and other disclosures related to income taxes. In November 2024, the FASB issued ASU No. 2024-03, which requires companies to disclose, on an interim and annual basis, additional information about specific expense categories in the notes to the financial statements. In addition, ASU 2024-03 requires companies to disclose a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and, on an annual basis, disclose the total amount of selling expenses and the Company's definition of selling expenses. ASU 2024-03, further clarified by ASU 2025-01, will be effective for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, and will be applied on a prospective basis with the option to apply the standard retrospectively, with early adoption permitted. We are currently evaluating the disclosure impact of ASU 2024-03; however, the standard will not have an impact on the Company's consolidated financial position, results of operations or cash flows. In September 2025, the FASB issued ASU No. 2025-06, which replaces the stage-based capitalization model for the treatment of development costs of internal-use software with a principles-based framework, reflecting modern software development practices. In addition, ASU 2025-06 requires companies to capitalize software costs once management authorizes and commits to funding with probable completion and use. ASU 2025-06 will be effective for annual reporting periods beginning after December 15, 2027, and for interim reporting periods within those annual reporting periods, and allows multiple transition methods, including retrospective, prospective, or modified prospective application, with early adoption permitted. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial position, results of operations and cash flows. In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which simplifies and expands the application of hedge accounting by providing additional flexibility in the designation and measurement of hedging relationships, including hedges of forecasted transactions, interest rate risk, and certain derivative instruments. ASU 2025-09 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and will be applied on a prospective basis, with early adoption permitted. We are currently evaluating the impact of ASU 2025-09 on our consolidated financial position, results of operations and cash flows. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative GAAP guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities, reducing diversity in practice and enhancing consistency in financial reporting. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, and allows multiple transition methods, including modified prospective, modified retrospective, and retrospective application, with early adoption permitted. We are currently evaluating the impact of ASU 2025-10 on our consolidated financial position, results of operations and 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.

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+ Details

Revenues from Contracts - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 183.3
Contract accounts receivable	346.9	$ 305.4	$ 275.4
Contract liabilities	115.8	62.3	$ 73.5
Revenue recognized related to contract liabilities	50.2	54.4
Kranze Technology Solutions, Inc
Disaggregation of Revenue [Line Items]
Contract accounts receivable	16.4
Contract with customer, asset, after allowance for credit loss	5.3
Contract liabilities	$ 9.3
Ingénia Technologies Inc.
Disaggregation of Revenue [Line Items]
Contract accounts receivable		17.1
Contract liabilities		$ 0.1
Minimum \| HVAC reportable segment
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, contract term	1 month
Revenue, performance obligation, payment period	15 days
Revenue, payment term for replacement and spare parts	30 days
Minimum \| HVAC reportable segment \| Process Cooling Equipment and Services
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, contract term	3 months
Minimum \| Detection and Measurement reportable segment
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, contract term	1 month
Revenue, performance obligation, payment period	30 days
Minimum \| Detection and Measurement reportable segment \| Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, contract term	1 month
Maximum \| HVAC reportable segment
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, contract term	3 months
Revenue, performance obligation, payment period	60 days
Revenue, payment term for replacement and spare parts	60 days
Maximum \| HVAC reportable segment \| Process Cooling Equipment and Services
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, contract term	9 months
Maximum \| Detection and Measurement reportable segment
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, contract term	18 months
Revenue, performance obligation, payment period	60 days
Maximum \| Detection and Measurement reportable segment \| Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, contract term	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Expected revenue recognition on remaining performance obligations (as a percentage)	41.00%
Performance obligation satisfaction period (years)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Disaggregation of Revenue [Line Items]
Expected revenue recognition on remaining performance obligations (as a percentage)	65.00%
Performance obligation satisfaction period (years)	24 months

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

12 Months Ended

Dec. 31, 2025

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

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

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


	Year ended December 31,
	2025		2024		2023
Numerator:
Income from continuing operations	$	245.5	$	201.8	$	144.7
Loss from discontinued operations, net of tax	$	(1.5)	$	(1.3)	$	(54.8)


Denominator:
Weighted-average number of common shares used in basic income per share	47.830		46.187		45.545
Dilutive securities — Employee stock options, performance stock units and restricted stock units	0.681		0.891		1.067
Weighted-average number of common shares and dilutive securities used in diluted income per share	48.511		47.078		46.612

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

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


	Common Stock Issued	Treasury Stock	Shares Outstanding
Balance at December 31, 2022	53.351	(8.059)	45.292


Restricted stock units and performance stock units	—	0.115	0.115

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

Restricted stock units and performance stock units	—	0.116	0.116


Other	0.577	—	0.577
Balance at December 31, 2024	54.196	(7.828)	46.368

Restricted stock units and performance stock units	—	0.125	0.125


Other	3.374	—	3.374
Balance at December 31, 2025	57.570	(7.703)	49.867

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

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


	Annual Expected Stock Price Volatility		Annual Expected Dividend Yield		Risk-Free Interest Rate		Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index
March 3, 2025
SPX	35.13	%	—	%	3.90	%	46.64	%
Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index	36.41	%	n/a		3.90	%
February 28, 2024
SPX	32.26	%	—	%	4.41	%	49.34	%
Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index	37.00	%	n/a		4.41	%
March 1, 2023
SPX	35.72	%	—	%	4.60	%	57.87	%
Peer group within S&P 600 Capital Goods Index	43.92	%	n/a		4.60	%

Schedule of Restricted Stock Share and Restricted Stock Unit Activity

The following table summarizes the PSU and RSU activity from December 31, 2022 through December 31, 2025:


	Unvested PSU’s and RSU’s	Weighted-Average Grant-Date Fair Value Per Share
December 31, 2022	0.530	$	51.38
Granted	0.175	72.35
Vested	(0.190)	51.38
Forfeited	(0.005)	59.92
December 31, 2023	0.510	58.53
Granted	0.152	124.82
Vested	(0.200)	61.04
Forfeited	(0.016)	126.01
December 31, 2024	0.446	79.22
Granted	0.139	122.69
Vested	(0.216)	60.69
Forfeited	(0.014)	131.48
December 31, 2025	0.355	$	105.45

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

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


	March 3, 2025		February 28, 2024		March 1, 2023
Annual expected stock price volatility	38.75	%	37.43	%	37.15	%
Annual expected dividend yield	—	%	—	%	—	%
Risk-free interest rate	3.98	%	4.23	%	4.18	%
Expected life of stock option (in years)	6.0		6.0		6.0

Schedule of Stock Option Activity

The following table shows stock option activity from December 31, 2022 through December 31, 2025.


	Shares	Weighted- Average Exercise Price
Options outstanding at December 31, 2022	1.286	$	27.82
Exercised	(0.141)	26.47
Forfeited	—	—
Granted	0.076	71.71
Options outstanding at December 31, 2023	1.221	30.70
Exercised	(0.494)	20.67
Forfeited	(0.002)	71.93
Granted	0.062	120.47
Options outstanding at December 31, 2024	0.787	43.92
Exercised	(0.242)	21.48
Forfeited	(0.009)	136.10
Granted	0.044	138.60
Options outstanding at December 31, 2025	0.580	$	59.04

Schedule of Changes in the Components of AOCI

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2025 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at December 31, 2024	$	218.9	$	2.6	$	2.1	$	223.6
Other comprehensive income (loss) before reclassifications	41.7		(0.3)		—		41.4
Amounts reclassified from accumulated other comprehensive income	—		(2.3)		(2.2)		(4.5)
Current-period other comprehensive income (loss)	41.7		(2.6)		(2.2)		36.9
Balance at December 31, 2025	$	260.6	$	—	$	(0.1)	$	260.5

__________________________________________________________________

(1) Net of tax provision of $0.0 and $0.7 as of December 31, 2025 and 2024, respectively.

(2) Net of tax provision of $0.0 and $1.0 as of December 31, 2025 and 2024, respectively. The balances as of December 31, 2025 and 2024 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2024 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges (1)		Pension and Postretirement Liability Adjustment (2)		Total
Balance at December 31, 2023	$	251.0	$	5.7	$	4.4	$	261.1
Other comprehensive income (loss) before reclassifications	(32.1)		3.3		—		(28.8)
Amounts reclassified from accumulated other comprehensive income	—		(6.4)		(2.3)		(8.7)
Current-period other comprehensive loss	(32.1)		(3.1)		(2.3)		(37.5)
Balance at December 31, 2024	$	218.9	$	2.6	$	2.1	$	223.6

__________________________________________________________________

(1) Net of tax provision of $0.7 and $1.8 as of December 31, 2024 and 2023, respectively.

(2) Net of tax provision of $1.0 and $1.8 as of December 31, 2024 and 2023, respectively. The balances as of December 31, 2024 and 2023 include unamortized prior service credits.

Schedule of Amounts Reclassified from each Component of AOCI

The following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2025 and 2024:


	Amount Reclassified from AOCI				Affected Line Items in the Consolidated Statements of Operations
	Year ended December 31,
	2025		2024
Gains on qualifying cash flow hedges:



Swaps	$	(3.0)	$	(8.7)	Interest expense
Pre-tax	(3.0)		(8.7)
Income taxes	0.7		2.3
	$	(2.3)	$	(6.4)
Gains on pension and postretirement items:

Amortization of unrecognized prior service credits - Pre-tax	$	(3.2)	$	(3.1)	Other income (expense), net

Income taxes	1.0		0.8
	$	(2.2)	$	(2.3)

- Definition

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

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-Name Accounting Standards Codification
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-Paragraph 8
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+ Details

Special Charges, Net - Special Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Special charges, net
Employee termination costs	$ 0.5	$ 2.4	$ 0.8
Non-cash asset write-downs	0.6	0.9	0.0
Total Special Charges	1.1	3.6	0.8
Operating Segments \| HVAC reportable segment
Special charges, net
Non-cash asset write-downs	0.0	0.7	0.0
Total Special Charges	(0.2)	1.9	0.1
Operating Segments \| Detection and Measurement reportable segment
Special charges, net
Non-cash asset write-downs	0.6	0.2	0.0
Total Special Charges	1.2	1.7	0.7
Corporate
Special charges, net
Non-cash asset write-downs	0.0	0.0	0.0
Total Special Charges	0.1	0.0	0.0
Employee Termination Costs
Special charges, net
Employee termination costs	0.5	2.4	0.8
Employee Termination Costs \| Operating Segments \| HVAC reportable segment
Special charges, net
Employee termination costs	(0.2)	1.2	0.1
Employee Termination Costs \| Operating Segments \| Detection and Measurement reportable segment
Special charges, net
Employee termination costs	0.6	1.2	0.7
Employee Termination Costs \| Corporate
Special charges, net
Employee termination costs	0.1	0.0	0.0
Facility Consolidation Costs
Special charges, net
Facility consolidation costs	0.0	0.3	0.0
Facility Consolidation Costs \| Operating Segments \| HVAC reportable segment
Special charges, net
Facility consolidation costs	0.0	0.0	0.0
Facility Consolidation Costs \| Operating Segments \| Detection and Measurement reportable segment
Special charges, net
Facility consolidation costs	0.0	0.3	0.0
Facility Consolidation Costs \| Corporate
Special charges, net
Facility consolidation costs	$ 0.0	$ 0.0	$ 0.0

Shareholders' Equity and Long-Term Incentive Compensation - Summary of Performance Shares, Restricted Stock Units And Restricted Stock (Details) - PSU's and RSU's - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unvested PSU’s and RSU’s
Outstanding at the beginning of the period (in shares)	446,000	510,000	530,000
Granted (in shares)	139,000	152,000	175,000
Vested (in shares)	(216,000)	(200,000)	(190,000)
Forfeited (in shares)	(14,000.000)	(16,000.000)	(5,000.000)
Outstanding at the end of the period (in shares)	355,000	446,000	510,000
Weighted-Average Grant-Date Fair Value Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 79.22	$ 58.53	$ 51.38
Granted (in dollars per share)	122.69	124.82	72.35
Vested (in dollars per share)	60.69	61.04	51.38
Forfeited (in dollars per share)	131.48	126.01	59.92
Outstanding at the end of the period (in dollars per share)	$ 105.45	$ 79.22	$ 58.53

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 244.0	$ 200.5	$ 89.9
Other comprehensive income (loss), net:
Pension and postretirement liability adjustment, net of tax benefit of $1.0, $0.8, and $0.9 in 2025, 2024 and 2023, respectively	(2.2)	(2.3)	(3.0)
Net unrealized losses on qualifying cash flow hedges, net of tax benefit of $0.7, $1.1, and $1.9 in 2025, 2024 and 2023, respectively	(2.6)	(3.1)	(5.3)
Foreign currency translation adjustments	41.7	(32.1)	11.9
Other comprehensive income (loss), net	36.9	(37.5)	3.6
Total comprehensive income attributable to SPX Technologies, Inc. common stockholders	$ 280.9	$ 163.0	$ 93.5

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards
Operating loss carryforwards, domestic	$ 10,500,000
Operating loss carryforwards, state and local	130,600,000
Operating loss carryforwards, foreign	240,700,000
Tax credit carryforwards	11,600,000
Increase in valuation allowance	9,700,000	$ 1,800,000
Unrecognized tax benefit	5,400,000	3,700,000	$ 2,200,000	$ 4,500,000
Net unrecognized tax benefits	5,200,000	3,100,000	2,200,000
Gross accrued interest	1,900,000	1,400,000	1,300,000
Net accrued interest	1,800,000
Gross interest income included in income tax (provision) benefit	(300,000)	100,000	200,000
Penalties excluded	0	0	0
Income tax reduced	15,000,000.0
Interest accrued	2,000,000.0	1,800,000
Tax benefit from compensation expense	9,300,000	11,000,000.0	1,800,000
Income tax credits and adjustments	1,400,000	$ 700,000
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount			2,300,000
Recognition of certain uncertain tax positions			$ 1,100,000
Expiring In Year One
Operating Loss Carryforwards
Carryforwards expiring in 2025	1,200,000
Expiring After Year One
Operating Loss Carryforwards
Carryforwards expiring in 2025	$ 136,500,000

Employee Benefit Plans - Employer Contributions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
United States \| Pension plans
Employee benefit plans
Employer contributions	$ 4,700,000
Expect to make contributions to our foreign pension plans.	7,200,000
Contributions (employer and employee)	9,900,000	$ 5,500,000
United States \| Non-qualified pension plans
Employee benefit plans
Employer contributions	5,200,000
Expect to make contributions to our foreign pension plans.	4,900,000
Foreign Plan
Employee benefit plans
Expect to make contributions to our foreign pension plans.	1,200,000
Foreign Plan \| Pension plans
Employee benefit plans
Contributions (employer and employee)	$ 1,100,000	$ 1,600,000

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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- 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.

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+ Details

Revenues from Contracts - Disaggregated Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 2,265.1	$ 1,983.9	$ 1,741.2
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	2,026.2	1,770.5	1,568.0
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	238.9	213.4	173.2
Package and process cooling equipment and services, and engineered air movement
Disaggregation of Revenue [Line Items]
Revenues	932.9	884.0	683.2
Hydronic heating, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	585.3	480.7	439.1
Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	255.9	260.9	264.1
Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenues	491.0	358.3	354.8
HVAC \| Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	1,396.6	1,249.0	1,042.8
HVAC \| Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	121.6	115.7	79.5
Detection and Measurement \| Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	629.6	521.5	525.2
Detection and Measurement \| Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	117.3	97.7	93.7
Operating Segments \| HVAC
Disaggregation of Revenue [Line Items]
Revenues	1,518.2	1,364.7	1,122.3
Operating Segments \| HVAC \| Package and process cooling equipment and services, and engineered air movement
Disaggregation of Revenue [Line Items]
Revenues	932.9	884.0	683.2
Operating Segments \| HVAC \| Hydronic heating, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	585.3	480.7	439.1
Operating Segments \| HVAC \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Operating Segments \| HVAC \| Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Operating Segments \| Detection and Measurement
Disaggregation of Revenue [Line Items]
Revenues	746.9	619.2	618.9
Operating Segments \| Detection and Measurement \| Package and process cooling equipment and services, and engineered air movement
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Operating Segments \| Detection and Measurement \| Hydronic heating, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Operating Segments \| Detection and Measurement \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	255.9	260.9	264.1
Operating Segments \| Detection and Measurement \| Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenues	$ 491.0	$ 358.3	$ 354.8

Employee Benefit Plans - Narrative (Details) - USD ($)	12 Months Ended
Employee Benefit Plans - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee benefit plans
Common stock held by defined benefit pension plans (in shares)	0	0
Foreign Plan
Employee benefit plans
Expect to make contributions to our foreign pension plans.	$ 1,200,000
Pension plans
Employee benefit plans
Defined benefit plan, benefit obligation, loss on settlement	300,000
Benefit (charge) due to settlement	500,000
Non-funded plan, current underfunded status	42,300,000
Pension plans \| United States
Employee benefit plans
Employer contributions	4,700,000
Expect to make contributions to our foreign pension plans.	7,200,000
Contributions (employer and employee)	9,900,000	$ 5,500,000
Accumulated benefit obligation	220,300,000	226,100,000
Other assets	1,700,000	1,700,000
Benefits paid	(25,900,000)	(25,400,000)
Pension plans \| Foreign Plan
Employee benefit plans
Contributions (employer and employee)	1,100,000	1,600,000
Accumulated benefit obligation	82,800,000	99,500,000
Other assets	6,000,000.0	3,900,000
Benefits paid	(33,300,000)	(15,600,000)
Non-qualified pension plans \| United States
Employee benefit plans
Employer contributions	5,200,000
Expect to make contributions to our foreign pension plans.	4,900,000
Postretirement Plans
Employee benefit plans
Other assets	0
Benefits paid	$ (3,200,000)	$ (4,000,000.0)
Number of shares contributed	73,000.000	84,000.000	127,000
Compensation expense	$ 11,700,000	$ 10,900,000	$ 9,800,000
Supplemental Retirement Savings Plan (SRSP)
Employee benefit plans
Compensation expense	500,000	400,000	$ 200,000
Supplemental Retirement Savings Plan (SRSP) \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Employee benefit plans
Fair value of assets	$ 16,300,000	$ 16,200,000

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Activity, Current and Noncurrent

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2025:


	December 31, 2024		Borrowings		Repayments		Other (5)		December 31, 2025
Revolving loans(1)	$	80.0	$	478.0	$	(558.0)	$	—	$	—
Term loans (2)	523.4		500.0		(524.6)		0.3		499.1
Trade receivables financing arrangement (3)	9.0		280.0		(289.0)		—		—
Other indebtedness (4)	2.3		0.6		(0.5)		0.1		2.5
Total debt	614.7		$	1,258.6	$	(1,372.1)	$	0.4	501.6
Less: short-term debt	10.1								1.4
Less: current maturities of long-term debt	27.6								3.5
Total long-term debt	$	577.0							$	496.7

_____________________________________________________________

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

Schedule of Line of Credit Facilities

The applicable per annum fees and interest rate margins are as follows:


Consolidated Leverage Ratio	Revolving Commitment Fee		Financial Letter of Credit Fee		Foreign Credit Instrument ("FCI") Commitment Fee		FCI Fee and Non-Financial Letter of Credit Fee		Term SOFR Loans/Alternative Currency Loans		ABR Loans
Less than 0.75 to 1.0	0.200	%	1.250	%	0.200	%	0.750	%	1.250	%	0.250	%
Greater than or equal to 0.75 to 1.0 but less than 2.00 to 1.0	0.225	%	1.375	%	0.225	%	0.800	%	1.375	%	0.375	%
Greater than or equal to 2.00 to 1.0 but less than 3.00 to 1.0	0.250	%	1.500	%	0.250	%	0.875	%	1.500	%	0.500	%
Greater than or equal to 3.00 to 1.0	0.275	%	1.750	%	0.275	%	1.000	%	1.750	%	0.750	%

Contingent Liabilities and Other Matters - Executive Agreements (Details)	12 Months Ended
	Dec. 31, 2025
Executive officers
Executive Agreements
Period of rolling term of employment agreements	1 year

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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

The changes in the carrying amount of goodwill, for the year ended December 31, 2025, were as follows:


	December 31, 2024		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2025
HVAC reportable segment
Gross goodwill	$	907.3	$	81.6	$	—	$	24.8	$	1,013.7
Accumulated impairments	(326.6)		—		—		(10.3)		(336.9)
Goodwill	580.7		81.6		—		14.5		676.8
Detection and Measurement reportable segment
Gross goodwill	426.6		104.4		—		11.4		542.4
Accumulated impairments	(172.8)		—		—		(3.0)		(175.8)
Goodwill	253.8		104.4		—		8.4		366.6
Total
Gross goodwill	1,333.9		186.0		—		36.2		1,556.1
Accumulated impairments	(499.4)		—		—		(13.3)		(512.7)
Goodwill	$	834.5	$	186.0	$	—	$	22.9	$	1,043.4

___________________________________________________________________

The changes in the carrying amount of goodwill, for the year ended December 31, 2024, were as follows:


	December 31, 2023		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2024
HVAC reportable segment
Gross goodwill	$	777.8	$	148.0	$	—	$	(18.5)	$	907.3
Accumulated impairments	(331.9)		—		—		5.3		(326.6)
Goodwill	445.9		148.0		—		(13.2)		580.7
Detection and Measurement reportable segment
Gross goodwill	432.6		—		—		(6.0)		426.6
Accumulated impairments	(173.7)		—		—		0.9		(172.8)
Goodwill	258.9		—		—		(5.1)		253.8
Total
Gross goodwill	1,210.4		148.0		—		(24.5)		1,333.9
Accumulated impairments	(505.6)		—		—		6.2		(499.4)
Goodwill	$	704.8	$	148.0	$	—	$	(18.3)	$	834.5

___________________________________________________________________

Schedule of Identifiable Intangible Assets

Identifiable intangible assets were as follows:


	December 31, 2025						December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:(1)
Customer relationships and contracts	$	557.8	$	(150.2)	$	407.6	$	421.1	$	(103.3)	$	317.8
Technology	274.3		(64.0)		210.3		181.7		(41.3)		140.4
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	101.0		(72.1)		28.9		71.0		(45.7)		25.3
	937.6		(290.8)		646.8		678.3		(194.8)		483.5
Trademarks with indefinite lives(2)	221.4		—		221.4		219.5		—		219.5
Total	$	1,159.0	$	(290.8)	$	868.2	$	897.8	$	(194.8)	$	703.0

___________________________________________________________________

(2)During the fourth quarter of 2025, we recorded an impairment charge of $0.7 related to our ULC business' trademarks.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Use of Estimates - Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Short-term incentive compensation	$ 47.3	$ 38.8
Employee benefits	32.0	38.3
Warranty	20.7	18.9	$ 16.4
Other	85.2	74.8
Total	$ 185.2	$ 170.8

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Cost

The components of lease expense were as follows:


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease cost (1)	$	19.7	$	16.5	$	15.7
Variable lease cost	0.8		0.4		0.4

Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.4	$	0.5
Interest on lease liabilities	—		—		—
Total finance lease cost	$	0.2	$	0.4	$	0.5

__________________________

(1) Includes short-term lease cost of $3.3, $2.9 and $3.5, for the years ended December 31, 2025, 2024, and 2023, respectively.

Supplemental cash flow information related to leases is as follows:


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	16.1	$	13.5	$	12.1
Operating cash flows from finance leases	—		—		—
Financing cash flows used in finance leases	0.2		0.4		0.5
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	23.6		27.7		6.3
Finance lease right-of-use assets obtained in exchange for new lease obligations	0.1		1.1		0.3

Schedule of Supplemental Lease Information

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2025		2024
Operating leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets	$	76.8	$	57.9	Other assets

Operating lease current liabilities	$	14.4	$	11.1	Accrued expenses
Operating lease non-current liabilities	61.4		44.5		Other long-term liabilities
Total operating lease liabilities	$	75.8	$	55.6

Finance leases:
Finance lease assets	$	1.2	$	1.2	Property, plant and equipment, net

Finance lease current liabilities	$	0.4	$	0.3	Current maturities of long-term debt
Finance lease non-current liabilities	0.7		0.9		Long-term debt
Total finance lease liabilities	$	1.1	$	1.2

The weighted-average remaining lease terms (years) of our leases as of December 31, 2025 and 2024, were as follows:


	As of December 31,
	2025	2024
Operating leases	6.1	5.8
Finance leases	2.9	3.3

Schedule of Finance Lease Maturities

The future minimum payments under our operating and finance leases were as follows as of December 31, 2025:


	Operating Leases		Finance Leases		Total

Next 12 months	$	17.4	$	0.4	$	17.8
12 to 24 months	17.0		0.4		17.4
24 to 36 months	16.0		0.2		16.2
36 to 48 months	14.5		0.2		14.7
48 to 60 months	8.1		—		8.1
Thereafter	14.9		—		14.9
Total lease payments	87.9		1.2		89.1
Less imputed interest	12.1		0.1		12.2
Total	$	75.8	$	1.1	$	76.9

Schedule of Operating Lease Maturities

The future minimum payments under our operating and finance leases were as follows as of December 31, 2025:


	Operating Leases		Finance Leases		Total

Next 12 months	$	17.4	$	0.4	$	17.8
12 to 24 months	17.0		0.4		17.4
24 to 36 months	16.0		0.2		16.2
36 to 48 months	14.5		0.2		14.7
48 to 60 months	8.1		—		8.1
Thereafter	14.9		—		14.9
Total lease payments	87.9		1.2		89.1
Less imputed interest	12.1		0.1		12.2
Total	$	75.8	$	1.1	$	76.9

Employee Benefit Plans - Defined Contribution Retirement Plans (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
The DC Plan
Defined Contribution Retirement Plans
Maximum voluntary contribution by eligible U.S. employees as a percentage of their compensation	50.00%
Number of shares contributed	73	84	127
Compensation expense	$ 11.7	$ 10.9	$ 9.8
Supplemental Retirement Savings Plan (SRSP)
Defined Contribution Retirement Plans
Compensation expense	0.5	0.4	$ 0.2
Supplemental Retirement Savings Plan (SRSP) \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Contribution Retirement Plans
Fair value of assets	$ 16.3	$ 16.2

Fair Value and Other Investments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value and Other Investments

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

•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.

The following table presents our fair value hierarchy of our financial assets measured at fair value on a recurring basis as of December 31, 2025 and 2024:

December 31, 2025

Level 1

Level 2

Level 3

Total

Assets:

Derivative financial instruments

—


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Derivative financial instruments	$	—	$	3.4	$	—	$	3.4

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

During the years ended December 31, 2025, 2024, and 2023, we recorded gains (losses) of $23.0, $(4.2) and $3.6, respectively, to “Other income (expense), net” related to changes in the estimated value of such equity security.

On November 10, 2025, Parker-Hannifin Corporation (“Parker”) entered into an agreement to acquire the majority of the underlying businesses held by an investee of Filtran through a planned merger, while Donaldson Company, Inc. entered into an agreement to acquire the remaining business on February 2, 2026. As a result of the updated net asset value provided by the investee considering the above transactions, we recorded a gain of $18.5 in the fourth quarter of 2025 (in addition to a gain of $4.5 recorded in the first quarter of 2025 using the investee's most recent audited financial statements). The acquisition agreements contain customary termination rights, require various regulatory approvals, as well as in the case of the Parker transaction, the right of either Parker or Filtran to terminate if the completion of the merger shall not have occurred prior to February 10, 2027, which date may be extended upon the satisfaction of certain conditions. We maintain no control over, or involvement in, the sale process, which may not come to fruition.

As of December 31, 2025 and 2024, the equity security had an estimated value of $58.2 and $35.2, respectively, recorded in “Other assets” on the consolidated balance sheets. We are restricted from transferring this investment without approval of the manager of the investee.

The following table provides a reconciliation of activity for the equity security for the year ended December 31, 2025:



Balance at beginning of period	$	35.2
Change in value of equity security	23.0
Balance at end of period	$	58.2

Indebtedness — The estimated value of our debt instruments as of December 31, 2025 and 2024 approximated the related carrying values due primarily to the variable market-based interest rates for such instruments. See Note 13 for further details.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	$ 1,333.9	$ 1,210.4
Accumulated impairment, balance at the beginning of the period	(499.4)	(505.6)
Goodwill, balance at the beginning of the period	834.5	704.8
Goodwill resulting from business combinations	186.0	148.0
Accumulated impairments	0.0	0.0
Impairments	0.0	0.0
Gross goodwill related to foreign currency translation	36.2	(24.5)
Accumulated impairments related to foreign currency translation	(13.3)	6.2
Goodwill related to foreign currency translation	22.9	(18.3)
Gross goodwill, end of the period	1,556.1	1,333.9
Accumulated impairment, balance at the end of the period	(512.7)	(499.4)
Goodwill, balance at the end of the period	1,043.4	834.5
Kranze Technology Solutions, Inc
Changes in the carrying amount of goodwill
Goodwill resulting from business combinations	104.4
Goodwill, balance at the end of the period	104.4
Sigma & Omega
Changes in the carrying amount of goodwill
Goodwill resulting from business combinations	76.1
Goodwill, balance at the end of the period	77.4
HVAC reportable segment
Changes in the carrying amount of goodwill
Goodwill resulting from business combinations	0.0
Ingénia Technologies Inc.
Changes in the carrying amount of goodwill
Goodwill resulting from business combinations		142.4
ASPEQ Parent Holdings, Inc.
Changes in the carrying amount of goodwill
Goodwill, period increase (decrease)		3.9
T. A. Morrison & Co. Inc. (TAMCO)
Changes in the carrying amount of goodwill
Goodwill, period increase (decrease)		1.7
HVAC reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	907.3	777.8
Accumulated impairment, balance at the beginning of the period	(326.6)	(331.9)
Goodwill, balance at the beginning of the period	580.7	445.9
Goodwill resulting from business combinations	81.6	148.0
Accumulated impairments	0.0	0.0
Impairments	0.0	0.0
Gross goodwill related to foreign currency translation	24.8	(18.5)
Accumulated impairments related to foreign currency translation	(10.3)	5.3
Goodwill related to foreign currency translation	14.5	(13.2)
Gross goodwill, end of the period	1,013.7	907.3
Accumulated impairment, balance at the end of the period	(336.9)	(326.6)
Goodwill, balance at the end of the period	676.8	580.7
Detection and Measurement reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	426.6	432.6
Accumulated impairment, balance at the beginning of the period	(172.8)	(173.7)
Goodwill, balance at the beginning of the period	253.8	258.9
Goodwill resulting from business combinations	104.4	0.0
Accumulated impairments	0.0	0.0
Impairments	0.0	0.0
Gross goodwill related to foreign currency translation	11.4	(6.0)
Accumulated impairments related to foreign currency translation	(3.0)	0.9
Goodwill related to foreign currency translation	8.4	(5.1)
Gross goodwill, end of the period	542.4	426.6
Accumulated impairment, balance at the end of the period	(175.8)	(172.8)
Goodwill, balance at the end of the period	$ 366.6	$ 253.8

Employee Benefit Plans - Actual Asset Allocation Percentages (Details)	Dec. 31, 2025	Dec. 31, 2024
United States
Employee benefit plans
Actual Allocations	100.00%	100.00%
Mid-point of Target Allocation Range	100.00%
United States \| Fixed income common trust funds
Employee benefit plans
Actual Allocations	63.00%	66.00%
Mid-point of Target Allocation Range	66.00%
United States \| Commingled global fund allocation
Employee benefit plans
Actual Allocations	5.00%	5.00%
Mid-point of Target Allocation Range	5.00%
United States \| Global equity common trust funds
Employee benefit plans
Actual Allocations	19.00%	19.00%
Mid-point of Target Allocation Range	20.00%
United States \| U.S. Government securities
Employee benefit plans
Actual Allocations	9.00%	8.00%
Mid-point of Target Allocation Range	9.00%
United States \| Short-term investments and other
Employee benefit plans
Actual Allocations	4.00%	2.00%
Mid-point of Target Allocation Range	0.00%
Foreign Plan
Employee benefit plans
Actual Allocations	100.00%	100.00%
Mid-point of Target Allocation Range	100.00%
Foreign Plan \| Fixed income common trust funds
Employee benefit plans
Actual Allocations	57.00%	76.00%
Mid-point of Target Allocation Range	80.00%
Foreign Plan \| Commingled global fund allocation
Employee benefit plans
Actual Allocations	19.00%	10.00%
Mid-point of Target Allocation Range	12.00%
Foreign Plan \| Global equity common trust funds
Employee benefit plans
Actual Allocations	7.00%	6.00%
Mid-point of Target Allocation Range	8.00%
Foreign Plan \| Short-term investments
Employee benefit plans
Actual Allocations	17.00%	8.00%
Mid-point of Target Allocation Range	0.00%

Revenues from Contracts - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract accounts receivable	$ 346.9	$ 305.4	$ 275.4
Increase (decrease) in accounts receivable	41.5	30.0
Contract Assets	65.0	11.3	16.6
Increase (decrease) in contract with customer, asset, net, current	53.7	(5.3)
Contract Liabilities - current	(115.8)	(62.3)	(73.5)
Increase (decrease) in contract with customer, liability, current	(53.5)	11.2
Contract liabilities - non-current	(3.6)	(4.0)	(4.0)
Increase (decrease) in contract with customer, liability, noncurrent	0.4	0.0
Net contract balance	292.5	250.4	$ 214.5
Increase (decrease) in contract with customers, net	$ 42.1	$ 35.9

Derivative Financial Instruments and Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Concentrations of Credit Risk	Derivative Financial Instruments and Concentrations of Credit Risk Interest Rate Swaps In 2020, we entered into interest swap agreements (“Initial Swaps”) that covered the period through November 2024, and effectively converted borrowings under our senior credit facilities to a fixed rate of 1.077%, plus the applicable margin. In September 2024, commensurate with an amendment to our senior credit agreement, we entered into additional interest rate swap agreements (“Additional Swaps”). During 2025, commensurate with the Third Amendment, we settled the Additional Swaps which resulted in a gain recorded to “Other income (expense), net” and cash received of $0.4. Prior to the settlement, the Additional Swaps covered the period from December 2024 to June 2026 and effectively converted a portion of the borrowings under our senior credit facilities to a fixed rate of 3.58%, plus the applicable margin. We had designated, and accounted for, our Additional Swaps (and, prior to their maturity, accounted for the Initial Swaps) as cash flow hedges. As of December 31, 2025 and 2024, the unrealized gain, net of tax, recorded in AOCI was $0.0 and $2.6, respectively. In addition, as of December 31, 2025 and 2024, the fair value of our interest rate swap agreements was $0.0 and $3.4 (with $2.7 recorded as a current asset and $0.7 as a non-current asset), respectively. Changes in fair value of our Swaps 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 British Pound Sterling, Canadian Dollar, Euro, and South African Rand. From time to time, we enter into forward contracts to manage the exposure on contracts with forecasted transactions denominated in non-functional currencies which 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 of occuring, 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 $19.3 and $22.9 outstanding as of December 31, 2025 and 2024, respectively, with all of the $19.3 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 December 31, 2025 and 2024. The fair value of our FX forward contracts was less than $0.1 at December 31, 2025 and 2024. 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). We designated and accounted for these FX forward contracts as fair value hedges. These FX forward contracts matured during the third quarter of 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 consolidated statement of cash flows for the year ended December 31, 2024. Refer to Note 4 for additional details. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and equivalents, trade accounts receivable, cash surrender values of COLI policies, interest rate swaps, and FX forward contracts. These financial instruments, other than trade accounts receivable, are placed with high-quality financial institutions throughout the world. We periodically evaluate the credit standing of these financial institutions. We maintain cash levels in bank accounts that, at times, may exceed federally-insured limits. We have not experienced significant loss, and believe we are not exposed to significant risk of loss, in these accounts. We have credit loss exposure in the event of nonperformance by counterparties to the above financial instruments, but have no other off-balance-sheet credit risk of accounting loss. We anticipate, however, that counterparties will be able to fully satisfy their obligations under the contracts. We do not obtain collateral or other security to support financial instruments subject to credit risk, but we do monitor the credit standing of counterparties. Concentrations of credit risk arising from trade accounts receivable are due to selling to customers in a particular industry. Credit risks are mitigated by performing ongoing credit evaluations of our customers’ financial conditions and obtaining collateral, advance payments, or other security when appropriate. No one customer, or group of customers that to our knowledge are under common control, accounted for more than 10% of our revenues for any period presented.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and equivalents	$ 364.0	$ 156.9
Accounts receivable, net	357.2	313.6
Contract assets	65.0	11.3
Inventories, net	302.2	271.0
Other current assets	55.3	31.5
Total current assets	1,143.7	784.3
Property, plant and equipment:
Land	26.9	23.5
Buildings and leasehold improvements	167.9	113.3
Machinery and equipment	338.1	308.1
Property, plant and equipment, gross	532.9	444.9
Accumulated depreciation	(242.1)	(226.9)
Property, plant and equipment, net	290.8	218.0
Goodwill	1,043.4	834.5
Intangibles, net	868.2	703.0
Other assets	250.2	164.1
Deferred income taxes	2.2	2.4
Assets of DBT and Heat Transfer (includes cash and equivalents of $2.0 and $4.5 at December 31, 2025 and 2024, respectively) (Note 4)	6.1	8.2
TOTAL ASSETS	3,604.6	2,714.5
Current liabilities:
Accounts payable	145.2	128.1
Contract liabilities	115.8	62.3
Accrued expenses	185.2	170.8
Income taxes payable	10.0	19.4
Short-term debt	1.4	10.1
Current maturities of long-term debt	3.5	27.6
Total current liabilities	461.1	418.3
Long-term debt	496.7	577.0
Deferred and other income taxes	149.7	97.8
Other long-term liabilities	245.5	224.2
Liabilities of DBT and Heat Transfer (Note 4)	14.1	12.8
Total long-term liabilities	906.0	911.8
Commitments and contingent liabilities (Note 15)
Stockholders' equity:
Common stock (57,570,062 and 49,866,896 issued and outstanding at December 31, 2025, respectively, and 54,196,620 and 46,368,240 issued and outstanding at December 31, 2024, respectively)	0.6	0.5
Paid-in capital	1,938.2	1,373.5
Retained earnings	482.8	238.8
Accumulated other comprehensive income	260.5	223.6
Common stock in treasury (7,703,166 and 7,828,380 shares at December 31, 2025 and 2024, respectively)	(444.6)	(452.0)
Total stockholders' equity	2,237.5	1,384.4
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,604.6	$ 2,714.5

Income Taxes - Income Tax Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 26.8
State and local	6.6
Income taxes, net of amounts refunded	57.3	$ 43.5	$ 58.4
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	8.1
China
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	4.8
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 11.0

Shareholders' Equity and Long-Term Incentive Compensation - Registered Direct offering (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		12 Months Ended
	Aug. 12, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock-based Compensation
Issuance of common stock in underwritten public offering, net of offering costs		$ 23.9
Proceeds from issuance of common stock		551.1	$ 0.0	$ 0.0
Underwritten Public Offering
Stock-based Compensation
Number of shares issued and sell of stock (in shares)	3,059
Purchase price (in dollars per share)	$ 188.0
Gross proceeds before deducting underwriting discounts and commissions and offering expenses payable	$ 575.0
Issuance of common stock in underwritten public offering, net of offering costs	$ 23.9
Proceeds from issuance of common stock		$ 551.1

- 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

Acquisitions and Discontinued Operations - Schedule of Acquisition and Integration Related Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset acquired :
Consolidated operating income	$ 28.9	$ 7.2	$ 5.8
Ingénia Technologies Inc., Kranze Technology Solutions, Inc, Sigma & Omega and ASPEQ Heating Group
Asset acquired :
Consolidated operating income	32.7	10.6	9.3
Ingénia Technologies Inc., Kranze Technology Solutions, Inc, Sigma & Omega and ASPEQ Heating Group \| Corporate expense
Asset acquired :
Consolidated operating income	4.2	4.5	5.2
Ingénia Technologies Inc., Kranze Technology Solutions, Inc, Sigma & Omega and ASPEQ Heating Group \| Acquisition and integration-related costs
Asset acquired :
Consolidated operating income	$ 28.5	$ 6.1	$ 4.1

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	All companies utilizing technology are subject to threats of breaches of their cybersecurity programs. We understand the importance of securing our data and information technology systems and networks, as well as the data customers and other stakeholders entrust to us. We have established policies, processes and practices for assessing, identifying, and managing material risks from cybersecurity threats which are integrated into our overall risk management program and based on frameworks established by the National Institute of Standards and Technology (“NIST”), the International Organization for Standardization (“ISO”) and other applicable industry standards. Despite this, there can be no guarantee that our policies and procedures will be effective. Refer to “Risk Factors” for additional detail about the material cybersecurity risks that could affect our business strategy, results of operations, or financial condition, including under the heading “If we are unable to protect our information systems and networks against data corruption, cyber-based attacks or network security breaches, our operations could be disrupted”. Our cybersecurity program includes the following: Collaboration, Education, Incident Response and Recovery Planning Our key security, risk, and compliance personnel meet regularly and, together with our cybersecurity consultants, develop strategies for preserving the confidentiality, integrity and availability of data and our information technology systems and networks. We have established incident response and recovery plans to address potential cybersecurity incidents, including assessing the severity of a cyber incident, which are regularly evaluated for their effectiveness. Management maintains controls and procedures and periodically conducts tabletop exercises that are designed to ensure prompt escalation of material cybersecurity incidents so that decisions regarding public disclosure and reporting of such incidents can be made by management and the Board of Directors (our “Board”) in a timely manner. In addition, we regularly educate employees on the importance of maintaining the security of our information technology systems and networks and over handling and protecting customer and employee data, including through regular phishing awareness campaigns, security awareness communications, and recurring privacy and security training.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	On an ongoing basis, we assess cybersecurity risk, including the review of our policies, standards, processes and practices. These assessments include a variety of activities including third party security penetration testing and independent reviews of our information security control environment and operating effectiveness. The results of these assessment activities are presented to our Board, Audit Committee, and members of management.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our chief information officer (“CIO”) and chief information security officer (“CISO”) have primary responsibility for assessing and managing material cybersecurity risks. Quarterly cybersecurity updates are provided to executive leadership to review security key performance indicators, identify security risks, and assess the status of approved security enhancements, and risk mitigation strategies. Our CIO has served in various roles in information technology and information security for over 30 years, including serving as the CIO of three other companies. Our CIO holds an undergraduate degree in computer science. Our CISO holds 11 industry security, risk, and/or privacy certifications and has served in various roles in information technology and information security for over 25 years, including serving as the Director, Global Security, Privacy & Data Governance for one of the world's largest privately held transport corporations. Our Board, in coordination with the Audit Committee, oversees our management of cybersecurity risk. The Audit Committee receives regular cybersecurity risk reports from management and, at least annually, our Board receives reports from management, including our CIO and CISO about the prevention, detection, mitigation, and remediation of cybersecurity incidents, including material security risks and information security vulnerabilities.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our chief information officer (“CIO”) and chief information security officer (“CISO”) have primary responsibility for assessing and managing material cybersecurity risks. Quarterly cybersecurity updates are provided to executive leadership to review security key performance indicators, identify security risks, and assess the status of approved security enhancements, and risk mitigation strategies.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our chief information officer (“CIO”) and chief information security officer (“CISO”) have primary responsibility for assessing and managing material cybersecurity risks. Quarterly cybersecurity updates are provided to executive leadership to review security key performance indicators, identify security risks, and assess the status of approved security enhancements, and risk mitigation strategies.
Cybersecurity Risk Role of Management [Text Block]	Our chief information officer (“CIO”) and chief information security officer (“CISO”) have primary responsibility for assessing and managing material cybersecurity risks. Quarterly cybersecurity updates are provided to executive leadership to review security key performance indicators, identify security risks, and assess the status of approved security enhancements, and risk mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our chief information officer (“CIO”) and chief information security officer (“CISO”) have primary responsibility for assessing and managing material cybersecurity risks. Quarterly cybersecurity updates are provided to executive leadership to review security key performance indicators, identify security risks, and assess the status of approved security enhancements, and risk mitigation strategies.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO has served in various roles in information technology and information security for over 30 years, including serving as the CIO of three other companies. Our CIO holds an undergraduate degree in computer science. Our CISO holds 11 industry security, risk, and/or privacy certifications and has served in various roles in information technology and information security for over 25 years, including serving as the Director, Global Security, Privacy & Data Governance for one of the world's largest privately held transport corporations.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee receives regular cybersecurity risk reports from management and, at least annually, our Board receives reports from management, including our CIO and CISO about the prevention, detection, mitigation, and remediation of cybersecurity incidents, including material security risks and information security vulnerabilities.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Acquisitions and Discontinued Operations - Results of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset acquired :
Loss from discontinued operations, net of tax	$ (1.5)	$ (1.3)	$ (54.8)
Discontinued operations
Asset acquired :
Loss from discontinued operations	(1.5)	(0.9)	(70.3)
Income tax benefit (provision)	0.0	(0.4)	15.5
Loss from discontinued operations, net of tax	(1.5)	(1.3)	(54.8)
Discontinued operations \| DBT
Asset acquired :
Loss from discontinued operations	(1.5)	(0.6)	(69.0)
Income tax benefit (provision)	0.0	(0.1)	15.3
Loss from discontinued operations, net of tax	(1.5)	(0.7)	(53.7)
Discontinued operations \| All other
Asset acquired :
Loss from discontinued operations	0.0	(0.3)	(1.3)
Income tax benefit (provision)	0.0	(0.3)	0.2
Loss from discontinued operations, net of tax	$ 0.0	$ (0.6)	$ (1.1)

- 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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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 20, 2026	Jun. 28, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-6948
Entity Registrant Name	SPX Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-3567996
Entity Address, Address Line One	6325 Ardrey Kell Road Suite 400
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	474-3700
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	SPXC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 7,649,879,906
Entity Common Stock, Shares Outstanding		49,876,887
Documents Incorporated by Reference	Documents incorporated by reference: Portions of the Registrant’s proxy statement for its Annual Meeting to be held on May 12, 2026 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000088205
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of common stock in underwritten public offering, net of offering costs	$ 23.9

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year ended December 31,
	2025		2024		2023
Income from continuing operations:
United States	$	205.1	$	172.2	$	118.0
Foreign	109.0		83.2		68.3
	$	314.1	$	255.4	$	186.3
Provision for income taxes:
Current:
United States	$	(16.9)	$	(47.5)	$	(51.1)
Foreign	(25.6)		(21.2)		(15.7)
Total current	(42.5)		(68.7)		(66.8)
Deferred and other:
United States	(32.0)		7.1		21.3
Foreign	5.9		8.0		3.9
Total deferred and other	(26.1)		15.1		25.2
Total provision	$	(68.6)	$	(53.6)	$	(41.6)

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate after the adoption of ASU 2023-09 is as follows:


	Year ended December 31,
	2025
	Amount		Percent
Tax at U.S. federal statutory rate	$	66.0	21.0	%
State and local income taxes (1)	8.1		2.6	%
Foreign tax effects
U.K. patent box regime	(4.0)		(1.3)	%
Other	2.4		0.8	%
Effects of cross border tax laws	5.5		1.7	%
Tax credits
R&D tax credits	(4.2)		(1.3)	%
Nontaxable and nondeductible items
Share-based compensation	(7.5)		(2.4)	%
Other	2.1		0.7	%








Unrecognized tax benefits	0.9		0.3	%
Other adjustments	(0.7)		(0.3)	%


Tax expense	$	68.6	21.8	%

_________________________________________________________________

(1) The jurisdictions that contribute to the majority (greater than 50%) of the state and local tax expense include California, Florida, Maryland, New Jersey, Tennessee, and Wisconsin.

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate prior to the adoption of ASU 2023-09 is as follows:


	Year ended December 31,
	2024		2023
Tax at U.S. federal statutory rate	21.0	%	21.0	%
State and local taxes, net of U.S. federal benefit	3.6	%	3.5	%
U.S. credits and exemptions	(1.9)	%	(2.1)	%
Foreign earnings/losses taxed at different rates	1.4	%	0.6	%
Nondeductible expenses	1.2	%	2.0	%
Adjustments to uncertain tax positions	0.4	%	(0.6)	%
Changes in valuation allowance	(0.4)	%	(1.0)	%
Share-based compensation	(4.3)	%	(1.0)	%








Other	—	%	(0.1)	%
	21.0	%	22.3	%

The amounts of cash income taxes paid by the Company were as follows:


	Year ended December 31,
	2025
Federal	$	26.8
State and local	6.6
Foreign
Canada	8.1
China	4.8
Other	11.0




Income taxes, net of amounts refunded	$	57.3

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


	As of December 31,
	2025		2024
Deferred tax assets:
NOL and credit carryforwards	$	90.9	$	84.6
Pension, other postretirement and postemployment benefits	24.1		25.9
Payroll and compensation	18.8		18.0
Legal, environmental and self-insurance accruals	13.3		11.8
Working capital accruals	29.2		27.0
Research and experimental expenditures	3.8		35.9

Other	5.9		5.6
Total deferred tax assets	186.0		208.8
Valuation allowance	(86.7)		(77.0)
Net deferred tax assets	99.3		131.8
Deferred tax liabilities:
Intangible assets recorded in acquisitions	172.5		171.8
Basis difference in affiliates	30.9		15.9
Accelerated depreciation	32.4		30.0

Other	3.8		4.4
Total deferred tax liabilities	239.6		222.1
	$	(140.3)	$	(90.3)

General Matters

At December 31, 2025, we had $10.5 of federal, $130.6 of state, and $240.7 of foreign tax loss carryforwards available. We also had federal, state, and foreign tax credit carryforwards of $11.6. Of these amounts, $1.2 expire in 2026 and $136.5 expire at various times between 2027 and 2043. The remaining carryforwards have no expiration date.

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

Undistributed Foreign Earnings

In general, it is our practice and intention to reinvest the earnings of our non-U.S. subsidiaries in those operations. We believe future domestic cash generation will be sufficient to meet future domestic cash needs. For this reason, we have not recorded a provision for U.S. or foreign withholding taxes on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that are essentially permanent in duration. Generally, such amounts may become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of a deferred tax liability related to the undistributed earnings of our foreign subsidiaries in the event these earnings are no longer considered to be indefinitely reinvested, due to the hypothetical nature of the calculation.

Unrecognized Tax Benefits

As of December 31, 2025, we had gross and net unrecognized tax benefits of $5.4 and $5.2, respectively. All of these net unrecognized tax benefits would impact our effective tax rate from continuing operations if recognized. Similarly, at December 31, 2024 and 2023, we had gross unrecognized tax benefits of $3.7 (net unrecognized tax benefits of $3.1) and $2.2 (net unrecognized tax benefits of $2.2), respectively.

We classify interest and penalties related to unrecognized tax benefits as a component of our income tax provision/benefit. As of December 31, 2025, gross interest totaled $1.9 (net accrued interest of $1.8), while the related amounts as of December 31, 2024 and 2023 were gross and net accrued interest of $1.4 and $1.3, respectively. Our income tax provision for the years ended December 31, 2025, 2024, and 2023 included gross interest income (expense) of $(0.3), $0.1, and $0.2, respectively, resulting from adjustments to our liability for uncertain tax positions. As of December 31, 2025, 2024, and 2023, we had no accrual for penalties included in our unrecognized tax benefits.

The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023 were as follows:


	Year ended December 31,
	2025		2024		2023
Unrecognized tax benefit — opening balance	$	3.7	$	2.2	$	4.5
Gross increases — tax positions in prior period	1.8		1.4		—
Gross decreases — tax positions in prior period	—		—		(1.1)
Gross increases — tax positions in current period	0.1		0.5		0.1
Settlements	—		—		(1.0)
Statute expirations	(0.2)		(0.4)		(0.3)

Change due to foreign currency exchange rates	—		—		—
Unrecognized tax benefit — ending balance	$	5.4	$	3.7	$	2.2

Recent Tax Legislation

On July 4, 2025, the Act was signed into law in the United States and contains a broad range of tax provisions affecting businesses. The Act has several provisions which reduced our taxes paid in 2025 by approximately $15.0. We have included the impact of the Act in our consolidated balance sheet at December 31, 2025. The legislation did not have a material impact on our results of operations.

In December 2021, the Organisation for Economic Co-operation and Development (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. We are within the scope of the Pillar Two model rules and continue to assess the impact thereof. As of December 31, 2025 and 2024, we had $2.0 and $1.8, respectively, accrued related to these taxes.

Other Tax Matters

During 2025, our income tax provision was impacted most significantly by (i) $9.3 of excess tax benefits associated with stock-based compensation awards that vested and/or were exercised during the period and (ii) $1.4 of tax benefits resulting from increased federal tax credits and incentives.

During 2024, our income tax provision was impacted most significantly by (i) $11.0 of excess tax benefits associated with stock-based compensation awards that vested and/or were exercised during the period and (ii) $0.7 of tax benefits related to changes in our estimate of valuation allowances recognized against certain deferred tax assets, as we now expect to realize these deferred tax assets.

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

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

- Definition

The entire disclosure for income tax.

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+ Details

Derivative Financial Instruments and Concentrations of Credit Risk (Details)	3 Months Ended	12 Months Ended
	Sep. 28, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Nov. 30, 2024	Sep. 05, 2023 USD ($)	Sep. 05, 2023 ZAR (R)
Additional Swaps \| Derivative contracts designated as hedging instruments \| Term loan
Derivative Financial Instruments
Fixed rate				1.077%
Interest Rate Swap, From December 2024 \| Derivative contracts designated as hedging instruments
Derivative Financial Instruments
Fixed rate		3.58%
Gain on derivative		$ 400,000
Swaps
Derivative Financial Instruments
Unrealized (loss) gain recorded in AOCI		0.0	$ 2,600,000
Swaps \| Derivative contracts designated as hedging instruments
Derivative Financial Instruments
Derivative fair value		0.0	3,400,000
Derivative asset, current			2,700,000
Derivative asset, noncurrent			700,000
FX forward contracts
Derivative Financial Instruments
Unrealized (loss) gain recorded in AOCI		0	0
Aggregate notional amount					$ 24,900,000	R 480,900,000
FX forward contracts \| MHI Additional Claims \| Discontinued operations \| DBT
Derivative Financial Instruments
Gain on derivative	$ 2,000,000.0		2,000,000.0
FX forward contracts \| Mature Within One Year
Derivative Financial Instruments
Derivative fair value		100,000	100,000
Aggregate notional amount		$ 19,300,000	$ 22,900,000