0000088205-26-000032 | 10-Q | XBRL Viewer

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STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Stock Options (Details) - Stock Options - $ / shares		3 Months Ended
	Mar. 02, 2026	Mar. 28, 2026
Shares
Outstanding at the beginning of the period (in shares)		580,000
Exercised (in shares)		(83,000.000)
Forfeited (in shares)		0
Granted (in shares)	30,000.000	30,000.000
Outstanding at the end of the period (in shares)		527,000
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)		$ 59.04
Exercised (in dollars per share)		27.40
Forfeited (in dollars per share)		0
Granted (in dollars per share)	$ 225.02	223.57
Outstanding, ending balance (in dollars per share)		$ 73.39

REVENUES FROM CONTRACTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Contract accounts receivable	$ 381.8	$ 311.6	$ 346.9	$ 305.4
Contract with customer, revenue recognized	37.1	$ 28.7
Crawford United
Disaggregation of Revenue [Line Items]
Contract accounts receivable	15.6
Contract assets	3.5
Contract liabilities	4.9
Thermolec Ltd
Disaggregation of Revenue [Line Items]
Contract accounts receivable	$ 3.9

- 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.

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+ Details

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Mar. 28, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS The following is a summary of new accounting pronouncements that apply or may apply to our business. In November 2024, the Financial Accounting Standards Board (“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 our 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 by Business Entities, which establishes authoritative guidance on the accounting for government grants received by business entities. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, and will be applied on a modified prospective approach with the option to apply the standard on a modified retrospective approach or a retrospective approach. 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

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 28, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Unless otherwise indicated, “we,” “us” and “our” mean SPX Technologies, Inc. and its consolidated subsidiaries (“SPX”). We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 3 for information on discontinued operations). We account for investments in unconsolidated companies where we exercise significant influence but do not have control using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. All of our VIE’s are immaterial, individually and in aggregate, to our condensed consolidated financial statements. 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-Q. Acquisition of 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 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 recorded during the third quarter of 2025 related to acquired working capital. We financed the acquisition with available borrowings on our revolving credit facility under our senior credit facilities. The post-acquisition operating results of KTS are reflected within our Detection and Measurement reportable segment. Acquisition of Sigma & Omega On April 15, 2025, we completed the acquisitions 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 recorded 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 facility under our senior credit facilities. The post-acquisition operating results of Sigma & Omega are reflected within our HVAC reportable segment. Acquisition of Thermolec 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 cash consideration of $140.2, net of cash acquired of $1.3. The purchase price is subject to adjustment based on the final calculation of working capital and cash as of the date of acquisition. The acquisition was funded through cash on hand. The post-acquisition operating results of Thermolec are reflected within our HVAC reportable segment. Acquisition of Crawford On February 6, 2026, we completed the acquisition of Crawford United Corporation (“Crawford United”) which specializes in highly engineered air handling and industrial products. We purchased Crawford United for cash consideration of $299.4, net of cash acquired of $0.6. The acquisition was funded through cash on hand and borrowings on our revolving credit facility under our senior credit facilities. The post-acquisition results of Crawford United's commercial air handling equipment businesses (“Crawford”) are reflected within our HVAC reportable segment. Crawford United's industrial and transportation products businesses (“Non-core businesses”), which includes businesses serving aerospace, defense, transportation, and marine markets, are non-core to our long-term strategy. These Non-core businesses were recorded as assets held for sale upon acquisition, with their results reported as discontinued operations while we identified a suitable buyer and executed our plan to sell these businesses within twelve months. On March 27, 2026, we completed the sale of the Non-core businesses for an aggregate cash sale price of $60.0. In connection with the sale, we received net cash proceeds of $59.2, net of cash and debt contributed of $1.4 and $2.2, respectively, and recorded a loss of $5.7 to “Loss on disposition of discontinued operation, net of tax” within the condensed consolidated statement of operations for the three months ended March 28, 2026. The sale price is subject to adjustment based on the final calculation of working capital and cash as of the date of sale. Refer to Note 3 for additional information. The assets acquired and liabilities assumed in the Thermolec and Crawford transactions have been recorded at estimates of fair value as determined by management, based on information available and assumptions as to future operations and are subject to change, primarily for the final assessment and valuation of certain tax amounts and other judgmental reserves. Other Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2025 (“our 2025 Annual Report on Form 10-K”). Interim results are not necessarily indicative of full year results. We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2026 are March 28, June 27, and September 26, compared to the respective March 29, June 28, and September 27 dates of 2025. We had one less day in the first quarter of 2026 and will have one more day in the fourth quarter of 2026 than in the respective 2025 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the three months ended March 28, 2026, when compared to the consolidated operating results for the 2025 respective period.

FAIR VALUE AND OTHER INVESTMENTS - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Equity Securities without Readily Determinable Fair Value
Balance at beginning of period	$ 58.2
Change in value of equity security	0.0	$ 4.5
Balance at end of period	$ 58.2

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 27, 2025	Mar. 28, 2026	Dec. 31, 2025	Sep. 28, 2024
Interest Rate Swap, From December 2024 \| Derivative contracts designated as hedging instruments
Derivative Financial Instruments
Gain on derivative	$ 0.4
Fixed rate				3.58%
FX Forward Contracts
Derivative Financial Instruments
Unrealized gain recorded in AOCI		$ 0.0	$ 0.0
FX Forward Contracts \| Mature Within One Year
Derivative Financial Instruments
Aggregate notional amount		12.5	19.3
Derivative fair value		$ 0.1	$ 0.1

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - PSU's, RSU's Narrative (Details) $ in Millions	3 Months Ended
	Mar. 28, 2026 USD ($)
Stock-based Compensation
Historical period upon which annual expected stock price volatility is based (years)	3 years
Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	1 year
Maximum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	3 years
Performance Stock Units and Restricted Stock Units
Stock-based Compensation
Unrecognized compensation cost	$ 26.8
Weighted-average period over which unrecognized compensation costs will be recognized	2 years 3 months 18 days

- 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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STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Components of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
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Net income (loss)	(59.9)	(51.2)
Amount Reclassified from AOCI \| Gains on qualifying cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
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Net income (loss)	0.0	(0.7)
Amount Reclassified from AOCI \| Gains on pension and postretirement items:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net	(0.2)	(0.8)
Income taxes	0.0	0.2
Net income (loss)	$ (0.2)	$ (0.6)

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+ Details

REVENUES FROM CONTRACTS - Performance Obligations (Details) $ in Millions	Mar. 28, 2026 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 238.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	65.00%
Remaining performance obligation, timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	78.00%
Remaining performance obligation, timing of satisfaction	24 months

SPECIAL CHARGES, NET

3 Months Ended

Mar. 28, 2026

Restructuring and Related Activities [Abstract]

SPECIAL CHARGES, NET

Special charges, net, for the three months ended March 28, 2026 and March 29, 2025 are described in more detail below:


	Three months ended
	March 28, 2026		March 29, 2025
HVAC reportable segment	$	—	$	(0.2)
Detection and Measurement reportable segment	0.2		0.2
Corporate	—		0.1
Total	$	0.2	$	0.1

HVAC — Activity for the three months ended March 29, 2025 related primarily to severance costs associated with a restructuring action at one of the segment's cooling businesses.

Detection and Measurement — Charges for the three months ended March 28, 2026 and March 29, 2025 related primarily to severance costs associated with restructuring actions at the segment's inspection and rehabilitation business.

Corporate — Charges for the three months ended March 29, 2025 related primarily to severance costs associated with restructuring actions.

No significant future charges are expected to be incurred under actions approved as of March 28, 2026.

The following is an analysis of our restructuring liabilities for the three months ended March 28, 2026 and March 29, 2025:


	Three months ended
	March 28, 2026		March 29, 2025
Balance at beginning of year	$	0.5	$	1.8
Special charges	0.2		0.1
Utilization — cash	(0.3)		(0.5)
Currency translation adjustment and other	—		—
Balance at end of period	$	0.4	$	1.4

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 28, 2026
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

SPECIAL CHARGES, NET (Tables)

3 Months Ended

Mar. 28, 2026

Restructuring and Related Activities [Abstract]

Schedule of Special Charges

Special charges, net, for the three months ended March 28, 2026 and March 29, 2025 are described in more detail below:


	Three months ended
	March 28, 2026		March 29, 2025
HVAC reportable segment	$	—	$	(0.2)
Detection and Measurement reportable segment	0.2		0.2
Corporate	—		0.1
Total	$	0.2	$	0.1

Schedule of Analysis of Restructuring Liabilities

The following is an analysis of our restructuring liabilities for the three months ended March 28, 2026 and March 29, 2025:


	Three months ended
	March 28, 2026		March 29, 2025
Balance at beginning of year	$	0.5	$	1.8
Special charges	0.2		0.1
Utilization — cash	(0.3)		(0.5)
Currency translation adjustment and other	—		—
Balance at end of period	$	0.4	$	1.4

ACQUISITIONS AND DISCONTINUED OPERATIONS - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Assets acquired:
Loss from discontinued operations, net of tax	$ (4.5)	$ (0.5)
Discontinued Operations, Disposed of by Sale \| Non-Core Businesses
Assets acquired:
Income (loss) from discontinued operations	2.2
Income tax provision	(0.6)
Loss from discontinued operations, net of tax	1.6
Discontinued Operations \| DBT
Assets acquired:
Income (loss) from discontinued operations	(0.1)	(0.5)
Income tax provision	(0.3)	0.0
Loss from discontinued operations, net of tax	$ (0.4)	$ (0.5)

- 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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+ 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

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+ Details

INDEBTEDNESS (Tables)

3 Months Ended

Mar. 28, 2026

Debt Disclosure [Abstract]

Schedule of Debt Activity, Current and Noncurrent

The following summarizes our debt activity (both current and non-current) for the three months ended March 28, 2026:


	December 31, 2025		Borrowings		Repayments		Other(5)		March 28, 2026
Revolving loans (1)	$	—	$	189.5	$	(39.5)	$	—	$	150.0
Term loan(2)	499.1		—		—		0.1		499.2




Trade receivables financing arrangement(3)	—		111.0		(89.0)		—		22.0
Other indebtedness(4)	2.5		0.2		—		0.1		2.8
Total debt	501.6		$	300.7	$	(128.5)	$	0.2	674.0


Less: short-term debt	1.4								23.6
Less: current maturities of long-term debt	3.5								6.7
Total long-term debt	$	496.7							$	643.7

__________________________

(1)The revolving credit facility extends through September 9, 2030 under the terms of the agreement governing our senior credit facilities and is primarily used to provide liquidity for funding acquisitions, including related fees and expenses, and was utilized as a partial funding mechanism for the Crawford acquisition.

(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, and 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 $0.8 and $0.9 at March 28, 2026 and December 31, 2025, 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 March 28, 2026, we had $72.3 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $22.0.

(4)Primarily includes balances under a purchase card program of $1.6 and $1.4 and finance lease obligations of $1.2 and $1.1 at March 28, 2026 and December 31, 2025, respectively. The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.

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

ACQUISITIONS AND DISCONTINUED OPERATIONS - Acquisitions (Details) - USD ($) $ in Millions	Mar. 28, 2026	Feb. 06, 2026	Jan. 20, 2026	Dec. 31, 2025	Apr. 15, 2025	Jan. 27, 2025
Assets acquired:
Goodwill	$ 1,245.4			$ 1,043.4
Assets held for sale (Non-core businesses)		$ 80.2
Liabilities held for sale (Non-core businesses)		20.1
Crawford United
Assets acquired:
Current assets, including cash and equivalents		22.1
Property, plant and equipment		4.0
Goodwill	129.7	129.7
Intangible assets		128.9
Other assets		7.6
Total assets acquired		372.5
Current liabilities assumed		15.9
Non-current liabilities assumed		36.5
Net assets acquired		300.0
Deferred income tax liabilities		32.1
Other liabilities		$ 4.4
Thermolec Ltd
Assets acquired:
Current assets, including cash and equivalents			$ 10.9
Property, plant and equipment			0.8
Goodwill	75.6		75.2
Intangible assets			79.4
Other assets			1.2
Total assets acquired			167.5
Current liabilities assumed			4.4
Non-current liabilities assumed			21.6
Net assets acquired			141.5
Deferred income tax liabilities			20.9
Other liabilities			$ 0.7
Sigma & Omega
Assets acquired:
Current assets, including cash and equivalents					$ 17.1
Property, plant and equipment					1.3
Goodwill	76.6				76.1
Intangible assets					77.6
Other assets					1.2
Total assets acquired					173.3
Current liabilities assumed					9.3
Non-current liabilities assumed					20.5
Net assets acquired					143.5
Deferred income tax liabilities					19.9
Other liabilities					$ 0.6
Kranze Technology Solutions, Inc
Assets acquired:
Current assets, including cash and equivalents						$ 60.8
Property, plant and equipment						5.6
Goodwill	104.4					104.4
Intangible assets						164.5
Other assets						25.6
Total assets acquired						360.9
Current liabilities assumed						16.5
Non-current liabilities assumed						4.4
Net assets acquired						340.0
Deferred compensation assets						46.5
Kranze Technology Solutions, Inc \| Other Current Assets
Assets acquired:
Deferred compensation assets	8.9			11.4		26.2
Kranze Technology Solutions, Inc \| Other Noncurrent Assets
Assets acquired:
Deferred compensation assets	$ 9.8			$ 10.9		$ 20.3

FAIR VALUE AND OTHER INVESTMENTS (Tables)

3 Months Ended

Mar. 28, 2026

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 March 28, 2026 and December 31, 2025:

March 28, 2026

Level 1

Level 2

Level 3

Total

Assets:

Derivative financial instruments

—

December 31, 2025

Level 1

Level 2

Level 3

Total

Assets:

Derivative financial instruments

—

Schedule of Equity Securities without Readily Determinable Fair Value

The following table provides a reconciliation of activity for the equity security for the three months ended March 28, 2026:



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

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

3 Months Ended

Mar. 28, 2026

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

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

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


	Three months ended
	March 28, 2026	March 29, 2025
Weighted-average number of common shares used in basic income per share	49.924	46.453
Dilutive securities — Employee stock options, performance stock units and restricted stock units	0.599	0.669
Weighted-average number of common shares and dilutive securities used in diluted income per share	50.523	47.122

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 2, 2026
SPX	35.76	%	—	%	3.46	%	43.06	%
Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index	37.12	%	n/a		3.46	%
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	%

Schedule of PSU and RSU Activity

The following table summarizes the PSU and RSU activity from December 31, 2025 through March 28, 2026:


	Unvested PSU’s and RSU’s	Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2025	0.355	$	105.45
Granted	0.104	183.41
Vested	(0.162)	79.88
Forfeited	(0.001)	105.21
Outstanding at March 28, 2026	0.296	$	146.99

Schedule of Black-Scholes Pricing Model Assumptions

The fair value per share of the stock options granted on March 2, 2026 was $99.43. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


Annual expected stock price volatility	39.51	%
Annual expected dividend yield	—	%
Risk-free interest rate	3.69	%
Expected life of stock option (in years)	6

Schedule of Stock Option Activity

The following table summarizes the stock option activity from December 31, 2025 through March 28, 2026:


	Shares	Weighted-Average Exercise Price
Options outstanding at December 31, 2025	0.580	$	59.04
Exercised	(0.083)	27.40
Forfeited	—	—
Granted	0.030	223.57
Options outstanding at March 28, 2026	0.527	$	73.39

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

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 28, 2026 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges		Pension and Postretirement Liability Adjustment(1)		Total
Balance at beginning of period	$	260.6	$	—	$	(0.1)	$	260.5
Other comprehensive loss before reclassifications	(6.1)		—		—		(6.1)
Amounts reclassified from accumulated other comprehensive income	—		—		(0.2)		(0.2)
Current-period other comprehensive loss	(6.1)		—		(0.2)		(6.3)
Balance at end of period	$	254.5	$	—	$	(0.3)	$	254.2

__________________________

(1)Net of tax provision of $0.0 as of March 28, 2026 and December 31, 2025. The balances as of March 28, 2026 and December 31, 2025 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 29, 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 beginning of period	$	218.9	$	2.6	$	2.1	$	223.6
Other comprehensive income (loss) before reclassifications	11.2		(0.1)		—		11.1
Amounts reclassified from accumulated other comprehensive income	—		(0.7)		(0.6)		(1.3)
Current-period other comprehensive income (loss)	11.2		(0.8)		(0.6)		9.8
Balance at end of period	$	230.1	$	1.8	$	1.5	$	233.4

_________________________

(1)Net of tax provision of $0.4 and $0.7 as of March 29, 2025 and December 31, 2024, respectively.

(2)Net of tax provision of $0.8 and $1.0 as of March 29, 2025 and December 31, 2024, respectively. The balances as of March 29, 2025 and December 31, 2024 include unamortized prior service credits.

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

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended March 28, 2026 and March 29, 2025:


	Amount Reclassified from AOCI
	Three months ended
	March 28, 2026		March 29, 2025		Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges:


Swaps	$	—	$	(1.0)	Interest expense
Pre-tax	—		(1.0)
Income taxes	—		0.3
	$	—	$	(0.7)

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

CONTINGENT LIABILITIES AND OTHER MATTERS - Large Power Projects in South Africa (Details) $ in Millions	Feb. 05, 2021 USD ($)
Large power projects
Contingent Liabilities and Other Matters
Payments for bonds issued	$ 6.7

- Definition

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

+ References

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

AQUISITIONS AND DISCONTINUED OPERATIONS

3 Months Ended

Mar. 28, 2026

Acquisitions and Discontinued Operations [Abstract]

AQUISITIONS AND DISCONTINUED OPERATIONS

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-Q. During the three months ended March 28, 2026, we made no such acquisitions. For the three months ended March 29, 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.

Acquisition of Crawford United

As indicated in Note 1, on February 6, 2026, we completed the acquisition of Crawford United for net cash consideration of $299.4, net of cash acquired of $0.6.

The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Crawford United as of February 6, 2026:


Assets acquired:
Current assets, including cash and equivalents of $0.6	$	22.1
Property, plant and equipment	4.0
Goodwill	129.7
Intangible assets	128.9
Other assets	7.6
Assets held for sale (Non-core businesses)	80.2
Total assets acquired	372.5

Current liabilities assumed	15.9
Non-current liabilities assumed (1)	36.5
Liabilities held for sale (Non-core businesses)	20.1

Net assets acquired	$	300.0

___________________________

(1)Includes net deferred income tax liabilities and other liabilities of $32.1 and $4.4, respectively.

The identifiable intangible assets acquired related to Crawford consist of customer relationships, customer backlog, technology, and definite-lived trademarks of $77.1, $19.4, $17.7, and $14.7, respectively, with such amounts based on an assessment of the related fair values. We expect to amortize these customer relationships, customer backlog, technology, and definite-lived trademark assets over 11.0, 1.0, 12.0, and 11.0 years, respectively.

We acquired gross receivables related to Crawford of $12.8, 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 related to Crawford include expected North American volume growth from enhancing Crawford's existing facilities, increased volumes achieved through commercial synergies with existing SPX businesses, 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 Crawford of $13.1 and $0.4, respectively, for the three months ended March 28, 2026, with the net loss impacted by charges during the three months ended March 28, 2026 of $4.5 associated with

amortization of the various intangible assets mentioned above, and $0.1 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

Acquisition of Thermolec

As indicated in Note 1, on January 20, 2026, we completed the acquisition of Thermolec for cash consideration of $140.2, net of cash acquired of $1.3. The purchase price is subject to adjustment based on the final calculation of working capital and cash as of the date of acquisition.

The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Thermolec as of January 20, 2026:


Assets acquired:
Current assets, including cash and equivalents of $1.3	$	10.9
Property, plant and equipment	0.8
Goodwill	75.2
Intangible assets	79.4
Other assets	1.2
Total assets acquired	167.5

Current liabilities assumed	4.4
Non-current liabilities assumed (1)	21.6

Net assets acquired	$	141.5

___________________________

(1)Includes net deferred income tax liabilities and other liabilities of $20.9 and $0.7, respectively.

The identifiable intangible assets acquired consist of customer relationships, technology, and definite-lived trademarks of $64.3, $8.2, and $6.9, respectively, with such amounts based on an assessment of the related fair values. We expect to amortize the customer relationships, technology, and definite-lived trademark assets over 12.0, 12.0, and 15.0 years, respectively.

We acquired gross receivables of $4.0, 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 North American market growth for Thermolec's existing operations, increased volumes achieved through commercial synergies with existing SPX businesses, 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 Thermolec of $7.4 and $0.7, respectively, for the three months ended March 28, 2026, with the net income impacted by charges during the three months ended March 28, 2026 of $1.1 associated with amortization of the various intangible assets mentioned above, and $0.4 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

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 recorded 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 final 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.

Acquisition of KTS

As indicated in Note 1, on January 27, 2025, we completed the acquisition of KTS for 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 recorded during the third quarter of 2025 related to acquired working capital. We financed the acquisition with available borrowings on our revolving credit facility under our then-existing senior credit facilities.

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 three months ended March 28, 2026 and March 29, 2025, we recognized compensation costs of $3.6 and $4.3, respectively, which have been recorded to “Selling, general and administrative” within our condensed consolidated statements of operations, related to such retention agreements. The remaining deferred compensation assets of $8.9 and $9.8 are recorded within “Other current assets” and “Other assets”, respectively, within our condensed consolidated balance sheet as of March 28, 2026. At December 31, 2025, deferred compensation assets of $11.4 and $10.9 were recorded within “Other current assets” and “Other assets”, respectively, within our condensed consolidated balance sheet.

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, definite-lived 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, definite-lived 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 $8.5 and $6.4, respectively, for the three months ended March 29, 2025 with the net loss impacted by charges during the three months ended March 29, 2025 of (i) $4.3 of compensation costs related to acquired retention agreements, (ii) $3.2 associated with amortization of the various intangible assets mentioned above, and (iii) $0.3 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

The following unaudited pro forma information presents our condensed consolidated results of operations for the three months ended March 28, 2026 and March 29, 2025, respectively, as if the acquisitions of Crawford and Thermolec had taken place on January 1, 2025 and the acquisition of KTS had taken place on January 1, 2024. The unaudited pro forma financial information is not intended to represent or be indicative of our condensed consolidated results of operations that would have been reported had the acquisitions been completed as of the date presented, and should not be taken as representative of our future consolidated results of operations. The pro forma results include estimates and assumptions that management believes are reasonable; however, these results do not include any anticipated cost savings or expenses of the planned integration of Crawford, Thermolec or KTS. These pro forma condensed consolidated results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisitions, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment and intangible assets, adjustments to reflect charges associated with acquisition-related costs and charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold as if they were incurred beginning during the first quarter of 2025 for Crawford and Thermolec and the first quarter of 2024 for KTS, and the related income tax effects.


	Three months ended
	March 28, 2026		March 29, 2025
Revenues	$	576.5	$	518.2
Income from continuing operations	68.8		54.1
Net income	64.3		53.6

Income from continuing operations per share of common stock:
Basic	$	1.38	$	1.16
Diluted	$	1.36	$	1.15

Net income per share of common stock:
Basic	$	1.29	$	1.15
Diluted	$	1.27	$	1.14

Acquisition and Integration-related Costs

During the three months ended March 28, 2026 and March 29, 2025, we incurred acquisition and integration-related costs for KTS, Sigma & Omega, Thermolec, Crawford, and Ingénia Technologies Inc. (“Ingénia”) of $7.7 and $8.2, respectively. In addition, we recorded these amounts as shown below within consolidated operating income in Note 6:


Acquisition and integration-related costs for Ingénia, KTS, Sigma & Omega, Thermolec, and Crawford
	Three months ended
Affected line item in Note 6	March 28, 2026		March 29, 2025


Corporate expense	$	2.7	$	2.2
Acquisition and integration-related costs	5.0		6.0
Consolidated operating income	$	7.7	$	8.2

Non-core Businesses

As discussed in Note 1, during the three months ended March 28, 2026, in connection with the acquisition of Crawford United, the Company concluded that the assets and liabilities of the Non-core businesses were ancillary to the Company’s long‑term strategic objectives and met the criteria to be classified as held for sale. Accordingly, the post‑acquisition operating results of these businesses are reported as discontinued operations.

On March 27, 2026, we completed the sale of the Non-core businesses for an aggregate cash sale price of $60.0. In connection with the sale, we received net cash proceeds of $59.2, net of cash and debt contributed of $1.4 and $2.2, respectively, and recorded a loss of $5.7 to “Loss on disposition of discontinued operation, net of tax” within the condensed consolidated statement of operations for the three months ended March 28, 2026. The sale price is subject to adjustment based on the final calculation of working capital and cash as of the date of sale.

There were no assets or liabilities of the Non-core businesses included in the condensed consolidated balance sheet as of March 28, 2026, as the disposition was completed during the three months ended March 28, 2026.

For the three months ended March 28, 2026, results of operations from the Non-core businesses prior to their sale were as follows:


	Three months ended
	March 28, 2026















Income from discontinued operations	$	2.2
Income tax provision	(0.6)
Income from discontinued operations, net	$	1.6

Wind-Down of DBT Business

We completed the wind-down 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.

The assets and liabilities of DBT have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the condensed consolidated balance sheets as of March 28, 2026 and December 31, 2025. The major line items constituting DBT’s assets and liabilities as of March 28, 2026 and December 31, 2025 are shown below:


	March 28, 2026		December 31, 2025
ASSETS
Cash and equivalents	$	1.8	$	2.0

Other current assets(1)	3.7		3.8







Total assets of DBT	$	5.5	$	5.8
LIABILITIES
Accounts payable(1)	$	0.1	$	0.1
Contract liabilities(1)	2.3		2.3
Accrued expenses(1)	6.9		7.0
Other long-term liabilities(1)	4.6		4.7
Total liabilities of DBT	$	13.9	$	14.1

___________________________

(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.

Wind-Down of the Heat Transfer Business

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

The assets and liabilities of Heat Transfer have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the condensed consolidated balance sheets as of March 28, 2026 and December 31, 2025. At March 28, 2026 and December 31, 2025, Heat Transfer had total assets and liabilities of $0.3 and $0.0, respectively.

For the three months ended March 28, 2026 and March 29, 2025, results of operations from our businesses reported as discontinued operations (excluding the Non-core businesses) were as follows:


	Three months ended
	March 28, 2026		March 29, 2025















Loss from discontinued operations(1)	$	(0.1)	$	(0.5)
Income tax provision	(0.3)		—
Loss from discontinued operations, net	$	(0.4)	$	(0.5)

___________________________

(1)Loss for the three months ended March 28, 2026 and March 29, 2025 related primarily to costs incurred to support DBT through the subcontractor liquidation process mentioned above.

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 28, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three months ended March 28, 2026 were as follows:


	December 31, 2025		Goodwill Resulting from Business Combinations (1)		Foreign Currency Translation		March 28, 2026
HVAC reportable segment
Gross goodwill	$	1,013.7	$	204.9	$	(3.9)	$	1,214.7
Accumulated impairments	(336.9)		—		1.4		(335.5)
Goodwill	676.8		204.9		(2.5)		879.2

Detection and Measurement reportable segment
Gross goodwill	542.4		—		(0.7)		541.7
Accumulated impairments	(175.8)		—		0.3		(175.5)
Goodwill	366.6		—		(0.4)		366.2

Total
Gross goodwill	1,556.1		204.9		(4.6)		1,756.4
Accumulated impairments	(512.7)		—		1.7		(511.0)
Goodwill	$	1,043.4	$	204.9	$	(2.9)	$	1,245.4

___________________________

(1)Reflects goodwill acquired with the Thermolec and Crawford acquisitions of $75.2 and $129.7, respectively, within the HVAC reportable segment. As indicated in Note 1, the acquired assets, including goodwill, and liabilities assumed in these acquisitions have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting.

Schedule of Identifiable Intangible Assets

Identifiable intangible assets at March 28, 2026 and December 31, 2025 comprised the following:


	March 28, 2026						December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives: (1)
Customer relationships and contracts	$	698.3	$	(163.7)	$	534.6	$	557.8	$	(150.2)	$	407.6
Technology	299.7		(69.7)		230.0		274.3		(64.0)		210.3
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	141.5		(76.4)		65.1		101.0		(72.1)		28.9
	1,144.0		(314.3)		829.7		937.6		(290.8)		646.8
Trademarks with indefinite lives	221.4		—		221.4		221.4		—		221.4
Total	$	1,365.4	$	(314.3)	$	1,051.1	$	1,159.0	$	(290.8)	$	868.2

___________________________

(1)The gross carrying value of identifiable intangible assets acquired with the Thermolec acquisition consist of customer relationships of $64.3, technology of $8.2, and definite-lived trademarks of $6.9. The gross carrying value of identifiable intangible assets acquired with the Crawford acquisition consist of customer relationships of $77.1, customer backlog of $19.4, technology of $17.7, and definite-lived trademarks of $14.7.

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

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-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
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-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

ACQUISITIONS AND DISCONTINUED OPERATIONS - Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Acquisitions, Dispositions and Discontinued Operations [Abstract]
Revenues	$ 576.5	$ 518.2
Income from continuing operations	68.8	54.1
Net income	$ 64.3	$ 53.6
Income from continuing operations per share of common stock:
Basic (in dollars per share)	$ 1.38	$ 1.16
Diluted (in dollars per share)	1.36	1.15
Net income per share of common stock:
Basic (in dollars per share)	1.29	1.15
Diluted (in dollars per share)	$ 1.27	$ 1.14

REVENUES FROM CONTRACTS - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract accounts receivable	$ 381.8	$ 311.6	$ 346.9	$ 305.4
Increase (decrease) in accounts receivable	34.9	6.2
Contract Assets	78.9	37.5	65.0	11.3
Increase (decrease) in contract with customer, asset, net, current	13.9	26.2
Contract Liabilities - current	(115.1)	(80.0)	(115.8)	(62.3)
Increase (decrease) in contract with customer, liability, current	0.7	(17.7)
Contract liabilities - non-current	(8.0)	(4.5)	(3.6)	(4.0)
Increase (decrease) in contract with customer, liability, noncurrent	(4.4)	(0.5)
Net contract balance	337.6	264.6	$ 292.5	$ 250.4
Increase (decrease) in contract with customers, net	$ 45.1	$ 14.2

INFORMATION ON REPORTABLE SEGMENTS AND CORPORATE EXPENSE (Tables)

3 Months Ended

Mar. 28, 2026

Segment Reporting [Abstract]

Schedule of Financial Data for Reportable Segments and Other Operating Segments

Financial data for our reportable segments for the three months ended March 28, 2026 and March 29, 2025 are presented below:


	Three months ended
	March 28, 2026		March 29, 2025
HVAC reportable segment
Revenues	$	394.0	$	323.0
Cost of products sold	246.6		199.6
Selling, general and administrative expense	58.8		49.5
Segment income	$	88.6	$	73.9

Detection and Measurement reportable segment
Revenues	$	172.8	$	159.6
Cost of products sold	88.2		86.8
Selling, general and administrative expense	37.9		36.2
Segment income	$	46.7	$	36.6

Consolidated revenues	$	566.8	$	482.6
Consolidated income for segments	135.3		110.5

Corporate expense	14.5		14.0
Acquisition and integration-related costs (1)	5.0		6.4
Long-term incentive compensation expense	3.7		3.7

Amortization of acquired intangible assets (2)	24.2		19.7

Special charges, net	0.2		0.1

Consolidated operating income	87.7		66.6

Other income (expense), net	(3.0)		2.7
Interest expense	(8.4)		(12.3)
Interest income	1.1		0.9
Income from continuing operations before income taxes	$	77.4	$	57.9

Capital expenditures:
HVAC reportable segment	$	16.3	$	4.7
Detection and Measurement reportable segment	2.0		0.8
Capital expenditures of reportable segments	18.3		5.5
Corporate	0.2		—
Total capital expenditures	$	18.5	$	5.5

Depreciation and amortization:
HVAC reportable segment	$	21.9	$	16.9
Detection and Measurement reportable segment	9.6		9.5
Depreciation and amortization of reportable segments	31.5		26.4
Corporate	0.6		0.6
Total depreciation and amortization	$	32.1	$	27.0


	Three months ended
	March 28, 2026		March 29, 2025
Geographic Areas:
Revenues: (3)
United States	$	447.6	$	403.0
Canada	62.4		30.2
China	17.0		13.0
United Kingdom	21.3		17.4
Other	18.5		19.0
	$	566.8	$	482.6

	March 28, 2026		December 31, 2025
Tangible Long-Lived Assets:
United States	$	438.4	$	419.4
Canada	90.5		88.2
Other	35.3		35.6
Long-lived assets of continuing operations	564.2		543.2
Long-lived assets of discontinued operations, DBT and Heat Transfer	—		—
Total tangible long-lived assets	$	564.2	$	543.2

_____________________________

(1)Represents acquisition and integration-related costs incurred in connection with acquisitions of $5.0 and $6.4 during the three months ended March 28, 2026 and March 29, 2025, respectively, including “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with the Thermolec and Crawford acquisitions of $0.4 and $0.1, respectively, during the three months ended March 28, 2026 and the KTS acquisition of $0.3 during the three months ended March 29, 2025.

(2)Includes intangible asset amortization of $0.9 recorded in cost of products sold within the condensed consolidated statement of operations for the three months ended March 28, 2026.

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

INDEBTEDNESS - Company-owned Life Insurance (Details) - USD ($)	Mar. 28, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Life insurance, corporate or bank owned, borrowed amounts	$ 0	$ 0
Life insurance, corporate or bank owned, interest rate	5.30%	5.30%
Life insurance policy, maximum borrowing capacity	$ 34,000,000.0
Life insurance, corporate or bank owned, amount	$ 59,900,000	$ 60,300,000

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Long Term Incentive Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Stock-based Compensation
Long-term incentive compensation expense	$ 3.7	$ 3.7
Related tax benefit	$ 7.0	8.5
Performance Shares
Stock-based Compensation
Award vesting period	3 years
Long-term incentive compensation expense	$ 3.7	3.7
Related tax benefit	$ 0.6	$ 0.6

- 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

3 Months Ended

Mar. 28, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE AND OTHER INVESTMENTS

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

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

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

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

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

The following table presents our fair value hierarchy of our financial assets measured at fair value on a recurring basis as of March 28, 2026 and December 31, 2025:

March 28, 2026

Level 1

Level 2

Level 3

Total

Assets:

Derivative financial instruments

—

December 31, 2025

Level 1

Level 2

Level 3

Total

Assets:

Derivative financial instruments

—

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.

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

As of March 28, 2026, there had been no significant impact to the fair value of our derivative liabilities due to our own credit risk, as the related instruments are collateralized under our senior credit facilities. Similarly, there had been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.

Equity Security — We estimate the 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 has historically been updated annually, during the first quarter, based on the investee’s most recent audited financial statements.

During the three months ended March 28, 2026 and March 29, 2025, we recorded gains of $0.0 and $4.5, 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. 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 March 28, 2026 and December 31, 2025, the equity security had an estimated value of $58.2, recorded in “Other assets”, on the condensed consolidated balance sheets. This estimated value provided by the investee includes the impact of the above transactions. 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 three months ended March 28, 2026:



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

Indebtedness and Other — The estimated fair value of our debt instruments as of March 28, 2026 and December 31, 2025 approximated the related carrying values due primarily to the variable market-based interest rates for such instruments. See Note 12 for further details.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/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
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-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
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

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-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

ACQUISITIONS AND DISCONTINUED OPERATIONS - Narrative (Details)						3 Months Ended
	Mar. 27, 2026 USD ($)	Feb. 06, 2026 USD ($)	Jan. 20, 2026 USD ($)	Apr. 15, 2025 USD ($)	Jan. 27, 2025 USD ($)	Mar. 28, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 27, 2025 USD ($)	Mar. 29, 2025 USD ($)	Dec. 31, 2021 project
Assets acquired:
Business acquisition, net of cash acquired						$ 439,600,000			$ 304,100,000
Net income (loss)						59,900,000			51,200,000
Selling, general and administrative — intangible amortization						24,200,000			19,700,000
Amortization of deferred compensation plan asset						3,600,000			4,300,000
Acquisition-related costs						5,000,000.0			6,400,000
Loss on disposition of discontinued operation, net of tax						6,100,000			500,000
Discontinued Operations, Disposed of by Sale \| Non-Core Businesses
Assets acquired:
Aggregate cash proceeds	$ 60,000,000.0
Cash proceeds	59,200,000
Discontinued operation, cash	1,400,000
Discontinued operation debt contributed	2,200,000
Loss on disposition of discontinued operation, net of tax	$ 5,700,000
Total assets - discontinued operations						0
Total liabilities of DBT						0
Discontinued Operations \| DBT Technologies
Assets acquired:
Total assets - discontinued operations						5,500,000	$ 5,800,000
Total liabilities of DBT						13,900,000	14,100,000
Number of large power projects \| project										2
Discontinued Operations \| Heat Transfer
Assets acquired:
Total assets - discontinued operations						300,000	300,000
Total liabilities of DBT						0.0	0.0
Sigma & Omega
Assets acquired:
Receivables, fair value				$ 9,200,000
Crawford United
Assets acquired:
Business acquisition, net of cash acquired		$ 299,400,000
Cash acquired		600,000
Intangible assets		128,900,000
Gross receivables acquired		12,800,000
Goodwill, expected tax deductible amount		0
Revenues						13,100,000
Net income (loss)						(400,000)
Selling, general and administrative — intangible amortization						4,500,000
Inventory write-down						100,000
Crawford United \| Customer relationships and contracts
Assets acquired:
Intangible assets		$ 77,100,000
Amortization period		11 years
Crawford United \| Customer backlog
Assets acquired:
Intangible assets		$ 19,400,000
Amortization period		1 year
Crawford United \| Technology
Assets acquired:
Intangible assets		$ 17,700,000
Amortization period		12 years
Crawford United \| Trademarks with indefinite lives
Assets acquired:
Intangible assets		$ 14,700,000
Amortization period		11 years
Thermolec Ltd
Assets acquired:
Business acquisition, net of cash acquired			$ 140,200,000
Cash acquired			1,300,000
Intangible assets			79,400,000
Gross receivables acquired			4,000,000.0
Goodwill, expected tax deductible amount			0
Revenues						7,400,000
Net income (loss)						700,000
Selling, general and administrative — intangible amortization						1,100,000
Inventory write-down						400,000
Thermolec Ltd \| Customer relationships and contracts
Assets acquired:
Intangible assets			$ 64,300,000
Amortization period			12 years
Thermolec Ltd \| Technology
Assets acquired:
Intangible assets			$ 8,200,000
Amortization period			12 years
Thermolec Ltd \| Trademarks with indefinite lives
Assets acquired:
Intangible assets			$ 6,900,000
Amortization period			15 years
Sigma & Omega
Assets acquired:
Business acquisition, net of cash acquired				143,300,000
Cash acquired				200,000
Intangible assets				77,600,000
Gross receivables acquired				9,600,000
Goodwill, expected tax deductible amount				0
Working capital acquired from acquisition							300,000
Sigma & Omega \| Customer relationships and contracts
Assets acquired:
Intangible assets				$ 56,300,000
Amortization period				11 years
Sigma & Omega \| Customer backlog
Assets acquired:
Intangible assets				$ 8,900,000
Amortization period				1 year
Sigma & Omega \| Technology
Assets acquired:
Intangible assets				$ 8,500,000
Amortization period				9 years
Sigma & Omega \| Trademarks with indefinite lives
Assets acquired:
Intangible assets				$ 3,900,000
Amortization period				8 years
Kranze Technology Solutions, Inc
Assets acquired:
Business acquisition, net of cash acquired					$ 340,000,000.0
Intangible assets					164,500,000
Gross receivables acquired					7,200,000
Revenues									8,500,000
Net income (loss)									(6,400,000)
Selling, general and administrative — intangible amortization									3,200,000
Inventory write-down									300,000
Working capital acquired from acquisition								$ 2,400,000
Deferred compensation assets					46,500,000
Kranze Technology Solutions, Inc \| Other Current Assets
Assets acquired:
Deferred compensation assets					26,200,000	8,900,000	11,400,000
Kranze Technology Solutions, Inc \| Other Noncurrent Assets
Assets acquired:
Deferred compensation assets					$ 20,300,000	9,800,000	$ 10,900,000
Kranze Technology Solutions, Inc \| Retention Agreements
Assets acquired:
Amortization of deferred compensation plan asset						3,600,000			4,300,000
Kranze Technology Solutions, Inc \| Minimum
Assets acquired:
Employee retention agreement term					2 years
Kranze Technology Solutions, Inc \| Maximum
Assets acquired:
Employee retention agreement term					8 years
Kranze Technology Solutions, Inc \| Customer relationships and contracts
Assets acquired:
Intangible assets					$ 70,700,000
Amortization period					15 years
Kranze Technology Solutions, Inc \| Customer backlog
Assets acquired:
Intangible assets					$ 7,300,000
Amortization period					2 years
Kranze Technology Solutions, Inc \| Technology
Assets acquired:
Intangible assets					$ 79,800,000
Amortization period					12 years
Kranze Technology Solutions, Inc \| Trademarks with indefinite lives
Assets acquired:
Intangible assets					$ 6,700,000
Amortization period					9 years
Ingénia Technologies Inc, Kranze Technology Solutions Inc, Sigma & Omega, Thermolec Ltd and Crawford
Assets acquired:
Acquisition-related costs						$ 7,700,000			8,200,000
Revenues
Assets acquired:
Business acquisition, net of cash acquired									$ 8,200,000

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Components Used for Calculation of Basic and Diluted Income (Details) - shares shares in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION
Weighted-average number of common shares used in basic income per share (in shares)	49,924	46,453
Dilutive securities — Employee stock options, performance stock units and restricted stock units (in shares)	599	669
Weighted-average number of common shares and dilutive securities used in diluted income per share (in shares)	50,523	47,122

INFORMATION ON REPORTABLE SEGMENTS AND CORPORATE EXPENSE - Narrative (Details)	3 Months Ended
	Mar. 28, 2026 country segment
Segment Reporting [Abstract]
Number of countries in which entity operates	16
Number of countries in which entity sells its products and services	100
Number of reportable segments \| segment	2

WARRANTY

3 Months Ended

Mar. 28, 2026

Product Warranties Disclosures [Abstract]

WARRANTY

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


	Three months ended
	March 28, 2026		March 29, 2025
Balance at beginning of year	$	49.0	$	44.7
Acquisitions	0.5		—
Provisions	5.0		4.5
Usage	(4.6)		(4.4)

Balance at end of period	49.9		44.8
Less: Current portion of warranty	21.3		18.7
Non-current portion of warranty	$	28.6	$	26.1

ACQUISITIONS AND DISCONTINUED OPERATIONS - Wind-Down of DBT - Assets and Liabilities of Discontinued Operations (Details) - Discontinued Operations - DBT Technologies - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
ASSETS
Cash and equivalents	$ 1.8	$ 2.0
Other current assets	3.7	3.8
Total assets of DBT	5.5	5.8
LIABILITIES
Accounts payable	0.1	0.1
Contract liabilities	2.3	2.3
Accrued expenses	6.9	7.0
Other long-term liabilities	4.6	4.7
Total liabilities of DBT	$ 13.9	$ 14.1

EMPLOYEE BENEFIT PLANS - Net Periodic (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Postretirement Plans
Net periodic pension/postretirement benefit expense
Service cost	$ 0.0	$ 0.0
Interest cost	0.2	0.3
Amortization of unrecognized prior service credits	(0.2)	(0.8)
Net periodic pension benefit expense	0.0	(0.5)
UNITED STATES \| Pension Plan
Net periodic pension/postretirement benefit expense
Service cost	0.0	0.0
Interest cost	2.7	3.0
Expected return on plan assets	(1.6)	(2.0)
Net periodic pension benefit expense	1.1	1.0
Foreign Plan \| Pension Plan
Net periodic pension/postretirement benefit expense
Service cost	0.0	0.0
Interest cost	1.2	1.0
Expected return on plan assets	(1.0)	(0.9)
Settlement loss	0.0	0.3
Recognized net actuarial loss	0.0	0.5
Net periodic pension benefit expense	$ 0.2	$ 0.9

INVENTORIES, NET (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Finished goods	$ 70.3	$ 56.0
Work in process	36.6	33.9
Raw materials and purchased parts	235.5	212.3
Total inventories	$ 342.4	$ 302.2

WARRANTY (Details) - USD ($) $ in Millions	3 Months Ended
WARRANTY (Details) - USD ($) $ in Millions	Mar. 28, 2026	Mar. 29, 2025
Analysis of product warranty accrual
Balance at beginning of year	$ 49.0	$ 44.7
Acquisitions	0.5	0.0
Provisions	5.0	4.5
Usage	(4.6)	(4.4)
Balance at end of period	49.9	44.8
Less: Current portion of warranty	21.3	18.7
Non-current portion of warranty	$ 28.6	$ 26.1

SPECIAL CHARGES, NET - Special Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Special Charges, Net
Special charges, net	$ 0.2	$ 0.1
Operating Segments \| HVAC reportable segment
Special Charges, Net
Special charges, net	0.0	(0.2)
Operating Segments \| Detection and Measurement reportable segment
Special Charges, Net
Special charges, net	0.2	0.2
Corporate
Special Charges, Net
Special charges, net	$ 0.0	$ 0.1

- 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

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 28, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the three months ended March 28, 2026 were as follows:


	December 31, 2025		Goodwill Resulting from Business Combinations (1)		Foreign Currency Translation		March 28, 2026
HVAC reportable segment
Gross goodwill	$	1,013.7	$	204.9	$	(3.9)	$	1,214.7
Accumulated impairments	(336.9)		—		1.4		(335.5)
Goodwill	676.8		204.9		(2.5)		879.2

Detection and Measurement reportable segment
Gross goodwill	542.4		—		(0.7)		541.7
Accumulated impairments	(175.8)		—		0.3		(175.5)
Goodwill	366.6		—		(0.4)		366.2

Total
Gross goodwill	1,556.1		204.9		(4.6)		1,756.4
Accumulated impairments	(512.7)		—		1.7		(511.0)
Goodwill	$	1,043.4	$	204.9	$	(2.9)	$	1,245.4

___________________________

Other Intangibles, Net

Identifiable intangible assets at March 28, 2026 and December 31, 2025 comprised the following:


	March 28, 2026						December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives: (1)
Customer relationships and contracts	$	698.3	$	(163.7)	$	534.6	$	557.8	$	(150.2)	$	407.6
Technology	299.7		(69.7)		230.0		274.3		(64.0)		210.3
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	141.5		(76.4)		65.1		101.0		(72.1)		28.9
	1,144.0		(314.3)		829.7		937.6		(290.8)		646.8
Trademarks with indefinite lives	221.4		—		221.4		221.4		—		221.4
Total	$	1,365.4	$	(314.3)	$	1,051.1	$	1,159.0	$	(290.8)	$	868.2

___________________________

In connection with the acquisitions of Thermolec and Crawford, which have definite-lived intangible assets as noted above, we updated our estimated annual amortization expense related to intangible assets to approximately $105.0 for the full year 2026, $92.0 for 2027, and $87.0 for the three years thereafter.

At March 28, 2026, the net carrying value of intangible assets with determinable lives consisted of $601.9 in the HVAC reportable segment and $227.8 in the Detection and Measurement reportable segment. At March 28, 2026, trademarks with indefinite lives consisted of $157.0 in the HVAC reportable segment and $64.4 in the Detection and Measurement reportable segment.

We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In reviewing goodwill and indefinite-lived intangible assets for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indication may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit.

The fair value of the net assets related to the Thermolec, Crawford, KTS and Sigma & Omega acquisitions approximate their respective carrying values. If Thermolec, Crawford, KTS and Sigma & Omega are unable to achieve their current financial forecasts, or there is a change in key assumptions used in the fair value analyses (e.g. projected revenues and profit growth rates, industry price multiples, discount rates, etc.) we may be required to record an impairment charge in a future period related to their goodwill. As of March 28, 2026, Thermolec, Crawford, KTS and Sigma & Omega's goodwill totaled $75.6, $129.7, $104.4 and $76.6, respectively.

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

The implied value of our ASPEQ and ULC business unit's trademarks approximated their carrying value. If ASPEQ or ULC is unable to achieve their current revenue forecasts, or there is a change in assumptions used in the fair value analyses (e.g., projected revenues, royalty rates, and discount rates, etc.), we may be required to record an impairment charge in a future period related to their trademarks. As of March 28, 2026, ASPEQ and ULC’s trademarks totaled $51.5 and $4.7, respectively.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 28, 2026	Apr. 24, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 28, 2026
Document Transition Report	false
Entity File Number	1-6948
Entity Registrant Name	SPX TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-3567996
Entity Address, Address Line One	6325 Ardrey Kell Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	474-3700
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	SPXC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,064,839
Entity Central Index Key	0000088205
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1

LEASES (Details) $ in Millions	Mar. 28, 2026 USD ($)
Crawford United
Lessee, Lease, Description [Line Items]
Right-of-use assets in exchange for new lease obligations	$ 7.3
Thermolec Ltd
Lessee, Lease, Description [Line Items]
Right-of-use assets in exchange for new lease obligations	$ 1.2

INDEBTEDNESS

3 Months Ended

Mar. 28, 2026

Debt Disclosure [Abstract]

INDEBTEDNESS

The following summarizes our debt activity (both current and non-current) for the three months ended March 28, 2026:


	December 31, 2025		Borrowings		Repayments		Other(5)		March 28, 2026
Revolving loans (1)	$	—	$	189.5	$	(39.5)	$	—	$	150.0
Term loan(2)	499.1		—		—		0.1		499.2




Trade receivables financing arrangement(3)	—		111.0		(89.0)		—		22.0
Other indebtedness(4)	2.5		0.2		—		0.1		2.8
Total debt	501.6		$	300.7	$	(128.5)	$	0.2	674.0


Less: short-term debt	1.4								23.6
Less: current maturities of long-term debt	3.5								6.7
Total long-term debt	$	496.7							$	643.7

__________________________

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

Senior Credit Facilities

Our senior credit facilities consist of the following 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 is 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 is available for performance letters of credit and bank undertakings, in an aggregate principal amount in various currencies up to the equivalent of $25.0.

A detailed description of our senior credit facilities is included in our 202 5 Annual Report on Form 10-K.

At March 28, 2026, we had $1,347.3 of available borrowing capacity under our revolving credit facility, after giving effect to borrowings under the domestic revolving loan facilities of $150.0 and $2.7 reserved for outstanding letters of credit. In addition, at March 28, 2026, we had $17.1 of available issuance capacity under our foreign credit instrument facilities after giving effect to $7.9 reserved for outstanding letters of credit.

The weighted-average interest rate of outstanding borrowings under our senior credit agreement was approximately 5.0% at March 28, 2026.

At March 28, 2026, we were in compliance with all covenants of the agreement governing our senior credit facilities.

Company-owned Life Insurance

We have investments in company-owned life insurance (“COLI”) policies, which are recorded at their cash surrender value at each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss within “Other income (expense), net” within our condensed consolidated statements of operations. We have the ability to borrow against a portion of our investment in the COLI policies as an additional source of liquidity. There were no amounts borrowed at March 28, 2026 and December 31, 2025. Any amounts borrowed would incur interest at a rate of 5.3%. At March 28, 2026, we had capacity to borrow approximately $34.0 against the policies. The cash surrender value of our investments in COLI assets was $59.9 and $60.3 at March 28, 2026 and December 31, 2025, respectively, recorded in “Other assets” on the condensed consolidated balance sheets.

- Definition

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

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+ Details

FAIR VALUE AND OTHER INVESTMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	$ 0.0	$ 0.0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0.0	0.0
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.

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+ Details

INFORMATION ON REPORTABLE SEGMENTS AND CORPORATE EXPENSE - Financial Data (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 566.8	$ 482.6
Cost of products sold	336.2	286.7
Selling, general and administrative	119.4	109.5
Consolidated operating income	87.7	66.6
Acquisition and integration-related costs	5.0	6.4
Long-term incentive compensation expense	3.7	3.7
Amortization of acquired intangible assets	24.2	19.7
Special charges, net	0.2	0.1
Other income (expense), net	(3.0)	2.7
Interest expense	(8.4)	(12.3)
Interest income	1.1	0.9
Capital expenditures:
Total capital expenditures	18.5	5.5
Depreciation and amortization:
Total depreciation and amortization	32.1	27.0
Tangible Long-Lived Assets:
Long-lived assets of continuing operations	564.2		$ 543.2
Long-lived assets of discontinued operations, DBT and Heat Transfer	0.0		0.0
Total tangible long-lived assets	564.2		543.2
Thermolec Ltd
Revenues from External Customers and Long-Lived Assets [Line Items]
Amortization of acquired intangible assets	1.1
Crawford United
Revenues from External Customers and Long-Lived Assets [Line Items]
Amortization of acquired intangible assets	4.5
Kranze Technology Solutions, Inc
Revenues from External Customers and Long-Lived Assets [Line Items]
Amortization of acquired intangible assets		3.2
Cost of Sales \| Thermolec Ltd
Revenues from External Customers and Long-Lived Assets [Line Items]
Acquisition and integration-related costs	400.0
Cost of Sales \| Crawford United
Revenues from External Customers and Long-Lived Assets [Line Items]
Acquisition and integration-related costs	0.1
Cost of Sales \| Kranze Technology Solutions, Inc
Revenues from External Customers and Long-Lived Assets [Line Items]
Acquisition and integration-related costs		0.3
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	447.6	403.0
Tangible Long-Lived Assets:
Total tangible long-lived assets	438.4		419.4
CANADA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	62.4	30.2
Tangible Long-Lived Assets:
Total tangible long-lived assets	90.5		88.2
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	17.0	13.0
UNITED KINGDOM
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	21.3	17.4
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	18.5	19.0
Tangible Long-Lived Assets:
Total tangible long-lived assets	35.3		$ 35.6
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Amortization of acquired intangible assets	0.9
Capital expenditures:
Total capital expenditures	18.3	5.5
Depreciation and amortization:
Total depreciation and amortization	31.5	26.4
Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Corporate expense	14.5	14.0
Special charges, net	0.0	0.1
Capital expenditures:
Total capital expenditures	0.2	0.0
Depreciation and amortization:
Total depreciation and amortization	0.6	0.6
HVAC reportable segment \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	394.0	323.0
Cost of products sold	246.6	199.6
Selling, general and administrative	58.8	49.5
Consolidated operating income	88.6	73.9
Special charges, net	0.0	(0.2)
Capital expenditures:
Total capital expenditures	16.3	4.7
Depreciation and amortization:
Total depreciation and amortization	21.9	16.9
Detection and Measurement reportable segment \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	172.8	159.6
Cost of products sold	88.2	86.8
Selling, general and administrative	37.9	36.2
Consolidated operating income	46.7	36.6
Special charges, net	0.2	0.2
Capital expenditures:
Total capital expenditures	2.0	0.8
Depreciation and amortization:
Total depreciation and amortization	9.6	9.5
Segment Reporting
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	566.8	482.6
Consolidated operating income	$ 135.3	$ 110.5

INCOME AND OTHER TAXES	3 Months Ended
INCOME AND OTHER TAXES	Mar. 28, 2026
Income Tax Disclosure [Abstract]
INCOME AND OTHER TAXES	INCOME AND OTHER TAXES Uncertain Tax Benefits As of March 28, 2026, we had gross and net unrecognized tax benefits of $5.5 and $5.2, respectively. All of these net unrecognized tax benefits would impact our effective tax rate from continuing operations if recognized. We classify interest and penalties related to unrecognized tax benefits as a component of our income tax provision. As of March 28, 2026, gross accrued interest totaled $2.0 (net accrued interest of $1.9). As of March 28, 2026, we had no accrual for penalties included in our unrecognized tax benefits. Other Tax Matters For the three months ended March 28, 2026, we recorded an income tax provision of $13.0 on $77.4 of pre-tax income from continuing operations, resulting in an effective rate of 16.8%. This compares to an income tax provision for the three months ended March 29, 2025 of $6.2 on $57.9 of pre-tax income from continuing operations, resulting in an effective rate of 10.7%. The most significant item impacting the income tax provision for the first quarters of 2026 and 2025 was $7.0 and $8.5, respectively, of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the periods. We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain positions when we determine that an uncertain position meets the criteria of the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions are recorded in “Income taxes payable” and “Deferred and other income taxes” in the accompanying condensed consolidated balance sheets based on the expectation as to the timing of when the matters will be resolved. As events change and resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities. U.S. Federal income tax returns are subject to examination for a period of three years after filing the return. We are not currently under examination by the Internal Revenue Service and believe any contingencies in open years are adequately provided for. State income tax returns generally are subject to examination for a period of three to five years after filing the respective tax returns. The impact on such tax returns of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. We regularly have various state income tax returns in the process of examination. We believe any uncertain tax positions related to these examinations have been adequately provided for. We regularly have various foreign income tax returns under examination. We believe that any uncertain tax positions related to these examinations have been adequately provided for. An unfavorable resolution of one or more of the above matters could have a material impact on our results of operations or cash flows in the quarter and year in which an adjustment is recorded or the tax is due or paid. As audits and examinations are still in process, the timing of the ultimate resolution and any payments that may be required for the above matters cannot be determined at this time.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

ACQUISITIONS AND DISCONTINUED OPERATIONS - Schedule Acquisition Related and Other Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Assets acquired:
Consolidated operating income	$ 5.0	$ 6.4
Ingénia Technologies Inc, Kranze Technology Solutions Inc, Sigma & Omega, Thermolec Ltd and Crawford
Assets acquired:
Consolidated operating income	7.7	8.2
Ingénia Technologies Inc, Kranze Technology Solutions Inc, Sigma & Omega, Thermolec Ltd and Crawford \| Corporate expense
Assets acquired:
Consolidated operating income	2.7	2.2
Ingénia Technologies Inc, Kranze Technology Solutions Inc, Sigma & Omega, Thermolec Ltd and Crawford \| Acquisition and integration-related costs
Assets acquired:
Consolidated operating income	$ 5.0	$ 6.0

REVENUES FROM CONTRACTS - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 566.8	$ 482.6
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	512.8	445.6
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	54.0	37.0
Package and process cooling equipment and services, and engineered air movement and handling solutions
Disaggregation of Revenue [Line Items]
Revenues	236.0	199.1
Hydronic heating, electrical heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	158.0	123.9
Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	58.6	56.7
Communication technologies, aids to navigation, and transportation systems
Disaggregation of Revenue [Line Items]
Revenues	114.2	102.9
HVAC \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	394.0	323.0
HVAC \| Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	372.9	304.1
HVAC \| Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	21.1	18.9
HVAC \| Package and process cooling equipment and services, and engineered air movement and handling solutions \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	236.0	199.1
HVAC \| Hydronic heating, electrical heating, and ventilation \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	158.0	123.9
HVAC \| Underground locators, inspection and rehabilitation equipment, and robotic systems \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0
HVAC \| Communication technologies, aids to navigation, and transportation systems \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0
Detection and Measurement \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	172.8	159.6
Detection and Measurement \| Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	139.9	141.5
Detection and Measurement \| Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	32.9	18.1
Detection and Measurement \| Package and process cooling equipment and services, and engineered air movement and handling solutions \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0
Detection and Measurement \| Hydronic heating, electrical heating, and ventilation \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0
Detection and Measurement \| Underground locators, inspection and rehabilitation equipment, and robotic systems \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	58.6	56.7
Detection and Measurement \| Communication technologies, aids to navigation, and transportation systems \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	$ 114.2	$ 102.9

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Mar. 28, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS Interest Rate Swaps In September 2024, commensurate with an amendment to our senior credit agreement, we entered into interest rate swap agreements (“Swaps”). During 2025, commensurate with the amendment to our senior credit facilities, we settled the Swaps which resulted in a gain recorded to “Other income (expense), net” and cash received of $0.4. Prior to this settlement, the 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 Swaps as cash flow hedges. Changes in the fair value of our Swaps were reclassified into earnings, as a component of interest expense, when the forecasted transaction impacted earnings. Since the settlement of the Swaps, we have not entered into any further interest rate swap agreements. 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 that 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 accumulated other comprehensive income (“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 occurring, 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 $12.5 and $19.3 outstanding as of March 28, 2026 and December 31, 2025, respectively, with all of the $12.5 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 March 28, 2026 and December 31, 2025. The fair value of these FX forward contracts was less than $0.1 at March 28, 2026 and December 31, 2025.

- 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.

+ References

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+ Details

INVENTORIES, NET (Tables)

3 Months Ended

Mar. 28, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories are accounted for under the first-in, first-out method and are comprised of the following at March 28, 2026 and December 31, 2025:


	March 28, 2026		December 31, 2025
Finished goods	$	70.3	$	56.0
Work in process	36.6		33.9
Raw materials and purchased parts	235.5		212.3
Total inventories	$	342.4	$	302.2

LEASES	3 Months Ended
LEASES	Mar. 28, 2026
Leases [Abstract]
LEASES	LEASESThere were no material changes to our operating and finance leases during the three months ended March 28, 2026. Balances at March 28, 2026 include additional operating right-of-use assets and lease obligations of $7.3 and $1.2 related to the Crawford and Thermolec acquisitions, respectively.
LEASES	LEASESThere were no material changes to our operating and finance leases during the three months ended March 28, 2026. Balances at March 28, 2026 include additional operating right-of-use assets and lease obligations of $7.3 and $1.2 related to the Crawford and Thermolec acquisitions, respectively.

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Income Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Performance Stock Units and Restricted Stock Units
Stock-based Compensation
Number of options or units that were excluded from the computation of diluted income per share (in shares)	78	114
Stock Options
Stock-based Compensation
Number of options or units that were excluded from the computation of diluted income per share (in shares)	166	248

- 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 - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Change in value of equity security	$ 0.0	$ 4.5
Equity securities	$ 58.2		$ 58.2

SPECIAL CHARGES, NET - Analysis of Restructuring Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Restructuring liabilities
Balance at beginning of year	$ 0.5	$ 1.8
Special charges	0.2	0.1
Utilization — cash	(0.3)	(0.5)
Currency translation adjustment and other	0.0	0.0
Balance at end of period	$ 0.4	$ 1.4

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Assumptions n Determining the Fair Value of Awards Granted (Details) - Performance Shares	Mar. 02, 2026	Mar. 03, 2025
Stock-based Compensation
Annual Expected Stock Price Volatility	35.76%	35.13%
Annual Expected Dividend Yield	0.00%	0.00%
Risk-Free Interest Rate	3.46%	3.90%
Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index	0.4306	0.4664
Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index
Stock-based Compensation
Annual Expected Stock Price Volatility	37.12%	36.41%
Risk-Free Interest Rate	3.46%	3.90%

- Definition

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

+ References

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 28, 2026 USD ($)
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	$ 1,556.1
Accumulated impairment, balance at the beginning of the period	(512.7)
Goodwill, balance at the beginning of the period	1,043.4
Goodwill resulting from business combinations	204.9
Accumulated impairments	0.0
Gross goodwill related to foreign currency translation	(4.6)
Accumulated impairments related to foreign currency translation	1.7
Goodwill related to foreign currency translation	(2.9)
Gross goodwill, end of the period	1,756.4
Accumulated impairment, balance at the end of the period	(511.0)
Goodwill, balance at the end of the period	1,245.4
Thermolec
Changes in the carrying amount of goodwill
Goodwill resulting from business combinations	75.2
Crawford United
Changes in the carrying amount of goodwill
Goodwill resulting from business combinations	129.7
Goodwill, balance at the end of the period	129.7
HVAC reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	1,013.7
Accumulated impairment, balance at the beginning of the period	(336.9)
Goodwill, balance at the beginning of the period	676.8
Goodwill resulting from business combinations	204.9
Accumulated impairments	0.0
Gross goodwill related to foreign currency translation	(3.9)
Accumulated impairments related to foreign currency translation	1.4
Goodwill related to foreign currency translation	(2.5)
Gross goodwill, end of the period	1,214.7
Accumulated impairment, balance at the end of the period	(335.5)
Goodwill, balance at the end of the period	879.2
Detection and Measurement reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	542.4
Accumulated impairment, balance at the beginning of the period	(175.8)
Goodwill, balance at the beginning of the period	366.6
Goodwill resulting from business combinations	0.0
Accumulated impairments	0.0
Gross goodwill related to foreign currency translation	(0.7)
Accumulated impairments related to foreign currency translation	0.3
Goodwill related to foreign currency translation	(0.4)
Gross goodwill, end of the period	541.7
Accumulated impairment, balance at the end of the period	(175.5)
Goodwill, balance at the end of the period	$ 366.2

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangibles, Net (Details) - USD ($) $ in Millions	Jan. 27, 2025	Mar. 28, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		$ 1,144.0	$ 937.6
Accumulated Amortization		(314.3)	(290.8)
Net Carrying Value		829.7	646.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Value		1,365.4	1,159.0
Accumulated Amortization		(314.3)	(290.8)
Net Carrying Value		1,051.1	868.2
Trademarks with indefinite lives
Indefinite-lived Intangible Assets [Line Items]
Trademarks with indefinite lives		221.4	221.4
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		698.3	557.8
Accumulated Amortization		(163.7)	(150.2)
Net Carrying Value		534.6	407.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization		(163.7)	(150.2)
Customer relationships and contracts \| Thermolec Ltd
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 64.3
Customer relationships and contracts \| Crawford United
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	77.1
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		299.7	274.3
Accumulated Amortization		(69.7)	(64.0)
Net Carrying Value		230.0	210.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization		(69.7)	(64.0)
Technology \| Thermolec Ltd
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	8.2
Technology \| Crawford United
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	17.7
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		4.5	4.5
Accumulated Amortization		(4.5)	(4.5)
Net Carrying Value		0.0	0.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization		(4.5)	(4.5)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		141.5	101.0
Accumulated Amortization		(76.4)	(72.1)
Net Carrying Value		65.1	28.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization		$ (76.4)	$ (72.1)
Trademarks with indefinite lives \| Thermolec Ltd
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	6.9
Trademarks with indefinite lives \| Crawford United
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	14.7
Customer backlog \| Crawford United
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 19.4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Income Statement [Abstract]
Revenues	$ 566.8	$ 482.6
Costs and expenses:
Cost of products sold	336.2	286.7
Selling, general and administrative	119.4	109.5
Selling, general and administrative — intangible amortization	23.3	19.7
Special charges, net	0.2	0.1
Operating income	87.7	66.6
Other income (expense), net	(3.0)	2.7
Interest expense	(8.4)	(12.3)
Interest income	1.1	0.9
Income from continuing operations before income taxes	77.4	57.9
Income tax provision	(13.0)	(6.2)
Income from continuing operations	64.4	51.7
Income from discontinued operations, net of tax	1.6	0.0
Loss on disposition of discontinued operations, net of tax	(6.1)	(0.5)
Loss from discontinued operations, net of tax	(4.5)	(0.5)
Net income	$ 59.9	$ 51.2
Basic income per share of common stock:
Income from continuing operations (in dollars per share)	$ 1.29	$ 1.11
Loss from discontinued operations (in dollars per share)	(0.09)	(0.01)
Net income per share (in dollars per share)	$ 1.20	$ 1.10
Weighted-average number of common shares outstanding — basic (in shares)	49,924	46,453
Diluted income per share of common stock:
Income from continuing operations (in dollars per share)	$ 1.27	$ 1.10
Loss from discontinued operations (in dollars per share)	(0.08)	(0.01)
Net income per share (in dollars per share)	$ 1.19	$ 1.09
Weighted-average number of common shares outstanding — diluted (in shares)	50,523	47,122
Comprehensive income	$ 53.6	$ 61.0

EMPLOYEE BENEFIT PLANS - Narrative (Details) - Pension Plan $ in Millions	3 Months Ended
	Mar. 29, 2025 USD ($)
Employee Benefit Plans
Loss on settlement	$ 0.3
Remeasurement due to settlement	$ 0.5

- 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

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+ Details

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - PSU's, RSU's (Details) - Performance Stock Units and Restricted Stock Units shares in Thousands	3 Months Ended
	Mar. 28, 2026 $ / shares shares
Unvested PSU’s and RSU’s
Outstanding at beginning of period (in shares) \| shares	355
Granted (in shares) \| shares	104
Vested (in shares) \| shares	(162)
Forfeited (in shares) \| shares	(1)
Outstanding at end of period (in shares) \| shares	296
Weighted-Average Grant-Date Fair Value Per Share
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 105.45
Granted (in dollars per share) \| $ / shares	183.41
Vested (in dollars per share) \| $ / shares	79.88
Forfeited (in dollars per share) \| $ / shares	105.21
Outstanding at end of period (in dollars per share) \| $ / shares	$ 146.99

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Cash and equivalents included in assets of DBT and Heat Transfer	$ 1.8	$ 2.0
Number of authorized shares not disclosed	true	true
Common stock issued (in shares)	57,671,217	57,570,062
Common stock outstanding (in shares)	50,058,540	49,866,896
Treasury stock (in shares)	7,612,677	7,703,166

INVENTORIES, NET

3 Months Ended

Mar. 28, 2026

Inventory Disclosure [Abstract]

INVENTORIES, NET

Inventories are accounted for under the first-in, first-out method and are comprised of the following at March 28, 2026 and December 31, 2025:


	March 28, 2026		December 31, 2025
Finished goods	$	70.3	$	56.0
Work in process	36.6		33.9
Raw materials and purchased parts	235.5		212.3
Total inventories	$	342.4	$	302.2

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

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Repurchases of Common Stock - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 28, 2026	May 13, 2025
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION
Shares repurchase, amount		$ 100,000,000.0
Shares repurchase (in shares)	0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

CONTINGENT LIABILITIES AND OTHER MATTERS - Environmental Matters (Details) $ in Millions	Mar. 28, 2026 USD ($) site	Dec. 31, 2025 USD ($) site
Environmental Matters
Accrual for environmental loss contingencies \| $	$ 32.6	$ 32.4
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

INFORMATION ON REPORTABLE SEGMENTS AND CORPORATE EXPENSE

3 Months Ended

Mar. 28, 2026

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 Financial Accounting Standards Board Codification (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 2026. 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 three months ended March 28, 2026 and March 29, 2025 are presented below:


	Three months ended
	March 28, 2026		March 29, 2025
HVAC reportable segment
Revenues	$	394.0	$	323.0
Cost of products sold	246.6		199.6
Selling, general and administrative expense	58.8		49.5
Segment income	$	88.6	$	73.9

Detection and Measurement reportable segment
Revenues	$	172.8	$	159.6
Cost of products sold	88.2		86.8
Selling, general and administrative expense	37.9		36.2
Segment income	$	46.7	$	36.6

Consolidated revenues	$	566.8	$	482.6
Consolidated income for segments	135.3		110.5

Corporate expense	14.5		14.0
Acquisition and integration-related costs (1)	5.0		6.4
Long-term incentive compensation expense	3.7		3.7

Amortization of acquired intangible assets (2)	24.2		19.7

Special charges, net	0.2		0.1

Consolidated operating income	87.7		66.6

Other income (expense), net	(3.0)		2.7
Interest expense	(8.4)		(12.3)
Interest income	1.1		0.9
Income from continuing operations before income taxes	$	77.4	$	57.9

Capital expenditures:
HVAC reportable segment	$	16.3	$	4.7
Detection and Measurement reportable segment	2.0		0.8
Capital expenditures of reportable segments	18.3		5.5
Corporate	0.2		—
Total capital expenditures	$	18.5	$	5.5

Depreciation and amortization:
HVAC reportable segment	$	21.9	$	16.9
Detection and Measurement reportable segment	9.6		9.5
Depreciation and amortization of reportable segments	31.5		26.4
Corporate	0.6		0.6
Total depreciation and amortization	$	32.1	$	27.0


	Three months ended
	March 28, 2026		March 29, 2025
Geographic Areas:
Revenues: (3)
United States	$	447.6	$	403.0
Canada	62.4		30.2
China	17.0		13.0
United Kingdom	21.3		17.4
Other	18.5		19.0
	$	566.8	$	482.6

	March 28, 2026		December 31, 2025
Tangible Long-Lived Assets:
United States	$	438.4	$	419.4
Canada	90.5		88.2
Other	35.3		35.6
Long-lived assets of continuing operations	564.2		543.2
Long-lived assets of discontinued operations, DBT and Heat Transfer	—		—
Total tangible long-lived assets	$	564.2	$	543.2

_____________________________

(2)Includes intangible asset amortization of $0.9 recorded in cost of products sold within the condensed consolidated statement of operations for the three months ended March 28, 2026.

(3)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.

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+ Details

CONTINGENT LIABILITIES AND OTHER MATTERS	3 Months Ended
CONTINGENT LIABILITIES AND OTHER MATTERS	Mar. 28, 2026
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 matters, totaled $44.2 and $43.7 at March 28, 2026 and December 31, 2025, respectively. Of these amounts, $37.2 and $36.4 are included in “Other long-term liabilities” within our condensed consolidated balance sheets at March 28, 2026 and December 31, 2025, 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. Large Power Projects in South Africa 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 condensed consolidated statements of operations. Impacts of Tariffs In 2025, the U.S. government imposed a series of tariffs on many U.S. trading partners pursuant to the International Emergency Economic Powers Act of 1977 (“IEEPA”). On February 20, 2026, the United States Supreme Court issued a ruling invalidating tariffs previously imposed under IEEPA. The ultimate availability, timing, and amount of any potential refunds of such tariffs remain highly uncertain and could be subject to further legal, regulatory, and administrative developments. Following the Supreme Court’s decision, the U.S. government announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from many countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business. As of March 28, 2026, we have not recognized an asset related to any potential tariff refund. The Company will continue to evaluate new information and may recognize a refund asset when, and if, the amount can be reasonably estimated and the right to receive the amount becomes realized or realizable in accordance with Accounting Standards Codification (“ASC”) 450, Contingencies. 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 March 28, 2026 and December 31, 2025. 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 condensed 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 March 28, 2026 and December 31, 2025, 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 $32.6 and $32.4 at March 28, 2026 and December 31, 2025, 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 loss exposures.

INDEBTEDNESS - Senior Credit Facilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Sep. 09, 2025
Line of Credit Facility [Line Items]
Borrowings	$ 300.7
Foreign Credit Instrument Facilities
Line of Credit Facility [Line Items]
Letters of cedit outstanding, amount	7.9
Senior Credit Facility \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		$ 1,500.0
Senior Credit Facility \| Current SPX Term Loan Facility
Line of Credit Facility [Line Items]
Face amount of debt		500.0
Letter of Credit \| Financial Letters Of Credit \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		200.0
Letter of Credit \| Non - Financial Letters Of Credit \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		50.0
Letter of Credit \| Non-U.S. Exposure \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		250.0
Letter of Credit \| Bilateral Foreign Credit Instrument Facility \| Revolving loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		$ 25.0
Letter of Credit \| Domestic Revolving Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	2.7
Revolving loans \| Current Revolving SPX Facilities
Line of Credit Facility [Line Items]
Amount of available borrowing capacity	1,347.3
Borrowings	189.5
Revolving loans \| Current Revolving SPX Facilities \| UNITED STATES
Line of Credit Facility [Line Items]
Borrowings	150.0
Foreign credit instrument facility
Line of Credit Facility [Line Items]
Amount of available borrowing capacity	$ 17.1
Line of Credit
Line of Credit Facility [Line Items]
Weighted-average interest rate of senior credit facilities	5.00%

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions						3 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Mar. 27, 2026	Feb. 06, 2026	Jan. 20, 2026	Apr. 15, 2025	Jan. 27, 2025	Mar. 28, 2026	Dec. 31, 2025	Sep. 27, 2025	Mar. 29, 2025
Business Combination [Line Items]
Business acquisition, net of cash acquired						$ 439.6			$ 304.1
Loss on disposition of discontinued operation, net of tax						$ 6.1			$ 0.5
Discontinued Operations, Disposed of by Sale \| Non-Core Businesses
Business Combination [Line Items]
Aggregate cash proceeds	$ 60.0
Cash proceeds	59.2
Discontinued operation, cash	1.4
Discontinued operation debt contributed	2.2
Loss on disposition of discontinued operation, net of tax	$ 5.7
Kranze Technology Solutions, Inc
Business Combination [Line Items]
Business acquisition, net of cash acquired					$ 340.0
Deferred compensation assets					$ 46.5
Working capital acquired from acquisition								$ 2.4
Sigma & Omega
Business Combination [Line Items]
Business acquisition, net of cash acquired				$ 143.3
Working capital acquired from acquisition							$ 0.3
Cash acquired				$ 0.2
Thermolec Ltd
Business Combination [Line Items]
Business acquisition, net of cash acquired			$ 140.2
Cash acquired			$ 1.3
Crawford United
Business Combination [Line Items]
Business acquisition, net of cash acquired		$ 299.4
Cash acquired		$ 0.6

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Mar. 28, 2026

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit (Income) Expense

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

Domestic Pension Plans


	Three months ended
	March 28, 2026		March 29, 2025
Service cost	$	—	$	—
Interest cost	2.7		3.0
Expected return on plan assets	(1.6)		(2.0)



Net periodic pension benefit expense	$	1.1	$	1.0

Foreign Pension Plans


	Three months ended
	March 28, 2026		March 29, 2025
Service cost	$	—	$	—
Interest cost	1.2		1.0
Expected return on plan assets	(1.0)		(0.9)
Settlement loss (1)	—		0.3
Recognized net actuarial loss (1)	—		0.5
Net periodic pension benefit expense	$	0.2	$	0.9

__________________________

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

Postretirement Plans


	Three months ended
	March 28, 2026		March 29, 2025
Service cost	$	—	$	—
Interest cost	0.2		0.3

Amortization of unrecognized prior service credits	(0.2)		(0.8)

Net periodic postretirement benefit income	$	—	$	(0.5)

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025	Dec. 31, 2024
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	$ 2,237.5	$ 1,384.4
Other comprehensive income (loss) before reclassifications	(6.1)	11.1
Amounts reclassified from accumulated other comprehensive income	(0.2)	(1.3)
Current-period other comprehensive income (loss)	(6.3)	9.8
Balance at end of period	2,285.4	1,443.4
Accum. Other Comprehensive Income
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	260.5	223.6
Balance at end of period	254.2	233.4
Foreign Currency Translation Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	260.6	218.9
Other comprehensive income (loss) before reclassifications	(6.1)	11.2
Amounts reclassified from accumulated other comprehensive income	0.0	0.0
Current-period other comprehensive income (loss)	(6.1)	11.2
Balance at end of period	254.5	230.1
Net Unrealized Gains on Qualifying Cash Flow Hedges
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	0.0	2.6
Other comprehensive income (loss) before reclassifications	0.0	(0.1)
Amounts reclassified from accumulated other comprehensive income	0.0	(0.7)
Current-period other comprehensive income (loss)	0.0	(0.8)
Balance at end of period	0.0	1.8
Net of tax provision (benefit)		0.4		$ 0.7
Pension and Postretirement Liability Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	(0.1)	2.1
Other comprehensive income (loss) before reclassifications	0.0	0.0
Amounts reclassified from accumulated other comprehensive income	(0.2)	(0.6)
Current-period other comprehensive income (loss)	(0.2)	(0.6)
Balance at end of period	(0.3)	1.5
Net of tax provision (benefit)	$ (0.0)	$ (0.8)	$ (0.0)	$ (1.0)

INDEBTEDNESS - Schedule of Debt Activity (Details) - USD ($)	3 Months Ended	30 Months Ended	39 Months Ended
	Mar. 28, 2026	Jul. 03, 2027	Dec. 31, 2030	Dec. 31, 2025	Sep. 09, 2025
Debt
Balance at the beginning of the period	$ 501,600,000
Borrowings	300,700,000
Repayments	(128,500,000)
Other	200,000
Balance at the end of the period	674,000,000.0
Less: short-term debt	23,600,000			$ 1,400,000
Less: current maturities of long-term debt	6,700,000			3,500,000
Total long-term debt	643,700,000			496,700,000
Trade receivables financing arrangement
Debt
Balance at the beginning of the period	0
Borrowings	111,000,000.0
Repayments	(89,000,000.0)
Other	0
Balance at the end of the period	22,000,000.0
Maximum borrowing capacity under financing arrangement	100,000,000.0
Available borrowing capacity	72,300,000
Other indebtedness
Debt
Balance at the beginning of the period	2,500,000
Borrowings	200,000
Repayments	0
Other	100,000
Balance at the end of the period	2,800,000
Purchase card programs	1,600,000			1,400,000
Finance lease, liability	1,200,000			1,100,000
Revolving loans \| Current Revolving SPX Facilities
Debt
Balance at the beginning of the period	0
Borrowings	189,500,000
Repayments	(39,500,000)
Other	0
Balance at the end of the period	150,000,000.0
Senior Credit Facility \| Current SPX Term Loan Facilities
Debt
Balance at the beginning of the period	499,100,000
Borrowings	0
Repayments	0
Other	100,000
Balance at the end of the period	499,200,000
Face amount of debt					$ 500,000,000.0
Unamortized debt issuance costs	$ 800,000			$ 900,000
Senior Credit Facility \| Current SPX Term Loan Facilities \| Forecast
Debt
Periodic payment (as a percent of principal)		0.625%
Senior Credit Facility \| Current SPX Term Loan Facility
Debt
Face amount of debt					$ 500,000,000.0
Senior Credit Facility \| Current SPX Term Loan Facility \| Forecast
Debt
Periodic payment (as a percent of principal)			1.25%

INCOME AND OTHER TAXES (Details) - USD ($)	3 Months Ended
INCOME AND OTHER TAXES (Details) - USD ($)	Mar. 28, 2026	Mar. 29, 2025
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 5,500,000
Net unrecognized tax benefits	5,200,000
Gross accrued interest	2,000,000.0
Net accrued interest	1,900,000
Penalties accrued	0
Income tax provision	13,000,000.0	$ 6,200,000
Pre-tax	$ 77,400,000	$ 57,900,000
Effective income tax rate (as a percent)	16.80%	10.70%
Tax benefit from compensation expense	$ 7,000,000.0	$ 8,500,000

REVENUES FROM CONTRACTS

3 Months Ended

Mar. 28, 2026

Revenue from Contract with Customer [Abstract]

REVENUES FROM CONTRACTS

Disaggregated Revenues

We disaggregate revenue from contracts with customers by major product line and based on the timing of recognition for each of our reportable segments, as we believe such disaggregation best depicts how the nature, amount, timing, and uncertainty of our revenues and cash flows are affected by economic factors, with such disaggregation presented below for the three months ended March 28, 2026 and March 29, 2025:


	Three months ended March 28, 2026
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions	$	236.0	$	—	$	236.0
Hydronic heating, electrical heating, and ventilation	158.0		—		158.0
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		58.6		58.6
Communication technologies, aids to navigation, and transportation systems	—		114.2		114.2

	$	394.0	$	172.8	$	566.8

Timing of Revenue Recognition
Revenues recognized at a point in time	$	372.9	$	139.9	$	512.8
Revenues recognized over time	21.1		32.9		54.0
	$	394.0	$	172.8	$	566.8


	Three months ended March 29, 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	$	199.1	$	—	$	199.1
Hydronic heating, electrical heating, and ventilation	123.9		—		123.9
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		56.7		56.7
Communication technologies, aids to navigation, and transportation systems	—		102.9		102.9
	$	323.0	$	159.6	$	482.6

Timing of Revenue Recognition
Revenues recognized at a point in time	$	304.1	$	141.5	$	445.6
Revenues recognized over time	18.9		18.1		37.0
	$	323.0	$	159.6	$	482.6

Contract Balances

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

Project volumes, primarily within our communications 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 March 28, 2026 and December 31, 2025:


Contract Balances	March 28, 2026		December 31, 2025		Change
Contract Accounts Receivable(1)	$	381.8	$	346.9	$	34.9
Contract Assets	78.9		65.0		13.9
Contract Liabilities - current	(115.1)		(115.8)		0.7
Contract Liabilities - non-current(2)	(8.0)		(3.6)		(4.4)
Net contract balance	$	337.6	$	292.5	$	45.1

___________________________

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

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

Our contract balances consisted of the following as of March 29, 2025 and December 31, 2024:


Contract Balances	March 29, 2025		December 31, 2024		Change
Contract Accounts Receivable	$	311.6	$	305.4	$	6.2
Contract Assets	37.5		11.3		26.2
Contract Liabilities - current	(80.0)		(62.3)		(17.7)
Contract Liabilities - non-current	(4.5)		(4.0)		(0.5)
Net contract balance	$	264.6	$	250.4	$	14.2

The timing of revenue recognition, invoicing and cash collections results in Contract Accounts Receivable, contract assets, and customer advances and deposits (contract liabilities) on our condensed consolidated balance sheets. In general, we receive payments from customers based on a billing schedule established in our contracts. During the three months ended March 28, 2026, changes in contract balances were also impacted by the acquisitions of Thermolec and Crawford. At March 28, 2026, Contract Account Receivables, contract assets, and current contract liabilities attributable to Crawford were $15.6, $3.5, and $4.9, respectively. At March 28, 2026, Contract Account Receivables attributable to Thermolec were $3.9.

During the three months ended March 28, 2026, we recognized revenues of $37.1 related to our contract liabilities at December 31, 2025. During the three months ended March 29, 2025, we recognized revenues of $28.7 related to our contract liabilities at December 31, 2024.

Performance Obligations

As of March 28, 2026, the aggregate amount allocated to remaining performance obligations was $238.4. We expect to recognize revenue on approximately 65% and 78% of remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 28, 2026	Mar. 29, 2025
Components of cash and equivalents:
Cash and equivalents	$ 156.5	$ 177.8
Cash and equivalents included in assets of DBT and Heat Transfer	1.8	4.4
Total cash and equivalents	$ 158.3	$ 182.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Cash flows from (used in) operating activities:
Net income	$ 59.9	$ 51.2
Less: Loss from discontinued operations, net of tax	(4.5)	(0.5)
Income from continuing operations	64.4	51.7
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities:
Special charges, net	0.2	0.1
Gain on change in value of equity security	0.0	(4.5)
Amortization of compensation expense related to acquisition (Refer to Note 3)	3.6	4.3
Deferred and other income taxes	2.6	(0.5)
Depreciation and amortization	32.1	27.0
Pension and other employee benefits	6.5	5.5
Long-term incentive compensation	3.7	3.7
Other, net, including allowance for doubtful accounts	(0.1)	0.2
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets	(17.9)	(26.3)
Contribution related to employee retention agreements from acquisition (Refer to Note 3)	0.0	(46.5)
Inventories	(35.3)	(13.8)
Accounts payable, accrued expenses and other	(29.7)	(10.8)
Cash spending on restructuring actions	(0.3)	(0.5)
Net cash from (used in) continuing operations	29.8	(10.4)
Net cash from (used in) discontinued operations	0.8	(0.5)
Net cash from (used in) operating activities	30.6	(10.9)
Cash flows from (used in) investing activities:
Proceeds related to company-owned life insurance policies, net	3.1	3.0
Business acquisitions, net of cash acquired	(439.6)	(304.1)
Capital expenditures	(18.5)	(5.5)
Net cash used in continuing operations	(455.0)	(306.6)
Net cash from discontinued operations	59.2	0.0
Net cash used in investing activities	(395.8)	(306.6)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	189.5	393.0
Repayments under senior credit facilities	(39.5)	(98.0)
Borrowings under trade receivables arrangement	111.0	135.0
Repayments under trade receivables arrangement	(89.0)	(85.0)
Net borrowings under other financing arrangements	0.2	0.5
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options	(14.6)	(9.8)
Net cash from continuing operations	157.6	335.7
Net cash from (used in) discontinued operations	0.0	0.0
Net cash from financing activities	157.6	335.7
Change in cash and equivalents due to changes in foreign currency exchange rates	(0.1)	2.6
Net change in cash and equivalents	(207.7)	20.8
Consolidated cash and equivalents, beginning of period	366.0	161.4
Consolidated cash and equivalents, end of period	$ 158.3	$ 182.2

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Black-Scholes Option-Pricing Model (Details) - Stock Options	Mar. 02, 2026
Black-Scholes Option-Pricing Model [Line Items]
Annual expected stock price volatility	39.51%
Annual expected dividend yield	0.00%
Risk-free interest rate	3.69%
Expected life of stock option (in years)	6 years

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Current assets:
Cash and equivalents	$ 156.5	$ 364.0
Accounts receivable, net	391.5	357.2
Contract assets	78.9	65.0
Inventories, net	342.4	302.2
Other current assets	43.7	55.3
Total current assets	1,013.0	1,143.7
Property, plant and equipment:
Land	27.0	26.9
Buildings and leasehold improvements	169.0	167.9
Machinery and equipment	359.8	338.1
Property, plant and equipment, gross	555.8	532.9
Accumulated depreciation	(248.6)	(242.1)
Property, plant and equipment, net	307.2	290.8
Goodwill	1,245.4	1,043.4
Intangibles, net	1,051.1	868.2
Other assets	254.9	250.2
Deferred income taxes	2.1	2.2
Assets of DBT and Heat Transfer (includes cash and equivalents of $1.8 and $2.0 at March 28, 2026 and December 31, 2025, respectively) (Note 3)	5.8	6.1
TOTAL ASSETS	3,879.5	3,604.6
Current liabilities:
Accounts payable	164.6	145.2
Contract liabilities	115.1	115.8
Accrued expenses	159.8	185.2
Income taxes payable	11.4	10.0
Short-term debt	23.6	1.4
Current maturities of long-term debt	6.7	3.5
Total current liabilities	481.2	461.1
Long-term debt	643.7	496.7
Deferred and other income taxes	203.1	149.7
Other long-term liabilities	252.2	245.5
Liabilities of DBT and Heat Transfer (Note 3)	13.9	14.1
Total long-term liabilities	1,112.9	906.0
Commitments and contingent liabilities (Note 15)
Stockholders' Equity:
Common stock (57,671,217 and 50,058,540 issued and outstanding at March 28, 2026, respectively, and 57,570,062 and 49,866,896 issued and outstanding at December 31, 2025, respectively)	0.6	0.6
Paid-in capital	1,927.3	1,938.2
Retained earnings	542.7	482.8
Accumulated other comprehensive income	254.2	260.5
Common stock in treasury (7,612,677 and 7,703,166 shares at March 28, 2026 and December 31, 2025, respectively)	(439.4)	(444.6)
Total stockholders' equity	2,285.4	2,237.5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,879.5	$ 3,604.6

REVENUES FROM CONTRACTS (Tables)

3 Months Ended

Mar. 28, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three months ended March 28, 2026
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air movement and handling solutions	$	236.0	$	—	$	236.0
Hydronic heating, electrical heating, and ventilation	158.0		—		158.0
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		58.6		58.6
Communication technologies, aids to navigation, and transportation systems	—		114.2		114.2

	$	394.0	$	172.8	$	566.8

Timing of Revenue Recognition
Revenues recognized at a point in time	$	372.9	$	139.9	$	512.8
Revenues recognized over time	21.1		32.9		54.0
	$	394.0	$	172.8	$	566.8


	Three months ended March 29, 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	$	199.1	$	—	$	199.1
Hydronic heating, electrical heating, and ventilation	123.9		—		123.9
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		56.7		56.7
Communication technologies, aids to navigation, and transportation systems	—		102.9		102.9
	$	323.0	$	159.6	$	482.6

Timing of Revenue Recognition
Revenues recognized at a point in time	$	304.1	$	141.5	$	445.6
Revenues recognized over time	18.9		18.1		37.0
	$	323.0	$	159.6	$	482.6

Schedule of Contract with Customer, Asset and Liability

Our contract balances consisted of the following as of March 28, 2026 and December 31, 2025:


Contract Balances	March 28, 2026		December 31, 2025		Change
Contract Accounts Receivable(1)	$	381.8	$	346.9	$	34.9
Contract Assets	78.9		65.0		13.9
Contract Liabilities - current	(115.1)		(115.8)		0.7
Contract Liabilities - non-current(2)	(8.0)		(3.6)		(4.4)
Net contract balance	$	337.6	$	292.5	$	45.1

___________________________

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

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

Our contract balances consisted of the following as of March 29, 2025 and December 31, 2024:


Contract Balances	March 29, 2025		December 31, 2024		Change
Contract Accounts Receivable	$	311.6	$	305.4	$	6.2
Contract Assets	37.5		11.3		26.2
Contract Liabilities - current	(80.0)		(62.3)		(17.7)
Contract Liabilities - non-current	(4.5)		(4.0)		(0.5)
Net contract balance	$	264.6	$	250.4	$	14.2

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 28, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 3 for information on discontinued operations).
Variable Interest Entity	We account for investments in unconsolidated companies where we exercise significant influence but do not have control using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. All of our VIE’s are immaterial, individually and in aggregate, to our condensed consolidated financial statements. 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-Q.
Use of Estimates	Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2025 (“our 2025 Annual Report on Form 10-K”). Interim results are not necessarily indicative of full year results.
Fiscal Period	We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2026 are March 28, June 27, and September 26, compared to the respective March 29, June 28, and September 27 dates of 2025. We had one less day in the first quarter of 2026 and will have one more day in the fourth quarter of 2026 than in the respective 2025 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the three months ended March 28, 2026, when compared to the consolidated operating results for the 2025 respective period.
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS The following is a summary of new accounting pronouncements that apply or may apply to our business. In November 2024, the Financial Accounting Standards Board (“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 our 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 by Business Entities, which establishes authoritative guidance on the accounting for government grants received by business entities. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, and will be applied on a modified prospective approach with the option to apply the standard on a modified retrospective approach or a retrospective approach. We are currently evaluating the impact of ASU 2025-10 on our consolidated financial position, results of operations and cash flows.
Inventories, net	Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values.
Goodwill and Other Intangible Assets	We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In reviewing goodwill and indefinite-lived intangible assets for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indication may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit. The fair value of the net assets related to the Thermolec, Crawford, KTS and Sigma & Omega acquisitions approximate their respective carrying values. If Thermolec, Crawford, KTS and Sigma & Omega are unable to achieve their current financial forecasts, or there is a change in key assumptions used in the fair value analyses (e.g. projected revenues and profit growth rates, industry price multiples, discount rates, etc.) we may be required to record an impairment charge in a future period related to their goodwill. As of March 28, 2026, Thermolec, Crawford, KTS and Sigma & Omega's goodwill totaled $75.6, $129.7, $104.4 and $76.6, respectively. We perform our annual indefinite-lived trademarks impairment testing during the fourth quarter, or on a more frequent basis, if there are indications of potential impairment. The fair value of these trademarks is based on applying estimated royalty rates to projected revenues, with resulting cash flows discounted at a rate of return that reflects current market conditions (fair value based on unobservable inputs - Level 3, as defined in Note 17). The primary basis for these projected revenues is the annual operating plan for each of the related businesses, which is prepared in the fourth quarter of each year. The implied value of our ASPEQ and ULC business unit's trademarks approximated their carrying value. If ASPEQ or ULC is unable to achieve their current revenue forecasts, or there is a change in assumptions used in the fair value analyses (e.g., projected revenues, royalty rates, and discount rates, etc.), we may be required to record an impairment charge in a future period related to their trademarks. As of March 28, 2026, ASPEQ and ULC’s trademarks totaled $51.5 and $4.7, respectively.
Currency Forward Contracts	Currency Forward Contracts We manufacture and sell our products in a number of countries and, as a result, are exposed to movements in foreign currency exchange rates. Our objective is to preserve the economic value of non-functional currency-denominated cash flows and to minimize the impact of changes as a result of currency fluctuations. Our principal currency exposures relate to the 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 that 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 accumulated other comprehensive income (“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 occurring, the cumulative change in the derivatives’ fair value is recorded into earnings in the period in which the transaction is no longer considered probable of occurring.
Potential Uncertain Positions	We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain positions when we determine that an uncertain position meets the criteria of the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions are recorded in “Income taxes payable” and “Deferred and other income taxes” in the accompanying condensed consolidated balance sheets based on the expectation as to the timing of when the matters will be resolved. As events change and resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities. U.S. Federal income tax returns are subject to examination for a period of three years after filing the return. We are not currently under examination by the Internal Revenue Service and believe any contingencies in open years are adequately provided for. State income tax returns generally are subject to examination for a period of three to five years after filing the respective tax returns. The impact on such tax returns of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. We regularly have various state income tax returns in the process of examination. We believe any uncertain tax positions related to these examinations have been adequately provided for. We regularly have various foreign income tax returns under examination. We believe that any uncertain tax positions related to these examinations have been adequately provided for. An unfavorable resolution of one or more of the above matters could have a material impact on our results of operations or cash flows in the quarter and year in which an adjustment is recorded or the tax is due or paid. As audits and examinations are still in process, the timing of the ultimate resolution and any payments that may be required for the above matters cannot be determined at this time.
Fair Value	Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: •Level 1 — Quoted prices for identical instruments in active markets. •Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. •Level 3 — Significant inputs to the valuation model are unobservable. Goodwill, Indefinite-Lived Intangible and Other Long-Lived Assets — Certain of our non-financial assets are subject to impairment analyses, including long-lived assets, indefinite-lived intangible assets and goodwill. We review the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually 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. Derivative Financial Instruments — Our financial derivative assets and liabilities include FX forward contracts and are valued using valuation models based on observable market inputs such as forward rates, our own credit risk and the credit risk of our counterparties, which comprise investment-grade financial institutions. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. We have not made any adjustments to the inputs obtained from the independent sources. Based on our continued ability to enter into forward contracts, we consider the markets for our fair value instruments active. We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount. As of March 28, 2026, 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.

EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 28, 2026

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

During the fourth quarter of 2023, we initiated the wind-up of our Canadian defined benefit pension plans (collectively, the “Canadian Pension Plans”). We 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 first quarter of 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 during the first quarter of 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.

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

Domestic Pension Plans


	Three months ended
	March 28, 2026		March 29, 2025
Service cost	$	—	$	—
Interest cost	2.7		3.0
Expected return on plan assets	(1.6)		(2.0)



Net periodic pension benefit expense	$	1.1	$	1.0

Foreign Pension Plans


	Three months ended
	March 28, 2026		March 29, 2025
Service cost	$	—	$	—
Interest cost	1.2		1.0
Expected return on plan assets	(1.0)		(0.9)
Settlement loss (1)	—		0.3
Recognized net actuarial loss (1)	—		0.5
Net periodic pension benefit expense	$	0.2	$	0.9

__________________________

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

Postretirement Plans


	Three months ended
	March 28, 2026		March 29, 2025
Service cost	$	—	$	—
Interest cost	0.2		0.3

Amortization of unrecognized prior service credits	(0.2)		(0.8)

Net periodic postretirement benefit income	$	—	$	(0.5)

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 28, 2026

Acquisitions and Discontinued Operations [Abstract]

Schedule of Business Combination

The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Crawford United as of February 6, 2026:


Assets acquired:
Current assets, including cash and equivalents of $0.6	$	22.1
Property, plant and equipment	4.0
Goodwill	129.7
Intangible assets	128.9
Other assets	7.6
Assets held for sale (Non-core businesses)	80.2
Total assets acquired	372.5

Current liabilities assumed	15.9
Non-current liabilities assumed (1)	36.5
Liabilities held for sale (Non-core businesses)	20.1

Net assets acquired	$	300.0

___________________________

(1)Includes net deferred income tax liabilities and other liabilities of $32.1 and $4.4, respectively.

The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Thermolec as of January 20, 2026:


Assets acquired:
Current assets, including cash and equivalents of $1.3	$	10.9
Property, plant and equipment	0.8
Goodwill	75.2
Intangible assets	79.4
Other assets	1.2
Total assets acquired	167.5

Current liabilities assumed	4.4
Non-current liabilities assumed (1)	21.6

Net assets acquired	$	141.5

___________________________

(1)Includes net deferred income tax liabilities and other liabilities of $20.9 and $0.7, respectively.

The following is a summary of the recorded final 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.


	March 28, 2026		December 31, 2025
ASSETS
Cash and equivalents	$	1.8	$	2.0

Other current assets(1)	3.7		3.8







Total assets of DBT	$	5.5	$	5.8
LIABILITIES
Accounts payable(1)	$	0.1	$	0.1
Contract liabilities(1)	2.3		2.3
Accrued expenses(1)	6.9		7.0
Other long-term liabilities(1)	4.6		4.7
Total liabilities of DBT	$	13.9	$	14.1

___________________________

Schedule of Business Acquisition, Pro Forma Information


	Three months ended
	March 28, 2026		March 29, 2025
Revenues	$	576.5	$	518.2
Income from continuing operations	68.8		54.1
Net income	64.3		53.6

Income from continuing operations per share of common stock:
Basic	$	1.38	$	1.16
Diluted	$	1.36	$	1.15

Net income per share of common stock:
Basic	$	1.29	$	1.15
Diluted	$	1.27	$	1.14

Schedule Acquisition Related and Other Costs


Acquisition and integration-related costs for Ingénia, KTS, Sigma & Omega, Thermolec, and Crawford
	Three months ended
Affected line item in Note 6	March 28, 2026		March 29, 2025


Corporate expense	$	2.7	$	2.2
Acquisition and integration-related costs	5.0		6.0
Consolidated operating income	$	7.7	$	8.2

Schedule of Discontinued Operations

For the three months ended March 28, 2026, results of operations from the Non-core businesses prior to their sale were as follows:


	Three months ended
	March 28, 2026















Income from discontinued operations	$	2.2
Income tax provision	(0.6)
Income from discontinued operations, net	$	1.6

For the three months ended March 28, 2026 and March 29, 2025, results of operations from our businesses reported as discontinued operations (excluding the Non-core businesses) were as follows:


	Three months ended
	March 28, 2026		March 29, 2025















Loss from discontinued operations(1)	$	(0.1)	$	(0.5)
Income tax provision	(0.3)		—
Loss from discontinued operations, net	$	(0.4)	$	(0.5)

___________________________

(1)Loss for the three months ended March 28, 2026 and March 29, 2025 related primarily to costs incurred to support DBT through the subcontractor liquidation process mentioned above.

- 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.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Retained Earnings	Accum. Other Comprehensive Income	Common Stock In Treasury
Balance at beginning 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	51.2			51.2
Other comprehensive (loss) income, net	9.8				9.8
Incentive plan activity	6.5		6.5
Long-term incentive compensation expense	3.7		3.7
Restricted stock unit vesting	(12.2)		(18.9)			6.7
Balance at end of period at Mar. 29, 2025	1,443.4	0.5	1,364.8	290.0	233.4	(445.3)
Balance at beginning of period at Dec. 31, 2025	2,237.5	0.6	1,938.2	482.8	260.5	(444.6)
Increase (Decrease) in Stockholders' Equity
Net income	59.9			59.9
Other comprehensive (loss) income, net	(6.3)				(6.3)
Incentive plan activity	7.5		7.5
Long-term incentive compensation expense	3.7		3.7
Restricted stock unit vesting	(16.9)		(22.1)			5.2
Balance at end of period at Mar. 28, 2026	$ 2,285.4	$ 0.6	$ 1,927.3	$ 542.7	$ 254.2	$ (439.4)

- 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

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- Definition

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

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+ Details

CONTINGENT LIABILITIES AND OTHER MATTERS - General (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Contingent Liabilities and Other Matters
Carrying values of accruals	$ 44.2	$ 43.7
Other Long Term Liabilities
Contingent Liabilities and Other Matters
Accruals included in other long-term liabilities	$ 37.2	$ 36.4

- Definition

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

+ References

+ Details

WARRANTY (Tables)

3 Months Ended

Mar. 28, 2026

Product Warranties Disclosures [Abstract]

Schedule of Warranty Accrual

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


	Three months ended
	March 28, 2026		March 29, 2025
Balance at beginning of year	$	49.0	$	44.7
Acquisitions	0.5		—
Provisions	5.0		4.5
Usage	(4.6)		(4.4)

Balance at end of period	49.9		44.8
Less: Current portion of warranty	21.3		18.7
Non-current portion of warranty	$	28.6	$	26.1

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Stock Options - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 02, 2026	Mar. 28, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Historical period upon which annual expected stock price volatility is based (years)		3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Daily treasury yield curve period upon which average risk-free interest rate is based (years)		1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Daily treasury yield curve period upon which average risk-free interest rate is based (years)		3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	30,000.000	30,000.000
Exercise price per share (in dollars per share)	$ 225.02	$ 223.57
Fair value of stock option grants (in dollars per share)	$ 99.43
Historical period upon which annual expected stock price volatility is based (years)		6 years
Vesting period (years)		3 years
Compensation costs not yet recognized		$ 4.1
Weighted-average period over which unrecognized compensation costs will be recognized		2 years 6 months
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Daily treasury yield curve period upon which average risk-free interest rate is based (years)		5 years
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term (years)	10 years
Daily treasury yield curve period upon which average risk-free interest rate is based (years)		7 years

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	Mar. 28, 2026	Feb. 06, 2026	Jan. 20, 2026	Dec. 31, 2025	Apr. 15, 2025	Jan. 27, 2025
Finite-Lived Intangible Assets [Line Items]
Estimated annual amortization expense, year one	$ 105.0
Estimated annual amortization expense, year two	92.0
Estimated annual amortization expense, year three	87.0
Estimated annual amortization expense, year four	87.0
Estimated annual amortization expense, year five	87.0
Net carrying value of intangible assets	829.7			$ 646.8
Goodwill	1,245.4			1,043.4
Thermolec Ltd
Finite-Lived Intangible Assets [Line Items]
Goodwill	75.6		$ 75.2
Crawford United
Finite-Lived Intangible Assets [Line Items]
Goodwill	129.7	$ 129.7
Kranze Technology Solutions, Inc
Finite-Lived Intangible Assets [Line Items]
Goodwill	104.4					$ 104.4
Sigma & Omega
Finite-Lived Intangible Assets [Line Items]
Goodwill	76.6				$ 76.1
Trademarks with indefinite lives
Finite-Lived Intangible Assets [Line Items]
Trademarks	221.4			221.4
Trademarks with indefinite lives \| ASPEQ Heating Group
Finite-Lived Intangible Assets [Line Items]
Trademarks	51.5
Trademarks with indefinite lives \| ULC Robotics
Finite-Lived Intangible Assets [Line Items]
Trademarks	4.7
Revenues
Finite-Lived Intangible Assets [Line Items]
Net carrying value of intangible assets	601.9
Goodwill	879.2			676.8
Revenues \| Trademarks with indefinite lives
Finite-Lived Intangible Assets [Line Items]
Trademarks	157.0
Cost of products sold
Finite-Lived Intangible Assets [Line Items]
Net carrying value of intangible assets	227.8
Goodwill	366.2			$ 366.6
Cost of products sold \| Trademarks with indefinite lives
Finite-Lived Intangible Assets [Line Items]
Trademarks	$ 64.4

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - PSU’s and RSU’s - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 28, 2026 USD ($)
Stock-based Compensation
Historical period upon which annual expected stock price volatility is based (years)	3 years
Performance Stock Units and Restricted Stock Units
Stock-based Compensation
Unrecognized compensation cost	$ 26.8
Weighted-average period over which unrecognized compensation costs will be recognized	2 years 3 months 18 days
Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	1 year
Maximum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	3 years

- Definition

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

+ References

+ Details

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION

3 Months Ended

Mar. 28, 2026

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION

Income Per Share

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


	Three months ended
	March 28, 2026	March 29, 2025
Weighted-average number of common shares used in basic income per share	49.924	46.453
Dilutive securities — Employee stock options, performance stock units and restricted stock units	0.599	0.669
Weighted-average number of common shares and dilutive securities used in diluted income per share	50.523	47.122

The weighted-average number of restricted stock units, performance stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value

of the underlying common stock for the related period were 0.078 and 0.166, respectively, for the three months ended March 28, 2026, and 0.114 and 0.248, respectively, for the three months ended March 29, 2025.

Long-Term Incentive Compensation

Long-term incentive compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2026 is included in our 2025 Annual Report on Form 10-K.

Awards granted on March 2, 2026 to executive officers and other members of senior management were comprised of performance stock units (“PSU’s”), stock options, and time-based restricted stock units (“RSU’s”), while other eligible employees were granted PSU’s and RSU’s. The PSU’s are eligible to vest at the end of a three-year performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the combined S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index. Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant.

Non-employee directors receive annual long-term incentive awards at the time of our annual meeting of stockholders, with the 2026 meeting scheduled for May 12, 2026.

Compensation expense within income from continuing operations related to long-term incentive awards totaled $3.7 for the three months ended March 28, 2026 and March 29, 2025. The related tax benefit was $0.6 for the three months ended March 28, 2026 and March 29, 2025.

PSU’s and RSU’s

We use the Monte Carlo simulation model valuation technique to determine the fair value of our restricted stock units 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 2, 2026 and March 3, 2025. 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 2, 2026
SPX	35.76	%	—	%	3.46	%	43.06	%
Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index	37.12	%	n/a		3.46	%
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	%

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, 2025 through March 28, 2026:


	Unvested PSU’s and RSU’s	Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2025	0.355	$	105.45
Granted	0.104	183.41
Vested	(0.162)	79.88
Forfeited	(0.001)	105.21
Outstanding at March 28, 2026	0.296	$	146.99

As of March 28, 2026, there was $26.8 of unrecognized compensation cost related to PSU’s and RSU’s. We expect this cost to be recognized over a weighted-average period of 2.3 years.

Stock Options

On March 2, 2026, we granted 0.030 stock options, all of which were outstanding (but not exercisable) as of March 28, 2026. The exercise price per share of these options is $225.02 and the maximum contractual term of these options is 10 years.


Annual expected stock price volatility	39.51	%
Annual expected dividend yield	—	%
Risk-free interest rate	3.69	%
Expected life of stock option (in years)	6

Annual expected stock price volatility is 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 summarizes the stock option activity from December 31, 2025 through March 28, 2026:


	Shares	Weighted-Average Exercise Price
Options outstanding at December 31, 2025	0.580	$	59.04
Exercised	(0.083)	27.40
Forfeited	—	—
Granted	0.030	223.57
Options outstanding at March 28, 2026	0.527	$	73.39

As of March 28, 2026, there was $4.1 of unrecognized compensation cost related to stock options. We expect this cost to be recognized over a weighted-average period of 2.5 years.

Repurchases of Common Stock

On May 13, 2025, our Board of Directors authorized management, in its sole discretion, to repurchase, in any fiscal year, up to $100.0 of our common stock, subject to maintaining compliance with all covenants of our senior credit agreement. No share repurchases were effected pursuant to this and prior authorizations during the three months ended March 28, 2026.

Accumulated Other Comprehensive Income

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 28, 2026 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges		Pension and Postretirement Liability Adjustment(1)		Total
Balance at beginning of period	$	260.6	$	—	$	(0.1)	$	260.5
Other comprehensive loss before reclassifications	(6.1)		—		—		(6.1)
Amounts reclassified from accumulated other comprehensive income	—		—		(0.2)		(0.2)
Current-period other comprehensive loss	(6.1)		—		(0.2)		(6.3)
Balance at end of period	$	254.5	$	—	$	(0.3)	$	254.2

__________________________

(1)Net of tax provision of $0.0 as of March 28, 2026 and December 31, 2025. The balances as of March 28, 2026 and December 31, 2025 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 29, 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 beginning of period	$	218.9	$	2.6	$	2.1	$	223.6
Other comprehensive income (loss) before reclassifications	11.2		(0.1)		—		11.1
Amounts reclassified from accumulated other comprehensive income	—		(0.7)		(0.6)		(1.3)
Current-period other comprehensive income (loss)	11.2		(0.8)		(0.6)		9.8
Balance at end of period	$	230.1	$	1.8	$	1.5	$	233.4

_________________________

(1)Net of tax provision of $0.4 and $0.7 as of March 29, 2025 and December 31, 2024, respectively.

(2)Net of tax provision of $0.8 and $1.0 as of March 29, 2025 and December 31, 2024, respectively. The balances as of March 29, 2025 and December 31, 2024 include unamortized prior service credits.

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended March 28, 2026 and March 29, 2025:


	Amount Reclassified from AOCI
	Three months ended
	March 28, 2026		March 29, 2025		Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges:


Swaps	$	—	$	(1.0)	Interest expense
Pre-tax	—		(1.0)
Income taxes	—		0.3
	$	—	$	(0.7)

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