REVENUES FROM CONTRACTS

3 Months Ended

Mar. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUES FROM CONTRACTS

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 30, 2024 and April 1, 2023:

	Three months ended March 30, 2024
Reportable Segments	HVAC		Detection and Measurement		Total
Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	187.8	$	—	$	187.8
Boilers, electrical heating, and ventilation	114.6		—		114.6
Underground locators, inspection and rehabilitation  equipment, and robotic systems	—		61.0		61.0
Communication technologies, aids to navigation, and transportation systems	—		101.8		101.8
	$	302.4	$	162.8	$	465.2
Timing of Revenue Recognition
Revenues recognized at a point in time	$	282.4	$	138.0	$	420.4
Revenues recognized over time	20.0		24.8		44.8
	$	302.4	$	162.8	$	465.2

	Three months ended April 1, 2023
Reportable Segments	HVAC		Detection and Measurement		Total
Major product lines
Package and process cooling equipment and services, and engineered air movement solutions	$	158.3	$	—	$	158.3
Boilers, electrical heating, and ventilation	93.3		—		93.3
Underground locators, inspection and rehabilitation  equipment, and robotic systems	—		65.9		65.9
Communication technologies, aids to navigation, and transportation systems	—		82.3		82.3
	$	251.6	$	148.2	$	399.8
Timing of Revenue Recognition
Revenues recognized at a point in time	$	228.3	$	128.2	$	356.5
Revenues recognized over time	23.3		20.0		43.3
	$	251.6	$	148.2	$	399.8

Contract Balances

Our customers are invoiced for products and services at the time of delivery or based on contractual milestones, resulting in outstanding receivables with payment terms from these customers (“Contract Accounts Receivable”). In some cases, the timing of revenue recognition, particularly for revenue recognized over time, differs from when such amounts are invoiced to customers, resulting in a contract asset (revenue recognition precedes the invoicing of the related revenue amount) or a contract liability (payment from the customer precedes recognition of the related revenue amount). Contract assets and liabilities are generally classified as current. On a contract-by-contract basis, the contract assets and contract liabilities are reported net within our condensed consolidated balance sheets. Our contract balances consisted of the following as of March 30, 2024 and December 31, 2023:

Contract Balances	March 30, 2024		December 31, 2023		Change
Contract Accounts Receivable(1)	$	310.0	$	275.4	$	34.6
Contract Assets	32.0		16.6		15.4
Contract Liabilities - current	(72.9)		(73.5)		0.6
Contract Liabilities - non-current(2)	(3.9)		(4.0)		0.1
Net contract balance	$	265.2	$	214.5	$	50.7

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

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

The timing of revenue recognition, invoicing and cash collections results in contract accounts receivable, contract assets, and customer advances and deposits (contract liabilities) on our condensed consolidated balance sheets. In general, we receive payments from customers based on a billing schedule established in our contracts. During the three months ended March 30, 2024, changes in contract balances were not materially impacted by any other factors besides the acquisition of Ingénia. At March 30, 2024, contract account receivables and current contract liabilities attributable to Ingénia were $20.7 and $0.7, respectively.

During the three months ended March 30, 2024, we recognized revenues of $26.5 related to our contract liabilities at December 31, 2023.

Performance Obligations

As of March 30, 2024, the aggregate amount allocated to remaining performance obligations was $141.4. We expect to recognize revenue on approximately 73% and 86% of remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.