REVENUE REVENUE

9 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

Revenue Footnote

REVENUE

The following tables present our revenue disaggregated by end market.

For the Three Months Ended September 28, 2024	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
Auto and rail	$	341.0	$	—	$	—	$	0.1	$	341.1
Chemical and industrial pumps	—		226.4		—		—		226.4
Energy	—		107.4		14.3		—		121.7
Aerospace and defense	1.9		—		128.0		—		129.9
General industrial	1.9		—		65.0		(0.8)		66.1
Total	$	344.8	$	333.8	$	207.3	$	(0.7)	$	885.2
For the Nine Months Ended September 28, 2024
Auto and rail	$	1,100.8	$	—	$	—	$	—	$	1,100.8
Chemical and industrial pumps	—		675.7		—		—		675.7
Energy	—		322.7		40.8		—		363.5
Aerospace and defense	5.6		—		346.8		—		352.4
General industrial	15.3		—		196.6		(2.6)		209.3
Total	$	1,121.7	$	998.4	$	584.2	$	(2.6)	$	2,701.7

For the Three Months Ended September 30, 2023	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
Auto and rail	$	351.5	$	—	$	—	$	—	$	351.5
Chemical and industrial pumps	—		219.7		—		(0.1)		219.6
Energy	—		60.1		13.6		—		73.7
Aerospace and defense	2.0		—		99.2		—		101.2
General industrial	6.0		—		71.2		(1.1)		76.1
Total	$	359.5	$	279.8	$	184.0	$	(1.2)	$	822.1
For the Nine Months Ended September 30, 2023
Auto and rail	$	1,067.5	$	—	$	—	$	—	$	1,067.5
Chemical and industrial pumps	—		664.2		—		(0.1)		664.1
Energy	—		175.7		37.7		—		213.4
Aerospace and defense	5.9		—		280.2		—		286.1
General industrial	19.7		—		205.9		(2.8)		222.8
Total	$	1,093.1	$	839.9	$	523.8	$	(2.9)	$	2,453.9

Contract Assets and Liabilities

Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheets. Contract liabilities consist of advance customer payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheets.

The following table represents our net contract assets and liabilities.

As of the Period Ended	September 28, 2024		December 31, 2023
Current contract assets	$	34.4	$	25.8
Non-current contract assets	1.4		1.6
Current contract liabilities(a)	(126.0)		(95.9)
Non-current contract liabilities	(4.4)		(4.5)
Net contract liabilities	$	(94.6)	$	(73.0)

(a)The increase in current contract liabilities from December 31, 2023 to September 28, 2024 was primarily driven by the acquisition of Svanehøj. Refer to Note 18, Acquisitions and Divestitures, for further information.

During the three and nine months ended September 28, 2024, we recognized revenue of $20.0 and $70.1, related to contract liabilities as of December 31, 2023, respectively. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of September 28, 2024 was $1,661.3. Of this amount, we expect to recognize approximately $640 to $660 of revenue during the remainder of 2024.