REVENUE REVENUE

3 Months Ended

Mar. 29, 2025

Revenue from Contract with Customer [Abstract]

Revenue Footnote

REVENUE

The following tables present our revenue disaggregated by end market.

For the Three Months Ended March 29, 2025	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
Auto and rail	$	342.8	$	—	$	—	$	—	$	342.8
Chemical and industrial pumps	—		224.3		—		—		224.3
Aerospace and defense	2.3		—		162.9		—		165.2
Energy	—		109.0		12.6		—		121.6
General industrial	1.0		—		59.2		(1.1)		59.1
Total	$	346.1	$	333.3	$	234.7	$	(1.1)	$	913.0

For the Three Months Ended March 30, 2024	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
Auto and rail	$	383.9	$	—	$	—	$	(0.1)	$	383.8
Chemical and industrial pumps	—		218.9		—		—		218.9
Aerospace and defense	1.7		—		104.1		—		105.8
Energy	—		115.0		13.4		—		128.4
General industrial	6.8		—		67.6		(0.7)		73.7
Total	$	392.4	$	333.9	$	185.1	$	(0.8)	$	910.6

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	March 29, 2025		December 31, 2024
Current contract assets	$	41.4	$	34.4
Non-current contract assets	2.0		1.9
Current contract liabilities	(141.2)		(119.3)
Non-current contract liabilities	(4.4)		(4.4)
Net contract liabilities	$	(102.2)	$	(87.4)

During the three months ended March 29, 2025, we recognized revenue of $35.5 related to contract liabilities as of December 31, 2024. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations, or backlog, as of March 29, 2025 was $1,751.7. Of this amount, we expect to recognize approximately $460 to $480 of revenue during the remainder of 2025. Our backlog generally represents firm orders that have been received, acknowledged, and entered into our production systems. However, within certain businesses in MT, our customers include automotive OEMs and we may win an award on an automotive platform several years in advance based on estimated levels of future automotive production. These awards allow for the customer to adjust their production levels at any time and therefore are not considered firm orders. Within these businesses we believe orders are firm upon receipt of the customer purchase order, which may require us to fulfill the order in as little as one week. As such, our backlog at any point in time for these businesses is not believed to be significant and therefore has been excluded from the total backlog amount.