FAIR VALUE (Tables)

9 Months Ended

Sep. 26, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements, Nonrecurring

Summarized below are changes in the liability and asset during the nine months ended September 26, 2020 and September 28, 2019.

	Nine months ended
	September 26, 2020				September 28, 2019
	Guarantees and Bonds Liability (1)		Indemnification Assets (1)		Guarantees and Bonds Liability (1)		Indemnification Assets (1)
Balance at beginning of year	$	2.0	$	0.3	$	4.4	$	1.2
Reduction/Amortization for the period (2)	(0.3)		(0.2)		(2.2)		(0.7)
Impact of changes in foreign currency rates	0.1		—		(0.1)		—
Balance at end of period (3)	$	1.8	$	0.1	$	2.1	$	0.5

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(1)In connection with the sale, we estimated the fair value of the existing parent company guarantees and bank and surety bonds considering the probability of default by Balcke Dürr and an estimate of the amount we would be obligated to pay in the event of a default. Additionally, we estimated the fair value of the cash collateral provided by Balcke Dürr and guarantee provided by mutares AG based on the terms and conditions and relative risk associated with each of these securities (unobservable inputs - Level 3).

(2)We reduce the liability generally at the earlier of the completion of the related underlying project milestones or the expiration of the guarantees or bonds. We amortize the asset based on the expiration terms of each of the securities. We record the reduction of the liability and the amortization of the asset to “Other income, net.”

(3)The balance associated with the guarantees and bonds is reflected within “Other long-term liabilities,” while the balance associated with the indemnification assets is reflected within “Other assets.”