FAIR VALUE (Tables)

9 Months Ended

Oct. 01, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements, Nonrecurring

Summarized below are the change in the liability and asset during the nine months ended October 2, 2021.

	Nine months ended
	October 2, 2021
	Guarantees and Bonds Liability (1)		Indemnification Assets (1)
Balance at beginning of year	$	1.8	$	—
Reduction/Amortization for the period (2)	(1.7)		—
Impact of changes in foreign currency rates	(0.1)		—
Balance at end of period	$	—	$	—

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