What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-07-31 compared with 2026-05-01 · 322 added, 253 removed, 764 unchanged (43% of the section changed)

4 unchanged sentences

in millions, except per share amounts)

Three months ended

2026 March 29,

Three months ended Six months ended

2026 June 28,

2025 June 27,

2026 June 28,

Revenues $ 679.0 $ 552.4 $ 1,245.8 $ 1,035.0

4 unchanged sentences

Special charges, net 1.6 — 1.8 0.1

Other operating expense, net — 0.5 — 0.5

Operating income 115.0 86.6 202.7 153.2

43 unchanged sentences

Deferred income taxes 2.6 2.2

Assets of DBT and Heat Transfer (includes cash and equivalents of $ 1.8 and $ 2.0 at March 28, 2026 and December 31, 2025, respectively) (Note 3)

Assets of DBT and Heat Transfer (includes cash and equivalents of $ 1.8 and $ 2.0 at June 27, 2026 and December 31, 2025, respectively) (Note 3)

TOTAL ASSETS $ 3,939.3 $ 3,604.6

15 unchanged sentences

Stockholders' Equity:

Common stock ( 57,671,217 and 50,058,540 is sued and outstanding at March 28, 2026, respectively, and 57,570,062 and 49,866,896 issued and outstanding at December 31, 2025, respectively)

Common stock ( 57,688,145 and 50,080,345 issued and outstanding at June 27, 2026, respectively, and 57,570,062 and 49,866,896 issued and outstanding at December 31, 2025, respectively)

Paid-in capital 1,933.8 1,938.2

1 unchanged sentence

Accumulated other comprehensive income 232.0 260.5

Common stock in treasury ( 7,612,677 and 7,703,166 shares at March 28, 2026 and December 31, 2025, respectively)

Common stock in treasury ( 7,607,800 and 7,703,166 shares at June 27, 2026 and December 31, 2025, respectively)

( 439.1 ) ( 444.6 )

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Three months ended March 28, 2026

Stock Paid-In

Capital Retained

Earnings Accum.

Comprehensive

Income Common

Treasury Total

Stockholders’

Three months ended June 27, 2026

Common Stock Paid-In Capital Retained Earnings Accum.

Other Comprehensive Income Common Stock In Treasury Total Stockholders’ Equity

Balance at March 28, 2026 $ 0.6 $ 1,927.3 $ 542.7 $ 254.2 $ ( 439.4 ) $ 2,285.4

Net income — — 78.4 — — 78.4

Other comprehensive loss, net — — — ( 22.2 ) — ( 22.2 )

Incentive plan activity

— 2.6 — — — 2.6

Long-term incentive compensation expense

— 4.3 — — — 4.3

Restricted stock unit vesting — ( 0.4 ) — — 0.3 ( 0.1 )

Balance at June 27, 2026 $ 0.6 $ 1,933.8 $ 621.1 $ 232.0 $ ( 439.1 ) $ 2,348.4

Six months ended June 27, 2026

Common Stock Paid-In Capital Retained Earnings Accum.

Other Comprehensive Income Common Stock In Treasury Total Stockholders’ Equity

Balance at December 31, 2025 $ 0.6 $ 1,938.2 $ 482.8 $ 260.5 $ ( 444.6 ) $ 2,237.5

6 unchanged sentences

Restricted stock unit vesting — ( 22.5 ) — — 5.5 ( 17.0 )

Balance at June 27, 2026 $ 0.6 $ 1,933.8 $ 621.1 $ 232.0 $ ( 439.1 ) $ 2,348.4

Three months ended June 28, 2025

Common Stock Paid-In Capital Retained Earnings Accum.

Other Comprehensive Income Common Stock In Treasury Total Stockholders’ Equity

Balance at March 29, 2025 $ 0.5 $ 1,364.8 $ 290.0 $ 233.4 $ ( 445.3 ) $ 1,443.4

Three months ended March 29, 2025

Net income — — 52.2 — — 52.2

Other comprehensive income, net — — — 30.4 — 30.4

Incentive plan activity

0.1 3.4 — — — 3.5

Long-term incentive compensation expense

— 3.9 — — — 3.9

Restricted stock unit vesting — ( 0.5 ) — — 0.4 ( 0.1 )

Balance at June 28, 2025 $ 0.6 $ 1,371.6 $ 342.2 $ 263.8 $ ( 444.9 ) $ 1,533.3

Six months ended June 28, 2025

Common Stock Paid-In Capital Retained Earnings Accum.

8 unchanged sentences

Restricted stock unit vesting — ( 19.4 ) — — 7.1 ( 12.3 )

Balance at March 29, 2025 $ 0.5 $ 1,364.8 $ 290.0 $ 233.4 $ ( 445.3 ) $ 1,443.4

Balance at June 28, 2025 $ 0.6 $ 1,371.6 $ 342.2 $ 263.8 $ ( 444.9 ) $ 1,533.3

The accompanying notes are an integral part of these statements.

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended

2026 March 29,

Six months ended

2026 June 28,

Cash flows from (used in) operating activities:

2 unchanged sentences

Income from continuing operations 143.7 104.2

Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities:

Adjustments to reconcile income from continuing operations to net cash from operating activities:

Special charges, net 1.8 0.1

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Cash spending on restructuring actions ( 0.4 ) ( 0.9 )

Net cash from (used in) continuing operations 29.8 ( 10.4 )

Net cash from (used in) discontinued operations 0.8 ( 0.5 )

Net cash from (used in) operating activities 30.6 ( 10.9 )

Net cash from continuing operations 120.2 33.0

Net cash used in discontinued operations — ( 1.4 )

Net cash from operating activities 120.2 31.6

Cash flows from (used in) investing activities:

10 unchanged sentences

Repayments under trade receivables arrangement ( 209.0 ) ( 148.0 )

Net borrowings under other financing arrangements 0.2 0.5

Net borrowings (repayments) under other financing arrangements ( 0.1 ) 0.2

Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options ( 14.6 ) ( 9.1 )

6 unchanged sentences

Consolidated cash and equivalents, end of period $ 168.2 $ 136.9

Three months ended

2026 March 29,

Six months ended

2026 June 28,

Components of cash and equivalents:

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(“KTS”) which specializes in digital interoperability and tactical networking solutions, primarily for the defense industry.

We purchased KTS for cash consideration of $ 340.0 , inclusive of amounts related to future service obligations of certain existing employees of $ 46.5 and net of an adjustment to the purchase price of $ 2.4 recorded during the third quarter of 2025 related to acquired working capital.

We purchased KTS for net cash consideration of $ 340.0 , inclusive of amounts related to future service obligations of certain existing employees of $ 46.5 and net of an adjustment to the purchase price of $ 2.4 recorded during the third quarter of 2025 related to acquired working capital.

We financed the acquisition with available borrowings on our revolving credit facility under our senior credit facilities.

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The post-acquisition results of Crawford United's commercial air handling equipment businesses (“Crawford”) are reflected within our HVAC reportable segment.

Crawford United's industrial and transportation products businesses (“Non-core businesses”), which includes businesses serving aerospace, defense, transportation, and marine markets, are non-core to our long-term strategy.

These Non-core businesses were recorded as assets held for sale upon

acquisition, with their results reported as discontinued operations while we identified a suitable buyer and executed our plan to sell these businesses within twelve months.

Crawford United's industrial and transportation products businesses (“Non-core businesses”), which includes businesses serving aerospace, defense, transportation, and marine

markets, are non-core to our long-term strategy.

These Non-core businesses were recorded as assets held for sale upon acquisition, with their results reported as discontinued operations while we identified a suitable buyer and executed our plan to sell these businesses within twelve months.

On March 27, 2026, we completed the sale of the Non-core businesses for an aggregate cash sale price of $ 60.0 .

In connection with the sale, we received net cash proceeds of $ 59.2 , net of cash and debt contributed of $ 1.4 and $ 2.2 , respectively, and recorded a loss of $ 5.7 to “Loss on disposition of discontinued operation, net of tax” within the condensed consolidated statement of operations for the three months ended March 28, 2026.

The sale price is subject to adjustment based on the final calculation of working capital and cash as of the date of sale.

In connection with the sale, we received net cash proceeds of $ 59.2 , net of cash and debt contributed of $ 1.4 and $ 2.2 , respectively, and recorded a loss of $ 5.7 to “Loss on disposition of discontinued operations, net of tax” within the condensed consolidated statement of operations for the six months ended June 27, 2026.

Refer to Note 3 for additional information.

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We had one less day in the first quarter of 2026 and will have one more day in the fourth quarter of 2026 than in the respective 2025 periods.

It is not practicable to estimate the impact of the one less day on our consolidated operating results for the three months ended March 28, 2026, when compared to the consolidated operating results for the 2025 respective period.

It is not practicable to estimate the impact of the one less day on our consolidated operating results for the six months ended June 27, 2026, when compared to the consolidated operating results for the respective 2025 period.

(2) NEW ACCOUNTING PRONOUNCEMENTS

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In addition, ASU 2025-06 requires companies to capitalize software costs once management authorizes and commits to funding with probable completion and use.

ASU 2025-06 will be effective for annual reporting periods beginning after December 15, 2027, and for interim reporting periods within those annual reporting periods, and allows multiple transition methods, including retrospective, prospective, or modified prospective application, with early adoption permitted.

We are currently evaluating the impact of ASU 2025-06 on our consolidated financial position, results of operations and cash flows.

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Accounting for Government Grants by Business Entities, which establishes authoritative guidance on the accounting for government grants received by business entities.

ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim

reporting periods within those annual reporting periods, and will be applied on a modified prospective approach with the option to apply the standard on a modified retrospective approach or a retrospective approach.

ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, with the option to apply the standard on a modified prospective

approach, modified retrospective approach, or a retrospective approach.

We are currently evaluating the impact of ASU 2025-10 on our consolidated financial position, results of operations and cash flows.

1 unchanged sentence

From time to time, we may make acquisitions that do not significantly impact our financial position or operations.

These acquisitions primarily complement our existing business operations or strategic initiatives with no significant impact to our financial outlook and end markets, or requiring a significant investment of resources.

These acquisitions primarily complement our existing business operations or strategic initiatives with no significant impact to our financial outlook and end markets, nor requiring a significant investment of resources.

Such acquisitions are not separately identified within this report on Form 10-Q.

During the three months ended March 28, 2026, we made no such acquisitions.

For the three months ended March 29, 2025, cash outflows, net of cash acquired, related to this activity totaled $ 8.2 .

During the six months ended June 27, 2026, we made no such acquisitions.

For the six months ended June 28, 2025, cash outflows, net of cash acquired, related to this activity totaled $ 8.2 .

The post-acquisition operating results are reflected within our HVAC reportable segment and have no significant impact to our financial outlook and end markets.

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(1) Includes net deferred income tax liabilities and other liabilities of $ 32.1 and $ 4.4 , respectively.

The identifiable intangible assets acquired related to Crawford consis t of customer relationships, customer backlog, technology, and definite-lived trademarks of $ 77.1 , $ 19.4 , $ 17.7 , and $ 14.7 , respectively, with suc h amounts based on an assessment of the related fair values.

We expect to amortize these customer relationships, customer backlog, technology, and definite-lived trademark assets over 11.0 , 1.0 , 12.0 , and 11.0 y ears, respectively.

We acquired gro ss receivables related to Crawford of $ 12.8 , which had the same fair value at the acquisition date based on our estimates of cash flows expected to be recovered.

The identifiable intangible assets acquired related to Crawford consis t of customer relationships, technology, definite-lived trademarks, and customer backlog of $ 81.8 , $ 17.7 , $ 14.7 , and $ 13.9 respectively, with suc h amounts based on an assessment of the related fair values.

We expect to amortize these customer relationships, technology, definite-lived trademark, and customer backlog assets over 11.0 , 12.0 , 11.0 , and 1.0 years, respectively.

We acquired gross receivables related to Crawford of $ 12.8 , wh ich had a fair value of $ 12.7 at the acquisition date based on our estimates of cash flows expected to be recovered.

The qualitative factors that comprise the recorded goodwill related to Crawford include expected North American volume growth from enhancing Crawford's existing facilities, increased volumes achieved through commercial synergies with existing SPX businesses, procurement and operational savings and efficiencies, and various other factors.

We expect none of the goodwill described above to be deductible for tax purposes.

We recognized revenues and a net loss for Crawford of $ 13.1 and $ 0.4 , respectively, for the three months ended March 28, 2026, with the net loss impacted by charges during the three months ended March 28, 2026 of $ 4.5 associated with

amortization of the various intangible assets mentioned above, and $ 0.1 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

We recognized revenues and net income for Crawford of $ 23.6 an d $ 1.0 , and $ 36.7 and $ 0.6 , re spectively, for the three and six months ended June 27, 2026, with the net income impacted by charges during the three and six months ended June 27, 2026 of $ 7.0 and $ 11.5 , respectively, associated with amortization of the various intangible assets mentioned above, and for the six months ended June 27, 2026, $ 0.1 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

Acquisition of Thermolec

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We expect none of the goodwill described above to be deductible for tax purposes.

We recognized revenues and net income for Thermolec of $ 7.4 and $ 0.7 , respectively, for the three months ended March 28, 2026, with the net income impacted by charges during the three months ended March 28, 2026 of $ 1.1 associated with amortization of the various intangible assets mentioned above, and $ 0.4 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

We recognized revenues and net income for Thermolec of $ 8.4 an d $ 0.9 , and $ 15.8 and $ 1.6 , re spectively, for the three and six months ended June 27, 2026, with the net income impacted by charges during the three and six months ended June 27, 2026 of $ 1.7 and $ 2.8 , respectively, associated with amortization of the various intangible assets mentioned above, and $ 0.4 during the six months ended June 27, 2026 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

Acquisition of Sigma & Omega

As indicated in Note 1, on April 15, 2025, we completed the acquisition of Sigma & Omega for cash consideration of $ 143.3 , net of (i) an adjustment to the purchase price of $ 0.3 recorded during the fourth quarter of 2025 related to acquired working capital and (ii) cash acquired of $ 0.2 .

The pro forma effect of this acquisition is not material to our consolidated results of operations.

The pro forma effect of this acquisition is not material to our condensed consolidated results of operations.

The following is a summary of the recorded final fair values of the assets acquired and liabilities assumed for Sigma & Omega as of April 15, 2025:

11 unchanged sentences

(1) Includes net deferred income tax liabilities and other liabilities of $ 19.9 and $ 0.6 , respectively.

The identifiable intangible assets acquired consist of customer relationships, customer backlog, technology, and definite-lived trademarks of $ 56.3 , $ 8.9 , $ 8.5 , and $ 3.9 , respectively, with such amounts based on an assessment of the related fair values.

The identifiable intangible assets acquired consis t of customer relationships, customer backlog, technology, and definite-lived trademarks of $ 56.3 , $ 8.9 , $ 8.5 , and $ 3.9 , respectively, with suc h amounts based on an assessment of the related fair values.

We expect to amortize the customer relationships, customer backlog, technology, and definite-lived trademarks over 11.0 , 1.0 , 9.0 , and 8.0 years, respectively.

We acquired gross receivables of $ 9.6 , which had a fair value of $ 9.2 at the acquisition date based on our estimates of cash flows expected to be recovered.

We acquired gro ss receivables of $ 9.6 , which had a fair value of $ 9.2 at the acquisition date based on our estimates of cash flows expected to be recovered.

The qualitative factors that comprise the recorded goodwill include expected domestic and global market growth for Sigma & Omega's existing operations, increased volumes achieved by selling Sigma & Omega products through existing SPX sales channels, procurement and operational savings and efficiencies, and various other factors.

We expect none of the goodwill described above to be deductible for tax purposes.

We recognized revenues and a net loss for Sigma & Omega of $ 15.1 and $ 0.4 , respectively, for the three and six months ended June 28, 2025, with the net loss impacted by charges during the three and six months ended June 28, 2025 of $ 4.4 associated with amortization of the various intangible assets mentioned above.

Acquisition of KTS

5 unchanged sentences

The deferred compensation assets related to these agreements will be amortized over the agreement terms which range from 2 to 8 years.

During the three months ended March 28, 2026 and March 29, 2025, we recognized compensation costs of $ 3.6 and $ 4.3 , respectively, which have been recorded to “Selling, general and administrative” within our condensed consolidated statements of operations, related to such retention agreements.

The remaining deferred compensation assets of $ 8.9 and $ 9.8 are recorded within “ Other current assets ” and “ Other assets ”, respectively, within our condensed consolidated balance sheet as of March 28, 2026.

During the three and six months ended June 27, 2026 and June 28, 2025, we recognized compensation costs of $ 2.7 and $ 6.3 , and $ 6.6 and $ 10.9 , respectively, which have been recorded to “Selling, general and administrative” within our condensed consolidated statements of operations, related to such retention agreements.

The remaining deferred compensation assets of $ 6.9 and $ 9.1 are recorded within “ Other current assets ” and “ Other assets ”, respectively, within our condensed consolidated balance sheet as of June 27, 2026.

At December 31, 2025, deferred compensation assets of $ 11.4 and $ 10.9 were recorded within “ Other current assets ” and “ Other assets ”, respectively, within our condensed consolidated balance sheet.

17 unchanged sentences

We expect the goodwill described above to be deductible for tax purposes.

We recognized revenues and a net loss for KTS of $ 8.5 and $ 6.4 , respectively, for the three months ended March 29, 2025 with the net loss impacted by charges during the three months ended March 29, 2025 of (i) $ 4.3 of compensation costs related to acquired retention agreements, (ii) $ 3.2 associated with amortization of the various intangible assets mentioned above, and (iii) $ 0.3 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

The following unaudited pro forma information presents our condensed consolidated results of operations for the three months ended March 28, 2026 and March 29, 2025, respectively, as if the acquisitions of Crawford and Thermolec had taken place on January 1, 2025 and the acquisition of KTS had taken place on January 1, 2024 .

We recognized revenues an d net losses for KTS of $ 21.6 and $ 2.5 , and $ 30.1 and $ 8.9 , respectively, for the three and six months ended June 28, 2025, with the net losses i mpacted by charges during the three and six months ended June 28, 2025 of (i) $ 6.6 and $ 10.9 , respectively, for amortization of compensation costs related to acquired retention agreements, (ii) $ 6.0 and $ 9.2 , respectively, associated with amortization of the various intangible assets mentioned above, and (iii) $ 0.5 and $ 0.8 , respectively, associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold.

The following unaudited pro forma information presents our condensed consolidated results of operations for the three and six months ended June 27, 2026 and June 28, 2025, respectively, as if the acquisitions of Crawford and Thermolec had taken place on January 1, 2025 and the acquisition of KTS had taken place on January 1, 2024.

The unaudited pro forma financial information is not intended to represent or be indicative of our condensed consolidated results of operations that would have been reported had the acquisitions been completed as of the date presented, and should not be taken as representative of our future consolidated results of operations.

1 unchanged sentence

however, these results do not include any anticipated cost savings or expenses of the planned integration of Crawford, Thermolec or KTS.

These pro forma condensed consolidated results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisitions, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment and intangible assets, adjustments to reflect charges associated with acquisition-related costs and charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold as if they were incurred beginning during the first quarter of 2025 for Crawford and Thermolec and the first quarter of 2024 for KTS, and the related income tax effects.

Three months ended

March 28, 2026 March 29, 2025

These pro forma condensed consolidated results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisitions, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment, intangible assets and compensation costs related to acquired retention agreements, adjustments to reflect charges associated with acquisition-related costs and charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold as if they were incurred beginning during the first quarter of 2025 for Crawford and Thermolec and the first quarter of 2024 for KTS, and the related income tax effects.

Three months ended Six months ended

June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025

Revenues $ 679.0 $ 585.6 $ 1,255.5 $ 1,103.8

8 unchanged sentences

Acquisition and Integration-related Costs

During the three months ended March 28, 2026 and March 29, 2025, we incurred acquisition and integration-related costs for KTS, Sigma & Omega, Thermolec, Crawford, and Ingénia Technologies Inc.

(“Ingénia”) of $ 7.7 and $ 8.2 , respectively.

Duri ng the three and six months ended June 27, 2026 and June 28, 2025 we incurred acquisition and integration-related costs of $ 4.6 and $ 12.3 , and $ 8.3 and $ 16.9 , respectively.

In addition, we recorded these amounts as shown below within consolidated operating income in Note 6:

Acquisition and integration-related costs for Ingénia, KTS, Sigma & Omega, Thermolec, and Crawford

Three months ended

Affected line item in Note 6 March 28, 2026 March 29, 2025

Acquisition and integration-related costs

Three months ended Six months ended

Affected line item in Note 6 June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025

Corporate expense $ 1.4 $ 1.4 $ 4.1 $ 3.6

5 unchanged sentences

On March 27, 2026, we completed the sale of the Non-core businesses for an aggregate cash sale price of $ 60.0 .

The sale price is subject to adjustment based on the final calculation of working capital and cash as of the date of sale.

There were no assets or liabilities of the Non-core businesses included in the condensed consolidated balance sheet as of March 28, 2026, as the disposition was completed during the three months ended March 28, 2026.

For the three months ended March 28, 2026 , results of operations from the Non-core businesses prior to their sale were as follows:

Three months ended

March 28, 2026

In connection with the sale, we received net cash proceeds of $ 59.2 , net of cash and debt contributed of $ 1.4 and $ 2.2 , respectively, and recorded a loss of $ 5.7 to “Loss on disposition of discontinued operations, net of tax” within the condensed consolidated statement of operations for the six months ended June 27, 2026.

For the six months ended June 27, 2026, results of operations from the Non-core businesses prior to their sale were as follows:

Six months ended

June 27, 2026

Income from discontinued operations $ 2.2

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As a result of completing the wind-down plan, we are reporting DBT as a discontinued operation for all periods presented.

The assets and liabilities of DBT have been included within “ Assets of DBT and Heat Transfer ” and “ Liabilities of DBT and Heat Transfer, ” respectively, on the condensed consolidated balance sheets as of March 28, 2026 and December 31, 2025.

The major line items constituting DBT ’ s assets and liabilities as of March 28, 2026 and December 31, 2025 are shown below:

March 28, 2026 December 31, 2025

The major line items constituting DBT ’ s assets and liabilities as of June 27, 2026 and December 31, 2025 are shown below:

June 27, 2026 December 31, 2025

Cash and equivalents $ 1.7 $ 2.0

12 unchanged sentences

As a result of completing the wind-down plan, we are reporting Heat Transfer as a discontinued operation for all periods presented.

The assets and liabilities of Heat Transfer have been included within “ Assets of DBT and Heat Transfer ” and “ Liabilities of DBT and Heat Transfer, ” respectively, on the condensed consolidated balance sheets as of March 28, 2026 and December 31, 2025.

At March 28, 2026 and December 31, 2025, Heat Transfer had total assets and liabilities of $ 0.3 and $ 0.0 , respectively.

For the three months ended March 28, 2026 and March 29, 2025, results of operations from our businesses reported as discontinued operations (excluding the Non-core businesses) were as follows:

Three months ended

March 28, 2026 March 29, 2025

The assets and liabilities of Heat Transfer have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the condensed consolidated balance sheets as of June 27, 2026 and December 31, 2025.

At June 27, 2026 and December 31, 2025, Heat Transfer had total assets and liabilities of $ 0.3 and $ 0.0 , respectively.

For the three and six months ended June 27, 2026 and June 28, 2025, results of operations from our businesses reported as discontinued operations (excluding the Non-core businesses) were as follows:

Three months ended Six months ended

June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025

Loss from discontinued operations (1)

$ ( 1.1 ) $ ( 0.3 ) $ ( 1.2 ) $ ( 0.8 )

Income tax provision ( 0.3 ) —

Income tax benefit (provision) 0.2 — ( 0.1 ) —

Loss from discontinued operations, net $ ( 0.9 ) $ ( 0.3 ) $ ( 1.3 ) $ ( 0.8 )

________________________________

(1) Loss for the three months ended March 28, 2026 and March 29, 2025 related primarily to costs incurred to support DBT through the subcontractor liquidation process mentioned above.

(1) Loss for the three and six months ended June 27, 2026 and June 28, 2025 related primarily to costs incurred to support DBT through the subcontractor liquidation process mentioned above as well as revisions to liabilities retained in connections with prior dispositions.

(4) 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 28, 2026 and March 29, 2025:

Three months ended March 28, 2026

Three months ended June 27, 2026

Reportable Segments HVAC Detection and Measurement Total

10 unchanged sentences

$ 480.6 $ 198.4 $ 679.0

Three months ended March 29, 2025

Six months ended June 27, 2026

Reportable Segments HVAC Detection and Measurement Total

10 unchanged sentences

$ 874.6 $ 371.2 $ 1,245.8

Three months ended June 28, 2025

Reportable Segments HVAC Detection and Measurement Total

Major product lines

Package and process cooling equipment and services, and engineered air movement and handling solutions $ 238.8 $ — $ 238.8

Hydronic heating, electrical heating, and ventilation 137.9 — 137.9

Underground locators, inspection and rehabilitation

equipment, and robotic systems — 69.5 69.5

Communication technologies, aids to navigation, and transportation systems — 106.2 106.2

$ 376.7 $ 175.7 $ 552.4

Timing of Revenue Recognition

Revenues recognized at a point in time $ 345.4 $ 151.9 $ 497.3

Revenues recognized over time 31.3 23.8 55.1

$ 376.7 $ 175.7 $ 552.4

Six months ended June 28, 2025

Reportable Segments HVAC Detection and Measurement Total

Major product lines

Package and process cooling equipment and services, and engineered air movement and handling solutions $ 437.9 $ — $ 437.9

Hydronic heating, electrical heating, and ventilation 261.8 — 261.8

Underground locators, inspection and rehabilitation

equipment, and robotic systems — 126.2 126.2

Communication technologies, aids to navigation, and transportation systems — 209.1 209.1

$ 699.7 $ 335.3 $ 1,035.0

Timing of Revenue Recognition

Revenues recognized at a point in time $ 649.5 $ 293.4 $ 942.9

Revenues recognized over time 50.2 41.9 92.1

$ 699.7 $ 335.3 $ 1,035.0

Contract Balances

3 unchanged sentences

On a contract-by-contract basis, the contract assets and contract liabilities are reported net within our condensed consolidated balance sheets.

Project volumes, primarily within our communications technologies, aids to navigation, cooling products, and transportation systems businesses, can vary from period to period based on the timing of project execution.

Our contract balances consisted of the following as of March 28, 2026 and December 31, 2025 :

Contract Balances March 28, 2026 December 31, 2025 Change

Project volumes, primarily within our communications technologies, aids to navigation, cooling equipment, and transportation systems businesses, can vary from period to period based on the timing of project execution.

Our contract balances consisted of the following as of June 27, 2026 and December 31, 2025:

Contract Balances June 27, 2026 December 31, 2025 Change

Contract Accounts Receivable (1)

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

Our contract balances consisted of the following as of March 29, 2025 and December 31, 2024 :

Contract Balances March 29, 2025 December 31, 2024 Change

Our contract balances consisted of the following as of June 28, 2025 and December 31, 2024:

Contract Balances June 28, 2025 December 31, 2024 Change

Contract Accounts Receivable $ 355.5 $ 305.4 $ 50.1

5 unchanged sentences

In general, we receive payments from customers based on a billing schedule established in our contracts.

During the three months ended March 28, 2026, changes in contract balances were also impacted by the acquisitions of Thermolec and Crawford.

At March 28, 2026, Contract Account Receivables, contract assets, and current contract liabilities attributable to Crawford were $ 15.6 , $ 3.5 , and $ 4.9 , respectively.

At March 28, 2026, Contract Account Receivables attributable to Thermolec were $ 3.9 .

During the three months ended March 28, 2026, we recognized revenues o f $ 37.1 related to our contract liabilities at December 31, 2025 .

During the three months ended March 29, 2025, we recognized revenues of $ 28.7 related to our contract liabilities at December 31, 2024.

During the six months ended June 27, 2026, changes in contract balances were also impacted by the acquisitions of Thermolec and Crawford.

At June 27, 2026, Contract Account Receivables, contract assets, and current contract liabilities attributable to Crawford were $ 13.9 , $ 5.8 , and $ 4.8 , respectively.

At June 27, 2026, Contract Account Receivables attributable to Thermolec were $ 3.9 .

During the three and six months ended June 27, 2026, we recognized revenues of $ 13.5 and $ 50.6 , respectively, related to our contract liabilities at December 31, 2025.

During the three and six months ended June 28, 2025, we recognized revenues of $ 10.3 and $ 39.0 , respectively, related to our contract liabilities at December 31, 2024.

Performance Obligations

As of March 28, 2026, the aggre gate amount allo cated to remaining performance obligations was $ 238.4 .

We expect to recognize revenue on approximately 65 % and 78 % of remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.

There were no material changes to our operating and finance leases during the three months ended March 28, 2026.

Balances at March 28, 2026 include additional operating right-of-use assets and lease obligations of $ 7.3 and $ 1.2 related to the Crawford and Thermolec acquisitions, respectively.

As of June 27, 2026, the aggregate amount allocated to remaining performance obligations was $ 175.2 .

We expect to recognize revenue on approximately 56 % and 75 % of r emaining performance obligations o ver the next 12 and 24 months, respectively, with the remaining recognized thereafter.

There were no material changes to our operating and finance leases during the three and six months ended June 27, 2026.

Our condensed consolidated balance sheet at June 27, 2026 includes additional operating right-of-use assets and lease obligations of $ 5.4 and $ 1.0 related to the Crawford and Thermolec acquisitions, respectively.

(6) INFORMATION ON REPORTABLE SEGMENTS AND CORPORATE EXPENSE

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Our CODM assesses segment income performance in comparison to prior years, previously forecasted results, and anticipated/experienced market trends when determining how to allocate operating and capital resources.

The only significant segment expense categories reviewed by our

CODM are total selling, general and administrative expense and cost of products sold (exclusive of intangible amortization expense).

The only significant segment expense categories reviewed by our CODM are total selling, general and administrative expense and cost of products sold (exclusive of intangible amortization expense).

Our CODM does not review asset or liability information for our operating segments as this information is not used to assess performance or allocate resources.

HVAC Reportable Segment

Our HVAC reportable segment engineers, designs, manufactures, installs and services package and process cooling products and engineered air movement and handling solutions for the HVAC industrial (including data center and power generation), institutional, and commercial markets, as well as hydronic and electrical heating and ventilation products for the residential, industrial, institutional, and commercial markets.

Our HVAC reportable segment engineers, designs, manufactures, installs and services package and process cooling equipment and engineered air movement and handling solutions for the HVAC industrial (including data center and power generation), institutional, and commercial markets, as well as hydronic and electrical heating and ventilation products for the residential, industrial, institutional, and commercial markets.

The primary distribution channels for the segment’s products are direct to customers, independent manufacturing representatives, third-party distributors, and retailers.

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Corporate Expense

Corporate expense generally relates to the personnel and general operating costs of our corporate headquarters based in Charlotte, North Carolina.

Financial data for our reportable segments for the three months ended March 28, 2026 and March 29, 2025 are presented below:

Three months ended

March 28, 2026 March 29, 2025

Corporate expense primarily relates to the personnel and general operating costs of our corporate headquarters based in Charlotte, North Carolina.

Financial data for our reportable segments for the three and six months ended June 27, 2026 and June 28, 2025 are presented below:

Three months ended Six months ended

2026 June 28,

2025 June 27,

2026 June 28,

HVAC reportable segment

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Acquisition and integration-related costs (1)

3.2 6.9 8.2 13.3

Long-term incentive compensation expense 4.3 3.9 8.0 7.6

Amortization of acquired intangible assets (2)

27.2 24.6 51.4 44.3

Special charges, net 1.6 — 1.8 0.1

Other operating expense, net — 0.5 — 0.5

Consolidated operating income 115.0 86.6 202.7 153.2

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Total depreciation and amortization $ 35.7 $ 32.5 $ 67.8 $ 59.5

Three months ended

March 28, 2026 March 29, 2025

Three months ended Six months ended

2026 June 28,

2025 June 27,

2026 June 28,

Geographic Areas:

5 unchanged sentences

$ 679.0 $ 552.4 $ 1,245.8 $ 1,035.0

March 28, 2026 December 31, 2025

June 27, 2026 December 31, 2025

Tangible Long-Lived Assets:

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________________________________

(1) Represents acquisition and integration-related costs incurred in connection with acquisitions of $ 5.0 and $ 6.4 during the three months ended March 28, 2026 and March 29, 2025, respectively, including “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with th e Thermolec and Crawford acquisitions of $ 0.4 and $ 0.1 , respectively, during the three months ended March 28, 2026 and the KTS acquisition of $ 0.3 during the three months ended March 29, 2025.

(2) Includes intangible asset amortization of $ 0.9 recorded in cost of products sold within the condensed consolidated statement of operations for the three months ended March 28, 2026.

(1) Represents acquisition and integration-related costs incurred in connection with acquisitions of $ 3.2 and $ 8.2 during the three and six months ended June 27, 2026, respectively, and $ 6.9 and $ 13.3 during the three and six months ended June 28, 2025, respectively, including additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with the Thermolec and Crawford acquisitions of $ 0.4 and $ 0.1 during the six months ended June 27, 2026, respectively, and the KTS acquisition of $ 0.5 and $ 0.8 during the three and six months ended June 28, 2025, respectively.

(2) Includes intangible asset amortization of $ 0.9 and $ 1.8 recorded in cost of products sold within the condensed consolidated statement of operations for the three and six months ended June 27, 2026, respectively.

(3) Revenues are included in the above geographic areas based on the country that recorded the revenue.

(7) SPECIAL CHARGES, NET

Special charges, net, for the three months ended March 28, 2026 and March 29, 2025 are described in more detail below:

Three months ended

2026 March 29,

Special charges, net, for the three and six months ended June 27, 2026 and June 28, 2025 are described in more detail below:

Three months ended Six months ended

2026 June 28,

2025 June 27,

2026 June 28,

HVAC reportable segment $ 0.1 $ — $ 0.1 $ ( 0.2 )

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Total $ 1.6 $ — $ 1.8 $ 0.1

HVAC — Activity for the three months ended March 29, 2025 related pri marily to severance costs associated with a restructuring action at one of the segment's cooling businesses.

De tection and Measurement — Charges for the three months ended March 28, 2026 and March 29, 2025 related primarily to severance costs associated with restructuring actions at the segment's inspection and rehabilitation business.

Corporate — Charges for the three months ended March 29, 2025 related primarily to severance costs associated with restructuring actions.

No significant future charges are expected t o be incurred under actions approved as of March 28, 2026.

The following is an analysis of our restructuring liabilities for the three months ended March 28, 2026 and March 29, 2025:

Three months ended

2026 March 29,

HVAC — Charges for the three and six months ended June 27, 2026 and six months ended June 28, 2025 related primarily to recording, and subsequent adjustments of, severance costs associated with restructuring actions at one of the segment’s cooling businesses.

Detection and Measurement — Charges for the three and six months ended June 27, 2026 related primarily to severance costs and asset impairment charges associated with restructuring actions at the segment's location and inspection and rehabilitation businesses and charges for the six months ended June 28, 2025 related primarily to severance costs associated with restructuring actions at the segment's inspection and rehabilitation business.

Corporate — Charges for the six months ended June 28, 2025 related primarily to severance costs associated with a restructuring action.

No significant future charges are expected to be incurred under actions approved as of June 27, 2026.

The following is an analysis of our restructuring liabilities for the six months ended June 27, 2026 and June 28, 2025:

Six months ended

2026 June 28,

Balance at beginning of year $ 0.5 $ 1.8

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Utilization — cash ( 0.4 ) ( 0.9 )

Currency translation adjustment and other — —

Balance at end of period $ 1.2 $ 1.0

__________________________

(1) The six months ended June 27, 2026 excluded $ 0.7 of non-cash charges that impacted special charges but not the restructuring liabilities.

(8) INVENTORIES, NET

Inventories are accounted for under the first-in, first-out method and are comprised of the following at March 28, 2026 and December 31, 2025:

Inventories are accounted for under the first-in, first-out method and are comprised of the following at June 27, 2026 and December 31, 2025:

2026 December 31,

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(9) GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the three months ended March 28, 2026 were as follows:

The changes in the carrying amount of goodwill for the six months ended June 27, 2026 were as follows:

2025 Goodwill

1 unchanged sentence

Combinations (1)

Translation March 28,

Translation June 27,

HVAC reportable segment

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__________________________

(1) Reflects goodwill acquired with the Thermolec and Crawford acquisitions of $ 75.2 and $ 129.7 , respectively, within the HVAC reportable segment.

(1) Reflects goodwill acquired with the Thermolec and Crawford acquisitions o f $ 75.0 and $ 131.1 , respectively, within the HVAC reportable segment.

As indicated in Note 1, the acquired assets, including goodwill, and liabilities assumed in these acquisitions have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting.

Other Intangibles, Net

Identifiable intangible assets at March 28, 2026 and December 31, 2025 comprised the following:

March 28, 2026 December 31, 2025

Identifiable intangible assets at June 27, 2026 and December 31, 2025 comprised the following:

June 27, 2026 December 31, 2025

Value Accumulated

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(1) The gross carrying value of identifiable intangible assets acquired with the Thermolec acquisition consist of customer relationships of $ 64.3 , technology of $ 8.2 , and definite-lived trademarks of $ 6.9 .

The gross carrying value of identifiable intangible assets acquired with the Crawford acquisition consist of customer relationships of $ 77.1 , customer backlog of $ 19.4 , technology of $ 17.7 , and definite-lived trademarks of $ 14.7 .

In connection with the acquisitions of Thermolec and Crawford, which have definite-lived intangible assets as noted above, we updated our estimated annual amortization expense related to intangible assets to approximately $ 105.0 for the full year 2026, $ 92.0 for 2027, and $ 87.0 for the three years thereafter.

At March 28, 2026, the net carrying value of intangible assets with determinable lives consisted of $ 601.9 in the HVAC reportable segment and $ 227.8 in the Detection and Measurement reportable segment.

At March 28, 2026, trademarks with indefinite lives consisted of $ 157.0 in the HVAC reportable segment and $ 64.4 in the Detection and Measurement reportable segment.

The gross carrying value of identifiable intangible assets acquired with the Crawford acquisition consist of customer relationships of $ 81.8 , technology of $ 17.7 , definite-lived trademarks of $ 14.7 , and customer backlog of $ 13.9 .

In connection with the acquisitions of Thermolec and Crawford, which have definite-lived intangible assets as noted above, we updated our estimated annual amortization expense related to intangible assets to approximately $ 103.0 for the full year 2026, $ 89.0 for 2027, and $ 87.0 for each of the three years thereafter.

At June 27, 2026, the net carrying value of intangible assets with determinable lives consisted of $ 567.6 in the HVAC reportable segment and $ 220.1 in the Detection and Measurement reportable segment.

At June 27, 2026, trademarks with indefinite lives consisted of $ 163.6 in the HVAC reportable segment and $ 64.0 in the Detection and Measurement reportable segment.

We review goodwill and indefinite-lived intangible assets for impairment annually during th e fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter.

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projected revenues and profit growth rates, industry price multiples, discount rates, etc.) we may be required to record an impairment charge in a future period related to their goodwill.

As of March 28, 2026, Thermolec, Crawford, KTS and Sigma & Omega 's goodwill totaled $ 75.6 , $ 129.7 , $ 104.4 and $ 76.6 , respectively.

As of June 27, 2026, Thermolec, Crawford, KTS and Sigma & Omega's goodwill totaled $ 73.1 , $ 131.1 , $ 104.4 and $ 74.3 , respectively.

We perform our annual indefinite-lived trademarks impairment testing during the fourth quarter, or on a more frequent basis, if there are indications of potential impairment.

3 unchanged sentences

If ASPEQ or ULC is unable to achieve their current revenue forecasts, or there is a change in assumptions used in the fair value analyses (e.g., projected revenues, royalty rates, and discount rates, etc.), we may be required to record an impairment charge in a future period related to their trademarks.

As of March 28, 2026, ASPEQ and ULC’s trademarks totaled $ 51.5 and $ 4.7 , respectively.

As of June 27, 2026, ASPEQ and ULC's trademarks totaled $ 51.5 and $ 4.7 , respectively.

(10) WARRANTY

The following is an analysis of our product warranty accrual for the periods presented:

Three months ended

2026 March 29,

Six months ended

2026 June 28,

Balance at beginning of year $ 49.0 $ 44.7

2 unchanged sentences

Usage ( 9.3 ) ( 8.3 )

Currency translation adjustment ( 0.1 ) —

Balance at end of period 51.8 44.5

4 unchanged sentences

We received regulatory approval for the wind-up which was completed during the first quarter of 2025.

This transaction resulted in a settlement loss of $ 0.3 recorded in net periodic pension benefit expense during the first quarter of 2025.

In addition, and in connection with this wind-up, we remeasured the assets and liabilities of the Canadian Pension Plans, which resulted in a loss of $ 0.5 recorded in net periodic pension benefit expense during the first quarter of 2025.

Lastly, as a result of the wind-up, we have eliminated the third-party cost and internal resource requirements associated with administering these benefit plans.

This transaction resulted in a settlement loss of $ 0.3 recorded in net periodic pension benefit expense during the six months ended June 28, 2025.

Net periodic benefit (income) expense for our pension and postretirement plans include the following components:

Domestic Pension Plans

Three months ended

2026 March 29,

Three months ended Six months ended

2026 June 28,

2025 June 27,

2026 June 28,

Service cost $ — $ — $ — $ —

3 unchanged sentences

Foreign Pension Plans

Three months ended

2026 March 29,

Three months ended Six months ended

2026 June 28,

2025 June 27,

2026 June 28,

Service cost $ — $ — $ — $ —

7 unchanged sentences

Postretirement Plans

Three months ended

2026 March 29,

Three months ended Six months ended

2026 June 28,

2025 June 27,

2026 June 28,

Service cost $ — $ — $ — $ —

3 unchanged sentences

(12) INDEBTEDNESS

The following summarizes our debt activity (both current and non-current) for the three months ended March 28, 2026:

The following summarizes our debt activity (both current and non-current) for the six months ended June 27, 2026:

2025 Borrowings Repayments Other (5)

12 unchanged sentences

___________________________

(1) The revolving credit facility extends through September 9, 2030 under the terms of the agreement governing our senior credit facilities and is primarily used to provide liquidity for funding acquisitions, including related fees and expenses, and was utilized as a partial funding mechanism for the Crawford acquisition.

(1) The revolving credit facility extends to September 2030 under the terms of the agreement governing our senior credit facilities and is primarily used to provide liquidity for funding acquisitions, including related fees and expenses, and was utilized as a partial funding mechanism for the Crawford acquisition.

(2) The term loan is repayable in quarterly installments equal to 0.625 % of the initial term loan balance of $ 500.0 , beginning in December 2026 and in the first three quarters of 2027, and 1.25 % during the fourth quarter of 2027, and all quarters of 2028 and 2029, and the first two quarters of 2030.

The remaining balances are payable in full on September 9, 2030.

Balances are net of unamortized debt issuance costs of $ 0.8 and $ 0.9 at March 28, 2026 and December 31, 2025, respectively.

The remaining balance is payable in full on September 9, 2030.

The balance is net of unamortized debt issuance costs of $ 0.8 and $ 0.9 at June 27, 2026 and December 31, 2025, respectively.

(3) Under this arrangement, we can borrow, on a continuous basis, up to $ 100.0 , as available.

Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses.

At March 28, 2026, we had $ 72.3 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $ 22.0 .

(4) Primarily includes balances under a purchase card program of $ 1.6 and $ 1.4 and finance lease obligations of $ 1.2 and $ 1.1 at March 28, 2026 and December 31, 2025, respectively.

At June 27, 2026, we had $ 8.0 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $ 73.0 .

(4) Primarily includes balances under a purchase card program of $ 1.3 and $ 1.4 and finance lease obligations of $ 1.2 and $ 1.1 at June 27, 2026 and December 31, 2025, respectively.

The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program.

As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.

(5) “Other” includes the amortization of debt issuance costs associated with the term loan.

(5) “Other” includes the impact of amortization of debt issuance costs associated with the term loan.

Senior Credit Facilities

5 unchanged sentences

A detailed description of our senior credit facilities is included in our 202 5 Annual Report on Form 10- K .

At March 28, 2026, we had $ 1,347.3 of available borrowing capacity under our revolving credit facility, after giving effect to borrowings under the domestic revolving loan facilities of $ 150.0 and $ 2.7 reserved for outstanding letters of credit.

In addition, at March 28, 2026, we had $ 17.1 of available issuance capacity under our foreign credit instrument facilities after giving effect to $ 7.9 reserved for outstanding letters of credit.

The weighted-average interest rate of outstanding borrowings under our senior credit agreement was approximately 5.0 % at March 28, 2026.

At March 28, 2026, we were in compliance with all covenants of the agreement governing our senior credit facilities.

At June 27, 2026, we had $ 1,457.3 of available borrowing capacity under our revolving credit facility, after giving effect to borrowings under the domestic revolving loan facilities of $ 40.0 and $ 2.7 reserved for outstanding letters of credit.

In addition, at June 27, 2026, we had $ 17.6 of available issuance capacity under our foreign credit instrument facilities after giving effect to $ 7.4 reserved for outstanding letters of credit.

The weighted-average interest rate of outstanding borrowings under our senior credit agreement was approximately 5.0 % at June 27, 2026.

At June 27, 2026, we were in compliance with all covenants of the agreement governing our senior credit facilities.

Other Borrowings and Financing Activities

During the second quarter of 2026, we renewed our trade receivables financing agreement for the next 12 months, whereby we can borrow, on a continuous basis, up to $ 100.0 , as available.

Company-owned Life Insurance

2 unchanged sentences

We have the ability to borrow against a portion of our investment in the COLI policies as an additional source of liquidity.

There were no amounts borrowed at March 28, 2026 and December 31, 2025.

There were no amounts borrowed at June 27, 2026 and December 31, 2025.

Any amounts borrowed would incur interest at a rate of 5.3 %.

At March 28, 2026, we had capacity to borrow approximately $ 34.0 against the policies.

The cash surrender value of our investments in COLI assets was $ 59.9 and $ 60.3 at March 28, 2026 and December 31, 2025, respectively, recorded in “Other assets” on the condensed consolidated ba lance sheets.

At June 27, 2026, we had capacity to borrow approximately $ 34.0 against the policies.

The cash surrender value of our investments in COLI assets was $ 59.4 and $ 60.3 at June 27, 2026 and December 31, 2025, respectively, recorded in “Other assets” on the condensed consolidated balance sheets.

(13) DERIVATIVE FINANCIAL INSTRUMENTS

1 unchanged sentence

In September 2024, commensurate with an amendment to our senior credit agreement, we entered into interest rate swap agreements (“Swaps”).

During 2025, commensurate with the amendment to our senior credit facilities, we settled the Swaps which resulted in a gain recorded to “Other income (expense), net” and cash received of $ 0.4 .

During the third quarter of 2025, commensurate with the amendment to our senior credit facilities, we settled the Swaps which resulted in a gain recorded to “Other income (expense), net” and cash received of $ 0.4 .

Prior to this settlement, the Swaps covered the period from December 2024 to June 2026 and effectively converted a portion of the borrowings under our senior credit facilities to a fixed rate of 3.58 %, plus the applicable margin.

10 unchanged sentences

In addition, if the forecasted transaction is no longer probable of occurring, the cumulative change in the derivatives’ fair value is recorded into earnings in the period in which the transaction is no longer considered probable of occurring.

We had FX forward contracts with an aggregate notional amount of $ 12.5 and $ 19.3 outstanding as of March 28, 2026 and December 31, 2025, respectively, with all of the $ 12.5 scheduled to mature within one year.

There were no unrealized gains/losses recorded in AOCI related to FX forward contracts designated as cash flow hedges as of March 28, 2026 and December 31, 2025.

The fair value of these FX forward contracts was less than $ 0.1 at March 28, 2026 and December 31, 2025.

We had FX forward contracts with an aggregate notional amount of $ 24.4 and $ 19.3 outstanding as of June 27, 2026 and December 31, 2025, respectively, with all of the $ 24.4 scheduled to mature within one year.

The fair value of these FX forward contracts was less than $ 0.1 at June 27, 2026 and December 31, 2025.

During the second quarter of 2026, we have designated and accounted for additional FX forward contracts, with a notional amount of $ 3.5 , as cash flow hedges.

As of June 27, 2026, the unrealized gain, net of tax, recorded in AOCI related to these cash flow hedges was $ 0.1 .

In addition, the fair value of the agreements was $ 0.2 (recorded as a current asset) as of June 27, 2026.

Changes in fair value of our FX forward contracts designated as cash flow hedges are reclassified into earnings, as a component of “Revenues” when the forecasted transaction impacts earnings.

(14) STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION

1 unchanged sentence

The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:

Three months ended

2026 March 29,

Three months ended Six months ended

2026 June 28,

2025 June 27,

2026 June 28,

Weighted-average number of common shares used in basic income per share 50.070 46.716 49.999 46.586

1 unchanged sentence

Weighted-average number of common shares and dilutive securities used in diluted income per share 50.675 47.396 50.597 47.255

of the underlying common stock for the related period were 0.078 and 0.166 , respectively, for the three months ended March 28, 2026, and 0.114 and 0.248 , respectively, for the three months ended March 29, 2025.

The weighted-average number of restricted stock units, performance stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.110 and 0.182 , r espectively, for the three mon ths ended June 27, 2026, and 0.093 and 0.170 , respectively, for the six months ended June 27, 2026.

The weighted-average number of restricted stock units, performance stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.151 and 0.265 , respectively, for the three months ended June 28, 2025, and 0.133 and 0.251 , respectively, for the six months ende d June 28, 2025 .

Long-Term Incentive Compensation

4 unchanged sentences

Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant.

Non-employee directors receive annual long-term incentive awards at the time of our annual meeting of stockholders, with the 2026 meeting scheduled for May 12, 2026.

C ompensation expense within income from continuing operations related to long-term incentive awards totaled $ 3.7 for the three months ended March 28, 2026 and March 29, 2025.

The related tax benefit was $ 0.6 for the three months ended March 28, 2026 and March 29, 2025.

PSU’s and RSU’s

We use the Monte Carlo simulation model valuation technique to determine the fair value of our restricted stock units that contain a market condition (i.e., the PSU’s).

The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award and calculates the fair value of each PSU.

We issued PSU’s to eligible participants on March 2, 2026 and March 3, 2025.

We used the following assumptions in determining the fair value of these awards:

Annual Expected

Volatility Annual Expected

Dividend Yield Risk-Free Interest Rate Correlation

Between Total

Return for SPX

March 2, 2026

SPX 35.76 % — % 3.46 % 43.06 %

Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index 37.12 % n/a 3.46 %

March 3, 2025

SPX 35.13 % — % 3.90 % 46.64 %

Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index 36.41 % n/a 3.90 %

Annual expected stock price volatility is based on the three-year historical volatility.

There is no annual expected dividend yield as we discontinued dividend payments in 2015 and do not expect to pay dividends for the foreseeable future.

The average risk-free interest rate is based on the one-year through three-year daily treasury yield curve rate as of the grant date.

The following table summarizes the PSU and RSU activity from December 31, 2025 through March 28, 2026 :

Unvested PSU’s and RSU’s Weighted-Average Grant-Date Fair Value Per Share

Outstanding at December 31, 2025 0.355 $ 105.45

Granted 0.104 183.41

Vested ( 0.162 ) 79.88

Forfeited ( 0.001 ) 105.21

Outstanding at March 28, 2026 0.296 $ 146.99

As of March 28, 2026 , there was $ 26.8 of unrecognized compensation cost related to PSU’s and RSU’s.

We expect this cost to be recognized over a weighted-average period of 2.3 years.

Stock Options

On March 2, 2026, we granted 0.030 stock options, all of which were outstanding (but not exercisable) as of March 28, 2026 .

The exercise price per share of these options is $ 225.02 and the maximum contractual term of these options is 10 years.

The fair value per share of the stock options granted on March 2, 2026 was $ 99.43 .

The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:

Annual expected stock price volatility 39.51 %

Annual expected dividend yield — %

Risk-free interest rate 3.69 %

Expected life of stock option (in years) 6

Annual expected stock price volatility is based on a weighted average of SPX’s stock volatility of the most recent six-year historical volatility of a peer company group.

There is no annual expected dividend yield as we discontinued dividend payments in 2015 and do not expect to pay dividends for the foreseeable future.

The average risk-free interest rate is based on the five-year and seven-year treasury constant maturity rates.

The expected option life is based on a three-year pro-rata vesting schedule and represents the period of time that awards are expected to be outstanding.

The following table summarizes the stock option activity from December 31, 2025 through March 28, 2026 :

Shares Weighted-Average Exercise Price

Options outstanding at December 31, 2025 0.580 $ 59.04

Exercised ( 0.083 ) 27.40

Forfeited — —

Granted 0.030 223.57

Options outstanding at March 28, 2026 0.527 $ 73.39

As of March 28, 2026 , there was $ 4.1 of unrecognized compensation cost related to stock options.

We expect this cost to be recognized over a weighted-average period of 2.5 years.

Effective May 12, 2026, we granted 0.006 RSU’s to our non-employee directors, which vest in their entirety immediately prior to the annual meeting of stockholders in May 2027.

C ompensation expense within income from continuing operations related to long-term incentive awards totaled $ 4.3 and $ 3.9 for the three months ended June 27, 2026 and June 28, 2025 , respectively, an d $ 8.0 an d $ 7.6 for the six months ended June 27, 2026 and June 28, 2025 , respectively.

The related tax benefit w as $ 0.7 for the three months ended June 27, 2026 and June 28, 2025, respectively, and $ 1.3 for the six months e nded June 27, 2026 and June 28, 2025 , respectively.

Repurchases of Common Stock

On May 12, 2026, our Board of Directors authorized management, in its sole discretion, to repurchase, in any fiscal year, up to $ 100.0 of our common stock, subject to maintaining compliance with all covenants of our senior credit agreement.

No share repurchases were effected pursuant to this and prior authorizations during the three months ended March 28, 2026.

No share repurchases were effected pursuant to this and prior authorizations during the three and six months ended June 27, 2026.

Accumulated Other Comprehensive Income

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 28, 2026 were as follows:

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended June 27, 2026 were as follows:

Adjustment Net Unrealized Gains

on Qualifying Cash

Flow Hedges Pension and

Flow Hedges (1)

Postretirement

1 unchanged sentence

Balance at beginning of period $ 254.5 $ — $ ( 0.3 ) $ 254.2

Other comprehensive loss before reclassifications ( 6.1 ) — — ( 6.1 )

Other comprehensive income (loss) before reclassifications ( 22.1 ) 0.1 — ( 22.0 )

Amounts reclassified from accumulated other comprehensive income — — ( 0.2 ) ( 0.2 )

Current-period other comprehensive loss ( 6.1 ) — ( 0.2 ) ( 6.3 )

Current-period other comprehensive income (loss) ( 22.1 ) 0.1 ( 0.2 ) ( 22.2 )

Balance at end of period $ 232.4 $ 0.1 $ ( 0.5 ) $ 232.0

__________________________

(1) Net of tax provision of $ 0.0 as of March 28, 2026 and December 31, 2025.

The balances as of March 28, 2026 and December 31, 2025 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 29, 2025 were as follows:

(1) Net of tax provision of $ 0.1 and $ 0.0 as of June 27, 2026 and March 28, 2026, respectively.

(2) Net of tax provision of $ 0.0 as of June 27, 2026 and March 28, 2026.

The balances as of June 27, 2026 and March 28, 2026 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the six months ended June 27, 2026 were as follows:

Adjustment Net Unrealized Gains

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__________________________

(1) Net of tax provision of $ 0.4 and $ 0.7 as of March 29, 2025 and December 31, 2024, respectively.

(2) Net of tax provision of $ 0.8 and $ 1.0 as of March 29, 2025 and December 31, 2024, respectively.

The balances as of March 29, 2025 and December 31, 2024 include unamortized prior service credits.

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended March 28, 2026 and March 29, 2025:

(1) Net of tax provision of $ 0.1 and $ 0.0 as of June 27, 2026 and December 31, 2025, respectively.

(2) Net of tax provision of $ 0.0 as of June 27, 2026 and December 31, 2025.

The balances as of June 27, 2026 and December 31, 2025 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended June 28, 2025 were as follows:

Adjustment Net Unrealized Gains

on Qualifying Cash

Flow Hedges (1)

Postretirement

Adjustment (2)

Balance at beginning of period $ 230.1 $ 1.8 $ 1.5 $ 233.4

Other comprehensive income before reclassifications 31.4 0.1 — 31.5

Amounts reclassified from accumulated other comprehensive income — ( 0.6 ) ( 0.5 ) ( 1.1 )

Current-period other comprehensive income (loss) 31.4 ( 0.5 ) ( 0.5 ) 30.4

Balance at end of period $ 261.5 $ 1.3 $ 1.0 $ 263.8

__________________________

(1) Net of tax provision of $ 0.5 and $ 0.4 as of June 28, 2025 and March 29, 2025, respectively.

(2) Net of tax provision of $ 0.5 and $ 0.8 as of June 28, 2025 and March 29, 2025, respectively.

The balances as of June 28, 2025 and March 29, 2025 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the six months ended June 28, 2025 were as follows:

Adjustment Net Unrealized Gains

on Qualifying Cash

Flow Hedges (1)

Postretirement

Adjustment (2)

Balance at beginning of period $ 218.9 $ 2.6 $ 2.1 $ 223.6

Other comprehensive income before reclassifications 42.6 — — 42.6

Amounts reclassified from accumulated other comprehensive income — ( 1.3 ) ( 1.1 ) ( 2.4 )

Current-period other comprehensive income (loss) 42.6 ( 1.3 ) ( 1.1 ) 40.2

Balance at end of period $ 261.5 $ 1.3 $ 1.0 $ 263.8

__________________________

(1) Net of tax provision of $ 0.5 and $ 0.7 as of June 28, 2025 and December 31, 2024, respectively.

(2) Net of tax provision of $ 0.5 and $ 1.0 as of June 28, 2025 and December 31, 2024, respectively.

The balances as of June 28, 2025 and December 31, 2024 include unamortized prior service credits.

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended June 27, 2026 and June 28, 2025:

Amount Reclassified from AOCI

Three months ended

March 28, 2026 March 29, 2025 Affected Line Item in the Condensed

June 27, 2026 June 28, 2025 Affected Line Item in the Condensed

Consolidated Statements of Operations

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$ ( 0.2 ) $ ( 0.5 )

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the six months ended June 27, 2026 and June 28, 2025:

Amount Reclassified from AOCI

Six months ended

June 27, 2026 June 28, 2025 Affected Line Item in the Condensed

Consolidated Statements of Operations

Gains on qualifying cash flow hedges:

Swaps $ — $ ( 1.6 ) Interest expense

Pre-tax — ( 1.6 )

Income taxes — 0.3

$ — $ ( 1.3 )

Gains on pension and postretirement items:

Amortization of unrecognized prior service credits - Pre-tax $ ( 0.4 ) $ ( 1.6 ) Other income (expense), net

Income taxes — 0.5

$ ( 0.4 ) $ ( 1.1 )

(15) CONTINGENT LIABILITIES AND OTHER MATTERS

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Also, while we believe we are entitled to indemnification from third parties for some of these claims, these rights may be insufficient or unavailable to protect us against potential loss exposures.

Our recorded liab ilities related to these matters, primarily associated with environmental matters, totaled $ 44.2 and $ 43.7 at March 28, 2026 and December 31, 2025, respectively.

Of these amounts, $ 37.2 and $ 36.4 are included in “Other long-term liabilities” within our condensed consolidated balance sheets at March 28, 2026 and December 31, 2025 , respectively, with the remainder included in “Accrued expenses.” The liabilities we record for these matters are based on a number of assumptions, including historical claims and payment experience.

Our recorded liab ilities related to these matters, primarily associated with environmental remediation matters, totaled $ 44.9 and $ 43.7 at June 27, 2026 and December 31, 2025, respectively.

Of these amounts, $ 37.3 and $ 36.4 are included in “Other long-term liabilities” within our condensed consolidated balance sheets at June 27, 2026 and December 31, 2025 , respectively, with the remainder included in “Accrued expenses.” The liabilities we record for these matters are based on a number of assumptions, including historical claims and payment experience.

While we base our assumptions on facts currently known to us, they entail inherently subjective judgments and uncertainties.

As a result, our current assumptions for estimating these liabilities may not prove accurate, and we may be required to adjust these liabilities in the future, which could result in charges

As a result, our current assumptions for estimating these liabilities may not prove accurate, and we may be required to adjust these liabilities in the future, which could result in charges to earnings.

These variances relative to current expectations could have a material impact on our financial position and results of operations.

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On February 20, 2026, the United States Supreme Court issued a ruling invalidating tariffs previously imposed under IEEPA.

The ultimate availability, timing, and amount of any potential refunds of such tariffs remain highly uncertain and could be subject to further legal, regulatory, and administrative developments.

The ultimate availability, timing, and amount of any potential refunds of such tariffs could be subject to further legal, regulatory, and administrative developments.

Following the Supreme Court’s decision, the U.S.

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There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business.

As of March 28, 2026, we have not recognized an asset related to any potential tariff refund.

The Company will continue to evaluate new information and may recognize a refund asset when, and if, the amount can be reasonably estimated and the right to receive the amount becomes realized or realizable in accordance with Accounting Standards Codification (“ASC”) 450, Contingencies.

As of June 27, 2026, the amount of recognized assets related to tariff refunds was no t significant to our condensed consolidated balance sheet.

While the Company continues to review and compile refund requests and may record additional refund amounts in the future, the amount is not anticipated to have a material impact to our financial position and results of operations.

Litigation Matters

6 unchanged sentences

As part of our effort to comply, we have a comprehensive environmental compliance program that includes environmental audits conducted by internal and external independent professionals, as well as regular communications with our operating units regarding environmental compliance requirements and anticipated regulations.

Based on current information, we believe that our operations are in substantial compliance with applicable environmental laws and regulations, and we are not aware of any violations that could have a material effect, individually or in the aggregate, on our business, financial condition, and results of operations or cash flows.

We had liabilities for site investigation and/or remediation at 16 sites, that we own or control, as of March 28, 2026 and December 31, 2025.

We had liabilities for site investigation and/or remediation at 16 sites, that we own or control, as of June 27, 2026 and December 31, 2025.

Our environmental accruals relate predominantly to legacy sites that the Company no longer operates as part of its ongoing business and we record adjustments for these sites to “Other income (expense), net” in our condensed consolidated statements of operations.

5 unchanged sentences

We take into account third-party indemnification from financially viable parties in determining our accruals where there is no dispute regarding the right to indemnification.

In the case of contamination at offsite, third-party disposal sites, as of March 28, 2026 and December 31, 2025, we have been notified that we are potentially responsible and have received other notices of potential liability pursuant to various environmental laws at 9 sites, at which the liability has not been settled, and all of which have been active in the past few years.

In the case of contamination at offsite, third-party disposal sites, as of June 27, 2026 and December 31, 2025, we have been notified that we are potentially responsible and have received other notices of potential liability pursuant to various environmental laws at 9 sites, at which the liability has not been settled, and all of which have been active in the past few years.

These laws may impose liability on certain persons that are considered jointly and severally liable for the costs of investigation and remediation of hazardous substances present at these sites, regardless of fault or legality of the original disposal.

These persons include the present or former owners or operators of the site and companies that generated, disposed of or arranged for the disposal of hazardous substances at the site.

We are considered a “de minimis” potentially responsible party at most of the

We are considered a “de minimis” potentially responsible party at most of the sites, and we estimate that our aggregate liability, if any, related to these sites is not material to our condensed consolidated financial statements.

We conduct extensive environmental due diligence with respect to potential acquisitions, including environmental site assessments and such further testing as we may deem warranted.

3 unchanged sentences

We record a liability when it is both probable and the amount can be reasonably estimated.

In our opinion, after considering accruals established for such purposes of $ 32.6 and $ 32.4 at March 28, 2026 and December 31, 2025, respectively, the cost of remedial actions for compliance with the present laws and regulations governing the protection of the environment are not expected to have a material impact, individually or in the aggregate, on our financial position, results of operations or cash flows.

In our opinion, after considering accruals established for such purposes of $ 32.8 and $ 32.4 at June 27, 2026 and December 31, 2025, respectively, the cost of remedial actions for compliance with the present laws and regulations governing the protection of the environment are not expected to have a material impact, individually or in the aggregate, on our financial position, results of operations or cash flows.

That said, we cannot provide assurance that new matters, developments, laws and regulations, or stricter interpretations of existing laws and regulations will not materially affect our business or operations in the future.

3 unchanged sentences

We consider a number of factors, including third-party actuarial valuations, when making these determinations.

We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts;

however, this insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against loss exposures.

We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts, however, this insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against loss exposures.

(16) INCOME AND OTHER TAXES

Uncertain Tax Benefits

As of March 28, 2026 , we had gross and net unrecognized tax benefi ts of $ 5.5 and $ 5.2 , respectively.

As of June 27, 2026 , we had gross unrecognized tax ben efits of $ 4.2 (net unrecognized tax benefits of $ 3.9 ).

All of these net unrecognized tax benefits would impact our effective tax rate from continuing operations if recognized.

We classify interest and penalties related to unrecognized tax benefits as a component of our income tax provision.

As of March 28, 2026, gross accrued interest totaled $ 2.0 (net accrued interest of $ 1.9 ).

As of March 28, 2026, we had no accrual for penalties included in our unrecognized tax benefits.

As of June 27, 2026, gross accrued interest totaled $ 0.6 (net accrued interest of $ 0.4 ).

As of June 27, 2026, we had no accrual for penalties included in our unrecognized tax benefits.

Other Tax Matters

For the three months ended March 28, 2026, we recorded an income tax provision of $ 13.0 on $ 77.4 of pre-tax income from continuing operations, resulting in an effective rate of 16.8 %.

This compares to an income tax provision for the three months ended March 29, 2025 of $ 6.2 on $ 57.9 of pre-tax income from continuing operations, resulting in an effective rate of 10.7 %.

The most significant item impacting the income tax provision for the first quarters of 2026 and 2025 was $ 7.0 and $ 8.5 , respectively, of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the periods.

For the three months ended June 27, 2026, we recorded an income tax provision of $ 22.9 on $ 102.2 of pre-tax income from continuing operations, resulting in an effective rate of 22.4 %.

This compares to an income tax provision for the three months ended June 28, 2025 of $ 17.4 on $ 69.9 of pre-tax income from continuing operations, resulting in an effective rate of 24.9 %.

The most significant item impacting the income tax provision for the second quarters of 2026 and 2025 was $ 2.8 of tax benefit and $ 0.8 of tax provision, respectively, related to revisions to liabilities for uncertain tax positions.

For the six months ended June 27, 2026, we recorded an income tax provision of $ 35.9 on $ 179.6 of pre-tax income from continuing operations, resulting in an effective rate of 20.0 %.

This compares to an income tax provision for the six months ended June 28, 2025 of $ 23.6 on $ 127.8 of pre-tax income from continuing operations, resulting in an effective rate of 18.5 %.

The most significant items impacting the income tax provision during the first half of 2026 and 2025 were (i) $ 7.2 and $ 8.8 , respectively, of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the periods and (ii) $ 2.8 of tax benefit and $ 0.8 of tax provision, respectively, related to revisions to liabilities for uncertain tax positions.

We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain positions when we determine that an uncertain position meets the criteria of the Income Taxes Topic of the Codification.

24 unchanged sentences

There were no transfers between the three levels of the fair value hierarchy for the periods pres ented.

The following table presents our fair value hierarchy of our financial assets measured at fair value on a recurring basis as of March 28, 2026 and December 31, 2025:

March 28, 2026

The following tables present our fair value hierarchy of our financial assets measured at fair value on a recurring basis as of June 27, 2026 and December 31, 2025:

June 27, 2026

Level 1 Level 2 Level 3 Total

5 unchanged sentences

We review the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually for indefinite-lived intangible assets and goodwill.

Any resulting asset impairments result in the asset being recorded at its fair value.

Any resulting asset impairments would result in the asset being recorded at its fair value.

Based on the inputs used in the impairment analyses, these assets are classified within Level 3 of the valuation hierarchy.

4 unchanged sentences

We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount.

As of March 28, 2026, there had been no significant impact to the fair value of our derivative liabilities due to our own credit risk, as the related instruments are collateralized under our senior credit facilities.

As of June 27, 2026, there had been no significant impact to the fair value of our derivative liabilities due to our own credit risk, as the related instruments are collateralized under our senior credit facilities.

Similarly, there had been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.

Equity Security — We estimate the value of an equity security in Filtran Group Equity, LLC ( “Filtran”) that we hold utilizing a practical expedient under existing guidance, with such estimated value based on our ownership percentage applied to the net asset value as provided quarterly (on a one quarter lag) by the investee.

The value has historically been updated annually, during the first quarter, based on the investee’s most recent audited financial statements.

During the three months ended March 28, 2026 and March 29, 2025 , we recorded gains o f $ 0.0 and $ 4.5 , respectively, to “ Other income (expense), net ” related to changes in the estimated value of such equity security.

The value is updated annually, typically during the first quarter, based on the investee’s most recent audited financial statements.

During the three and six months ended June 27, 2026, there was no change in the estimated value of such equity security, and during the three and six months ended June 28, 2025 we recorded gains of $ 0.0 and $ 4.5 , respectively, to “Other income (expense), net” related to changes in the estimated value of such equity security.

On November 10, 2025, Parker-Hannifin Corporation ( “Parker”) entered into an agreement to acquire the majority of the underlying businesses held by an investee of Filtran through a planned merger, while Donaldson Company, Inc.

2 unchanged sentences

We maintain no control over, or involvement in, the sale process, which may not come to fruition.

As of March 28, 2026 and December 31, 2025, the equity security had an estimated value of $ 58.2 , recorded in “Other assets”, on the condensed consolidated balance sheets .

As of June 27, 2026 and December 31, 2025, the equity security had an estimated value of $ 58.2 , recorded in “Other assets”, on the condensed consolidated balance sheets .

This estimated value provided by the investee includes the impact of the above transactions.

We are restricted from transferring this investment without approval of the manager of the investee.

The following table provides a reconciliation of activity for the equity security for the three months ended March 28, 2026:

The following table provides a reconciliation of activity for the equity security for the six months ended June 27, 2026:

Balance at beginning of period $ 58.2

1 unchanged sentence

Balance at end of period $ 58.2

Indebtedness and Other — The estimated fair value of our debt instruments as of March 28, 2026 and December 31, 2025 approximated the related carrying values due primarily to the variable market-based interest rates for such instruments.

Indebtedness and Other — The estimated fair value of our debt instruments as of June 27, 2026 and December 31, 2025 approximated the related carrying values due primarily to the variable market-based interest rates for such instruments.

Se e Note 12 f or further details.

(18) SUBSEQUENT EVENT

On July 22, 2026, we completed the acquisition of Neptronic Inc.

(“Neptronic”) which specializes in highly engineered HVAC solutions including intelligent controls, electric duct heaters, humidifiers, actuators and valves.

We purchased Neptronic for net cash consideration of approximately $ 430.0 .

The acquisition was funded through available borrowings of $ 340.0 on our revolving credit facility under our senior credit facilities, and cash on hand.

The post-acquisition results of Neptronic will be reflected within our HVAC reportable segment.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements