Financial Analysis

Contingent Liabilities and Other Matters General Numerous claims, complaints and proceedings arising in the ordinary course of business have been asserted or are pending against us or certain of our subsidiaries (collectively, claims). These claims relate to litigation matters (e.g., contracts, intellectual property and competitive claims), environmental matters, product liability matters, and other risk management matters (e.g., general liability, automobile, and workers compensation claims). Additionally, we may become subject to other claims of which we are currently unaware, which may be significant, or the claims of which we are aware may result in our incurring significantly greater loss than we anticipate. While we (and our subsidiaries) maintain property, cargo, auto, product, general liability, environmental, and directors and officers liability insurance, among other lines of coverage, and have acquired rights under similar policies in connection with acquisitions that we believe cover a significant portion of these claims, this insurance may be insufficient or unavailable (e.g., in the case of insurer insolvency) to protect us against potential loss exposures. 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 liabilities related to these matters, primarily associated with environmental remediation matters, …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Indebtedness The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2025: December 31, 2024 Borrowings Repayments Other (5) December 31, 2025 Revolving loans (1) $ 80.0 $ 478.0 $ (558.0) $ $ Term loans (2) 523.4 500.0 (524.6) 0.3 499.1 Trade receivables financing arrangement (3) 9.0 280.0 (289.0) Other indebtedness (4) 2.3 0.6 (0.5) 0.1 2.5 Total debt 614.7 $ 1,258.6 $ (1,372.1) $ 0.4 501.6 Less: short-term debt 10.1 1.4 Less: current maturities of long-term debt 27.6 3.5 Total long-term debt $ 577.0 $ 496.7 _____________________________________________________________ (1) As noted below, we amended our senior credit agreement on September 9, 2025. The amendment extends the revolving credit facility through September 9, 2030. The revolving credit facilities are primarily used to provide liquidity for funding acquisitions, including related fees and expenses, and were utilized as a funding mechanism for the KTS and Sigma & Omega acquisitions. In connection with the consummation of the underwritten public offering (refer to Note 16 for additional details), amounts then owing under our revolving credit facilities were fully repaid. (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, all quarters of 2028 and 2029, and the first two quarters of 2030. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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 years ended December 31, 2025, 2024, and 2023: Year Ended December 31, 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 $ 932.9 $ $ 932.9 Hydronic heating, electrical heating, and ventilation 585.3 585.3 Underground locators, inspection and rehabilitation equipment, and robotic systems 255.9 255.9 Communication technologies, aids to navigation, and transportation systems 491.0 491.0 $ 1,518.2 $ 746.9 $ 2,265.1 Timing of Revenue Recognition Revenues recognized at a point in time $ 1,396.6 $ 629.6 $ 2,026.2 Revenues recognized over time 121.6 117.3 238.9 $ 1,518.2 $ 746.9 $ 2,265.1 Year Ended December 31, 2024 Reportable Segments HVAC Detection and Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 884.0 $ $ 884.0 Hydronic heating, electrical heating, and ventilation 480.7 480.7 Underground locators, inspection and rehabilitation equipment, and robotic systems 260.9 260.9 Communication technologies, …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value and Other Investments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1 Quoted prices for identical instruments in active markets. Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Significant inputs to the valuation model are unobservable. There were no changes during the periods presented to the valuation techniques we use to measure asset and liability fair values on a recurring or nonrecurring basis. There were no transfers between the three levels of the fair value hierarchy for the periods presented. The following table presents our fair value hierarchy of our …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill, for the year ended December 31, 2025, were as follows: December 31, 2024 Goodwill Resulting from Business Combinations (1) Impairments Foreign Currency Translation December 31, 2025 HVAC reportable segment Gross goodwill $ 907.3 $ 81.6 $ $ 24.8 $ 1,013.7 Accumulated impairments (326.6) (10.3) (336.9) Goodwill 580.7 81.6 14.5 676.8 Detection and Measurement reportable segment Gross goodwill 426.6 104.4 11.4 542.4 Accumulated impairments (172.8) (3.0) (175.8) Goodwill 253.8 104.4 8.4 366.6 Total Gross goodwill 1,333.9 186.0 36.2 1,556.1 Accumulated impairments (499.4) (13.3) (512.7) Goodwill $ 834.5 $ 186.0 $ $ 22.9 $ 1,043.4 ___________________________________________________________________ (1) Reflects goodwill acquired with the KTS and Sigma & Omega acquisitions of $104.4 and $76.1, respectively, and an immaterial acquisition within the HVAC reportable segment. As indicated in Note 4, the acquired assets, including goodwill, and liabilities assumed in the Sigma & Omega acquisition have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting. The changes in the carrying amount of goodwill, for the year ended December 31, 2024, were as follows: December 31, 2023 Goodwill Resulting from Business Combinations (1) Impairments Foreign Currency Translation December 31, 2024 HVAC reportable segment Gross goodwill $ 777.8 $ 148.0 $ $ (18.5 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Income from continuing operations before income taxes and the (provision for)/benefit from income taxes consisted of the following: Year ended December 31, 2025 2024 2023 Income from continuing operations: United States $ 205.1 $ 172.2 $ 118.0 Foreign 109.0 83.2 68.3 $ 314.1 $ 255.4 $ 186.3 Provision for income taxes: Current: United States $ (16.9) $ (47.5) $ (51.1) Foreign (25.6) (21.2) (15.7) Total current (42.5) (68.7) (66.8) Deferred and other: United States (32.0) 7.1 21.3 Foreign 5.9 8.0 3.9 Total deferred and other (26.1) 15.1 25.2 Total provision $ (68.6) $ (53.6) $ (41.6) The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate after the adoption of ASU 2023-09 is as follows: Year ended December 31, 2025 Amount Percent Tax at U.S. federal statutory rate $ 66.0 21.0 % State and local income taxes (1) 8.1 2.6 % Foreign tax effects U.K. patent box regime (4.0) (1.3) % Other 2.4 0.8 % Effects of cross border tax laws 5.5 1.7 % Tax credits R&D tax credits (4.2) (1.3) % Nontaxable and nondeductible items Share-based compensation (7.5) (2.4) % Other 2.1 0.7 % Unrecognized tax benefits 0.9 0.3 % Other adjustments (0.7) (0.3) % Tax expense $ 68.6 21.8 % _________________________________________________________________ (1) The jurisdictions that contribute to the majority (greater than 50%) of the state and local tax expense include California, Florida, Maryland, New Jersey, Tennessee, and Wisconsin. Th …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases Summarized below is our policy under, as well as the various other disclosures required by, ASC 842. We have elected to account for lease agreements with lease and non-lease components as a single component for all leases. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. We review if an arrangement is a lease at inception and conclude whether the contract contains an identified asset if we have the right to obtain substantially all the economic benefit and direct the use of the asset. Operating leases with right-of-use (ROU) assets are reflected within Other assets, Accrued expenses, and Other long-term liabilities within our consolidated balance sheets. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and the related liabilities are recognized at commencement date based on the present value of lease payments over the lease term. These payments include renewal options when reasonably certain to be exercised, and exclude termination options. As none of our leases provide an implicit rate, we use our incremental borrowing rate based on the information available at …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements The following is a summary of new accounting pronouncements that apply or may apply to our business. In December 2023, the FASB issued ASU No. 2023-09, which requires companies to disclose, on an annual basis, required categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025 and has been applied on a prospective basis within these financial statements. Refer to Note 12 for these and other disclosures related to income taxes. In November 2024, the FASB issued ASU No. 2024-03, which requires companies to disclose, on an interim and annual basis, additional information about specific expense categories in the notes to the financial statements. In addition, ASU 2024-03 requires companies to disclose a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and, on an annual basis, disclose the total amount of selling expenses and the Company's definition of selling expenses. ASU 2024-03, further clarified by ASU 2025-01, will be effective for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, and will be applied on a prospect …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans Overview Defined benefit pension plans cover a portion of our salaried and hourly paid employees, including certain employees in foreign countries. Beginning in 2001, we discontinued providing these pension benefits generally to newly hired employees. Effective January 31, 2018, we discontinued providing service credits to active participants. We have domestic postretirement plans that provide health and life insurance benefits to certain retirees and their dependents. Beginning in 2003, we discontinued providing these postretirement benefits generally to newly hired employees. The plan year-end date for all our plans is December 31. Actuarial Gains and Losses As indicated in Notes 1 and 2, changes in fair value of plan assets and actuarial gains and losses related to our pension and postretirement plans are recorded to earnings during the fourth quarter of each year, unless earlier remeasurement is required. During the fourth quarter of 2023, we initiated the wind-up of our Canadian defined benefit pension plans (collectively, the Canadian Pension Plans ). Th e Company 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 year ended December 31, 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 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenues from Contracts Summarized below is our policy for recognizing revenue under, as well as the various disclosures required by, ASC 606. Performance Obligations - Certain of our contracts are comprised of multiple deliverables, which can include hardware and software components, installation, maintenance, and extended warranties. For these contracts, we evaluate whether these deliverables represent separate performance obligations as defined by ASC 606. In some cases, a customer contracts with us to integrate a complex set of tasks and components into a single project or capability (even if the single project results in the delivery of multiple units). Hence, the entire contract is treated as a single performance obligation. In contrast, we may promise to provide distinct goods or services within a contract, in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. In cases where we sell standard products with observable standalone selling prices, these selling prices are used to determine the relative standalone selling price. In cases where we sell a customized customer specific solution, we typically use the expected cost plus margin approach to estimate the stan …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Information on Reportable Segments and Corporate Expense We are a diversified, global supplier of highly specialized, engineered solutions with operations in 16 countries and sales in over 100 countries around the world. In determining our reportable segments, we apply the threshold criteria of the Segment Reporting Topic of the Codification. We have aggregated our operating segments into the following two reportable segments: HVAC and Detection and Measurement. The factors considered in determining our aggregated segments are the economic similarity of the businesses, the nature of products sold or services provided, production processes, types of customers, distribution methods, and regulatory environment. Our CODM, who is our President and Chief Executive Officer, uses segment income to evaluate the results of each operating segment. Segment income is determined before considering, if applicable, impairments and special charges, long-term incentive compensation, certain other operating income/expense, other indirect corporate expenses, intangible asset amortization expense, inventory step-up charges, and certain other acquisition and integration-related costs. There have been no changes in the basis of segmentation or measurement of segment income during 2025. 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. Th …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On January 20, 2026, we completed the acquisition of Thermolec Ltd. (Thermolec) which specializes in custom electric duct heating and related solutions. We purchased Thermolec for net cash consideration of approximately $141.5. The acquisition was funded through cash on hand. The post-acquisition results of Thermolec will be reflected within our HVAC reportable segment. On February 6, 2026, we completed the acquisition of Crawford United Corporation (Crawford) which specializes in highly engineered air handling and industrial products. We purchased Crawford for net cash consideration of approximately $300.0. The acquisition was funded through cash on hand and borrowings on our revolving credit facilities under our Amended Credit Agreement. The post-acquisition results of Crawford's commercial air handling equipment businesses will be reflected within our HVAC reportable segment. Crawford's industrial and transportation products businesses, which includes businesses serving aerospace, defense, transportation, and marine markets, are non-core to our long-term strategy. These non-core businesses will be recorded as assets held for sale, with their results reported as discontinued operations while we identify suitable buyer(s) and execute our plan to sell these businesses within twelve months. Due to the size, complexity and timing of the close of the acquisitions, the acquisition accounting for both business combinations is incomplete at the time of this filing …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

CONTINGENT LIABILITIES AND OTHER MATTERS General Numerous claims, complaints and proceedings arising in the ordinary course of business have been asserted or are pending against us or certain of our subsidiaries (collectively, claims). These claims relate to litigation matters (e.g., contracts, intellectual property and competitive claims), environmental matters, product liability matters, and other risk management matters (e.g., general liability, automobile, and workers compensation claims). Additionally, we may become subject to other claims of which we are currently unaware, which may be significant, or the claims of which we are aware may result in our incurring significantly greater loss than we anticipate. While we (and our subsidiaries) maintain property, cargo, auto, product, general liability, environmental, and directors and officers liability insurance, among other lines of coverage, and have acquired rights under similar policies in connection with acquisitions that we believe cover a significant portion of these claims, this insurance may be insufficient or unavailable (e.g., in the case of insurer insolvency) to protect us against potential loss exposures. 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 remediation matters …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

INDEBTEDNESS The following summarizes our debt activity (both current and non-current) for the six months ended June 27, 2026: December 31, 2025 Borrowings Repayments Other (5) June 27, 2026 Revolving loans (1) $ $ 214.9 $ (174.9) $ $ 40.0 Term loan (2) 499.1 0.1 499.2 Trade receivables financing arrangement (3) 282.0 (209.0) 73.0 Other indebtedness (4) 2.5 0.2 (0.3) 0.1 2.5 Total debt 501.6 $ 497.1 $ (384.2) $ 0.2 614.7 Less: short-term debt 1.4 74.3 Less: current maturities of long-term debt 3.5 9.9 Total long-term debt $ 496.7 $ 530.5 ___________________________ (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 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 arrange …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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 and six months ended June 27, 2026 and June 28, 2025: Three months ended June 27, 2026 Reportable Segments HVAC Detection and Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 319.0 $ $ 319.0 Hydronic heating, electrical heating, and ventilation 161.6 161.6 Underground locators, inspection and rehabilitation equipment, and robotic systems 69.9 69.9 Communication technologies, aids to navigation, and transportation systems 128.5 128.5 $ 480.6 $ 198.4 $ 679.0 Timing of Revenue Recognition Revenues recognized at a point in time $ 399.4 $ 153.8 $ 553.2 Revenues recognized over time 81.2 44.6 125.8 $ 480.6 $ 198.4 $ 679.0 Six months ended June 27, 2026 Reportable Segments HVAC Detection and Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 555.0 $ $ 555.0 Hydronic heating, electrical heating, and ventilation 319.6 319.6 Underground locators, inspection and rehabilitation equipment, and robotic systems 128.5 128.5 Communication technologie …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE AND OTHER INVESTMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1 Quoted prices for identical instruments in active markets. Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Significant inputs to the valuation model are unobservable. There were no changes during the periods presented to the valuation techniques we use to measure asset and liability fair values on a recurring or nonrecurring basis. There were no transfers between the three levels of the fair value hierarchy for the periods pres ented. The following tables present our fair value hierarchy of ou …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the six months ended June 27, 2026 were as follows: December 31, 2025 Goodwill Resulting from Business Combinations (1) Foreign Currency Translation June 27, 2026 HVAC reportable segment Gross goodwill $ 1,013.7 $ 206.1 $ (16.2) $ 1,203.6 Accumulated impairments (336.9) 3.0 (333.9) Goodwill 676.8 206.1 (13.2) 869.7 Detection and Measurement reportable segment Gross goodwill 542.4 (3.0) 539.4 Accumulated impairments (175.8) 1.0 (174.8) Goodwill 366.6 (2.0) 364.6 Total Gross goodwill 1,556.1 206.1 (19.2) 1,743.0 Accumulated impairments (512.7) 4.0 (508.7) Goodwill $ 1,043.4 $ 206.1 $ (15.2) $ 1,234.3 __________________________ (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 June 27, 2026 and December 31, 2025 comprised the following: June 27, 2026 December 31, 2025 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Intangible assets with determinable lives: (1) Customer relationships and contracts $ 697.0 $ (177.5) $ 519.5 $ 557. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME AND OTHER TAXES Uncertain Tax Benefits 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 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 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 f …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES 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.

LesseeOperatingLeasesTextBlock

The following is a summary of new accounting pronouncements that apply or may apply to our business. In November 2024, the Financial Accounting Standards Board (FASB) issued ASU No. 2024-03, which requires companies to disclose, on an interim and annual basis, additional information about specific expense categories in the notes to the financial statements. In addition, ASU 2024-03 requires companies to disclose a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and, on an annual basis, disclose the total amount of selling expenses and the Company's definition of selling expenses. ASU 2024-03, further clarified by ASU 2025-01, will be effective for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, and will be applied on a prospective basis with the option to apply the standard retrospectively, with early adoption permitted. We are currently evaluating the disclosure impact of ASU 2024-03; however, the standard will not have an impact on our consolidated financial position, results of operations or cash flows. In September 2025, the FASB issued ASU No. 2025-06, which replaces the stage-based capitalization model for the treatment of development costs of internal-use software with a principles-based framework, reflecting modern software development practices. In addition, ASU 2025-06 requires companies …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS During the fourth quarter of 2023, we initiated the wind-up of our Canadian defined benefit pension plans (collectively, the Canadian Pension Plans). 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 six months ended June 28, 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 for 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 Six months ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Service cost $ $ $ $ Interest cost 2.7 3.0 5.4 6.0 Expected return on plan assets (1.6) (2.0) (3.2) (4.0) Net periodic pension benefit expense $ 1.1 $ 1.0 $ 2.2 $ 2.0 Foreign Pension Plans Three months ended Six months ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Service cost $ $ $ $ Interest cost 1.1 1.0 2.3 2.0 Expected return on plan assets (1.0) (0.9) (2.0) (1.8) Settlement loss (1) 0.3 Recognized net actuarial loss (1) 0.5 Net periodic pension benefit expense $ 0.1 $ 0.1 $ 0.3 $ 1.0 __________________________ (1) Relates to the wind-up of the Canadian Pension Plans referred to …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

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 and six months ended June 27, 2026 and June 28, 2025: Three months ended June 27, 2026 Reportable Segments HVAC Detection and Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 319.0 $ $ 319.0 Hydronic heating, electrical heating, and ventilation 161.6 161.6 Underground locators, inspection and rehabilitation equipment, and robotic systems 69.9 69.9 Communication technologies, aids to navigation, and transportation systems 128.5 128.5 $ 480.6 $ 198.4 $ 679.0 Timing of Revenue Recognition Revenues recognized at a point in time $ 399.4 $ 153.8 $ 553.2 Revenues recognized over time 81.2 44.6 125.8 $ 480.6 $ 198.4 $ 679.0 Six months ended June 27, 2026 Reportable Segments HVAC Detection and Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 555.0 $ $ 555.0 Hydronic heating, electrical heating, and ventilation 319.6 319.6 Underground locators, inspection and rehabilitation equipment, and roboti …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

INFORMATION ON REPORTABLE SEGMENTS AND CORPORATE EXPENSE We are a diversified, global supplier of highly specializ ed, engineered solutions with operations in 16 countries and sales in over 100 countries around the world. In determining our reportable segments, we apply the threshold criteria of the Segment Reporting Topic of the Financial Accounting Standards Board Codification (the Codification). We have aggregated our operating segments into the following two reportable segments: HVAC and Detection and Measurement. The factors considered in determining our aggregated segments are the economic similarity of the businesses, the nature of products sold or services provided, production processes, types of customers, distribution methods, and regulatory environment. Our CODM, who is our President and Chief Executive Officer, uses segment income to evaluate the results of each operating segment. Segment income is determined before considering, if applicable, impairments and special charges, long-term incentive compensation, certain other operating income/expense, other indirect corporate expenses, intangible asset amortization expense, inventory step-up charges, and certain other acquisition and integration-related costs. There have been no changes in the basis of segmentation or measurement of segment income during 2026. Our CODM assesses segment income performance in comparison to prior years, previously forecasted results, and anticipated/experienced market trends when determ …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTOn 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. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing