Vontier (VNT) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-39483
Entity Registrant Name	Vontier Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2783455
Entity Address, Address Line One	5438 Wade Park Boulevard
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27607
City Area Code	984
Local Phone Number	275-6000
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	VNT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		154,738,349
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001786842
Current Fiscal Year End Date	--12-31

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 244	$ 204.5
Accounts receivable, less allowance for credit losses of $34.9 million and $34.2 million as of June 30, 2023 and December 31, 2022, respectively	490.9	514.8
Inventories	329.2	346
Prepaid expenses and other current assets	158.6	152.8
Equity securities measured at fair value	0	21.3
Current assets held for sale	53.5	145.6
Total current assets	1,276.2	1,385
Property, plant and equipment, net	94.5	92.1
Operating lease right-of-use assets	42	44.5
Long-term financing receivables, less allowance for credit losses of $33.3 million and $37.7 million as of June 30, 2023 and December 31, 2022, respectively	265	249.8
Other intangible assets, net	606.6	649.7
Goodwill	1,733.9	1,738.7
Other assets	187.4	183.5
Total assets	4,205.6	4,343.3
Current liabilities:
Short-term borrowings	8.7	4.6
Trade accounts payable	353.9	430.9
Current operating lease liabilities	12.9	13.8
Accrued expenses and other current liabilities	441.7	437.6
Current liabilities held for sale	29	43
Total current liabilities	846.2	929.9
Long-term operating lease liabilities	31.8	34
Long-term debt	2,422.4	2,585.7
Other long-term liabilities	203.8	214.2
Total liabilities	3,504.2	3,763.8
Commitments and Contingencies (Note 10)
Equity:
Preferred stock, 15.0 million shares authorized; no par value; no shares issued and outstanding	0	0
Common stock, 2.0 billion shares authorized; $0.0001 par value; 170.3 million and 169.7 million shares issued, and 154.6 million and 156.0 million outstanding as of June 30, 2023 and December 31, 2022, respectively	0	0
Treasury stock, at cost, 15.7 million and 13.7 million shares as of June 30, 2023 and December 31, 2022, respectively	378.5	328
Additional paid-in capital	37.8	27.6
Retained earnings	943.1	770.8
Accumulated other comprehensive income	94.1	106.1
Total Vontier stockholders’ equity	696.5	576.5
Noncontrolling interests	4.9	3
Total equity	701.4	579.5
Total liabilities and equity	$ 4,205.6	$ 4,343.3

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 34.9	$ 34.2
Financing receivable, allowance for credit losses	$ 33.3	$ 37.7
Preferred stock, authorized (in shares)	15,000,000	15,000,000
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, issued (in shares)	170,300,000	169,700,000
Common stock, outstanding (in shares)	154,600,000	156,000,000
Treasury stock, common, shares (in shares)	15,700,000	13,700,000

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Statement [Abstract]
Sales	$ 764.4	$ 776.4	$ 1,540.8	$ 1,524.5
Cost of sales	(416.3)	(428.3)	(839.7)	(841.1)
Gross profit	348.1	348.1	701.1	683.4
Operating costs:
Selling, general and administrative expenses	(187.2)	(176.7)	(365.4)	(342.7)
Research and development expenses	(40.3)	(34.9)	(81.3)	(69.4)
Operating profit	120.6	136.5	254.4	271.3
Non-operating income (expense), net:
Interest expense, net	(23.9)	(15.3)	(47.9)	(28.2)
Gain on sale of business	34.1	0	34.1	0
Gain on previously held equity interests from combination of business	0	0	0	32.7
Unrealized (loss) gain on equity securities measured at fair value	0	(80)	0	83
Other non-operating expense, net	(0.5)	0	(1.4)	(0.1)
Earnings before income taxes	130.3	41.2	239.2	358.7
Provision for income taxes	(33)	(7.9)	(59.1)	(75.2)
Net earnings	$ 97.3	$ 33.3	$ 180.1	$ 283.5
Net earnings per share:
Basic (in dollars per share)	$ 0.63	$ 0.21	$ 1.16	$ 1.74
Diluted (in dollars per share)	$ 0.62	$ 0.21	$ 1.15	$ 1.73
Weighted average shares outstanding:
Basic (in shares)	155.4	160.5	155.5	163.2
Diluted (in shares)	156.3	161.2	156.2	163.9
Net earnings	$ 97.3	$ 33.3	$ 180.1	$ 283.5
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments	(8.3)	(63.1)	(12.1)	(78.2)
Other adjustments	0	0.1	0.1	0.2
Total other comprehensive loss, net of income taxes	(8.3)	(63)	(12)	(78)
Comprehensive income (loss)	$ 89	$ (29.7)	$ 168.1	$ 205.5

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021		169.2
Beginning balance at Dec. 31, 2021	$ 573.7	$ 0	$ 0	$ 1.5	$ 386.7	$ 181.7	$ 3.8
Treasury stock, beginning balance (in shares) at Dec. 31, 2021			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	250.2				250.2
Dividends on common stock ($0.025 per share)	(4)				(4)
Other comprehensive loss, net of income taxes	(15)					(15)
Stock-based compensation expense	6.1			6.1
Exercise of common stock options and stock award distributions, net of shares for tax withholding (in shares)		0.3
Common stock-based award activity, net of shares for tax withholding	(2)			(2)
Purchase of treasury stock (in shares)			8.5
Purchase of treasury stock	(257)		$ (207)		(50)
Change in noncontrolling interests	(0.1)						(0.1)
Ending balance (in shares) at Apr. 01, 2022		169.5
Ending balance at Apr. 01, 2022	551.9	$ 0	$ (207)	5.6	582.9	166.7	3.7
Treasury stock, ending balance (in shares) at Apr. 01, 2022			(8.5)
Beginning balance (in shares) at Dec. 31, 2021		169.2
Beginning balance at Dec. 31, 2021	573.7	$ 0	$ 0	1.5	386.7	181.7	3.8
Treasury stock, beginning balance (in shares) at Dec. 31, 2021			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	283.5
Other comprehensive loss, net of income taxes	(78)
Ending balance (in shares) at Jul. 01, 2022		169.5
Ending balance at Jul. 01, 2022	502.7	$ 0	$ (278)	12.8	660.8	103.7	3.4
Treasury stock, ending balance (in shares) at Jul. 01, 2022			(10.8)
Beginning balance (in shares) at Apr. 01, 2022		169.5
Beginning balance at Apr. 01, 2022	551.9	$ 0	$ (207)	5.6	582.9	166.7	3.7
Treasury stock, beginning balance (in shares) at Apr. 01, 2022			(8.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	33.3				33.3
Dividends on common stock ($0.025 per share)	(4)				(4)
Other comprehensive loss, net of income taxes	(63)					(63)
Stock-based compensation expense	7			7
Common stock-based award activity, net of shares for tax withholding	0.2			0.2
Purchase of treasury stock (in shares)			2.3
Purchase of treasury stock	(21)		$ (71)		50
Change in noncontrolling interests	(1.7)				(1.4)		(0.3)
Ending balance (in shares) at Jul. 01, 2022		169.5
Ending balance at Jul. 01, 2022	$ 502.7	$ 0	$ (278)	12.8	660.8	103.7	3.4
Treasury stock, ending balance (in shares) at Jul. 01, 2022			(10.8)
Beginning balance (in shares) at Dec. 31, 2022	156	169.7
Beginning balance at Dec. 31, 2022	$ 579.5	$ 0	$ (328)	27.6	770.8	106.1	3
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	13.7		13.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 82.8				82.8
Dividends on common stock ($0.025 per share)	(3.9)				(3.9)
Other comprehensive loss, net of income taxes	(3.7)					(3.7)
Stock-based compensation expense	6.8			6.1			0.7
Exercise of common stock options and stock award distributions, net of shares for tax withholding (in shares)		0.5
Common stock-based award activity, net of shares for tax withholding	(3.1)			(3.1)
Purchase of treasury stock (in shares)			(0.9)
Purchase of treasury stock	(18.4)		$ (18.4)
Ending balance (in shares) at Mar. 31, 2023		170.2
Ending balance at Mar. 31, 2023	$ 640	$ 0	$ (346.4)	30.6	849.7	102.4	3.7
Treasury stock, ending balance (in shares) at Mar. 31, 2023			14.6
Beginning balance (in shares) at Dec. 31, 2022	156	169.7
Beginning balance at Dec. 31, 2022	$ 579.5	$ 0	$ (328)	27.6	770.8	106.1	3
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	13.7		13.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 180.1				180.1
Other comprehensive loss, net of income taxes	$ (12)
Ending balance (in shares) at Jun. 30, 2023	154.6	170.3
Ending balance at Jun. 30, 2023	$ 701.4	$ 0	$ (378.5)	37.8	943.1	94.1	4.9
Treasury stock, ending balance (in shares) at Jun. 30, 2023	15.7		15.7
Beginning balance (in shares) at Mar. 31, 2023		170.2
Beginning balance at Mar. 31, 2023	$ 640	$ 0	$ (346.4)	30.6	849.7	102.4	3.7
Treasury stock, beginning balance (in shares) at Mar. 31, 2023			14.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	97.3				97.3
Dividends on common stock ($0.025 per share)	(3.9)				(3.9)
Other comprehensive loss, net of income taxes	(8.3)					(8.3)
Stock-based compensation expense	8.5			7			1.5
Exercise of common stock options and stock award distributions, net of shares for tax withholding (in shares)		0.1
Common stock-based award activity, net of shares for tax withholding	0.2			0.2
Purchase of treasury stock (in shares)			(1.1)
Purchase of treasury stock	(32.1)		$ (32.1)
Change in noncontrolling interests	$ (0.3)			0			(0.3)
Ending balance (in shares) at Jun. 30, 2023	154.6	170.3
Ending balance at Jun. 30, 2023	$ 701.4	$ 0	$ (378.5)	$ 37.8	$ 943.1	$ 94.1	$ 4.9
Treasury stock, ending balance (in shares) at Jun. 30, 2023	15.7		15.7

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jul. 01, 2022	Apr. 01, 2022
Statement of Stockholders' Equity [Abstract]
Dividend per Common Share (in dollars per share)	$ 0.025	$ 0.025	$ 0.025	$ 0.025

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Cash flows from operating activities:
Net earnings	$ 180.1	$ 283.5
Non-cash items:
Depreciation and amortization expense	62.7	58.1
Stock-based compensation expense	15.3	13.1
Amortization of debt issuance costs	2	1.7
Amortization of acquisition-related inventory fair value step-up	1.3	0
Loss on equity investments	0.8	0
Gain on sale of business	(34.1)	0
Gain on sale of property	(2.8)	0
Gain on previously held equity interests from combination of business	0	(32.7)
Unrealized gain on equity securities measured at fair value	0	(83)
Change in deferred income taxes	(9.3)	5
Change in accounts receivable and long-term financing receivables, net	11.5	(31.8)
Change in other operating assets and liabilities	(69)	(165.4)
Net cash provided by operating activities	158.5	48.5
Cash flows from investing activities:
Proceeds from sale of business, net of cash provided	106.8	0
Cash paid for acquisitions, net of cash received	0	(186.6)
Payments for additions to property, plant and equipment	(26.1)	(26.5)
Proceeds from sale of property	4.3	0.2
Cash paid for equity investments	(1.9)	(7.3)
Proceeds from sale of equity securities	20.4	0
Net cash provided by (used in) investing activities	103.5	(220.2)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	144
Repayment of long-term debt	(165)	(130)
Net proceeds from short-term borrowings	3.8	5
Payments of common stock cash dividend	(7.8)	(8)
Purchases of treasury stock	(50)	(271.1)
Proceeds from stock option exercises	3.1	0.6
Other financing activities	(6.7)	(3.3)
Net cash used in financing activities	(222.6)	(262.8)
Effect of exchange rate changes on cash and cash equivalents	0.1	(10.7)
Net change in cash and cash equivalents	39.5	(445.2)
Beginning balance of cash and cash equivalents	204.5	572.6
Ending balance of cash and cash equivalents	$ 244	$ 127.4

Business Overview and Basis of

Business Overview and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview and Basis of Presentation	BUSINESS OVERVIEW AND BASIS OF PRESENTATION Nature of Business Vontier Corporation (“Vontier” or the “Company”) is a global industrial technology company that provides critical mobility and multi-energy technologies and solutions to connect, manage and scale the mobility ecosystem worldwide. As of June 30, 2023, the Company operates through three reportable segments which align to the Company’s three operating segments: (i) Mobility Technologies, which provides digitally enabled equipment and solutions to support efficient operations across the mobility ecosystem, including point-of-sale and payment systems, workflow automation solutions, telematics, data analytics, operating software for electric vehicle charging networks, and integrated solutions for alternative fuel dispensing; (ii) Repair Solutions, which manufactures and distributes aftermarket vehicle repair tools, toolboxes, automotive diagnostic equipment and software through a network of mobile franchisees; and (iii) Environmental & Fueling Solutions, which provides environmental and fueling hardware and software, and aftermarket solutions for global fueling infrastructure. Basis of Presentation and Unaudited Interim Financial Information The accompanying Consolidated Condensed Financial Statements present the Company’s historical financial position, results of operations, changes in equity and cash flows in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and are unaudited. The interim Consolidated Condensed Financial Statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. The Consolidated Condensed Financial Statements also reflect the impact of noncontrolling interests. Noncontrolling interests do not have a significant impact on the Company’s consolidated results of operations, therefore, net earnings and net earnings per share attributable to noncontrolling interests are not presented separately in the Company’s Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). Net earnings attributable to noncontrolling interests have been reflected in selling, general and administrative expenses (“SG&A”) and were insignificant in all periods presented. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The accompanying interim Consolidated Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Consolidated and Combined Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”). Goodwill In the first quarter of 2023, the Company realigned its internal organization, as further discussed in Note 9. Segment Information, which resulted in a decrease in the number of reporting units for goodwill impairment testing from seven reporting units to five reporting units. For historical reporting units that were divided among the Company’s new reporting units after the realignment, the Company used the relative fair value method to reallocate goodwill to the new reporting units. The Company performed a qualitative goodwill impairment test immediately prior to and following the change in reporting units. Based on the Company’s assessment, the Company determined on the basis of the qualitative and quantitative factors that the fair values of the reporting units were more likely than not greater than their respective carrying values both immediately prior to and following the change in reporting units, and therefore, a quantitative test was not required. Foreign Currency Translation and Transactions Exchange rate adjustments resulting from foreign currency transactions are recognized in Net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of Accumulated other comprehensive income within equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using period-end exchange rates and income statement accounts are translated at weighted average exchange rates. Net foreign currency transaction gains or losses were not material in any of the periods presented. Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which requires enhanced disclosure of certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This ASU also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. ASU No. 2022-02 became effective for the Company’s annual and interim periods beginning on January 1, 2023. The Company has disclosed current-period gross write-offs in Note 3. Financing and Trade Receivables, while the other provisions of ASU 2022-02 did not have a material impact on the Company’s financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS The Company did not complete any acquisitions during the six months ended June 30, 2023. During the six months ended July 1, 2022, the Company completed the acquisition of Driivz Ltd. (“Driivz”), which is further discussed below, and acquired all of the outstanding equity interests in one other business. Driivz On February 7, 2022, the Company acquired the remaining 81% of the outstanding shares of Driivz for $152.5 million, net of cash received. Driivz, which is based in Israel, is a cloud-based subscription software platform supporting electric vehicle charging infrastructure (“EVCI”) providers with operations management, energy optimization, billing and roaming capabilities, as well as driver self-service apps. The acquisition of Driivz accelerates the Company’s portfolio diversification and e-mobility strategies and positions the Company to capitalize on the global EVCI market opportunities. The acquisition of Driivz was accounted for as a business combination and, accordingly, the assets acquired and the liabilities assumed have been recorded at their respective fair values as of the acquisition date. The goodwill is attributable to the workforce of the acquired business, future market opportunities and the expected synergies with the Company’s existing operations. The majority of the goodwill derived from this acquisition is not deductible for tax purposes. The Company’s final purchase price allocation is as follows: ($ in millions) Driivz Weighted Average Amortization Period Accounts receivable $ 1.0 Technology 56.3 8.0 Customer relationships 28.1 13.0 Trade names 9.2 16.0 Goodwill 125.7 Other assets 2.9 Accrued expenses and other current liabilities (12.5) Other long-term liabilities (15.2) Purchase price, net of cash received $ 195.5 The Company recorded certain adjustments to the preliminary purchase price allocation during the measurement period resulting in a net decrease of $5.2 million to goodwill.

Financing and Trade Receivables

Financing and Trade Receivables	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
Financing and Trade Receivables	FINANCING AND TRADE RECEIVABLES The Company’s financing receivables are comprised of commercial purchase security agreements with the Company’s end customers (“PSAs”) and commercial loans to the Company’s franchisees (“Franchisee Notes”) in the Repair Solutions segment. Financing receivables are generally secured by the underlying tools and equipment financed. Revenues associated with the Company’s interest income related to financing receivables are recognized to approximate a constant effective yield over the contract term. Accrued interest is included in Accounts receivable, less allowance for credit losses on the Consolidated Condensed Balance Sheets and was insignificant as of June 30, 2023 and December 31, 2022. The components of financing receivables with payments due in less than twelve months that are presented in Accounts receivable, less allowance for credit losses on the Consolidated Condensed Balance Sheets were as follows: ($ in millions) June 30, 2023 December 31, 2022 Gross current financing receivables: PSAs $ 96.8 $ 96.6 Franchisee Notes 20.9 18.4 Current financing receivables, gross $ 117.7 $ 115.0 Allowance for credit losses: PSAs $ 14.5 $ 13.1 Franchisee Notes 5.5 6.5 Total allowance for credit losses 20.0 19.6 Net current financing receivables: PSAs, net $ 82.3 $ 83.5 Franchisee Notes, net 15.4 11.9 Total current financing receivables, net $ 97.7 $ 95.4 The components of Long-term financing receivables, less allowance for credit losses, which consists of financing receivables with payments due beyond one year, were as follows: ($ in millions) June 30, 2023 December 31, 2022 Gross long-term financing receivables: PSAs $ 234.7 $ 224.0 Franchisee Notes 63.6 63.5 Long-term financing receivables, gross $ 298.3 $ 287.5 Allowance for credit losses: PSAs $ 28.2 $ 32.4 Franchisee Notes 5.1 5.3 Total allowance for credit losses 33.3 37.7 Net long-term financing receivables: PSAs, net $ 206.5 $ 191.6 Franchisee Notes, net 58.5 58.2 Total long-term financing receivables, net $ 265.0 $ 249.8 As of June 30, 2023 and December 31, 2022, the net unamortized discount on our financing receivables was $17.7 million and $16.8 million, respectively. Credit score and distributor tenure are the primary indicators of credit quality for the Company’s financing receivables. The amortized cost basis and current period gross write-offs of PSAs and Franchisee Notes by origination year as of and for the six months ended June 30, 2023, is as follows: ($ in millions) 2023 2022 2021 2020 2019 Prior Total PSAs Credit Score: Less than 400 $ 10.6 $ 10.2 $ 5.4 $ 2.6 $ 1.4 $ 0.1 $ 30.3 400-599 16.0 17.3 8.8 4.7 2.1 0.6 49.5 600-799 34.4 34.3 18.9 9.6 3.6 1.1 101.9 800+ 55.9 52.6 24.4 12.0 4.1 0.8 149.8 Total PSAs $ 116.9 $ 114.4 $ 57.5 $ 28.9 $ 11.2 $ 2.6 $ 331.5 Franchisee Notes Active distributors $ 15.4 $ 21.5 $ 14.9 $ 7.0 $ 5.9 $ 6.3 $ 71.0 Separated distributors — 0.8 2.8 2.6 2.5 4.8 13.5 Total Franchisee Notes $ 15.4 $ 22.3 $ 17.7 $ 9.6 $ 8.4 $ 11.1 $ 84.5 Current Period Gross Write-offs PSAs $ 2.3 $ 8.9 $ 5.0 $ 2.4 $ 1.1 $ 0.5 $ 20.2 Franchisee Notes — 0.1 0.1 0.1 0.5 0.6 1.4 Total current period gross write-offs $ 2.3 $ 9.0 $ 5.1 $ 2.5 $ 1.6 $ 1.1 $ 21.6 Past Due PSAs are considered past due when a contractual payment has not been made. If a customer is making payments on its account, interest will continue to accrue. The table below sets forth the aging of the Company’s PSA balances as of: ($ in millions) 30-59 days past due 60-90 days past due Greater than 90 days past due Total past due Total not considered past due Total Greater than 90 days past due and accruing interest June 30, 2023 $ 3.3 $ 1.7 $ 6.3 $ 11.3 $ 320.2 $ 331.5 $ 6.3 December 31, 2022 3.6 1.8 6.9 12.3 308.3 320.6 6.9 Franchisee Notes are considered past due when payments have not been made for 21 days after the due date. Past due Franchisee Notes (where the franchisee had not yet separated) were insignificant as of June 30, 2023 and December 31, 2022. Uncollectable Status PSAs are deemed uncollectable and written off when they are both contractually delinquent and no payment has been received for 180 days. Franchisee Notes are deemed uncollectable and written off after a distributor separates and no payments have been received for one year. The Company stops accruing interest and other fees associated with financing receivables when (i) a customer is placed in uncollectable status and repossession efforts have begun; (ii) upon receipt of notification of bankruptcy; (iii) upon notification of the death of a customer; or (iv) other instances in which management concludes collectability is not reasonably assured. Allowance for Credit Losses Related to Financing Receivables The Company calculates the allowance for credit losses considering several factors, including the aging of its financing receivables, historical credit loss and portfolio delinquency experience and current economic conditions. The Company also evaluates financing receivables with identified exposures, such as customer defaults, bankruptcy or other events that make it unlikely it will recover the amounts owed to it. In calculating such reserves, the Company evaluates expected cash flows, including estimated proceeds from disposition of collateral, and calculates an estimate of the potential loss and the probability of loss. When a loss is considered probable on an individual financing receivable, a specific reserve is recorded. The following is a rollforward of the PSAs and Franchisee Notes components of the Company’s allowance for credit losses related to financing receivables as of: June 30, 2023 ($ in millions) PSAs Franchisee Notes Total Allowance for credit losses, beginning of year $ 45.5 $ 11.8 $ 57.3 Provision for credit losses 16.3 (0.1) 16.2 Write-offs (20.2) (1.4) (21.6) Recoveries of amounts previously charged off 1.1 0.3 1.4 Allowance for credit losses, end of period $ 42.7 $ 10.6 $ 53.3 Allowance for Credit Losses Related to Trade Accounts Receivables The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables (excluding financing receivables) and the Company’s trade accounts receivable cost basis as of: ($ in millions) June 30, 2023 Cost basis of trade accounts receivable $ 408.1 Allowance for credit losses balance, beginning of year 14.6 Provision for credit losses 3.0 Write-offs (2.6) Foreign currency and other (0.1) Allowance for credit losses balance, end of period 14.9 Net trade accounts receivable balance $ 393.2

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	INVENTORIES The classes of inventory as of June 30, 2023 and December 31, 2022 are summarized as follows: ($ in millions) June 30, 2023 December 31, 2022 Finished goods $ 132.0 $ 136.6 Work in process 22.5 34.8 Raw materials 174.7 174.6 Total $ 329.2 $ 346.0

Financing

Financing	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Financing	FINANCING The Company had the following debt outstanding as of: ($ in millions) June 30, 2023 December 31, 2022 Short-term borrowings: Short-term borrowings and bank overdrafts $ 8.7 $ 4.6 Long-term debt: Three-Year Term Loans due 2024 $ 235.0 $ 400.0 Three-Year Term Loans due 2025 600.0 600.0 1.800% senior unsecured notes due 2026 500.0 500.0 2.400% senior unsecured notes due 2028 500.0 500.0 2.950% senior unsecured notes due 2031 600.0 600.0 Revolving Credit Facility due 2026 — — Total long-term debt 2,435.0 2,600.0 Less: discounts and debt issuance costs (12.6) (14.3) Total long-term debt, net $ 2,422.4 $ 2,585.7 The Company’s long-term debt requires, among others, that the Company maintains certain financial covenants, and the Company was in compliance with all of these covenants as of June 30, 2023. Credit Facilities Revolving Credit Facility The Revolving Credit Facility bears interest at a variable rate equal to SOFR plus an 11.4 basis points SOFR adjustment, plus a ratings-based margin which was 117.5 basis points as of June 30, 2023. As of June 30, 2023, there were no borrowings outstanding and $750.0 million of borrowing capacity under the Revolving Credit Facility. Three-Year Term Loans Due 2024 The Three-Year Term Loans Due 2024, which mature on October 28, 2024, bear interest at a variable rate equal to SOFR plus an 11.4 basis points SOFR adjustment, plus a ratings-based margin which was 112.5 basis points as of June 30, 2023. The interest rate was 6.34% per annum as of June 30, 2023. The Company is not obligated to make repayments prior to the maturity date, but did voluntarily repay $100.0 million and $165.0 million during the three and six months ended June 30, 2023, respectively. The Company is not permitted to re-borrow once repayment is made. There was no material difference between the carrying value and the estimated fair value of the debt outstanding as of June 30, 2023. Three-Year Term Loans Due 2025 The Three-Year Term Loans Due 2025 (together with the Three-Year Term Loans Due 2024, the “Term Loans”) bear interest at a variable rate equal to SOFR plus a 10.0 basis points credit spread adjustment plus a ratings-based margin which was 125.0 basis points as of June 30, 2023. The interest rate was 6.45% per annum as of June 30, 2023. As of June 30, 2023, there was no material difference between the carrying value and the estimated fair value of the debt outstanding. Senior Unsecured Notes The Company’s senior unsecured notes (collectively, the “Registered Notes”) consist of the following: • $500.0 million aggregate principal amount of senior notes due April 1, 2026 bearing interest at the rate of 1.800% per year; • $500.0 million aggregate principal amount of senior notes due April 1, 2028 bearing interest at the rate of 2.400% per year; and • $600.0 million aggregate principal amount of senior notes due April 1, 2031 bearing interest at the rate of 2.950% per year. The estimated fair value of the Registered Notes was $1.3 billion as of June 30, 2023. The fair value of the Registered Notes was determined based upon Level 2 inputs including indicative prices based upon observable market data. The difference between the fair value and the carrying amounts of the Registered Notes may be attributable to changes in market interest rates and/or the Company’s credit ratings subsequent to the incurrence of the borrowing. Short-term Borrowings As of June 30, 2023, certain of the Company’s businesses were in a cash overdraft position, and such overdrafts are included in Short-term borrowings on the Consolidated Condensed Balance Sheets. Additionally, the Company has other short-term borrowing arrangements with various banks to facilitate short-term cash flow requirements in certain countries also included in Short-term borrowings on the Consolidated Condensed Balance Sheets. Given the nature of the short-term borrowings, the carrying value approximates fair value as of June 30, 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income	ACCUMULATED OTHER COMPREHENSIVE INCOME Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. The changes in Accumulated other comprehensive income by component are summarized below: ($ in millions) Foreign Currency Translation Adjustments Other Adjustments (b) Total For the Three Months Ended June 30, 2023: Balance, March 31, 2023 $ 104.0 $ (1.6) $ 102.4 Other comprehensive loss before reclassifications, net of income taxes (8.6) — (8.6) Amounts reclassified from accumulated other comprehensive income: Sale of business 0.3 (c) — 0.3 Amounts reclassified from accumulated other comprehensive income, net of income taxes 0.3 — 0.3 Net current period other comprehensive loss, net of income taxes (8.3) — (8.3) Balance, June 30, 2023 $ 95.7 $ (1.6) $ 94.1 For the Three Months Ended July 1, 2022: Balance, April 1, 2022 $ 169.8 $ (3.1) $ 166.7 Other comprehensive loss before reclassifications, net of income taxes (63.1) — (63.1) Amounts reclassified from accumulated other comprehensive income: Increase — 0.1 (a) 0.1 Amounts reclassified from accumulated other comprehensive income, net of income taxes — 0.1 0.1 Net current period other comprehensive (loss) income, net of income taxes (63.1) 0.1 (63.0) Balance, July 1, 2022 $ 106.7 $ (3.0) $ 103.7 (a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. (b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. (c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). ($ in millions) Foreign Currency Translation Adjustments Other Adjustments (b) Total For the Six Months Ended June 30, 2023: Balance, December 31, 2022 $ 107.8 $ (1.7) $ 106.1 Other comprehensive loss before reclassifications, net of income taxes (12.4) — (12.4) Amounts reclassified from accumulated other comprehensive income: Sale of business 0.3 (c) — 0.3 Increase — 0.1 (a) 0.1 Amounts reclassified from accumulated other comprehensive income, net of income taxes 0.3 0.1 0.4 Net current period other comprehensive (loss) income, net of income taxes (12.1) 0.1 (12.0) Balance, June 30, 2023 $ 95.7 $ (1.6) $ 94.1 For the Six Months Ended July 1, 2022: Balance, December 31, 2021 $ 184.9 $ (3.2) $ 181.7 Other comprehensive loss before reclassifications, net of income taxes (78.2) — (78.2) Amounts reclassified from accumulated other comprehensive income: Increase — 0.2 (a) 0.2 Amounts reclassified from accumulated other comprehensive income, net of income taxes — 0.2 0.2 Net current period other comprehensive (loss) income, net of income taxes (78.2) 0.2 (78.0) Balance, July 1, 2022 $ 106.7 $ (3.0) $ 103.7 (a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. (b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. (c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss).

Sales

Sales	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Sales	SALES Contract Assets In certain circumstances, contract assets are recorded which include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is subject to contractual performance obligations rather than subject only to the passage of time. Contract assets were $10.7 million and $12.3 million as of June 30, 2023 and December 31, 2022, respectively, and are included in Prepaid expenses and other current assets in the accompanying Consolidated Condensed Balance Sheets. Contract Costs The Company incurs direct incremental costs to obtain certain contracts, typically costs associated with assets used by our customers in certain service arrangements and sales-related commissions. As of June 30, 2023 and December 31, 2022, the Company had $86.3 million and $88.6 million, respectively, in net revenue-related capitalized contract costs primarily related to assets used by the Company’s customers in certain software contracts, which are recorded in Prepaid expenses and other current assets, for the current portion, and Other assets, for the noncurrent portion, in the accompanying Consolidated Condensed Balance Sheets. Contract Liabilities The Company’s contract liabilities consist of deferred revenue generally related to customer deposits, post contract support (“PCS”) and extended warranty sales. In these arrangements, the Company generally receives up-front payment and recognizes revenue over the support term of the contracts where applicable. Deferred revenue is classified as current or noncurrent based on the timing of when revenue is expected to be recognized and is included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in the accompanying Consolidated Condensed Balance Sheets. The Company’s contract liabilities consisted of the following: ($ in millions) June 30, 2023 December 31, 2022 Deferred revenue, current $ 136.5 $ 135.2 Deferred revenue, noncurrent 46.6 48.7 Total contract liabilities $ 183.1 $ 183.9 During the three and six months ended June 30, 2023, the Company recognized $37.3 million and $80.6 million of revenue related to the Company’s contract liabilities at December 31, 2022, respectively. The change in contract liabilities from December 31, 2022 to June 30, 2023 was primarily due to the timing of cash receipts and sales of PCS and extended warranty services. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm, noncancelable orders and the annual contract value for software-as-a-service contracts with expected customer delivery dates beyond one year from June 30, 2023 for which work has not been performed. The Company has excluded performance obligations with an original expected duration of one year or less. Remaining performance obligations as of June 30, 2023 were $392.7 million, the majority of which are related to the annual contract value for software-as-a-service contracts. The Company expects approximately 40 percent of the remaining performance obligations will be fulfilled within the next two years, 70 percent within the next three years, and substantially all within four years. Disaggregation of Revenue Revenue from contracts with customers is disaggregated by sales of products and services and geographic location for each of our reportable segments, as it best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Disaggregation of revenue was as follows for the three months ended June 30, 2023: ($ in millions) Mobility Technologies Repair Solutions Environmental & Fueling Solutions Other Total Sales: Sales of products $ 207.1 $ 157.8 $ 296.0 $ 21.6 $ 682.5 Sales of services 31.7 0.6 43.3 6.3 81.9 Total $ 238.8 $ 158.4 $ 339.3 $ 27.9 $ 764.4 Geographic: North America (a) $ 161.4 $ 158.4 $ 214.3 $ 27.5 $ 561.6 Western Europe 25.1 — 40.5 — 65.6 High growth markets 33.0 — 69.1 0.4 102.5 Rest of world 19.3 — 15.4 — 34.7 Total $ 238.8 $ 158.4 $ 339.3 $ 27.9 $ 764.4 (a) Includes total sales in the United States of $522.5 million. Disaggregation of revenue was as follows for the three months ended July 1, 2022: ($ in millions) Mobility Technologies Repair Solutions Environmental & Fueling Solutions Other Total Sales: Sales of products $ 184.7 $ 149.1 $ 334.8 $ 33.9 $ 702.5 Sales of services 25.9 0.6 40.5 6.9 73.9 Total $ 210.6 $ 149.7 $ 375.3 $ 40.8 $ 776.4 Geographic: North America (a) $ 151.5 $ 149.7 $ 242.7 $ 40.0 $ 583.9 Western Europe 18.6 — 37.5 — 56.1 High growth markets 23.0 — 80.2 0.8 104.0 Rest of world 17.5 — 14.9 — 32.4 Total $ 210.6 $ 149.7 $ 375.3 $ 40.8 $ 776.4 (a) Includes total sales in the United States of $564.3 million. Disaggregation of revenue was as follows for the six months ended June 30, 2023: ($ in millions) Mobility Technologies Repair Solutions Environmental & Fueling Solutions Other Total Sales: Sales of products $ 422.3 $ 338.7 $ 568.1 $ 49.8 $ 1,378.9 Sales of services 62.4 1.1 85.0 13.4 161.9 Total $ 484.7 $ 339.8 $ 653.1 $ 63.2 $ 1,540.8 Geographic: North America (a) $ 335.0 $ 339.8 $ 405.4 $ 62.2 $ 1,142.4 Western Europe 44.0 — 83.1 — 127.1 High growth markets 65.6 — 136.5 1.0 203.1 Rest of world 40.1 — 28.1 — 68.2 Total $ 484.7 $ 339.8 $ 653.1 $ 63.2 $ 1,540.8 (a) Includes total sales in the United States of $1,070.3 million. Disaggregation of revenue was as follows for the six months ended July 1, 2022: ($ in millions) Mobility Technologies Repair Solutions Environmental & Fueling Solutions Other Total Sales: Sales of products $ 362.3 $ 312.9 $ 622.7 $ 74.9 $ 1,372.8 Sales of services 55.9 1.2 80.8 13.8 151.7 Total $ 418.2 $ 314.1 $ 703.5 $ 88.7 $ 1,524.5 Geographic: North America (a) $ 294.8 $ 314.1 $ 447.1 $ 87.3 $ 1,143.3 Western Europe 40.7 — 79.1 — 119.8 High growth markets 47.0 — 149.5 1.4 197.9 Rest of world 35.7 — 27.8 — 63.5 Total $ 418.2 $ 314.1 $ 703.5 $ 88.7 $ 1,524.5

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective tax rate for the three and six months ended June 30, 2023 was 25.3% and 24.7%, respectively, as compared to 19.2% and 21.0% for the three and six months ended July 1, 2022. The increase in the effective tax rate for the three months ended June 30, 2023 as compared to the comparable period in the prior year was primarily due to an increase in foreign taxable earnings and taxes on the gain from the sale of a business. The increase in the effective tax rate for the six months ended June 30, 2023 as compared to the comparable period in the prior year was primarily due to an increase in foreign taxable earnings, taxes on the gain from the sale of a business and non-taxable income related to our previously held equity interest in Driivz in the prior year. The Company’s effective tax rate for the three and six months ended June 30, 2023 differs from the U.S. federal statutory rate of 21% primarily due to the effect of state taxes and foreign taxable earnings at a rate different from the U.S. federal statutory rate. The Company’s effective tax rate for the three and six months ended July 1, 2022 differs from the U.S. federal statutory rate of 21% primarily due to the effect of state taxes and foreign taxable earnings at a rate different from the U.S. federal statutory rate, which was offset by non-taxable income related to our previously held equity interest in Driivz.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION In the first quarter of 2023, the Company realigned its internal organization to align with the Company’s strategy, resulting in changes to the Company’s operating segments. Historically, the Company operated through one reportable segment comprised of two operating segments: (i) Mobility Technologies and (ii) Diagnostics and Repair Technologies. Subsequent to the realignment, the Company now operates through three reportable segments which align to the Company’s three operating segments: (i) Mobility Technologies, (ii) Repair Solutions and (iii) Environmental & Fueling Solutions. The Company’s Coats (Hennessy) business, which is currently held for sale, is presented in Other. The Company’s Global Traffic Technologies business, which was divested during April 2023, is presented in Other for periods prior to the divestiture. Refer to Note 13. Divestitures and Assets and Liabilities Held for Sale for further discussion of the Company’s Coats (Hennessy) and Global Traffic Technologies businesses. Segment operating profit is used as a performance metric by the chief operating decision maker (“CODM”) in determining how to allocate resources and assess performance. Segment operating profit represents total segment sales less operating costs attributable to the segment, which does not include unallocated corporate costs and other operating costs not allocated to the reportable segments as part of the CODM’s assessment of reportable segment operating performance, including stock-based compensation expense, amortization of intangible assets, restructuring costs, transaction- and deal-related costs, and other costs not indicative of the segment’s core operating performance. As part of the CODM’s assessment of the Repair Solutions segment, a capital charge based on the segment’s financing receivables portfolio is assessed by Corporate (the “Repair Solutions Capital Charge”). The unallocated corporate and other operating costs are presented in Corporate & other unallocated costs in the reconciliation to earnings before income taxes below. Intersegment amounts are not significant and have been eliminated. The Company’s CODM does not review any information regarding total assets on a segment basis. Prior period segment results have been presented in conformity with the Company’s new reportable segments. Segment results for the periods indicated were as follows: Three Months Ended Six Months Ended ($ in millions) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Sales: Mobility Technologies $ 238.8 $ 210.6 $ 484.7 $ 418.2 Repair Solutions (a) 158.4 149.7 339.8 314.1 Environmental & Fueling Solutions 339.3 375.3 653.1 703.5 Other 27.9 40.8 63.2 88.7 Total $ 764.4 $ 776.4 $ 1,540.8 $ 1,524.5 Segment operating profit: Mobility Technologies $ 44.7 $ 42.6 $ 92.6 $ 83.7 Repair Solutions (b) 41.6 41.6 88.9 88.6 Environmental & Fueling Solutions 95.2 98.5 175.9 180.5 Other 2.2 3.2 6.0 8.3 Segment operating profit 183.7 185.9 363.4 361.1 Corporate & other unallocated costs (b) (63.1) (49.4) (109.0) (89.8) Operating profit 120.6 136.5 254.4 271.3 Interest expense, net (23.9) (15.3) (47.9) (28.2) Gain on sale of business 34.1 — 34.1 — Gain on previously held equity interests from combination of business — — — 32.7 Unrealized (loss) gain on equity securities measured at fair value — (80.0) — 83.0 Other non-operating expense, net (0.5) — (1.4) (0.1) Earnings before income taxes $ 130.3 $ 41.2 $ 239.2 $ 358.7 Depreciation expense: Mobility Technologies $ 6.8 $ 4.7 $ 12.9 $ 10.7 Repair Solutions 0.5 0.4 0.9 0.8 Environmental & Fueling Solutions 3.8 3.6 7.4 7.2 Other — 0.5 — 0.9 Corporate 0.2 0.2 0.5 0.4 Total $ 11.3 $ 9.4 $ 21.7 $ 20.0 (a) Includes interest income related to financing receivables of $19.0 million, $18.2 million, $38.8 million and $36.6 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively. (b) Includes the Repair Solutions Capital Charge of $10.3 million, $9.9 million, $20.5 million and $19.8 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively.

Litigation and Contingencies

Litigation and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	LITIGATION AND CONTINGENCIES Warranty Estimated warranty costs are generally accrued at the time of sale. In general, manufactured products are warrantied against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained. Warranty period terms depend on the nature of the product and range from 90 days up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor, and in certain instances, estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known. The following is a rollforward of the Company’s accrued warranty liability: ($ in millions) Balance, December 31, 2022 $ 43.0 Accruals for warranties issued during the period 20.2 Settlements made (17.4) Balance, June 30, 2023 $ 45.8 Litigation and Other Contingencies The Company is involved in legal proceedings from time to time in the ordinary course of its business. Although the outcome of such matters is uncertain, management believes that these legal proceedings will not have a material adverse effect on the financial condition or results of future operations of the Company. In accordance with accounting guidance, the Company records a liability in the Consolidated Condensed Financial Statements for loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss does not meet the known or probable level but is reasonably possible and a loss or range of loss can be reasonably estimated, the estimated loss or range of loss is disclosed. Gross liabilities associated with known and future expected asbestos claims and projected insurance recoveries were as follows as of: ($ in millions) Classification June 30, 2023 December 31, 2022 Gross liabilities Current Accrued expenses and other current liabilities $ 27.9 $ 27.1 Long-term Other long-term liabilities 75.7 78.1 Total 103.6 105.2 Projected insurance recoveries Current Prepaid expenses and other current assets 19.0 21.2 Long-term Other assets 47.4 47.4 Total $ 66.4 $ 68.6 Guarantees

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. • Level 3 inputs are unobservable inputs based on our assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Below is a summary of financial assets and liabilities that are measured at fair value on a recurring basis as of: ($ in millions) Quoted Prices Significant Other Significant Total June 30, 2023 Contingent consideration liabilities $ — $ — $ 11.1 $ 11.1 Deferred compensation liabilities 6.1 — — 6.1 December 31, 2022 Equity securities measured at fair value $ 21.3 $ — $ — $ 21.3 Contingent consideration liabilities — — 11.6 11.6 Deferred compensation liabilities — 5.1 — 5.1 Equity Securities The Company held a minority interest in Tritium Holdings Pty, Ltd (“Tritium”) which historically was recorded at cost in Other assets on the Consolidated Condensed Balance Sheets. On January 13, 2022, Tritium announced that it completed a business combination with Decarbonization Plus Acquisition Corporation II to make Tritium a publicly listed company on NASDAQ under the symbol “DCFC”. Once Tritium became publicly traded, the Company recorded its investment at fair value in Equity securities measured at fair value on the Consolidated Condensed Balance Sheets with changes in the value recorded in Unrealized (loss) gain on equity securities measured at fair value on the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss) and the Consolidated Condensed Statements of Cash Flows. During the first quarter of 2023, the Company sold its remaining interest in Tritium and recognized a loss of $0.9 million, which is presented in Other non-operating expense, net on the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss) and Loss on equity investments in the Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2023. Contingent Consideration The fair value of the contingent consideration liabilities relates to payments to previous owners of acquired companies contingent on the achievement of certain revenue targets. The Company records a liability for contingent consideration in the purchase price for acquisitions at fair value on the acquisition date, and remeasures the liability at each reporting date, based on the Company’s estimate of the expected probability of achievement of the contingency targets. This estimate is based on significant unobservable inputs and represents a Level 3 measurement within the fair value hierarchy. Deferred Compensation Certain management employees participate in the Company’s nonqualified deferred compensation programs that permit such employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment. All amounts deferred under such plans are unfunded, unsecured obligations and are presented as a component of our compensation and benefits accrual included in Other long-term liabilities in the Consolidated Condensed Balance Sheets. Participants may choose among alternative earning rates for the amounts they defer, which are primarily based on investment options within our defined contribution plans for the benefit of U.S. employees (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of the Company’s common stock). Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts, which are based on the applicable earnings rates. Nonrecurring Fair Value Measurements Certain assets and liabilities are carried on the accompanying Consolidated Condensed Balance Sheets at cost and are not remeasured to fair value on a recurring basis. These assets include finite-lived intangible assets, which are tested for impairment when a triggering event occurs, and goodwill and identifiable indefinite-lived intangible assets, which are tested for impairment at least annually as of the first day of the fourth quarter or more frequently if events and circumstances indicate that the asset may not be recoverable. As of June 30, 2023, assets carried on the balance sheet and not remeasured to fair value on a recurring basis included $1.7 billion of goodwill and $606.6 million of identifiable intangible assets, net.

Capital Stock and Earnings Per

Capital Stock and Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Capital Stock and Earnings Per Share	CAPITAL STOCK AND EARNINGS PER SHARE Earnings Per Share Basic earnings per share is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding. Diluted earnings per share is calculated by adjusting weighted average common shares outstanding for the dilutive effect of the assumed issuance of shares under stock-based compensation plans, determined using the treasury-stock method, except where the inclusion of such shares would have an anti-dilutive impact. Information related to the calculation of net earnings per share of common stock is summarized as follows: Three Months Ended Six Months Ended ($ and shares in millions, except per share amounts) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Numerator: Net earnings $ 97.3 $ 33.3 $ 180.1 $ 283.5 Denominator: Basic weighted average common shares outstanding 155.4 160.5 155.5 163.2 Effect of dilutive stock options and RSUs 0.9 0.7 0.7 0.7 Diluted weighted average common shares outstanding 156.3 161.2 156.2 163.9 Earnings per share: Basic $ 0.63 $ 0.21 $ 1.16 $ 1.74 Diluted $ 0.62 $ 0.21 $ 1.15 $ 1.73 Anti-dilutive shares 1.8 3.2 2.6 3.3 Share Repurchase Program On May 24, 2022, the Company’s Board of Directors approved a replenishment of the Company’s previously approved share repurchase program announced in May 2021, bringing the total amount authorized for future share repurchases back up to $500.0 million. Under the share repurchase program, the Company may purchase shares of common stock from time to time in open market transactions, privately negotiated transactions, accelerated share repurchase programs, or by combinations of such methods, any of which may use prearranged trading plans that are designed to meet the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, corporate and regulatory requirements, restrictions under the Company’s debt obligations and other market and economic conditions. The share repurchase program may be suspended or discontinued at any time and has no expiration date.

Divestitures and Assets and Lia

Divestitures and Assets and Liabilities Held for Sale	6 Months Ended
	Jun. 30, 2023
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Divestitures and Assets and Liabilities Held for Sale	DIVESTITURES AND ASSETS AND LIABILITIES HELD FOR SALE Global Traffic Technologies On April 14, 2023, the Company completed the sale of Global Traffic Technologies for $108.0 million, subject to the finalization of customary working capital adjustments. As a result of the transaction, the Company recognized a preliminary gain of $34.1 million during the three and six months ended June 30, 2023, which is presented in Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). There is a transition services agreement (the “TSA”) in place between the Company and Global Traffic Technologies which sets forth the terms and conditions pursuant to which the Company will provide certain services to Global Traffic Technologies. Receipts related to the TSA were insignificant for the three and six months ended June 30, 2023. The operations of Global Traffic Technologies did not meet the criteria to be presented as discontinued operations. Coats (Hennessy) During the three months ended July 1, 2022, the Company reached the strategic decision to exit its Coats (Hennessy) business. The Company determined that the associated assets and liabilities met the held for sale accounting criteria and Coats (Hennessy) was classified as Current assets held for sale and Current liabilities held for sale in the Consolidated Condensed Balance Sheets as of June 30, 2023. The operations of Coats (Hennessy) did not meet the criteria to be presented as discontinued operations. The assets and liabilities were measured at the lower of fair value less costs to sell or the carrying value. The following table summarizes the carrying amounts of major classes of assets and liabilities of Coats (Hennessy) as of June 30, 2023 (in millions): ASSETS Accounts receivable, less allowance for credit losses $ 18.4 Inventories 13.6 Prepaid expenses and other current assets 0.9 Property, plant and equipment, net 4.5 Operating lease right-of-use assets 0.3 Goodwill 15.7 Other assets 0.1 Total assets held for sale $ 53.5 LIABILITIES Trade accounts payable $ 15.6 Current operating lease liabilities 0.3 Accrued expenses and other current liabilities 6.7 Other long-term liabilities 6.4 Total liabilities held for sale $ 29.0

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTSIn July 2023, the Company repaid $35 million of the Three-Year Term Loans Due 2024

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Overview and Basis o_2

Business Overview and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Unaudited Interim Financial Information	Basis of Presentation and Unaudited Interim Financial Information The accompanying Consolidated Condensed Financial Statements present the Company’s historical financial position, results of operations, changes in equity and cash flows in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and are unaudited. The interim Consolidated Condensed Financial Statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. The Consolidated Condensed Financial Statements also reflect the impact of noncontrolling interests. Noncontrolling interests do not have a significant impact on the Company’s consolidated results of operations, therefore, net earnings and net earnings per share attributable to noncontrolling interests are not presented separately in the Company’s Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). Net earnings attributable to noncontrolling interests have been reflected in selling, general and administrative expenses (“SG&A”) and were insignificant in all periods presented. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The accompanying interim Consolidated Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Consolidated and Combined Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”).
Goodwill	Goodwill In the first quarter of 2023, the Company realigned its internal organization, as further discussed in Note 9. Segment Information, which resulted in a decrease in the number of reporting units for goodwill impairment testing from seven reporting units to five reporting units. For historical reporting units that were divided among the Company’s new reporting units after the realignment, the Company used the relative fair value method to reallocate goodwill to the new reporting units. The Company performed a qualitative goodwill impairment test immediately prior to and following the change in reporting units. Based on the Company’s assessment, the Company determined on the basis of the qualitative and quantitative factors that the fair values of the reporting units were more likely than not greater than their respective carrying values both immediately prior to and following the change in reporting units, and therefore, a quantitative test was not required.
Foreign Currency Transactions and Translations	Foreign Currency Translation and Transactions Exchange rate adjustments resulting from foreign currency transactions are recognized in Net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of Accumulated other comprehensive income within equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using period-end exchange rates and income statement accounts are translated at weighted average exchange rates. Net foreign currency transaction gains or losses were not material in any of the periods presented.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which requires enhanced disclosure of certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This ASU also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. ASU No. 2022-02 became effective for the Company’s annual and interim periods beginning on January 1, 2023. The Company has disclosed current-period gross write-offs in Note 3. Financing and Trade Receivables, while the other provisions of ASU 2022-02 did not have a material impact on the Company’s financial statements.
Sales	Contract Assets In certain circumstances, contract assets are recorded which include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is subject to contractual performance obligations rather than subject only to the passage of time. Contract assets were $10.7 million and $12.3 million as of June 30, 2023 and December 31, 2022, respectively, and are included in Prepaid expenses and other current assets in the accompanying Consolidated Condensed Balance Sheets. Contract Costs The Company incurs direct incremental costs to obtain certain contracts, typically costs associated with assets used by our customers in certain service arrangements and sales-related commissions. As of June 30, 2023 and December 31, 2022, the Company had $86.3 million and $88.6 million, respectively, in net revenue-related capitalized contract costs primarily related to assets used by the Company’s customers in certain software contracts, which are recorded in Prepaid expenses and other current assets, for the current portion, and Other assets, for the noncurrent portion, in the accompanying Consolidated Condensed Balance Sheets. Contract Liabilities The Company’s contract liabilities consist of deferred revenue generally related to customer deposits, post contract support (“PCS”) and extended warranty sales. In these arrangements, the Company generally receives up-front payment and recognizes revenue over the support term of the contracts where applicable. Deferred revenue is classified as current or noncurrent based on the timing of when revenue is expected to be recognized and is included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in the accompanying Consolidated Condensed Balance Sheets.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions	The Company’s final purchase price allocation is as follows: ($ in millions) Driivz Weighted Average Amortization Period Accounts receivable $ 1.0 Technology 56.3 8.0 Customer relationships 28.1 13.0 Trade names 9.2 16.0 Goodwill 125.7 Other assets 2.9 Accrued expenses and other current liabilities (12.5) Other long-term liabilities (15.2) Purchase price, net of cash received $ 195.5

Financing and Trade Receivabl_2

Financing and Trade Receivables (Tables)	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The components of financing receivables with payments due in less than twelve months that are presented in Accounts receivable, less allowance for credit losses on the Consolidated Condensed Balance Sheets were as follows: ($ in millions) June 30, 2023 December 31, 2022 Gross current financing receivables: PSAs $ 96.8 $ 96.6 Franchisee Notes 20.9 18.4 Current financing receivables, gross $ 117.7 $ 115.0 Allowance for credit losses: PSAs $ 14.5 $ 13.1 Franchisee Notes 5.5 6.5 Total allowance for credit losses 20.0 19.6 Net current financing receivables: PSAs, net $ 82.3 $ 83.5 Franchisee Notes, net 15.4 11.9 Total current financing receivables, net $ 97.7 $ 95.4 The components of Long-term financing receivables, less allowance for credit losses, which consists of financing receivables with payments due beyond one year, were as follows: ($ in millions) June 30, 2023 December 31, 2022 Gross long-term financing receivables: PSAs $ 234.7 $ 224.0 Franchisee Notes 63.6 63.5 Long-term financing receivables, gross $ 298.3 $ 287.5 Allowance for credit losses: PSAs $ 28.2 $ 32.4 Franchisee Notes 5.1 5.3 Total allowance for credit losses 33.3 37.7 Net long-term financing receivables: PSAs, net $ 206.5 $ 191.6 Franchisee Notes, net 58.5 58.2 Total long-term financing receivables, net $ 265.0 $ 249.8
Financing Receivable Credit Quality Indicators	The amortized cost basis and current period gross write-offs of PSAs and Franchisee Notes by origination year as of and for the six months ended June 30, 2023, is as follows: ($ in millions) 2023 2022 2021 2020 2019 Prior Total PSAs Credit Score: Less than 400 $ 10.6 $ 10.2 $ 5.4 $ 2.6 $ 1.4 $ 0.1 $ 30.3 400-599 16.0 17.3 8.8 4.7 2.1 0.6 49.5 600-799 34.4 34.3 18.9 9.6 3.6 1.1 101.9 800+ 55.9 52.6 24.4 12.0 4.1 0.8 149.8 Total PSAs $ 116.9 $ 114.4 $ 57.5 $ 28.9 $ 11.2 $ 2.6 $ 331.5 Franchisee Notes Active distributors $ 15.4 $ 21.5 $ 14.9 $ 7.0 $ 5.9 $ 6.3 $ 71.0 Separated distributors — 0.8 2.8 2.6 2.5 4.8 13.5 Total Franchisee Notes $ 15.4 $ 22.3 $ 17.7 $ 9.6 $ 8.4 $ 11.1 $ 84.5 Current Period Gross Write-offs PSAs $ 2.3 $ 8.9 $ 5.0 $ 2.4 $ 1.1 $ 0.5 $ 20.2 Franchisee Notes — 0.1 0.1 0.1 0.5 0.6 1.4 Total current period gross write-offs $ 2.3 $ 9.0 $ 5.1 $ 2.5 $ 1.6 $ 1.1 $ 21.6
Financing Receivable, Past Due	PSAs are considered past due when a contractual payment has not been made. If a customer is making payments on its account, interest will continue to accrue. The table below sets forth the aging of the Company’s PSA balances as of: ($ in millions) 30-59 days past due 60-90 days past due Greater than 90 days past due Total past due Total not considered past due Total Greater than 90 days past due and accruing interest June 30, 2023 $ 3.3 $ 1.7 $ 6.3 $ 11.3 $ 320.2 $ 331.5 $ 6.3 December 31, 2022 3.6 1.8 6.9 12.3 308.3 320.6 6.9
Financing Receivable, Allowance for Credit Loss	The following is a rollforward of the PSAs and Franchisee Notes components of the Company’s allowance for credit losses related to financing receivables as of: June 30, 2023 ($ in millions) PSAs Franchisee Notes Total Allowance for credit losses, beginning of year $ 45.5 $ 11.8 $ 57.3 Provision for credit losses 16.3 (0.1) 16.2 Write-offs (20.2) (1.4) (21.6) Recoveries of amounts previously charged off 1.1 0.3 1.4 Allowance for credit losses, end of period $ 42.7 $ 10.6 $ 53.3
Accounts Receivable, Allowance for Credit Loss	The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables (excluding financing receivables) and the Company’s trade accounts receivable cost basis as of: ($ in millions) June 30, 2023 Cost basis of trade accounts receivable $ 408.1 Allowance for credit losses balance, beginning of year 14.6 Provision for credit losses 3.0 Write-offs (2.6) Foreign currency and other (0.1) Allowance for credit losses balance, end of period 14.9 Net trade accounts receivable balance $ 393.2

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The classes of inventory as of June 30, 2023 and December 31, 2022 are summarized as follows: ($ in millions) June 30, 2023 December 31, 2022 Finished goods $ 132.0 $ 136.6 Work in process 22.5 34.8 Raw materials 174.7 174.6 Total $ 329.2 $ 346.0

Financing (Tables)

Financing (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The Company had the following debt outstanding as of: ($ in millions) June 30, 2023 December 31, 2022 Short-term borrowings: Short-term borrowings and bank overdrafts $ 8.7 $ 4.6 Long-term debt: Three-Year Term Loans due 2024 $ 235.0 $ 400.0 Three-Year Term Loans due 2025 600.0 600.0 1.800% senior unsecured notes due 2026 500.0 500.0 2.400% senior unsecured notes due 2028 500.0 500.0 2.950% senior unsecured notes due 2031 600.0 600.0 Revolving Credit Facility due 2026 — — Total long-term debt 2,435.0 2,600.0 Less: discounts and debt issuance costs (12.6) (14.3) Total long-term debt, net $ 2,422.4 $ 2,585.7

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Reclassification of Accumulated Other Comprehensive Income	The changes in Accumulated other comprehensive income by component are summarized below: ($ in millions) Foreign Currency Translation Adjustments Other Adjustments (b) Total For the Three Months Ended June 30, 2023: Balance, March 31, 2023 $ 104.0 $ (1.6) $ 102.4 Other comprehensive loss before reclassifications, net of income taxes (8.6) — (8.6) Amounts reclassified from accumulated other comprehensive income: Sale of business 0.3 (c) — 0.3 Amounts reclassified from accumulated other comprehensive income, net of income taxes 0.3 — 0.3 Net current period other comprehensive loss, net of income taxes (8.3) — (8.3) Balance, June 30, 2023 $ 95.7 $ (1.6) $ 94.1 For the Three Months Ended July 1, 2022: Balance, April 1, 2022 $ 169.8 $ (3.1) $ 166.7 Other comprehensive loss before reclassifications, net of income taxes (63.1) — (63.1) Amounts reclassified from accumulated other comprehensive income: Increase — 0.1 (a) 0.1 Amounts reclassified from accumulated other comprehensive income, net of income taxes — 0.1 0.1 Net current period other comprehensive (loss) income, net of income taxes (63.1) 0.1 (63.0) Balance, July 1, 2022 $ 106.7 $ (3.0) $ 103.7 (a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. (b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. (c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss). ($ in millions) Foreign Currency Translation Adjustments Other Adjustments (b) Total For the Six Months Ended June 30, 2023: Balance, December 31, 2022 $ 107.8 $ (1.7) $ 106.1 Other comprehensive loss before reclassifications, net of income taxes (12.4) — (12.4) Amounts reclassified from accumulated other comprehensive income: Sale of business 0.3 (c) — 0.3 Increase — 0.1 (a) 0.1 Amounts reclassified from accumulated other comprehensive income, net of income taxes 0.3 0.1 0.4 Net current period other comprehensive (loss) income, net of income taxes (12.1) 0.1 (12.0) Balance, June 30, 2023 $ 95.7 $ (1.6) $ 94.1 For the Six Months Ended July 1, 2022: Balance, December 31, 2021 $ 184.9 $ (3.2) $ 181.7 Other comprehensive loss before reclassifications, net of income taxes (78.2) — (78.2) Amounts reclassified from accumulated other comprehensive income: Increase — 0.2 (a) 0.2 Amounts reclassified from accumulated other comprehensive income, net of income taxes — 0.2 0.2 Net current period other comprehensive (loss) income, net of income taxes (78.2) 0.2 (78.0) Balance, July 1, 2022 $ 106.7 $ (3.0) $ 103.7 (a) This accumulated other comprehensive income component is included in the computation of net periodic pension cost. (b) Includes balances relating to defined benefit plans and supplemental executive retirement plans. (c) Reclassified to Gain on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Loss).

Sales (Tables)

Sales (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	The Company’s contract liabilities consisted of the following: ($ in millions) June 30, 2023 December 31, 2022 Deferred revenue, current $ 136.5 $ 135.2 Deferred revenue, noncurrent 46.6 48.7 Total contract liabilities $ 183.1 $ 183.9
Disaggregation of revenue	Disaggregation of revenue was as follows for the three months ended June 30, 2023: ($ in millions) Mobility Technologies Repair Solutions Environmental & Fueling Solutions Other Total Sales: Sales of products $ 207.1 $ 157.8 $ 296.0 $ 21.6 $ 682.5 Sales of services 31.7 0.6 43.3 6.3 81.9 Total $ 238.8 $ 158.4 $ 339.3 $ 27.9 $ 764.4 Geographic: North America (a) $ 161.4 $ 158.4 $ 214.3 $ 27.5 $ 561.6 Western Europe 25.1 — 40.5 — 65.6 High growth markets 33.0 — 69.1 0.4 102.5 Rest of world 19.3 — 15.4 — 34.7 Total $ 238.8 $ 158.4 $ 339.3 $ 27.9 $ 764.4 (a) Includes total sales in the United States of $522.5 million. Disaggregation of revenue was as follows for the three months ended July 1, 2022: ($ in millions) Mobility Technologies Repair Solutions Environmental & Fueling Solutions Other Total Sales: Sales of products $ 184.7 $ 149.1 $ 334.8 $ 33.9 $ 702.5 Sales of services 25.9 0.6 40.5 6.9 73.9 Total $ 210.6 $ 149.7 $ 375.3 $ 40.8 $ 776.4 Geographic: North America (a) $ 151.5 $ 149.7 $ 242.7 $ 40.0 $ 583.9 Western Europe 18.6 — 37.5 — 56.1 High growth markets 23.0 — 80.2 0.8 104.0 Rest of world 17.5 — 14.9 — 32.4 Total $ 210.6 $ 149.7 $ 375.3 $ 40.8 $ 776.4 (a) Includes total sales in the United States of $564.3 million. Disaggregation of revenue was as follows for the six months ended June 30, 2023: ($ in millions) Mobility Technologies Repair Solutions Environmental & Fueling Solutions Other Total Sales: Sales of products $ 422.3 $ 338.7 $ 568.1 $ 49.8 $ 1,378.9 Sales of services 62.4 1.1 85.0 13.4 161.9 Total $ 484.7 $ 339.8 $ 653.1 $ 63.2 $ 1,540.8 Geographic: North America (a) $ 335.0 $ 339.8 $ 405.4 $ 62.2 $ 1,142.4 Western Europe 44.0 — 83.1 — 127.1 High growth markets 65.6 — 136.5 1.0 203.1 Rest of world 40.1 — 28.1 — 68.2 Total $ 484.7 $ 339.8 $ 653.1 $ 63.2 $ 1,540.8 (a) Includes total sales in the United States of $1,070.3 million. Disaggregation of revenue was as follows for the six months ended July 1, 2022: ($ in millions) Mobility Technologies Repair Solutions Environmental & Fueling Solutions Other Total Sales: Sales of products $ 362.3 $ 312.9 $ 622.7 $ 74.9 $ 1,372.8 Sales of services 55.9 1.2 80.8 13.8 151.7 Total $ 418.2 $ 314.1 $ 703.5 $ 88.7 $ 1,524.5 Geographic: North America (a) $ 294.8 $ 314.1 $ 447.1 $ 87.3 $ 1,143.3 Western Europe 40.7 — 79.1 — 119.8 High growth markets 47.0 — 149.5 1.4 197.9 Rest of world 35.7 — 27.8 — 63.5 Total $ 418.2 $ 314.1 $ 703.5 $ 88.7 $ 1,524.5

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Segment results for the periods indicated were as follows: Three Months Ended Six Months Ended ($ in millions) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Sales: Mobility Technologies $ 238.8 $ 210.6 $ 484.7 $ 418.2 Repair Solutions (a) 158.4 149.7 339.8 314.1 Environmental & Fueling Solutions 339.3 375.3 653.1 703.5 Other 27.9 40.8 63.2 88.7 Total $ 764.4 $ 776.4 $ 1,540.8 $ 1,524.5 Segment operating profit: Mobility Technologies $ 44.7 $ 42.6 $ 92.6 $ 83.7 Repair Solutions (b) 41.6 41.6 88.9 88.6 Environmental & Fueling Solutions 95.2 98.5 175.9 180.5 Other 2.2 3.2 6.0 8.3 Segment operating profit 183.7 185.9 363.4 361.1 Corporate & other unallocated costs (b) (63.1) (49.4) (109.0) (89.8) Operating profit 120.6 136.5 254.4 271.3 Interest expense, net (23.9) (15.3) (47.9) (28.2) Gain on sale of business 34.1 — 34.1 — Gain on previously held equity interests from combination of business — — — 32.7 Unrealized (loss) gain on equity securities measured at fair value — (80.0) — 83.0 Other non-operating expense, net (0.5) — (1.4) (0.1) Earnings before income taxes $ 130.3 $ 41.2 $ 239.2 $ 358.7 Depreciation expense: Mobility Technologies $ 6.8 $ 4.7 $ 12.9 $ 10.7 Repair Solutions 0.5 0.4 0.9 0.8 Environmental & Fueling Solutions 3.8 3.6 7.4 7.2 Other — 0.5 — 0.9 Corporate 0.2 0.2 0.5 0.4 Total $ 11.3 $ 9.4 $ 21.7 $ 20.0 (a) Includes interest income related to financing receivables of $19.0 million, $18.2 million, $38.8 million and $36.6 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively. (b) Includes the Repair Solutions Capital Charge of $10.3 million, $9.9 million, $20.5 million and $19.8 million for the three and six months ended June 30, 2023 and July 1, 2022, respectively.

Litigation and Contingencies (T

Litigation and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Accrued Warranty Liability	The following is a rollforward of the Company’s accrued warranty liability: ($ in millions) Balance, December 31, 2022 $ 43.0 Accruals for warranties issued during the period 20.2 Settlements made (17.4) Balance, June 30, 2023 $ 45.8
Schedule of Other Assets, Noncurrent	Gross liabilities associated with known and future expected asbestos claims and projected insurance recoveries were as follows as of: ($ in millions) Classification June 30, 2023 December 31, 2022 Gross liabilities Current Accrued expenses and other current liabilities $ 27.9 $ 27.1 Long-term Other long-term liabilities 75.7 78.1 Total 103.6 105.2 Projected insurance recoveries Current Prepaid expenses and other current assets 19.0 21.2 Long-term Other assets 47.4 47.4 Total $ 66.4 $ 68.6

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	Below is a summary of financial assets and liabilities that are measured at fair value on a recurring basis as of: ($ in millions) Quoted Prices Significant Other Significant Total June 30, 2023 Contingent consideration liabilities $ — $ — $ 11.1 $ 11.1 Deferred compensation liabilities 6.1 — — 6.1 December 31, 2022 Equity securities measured at fair value $ 21.3 $ — $ — $ 21.3 Contingent consideration liabilities — — 11.6 11.6 Deferred compensation liabilities — 5.1 — 5.1

Capital Stock and Earnings Pe_2

Capital Stock and Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Earnings Per Share	Information related to the calculation of net earnings per share of common stock is summarized as follows: Three Months Ended Six Months Ended ($ and shares in millions, except per share amounts) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Numerator: Net earnings $ 97.3 $ 33.3 $ 180.1 $ 283.5 Denominator: Basic weighted average common shares outstanding 155.4 160.5 155.5 163.2 Effect of dilutive stock options and RSUs 0.9 0.7 0.7 0.7 Diluted weighted average common shares outstanding 156.3 161.2 156.2 163.9 Earnings per share: Basic $ 0.63 $ 0.21 $ 1.16 $ 1.74 Diluted $ 0.62 $ 0.21 $ 1.15 $ 1.73 Anti-dilutive shares 1.8 3.2 2.6 3.3

Divestitures and Assets and L_2

Divestitures and Assets and Liabilities Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2023
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Schedule of Key Components of Discontinued Operations	The following table summarizes the carrying amounts of major classes of assets and liabilities of Coats (Hennessy) as of June 30, 2023 (in millions): ASSETS Accounts receivable, less allowance for credit losses $ 18.4 Inventories 13.6 Prepaid expenses and other current assets 0.9 Property, plant and equipment, net 4.5 Operating lease right-of-use assets 0.3 Goodwill 15.7 Other assets 0.1 Total assets held for sale $ 53.5 LIABILITIES Trade accounts payable $ 15.6 Current operating lease liabilities 0.3 Accrued expenses and other current liabilities 6.7 Other long-term liabilities 6.4 Total liabilities held for sale $ 29.0

Business Overview and Basis o_3

Business Overview and Basis of Presentation (Details)	3 Months Ended	6 Months Ended
	Mar. 31, 2023 reporting_unit segment	Jun. 30, 2023 segment reporting_unit
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1	3
Number of operating segments	2	3
Number of reporting units | reporting_unit	7	5

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Feb. 07, 2022	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Dec. 31, 2022	Feb. 06, 2022
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash received				$ 0	$ 186.6
Equity securities measured at fair value		$ 0		0		$ 21.3
Gain on previously held equity interests from combination of business		$ 0	$ 0	0	32.7
Driivz
Business Acquisition [Line Items]
Voting interests acquired (as a percent)	81%
Cash paid for acquisitions, net of cash received	$ 152.5
Measurement period adjustment for prior year acquisition increase (decrease)				$ (5.2)
Carrying value prior to acquisition (as a percent)							19%
Equity securities measured at fair value							$ 10.3
Investment in acquiree, fair value	$ 43
Gain on previously held equity interests from combination of business					$ 32.7

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions (Details) - USD ($) $ in Millions	Feb. 07, 2022	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 1,733.9	$ 1,738.7
Driivz
Business Acquisition [Line Items]
Accounts receivable	$ 1
Goodwill	125.7
Other assets	2.9
Accrued expenses and other current liabilities	(12.5)
Other long-term liabilities	(15.2)
Purchase price, net of cash received	195.5
Driivz | Technology
Business Acquisition [Line Items]
Intangible assets	$ 56.3
Weighted average life	8 years
Driivz | Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 28.1
Weighted average life	13 years
Driivz | Trade names
Business Acquisition [Line Items]
Intangible assets	$ 9.2
Weighted average life	16 years

Financing and Trade Receivabl_3

Financing and Trade Receivables - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Gross current financing receivables:
Current financing receivables, gross	$ 117.7	$ 115
Allowance for credit losses:
Total allowance for credit losses	20	19.6
Net current financing receivables:
Total current financing receivables, net	97.7	95.4
Gross long-term financing receivables:
Long-term financing receivables, gross	298.3	287.5
Total allowance for credit losses	33.3	37.7
Total long-term financing receivables, net	265	249.8
PSAs
Gross current financing receivables:
Current financing receivables, gross	96.8	96.6
Allowance for credit losses:
Total allowance for credit losses	14.5	13.1
Net current financing receivables:
Total current financing receivables, net	82.3	83.5
Gross long-term financing receivables:
Long-term financing receivables, gross	234.7	224
Total allowance for credit losses	28.2	32.4
Total long-term financing receivables, net	206.5	191.6
Franchisee Notes
Gross current financing receivables:
Current financing receivables, gross	20.9	18.4
Allowance for credit losses:
Total allowance for credit losses	5.5	6.5
Net current financing receivables:
Total current financing receivables, net	15.4	11.9
Gross long-term financing receivables:
Long-term financing receivables, gross	63.6	63.5
Total allowance for credit losses	5.1	5.3
Total long-term financing receivables, net	$ 58.5	$ 58.2

Financing and Trade Receivabl_4

Financing and Trade Receivables - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Net unamortized discount on financing receivable	$ (17.7)	$ (16.8)
Period after due date considered past due	21 days	21 days
PSAs
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, period for uncollectible status	180 days
Franchisee Notes
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, period for uncollectible status	1 year

Financing and Trade Receivabl_5

Financing and Trade Receivables - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Current Period Gross Write-offs
2023	$ 2.3
2022	9
2021	5.1
2020	2.5
2019	1.6
Prior	1.1
Total	21.6
PSAs
Financing Receivable, Credit Quality Indicator [Line Items]
2023	116.9
2022	114.4
2021	57.5
2020	28.9
2019	11.2
Prior	2.6
Total	331.5	$ 320.6
Current Period Gross Write-offs
2023	2.3
2022	8.9
2021	5
2020	2.4
2019	1.1
Prior	0.5
Total	20.2
PSAs | Less than 400
Financing Receivable, Credit Quality Indicator [Line Items]
2023	10.6
2022	10.2
2021	5.4
2020	2.6
2019	1.4
Prior	0.1
Total	30.3
PSAs | 400-599
Financing Receivable, Credit Quality Indicator [Line Items]
2023	16
2022	17.3
2021	8.8
2020	4.7
2019	2.1
Prior	0.6
Total	49.5
PSAs | 600-799
Financing Receivable, Credit Quality Indicator [Line Items]
2023	34.4
2022	34.3
2021	18.9
2020	9.6
2019	3.6
Prior	1.1
Total	101.9
PSAs | 800+
Financing Receivable, Credit Quality Indicator [Line Items]
2023	55.9
2022	52.6
2021	24.4
2020	12
2019	4.1
Prior	0.8
Total	149.8
Franchisee Notes
Financing Receivable, Credit Quality Indicator [Line Items]
2023	15.4
2022	22.3
2021	17.7
2020	9.6
2019	8.4
Prior	11.1
Total	84.5
Current Period Gross Write-offs
2023	0
2022	0.1
2021	0.1
2020	0.1
2019	0.5
Prior	0.6
Total	1.4
Franchisee Notes | Active distributors
Financing Receivable, Credit Quality Indicator [Line Items]
2023	15.4
2022	21.5
2021	14.9
2020	7
2019	5.9
Prior	6.3
Total	71
Franchisee Notes | Separated distributors
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0.8
2021	2.8
2020	2.6
2019	2.5
Prior	4.8
Total	$ 13.5

Financing and Trade Receivabl_6

Financing and Trade Receivables - Financing Receivable, Past Due (Details) - PSAs - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 331.5	$ 320.6
Greater than 90 days past due and accruing interest	6.3	6.9
30-59 days past due
Financing Receivable, Past Due [Line Items]
Total	3.3	3.6
60-90 days past due
Financing Receivable, Past Due [Line Items]
Total	1.7	1.8
Greater than 90 days past due
Financing Receivable, Past Due [Line Items]
Total	6.3	6.9
Total past due
Financing Receivable, Past Due [Line Items]
Total	11.3	12.3
Total not considered past due
Financing Receivable, Past Due [Line Items]
Total	$ 320.2	$ 308.3

Financing and Trade Receivabl_7

Financing and Trade Receivables - Financing Receivable, Allowance for Credit Loss (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	$ 57.3
Provision for credit losses	16.2
Write-offs	(21.6)
Recoveries of amounts previously charged off	1.4
Allowance for credit losses, end of period	53.3
PSAs
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	45.5
Provision for credit losses	16.3
Write-offs	(20.2)
Recoveries of amounts previously charged off	1.1
Allowance for credit losses, end of period	42.7
Franchisee Notes
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	11.8
Provision for credit losses	(0.1)
Write-offs	(1.4)
Recoveries of amounts previously charged off	0.3
Allowance for credit losses, end of period	$ 10.6

Financing and Trade Receivabl_8

Financing and Trade Receivables - Accounts Receivable, Allowance for Credit Loss (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Credit Loss [Abstract]
Cost basis of trade accounts receivable	$ 408.1
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	14.6
Provision for credit losses	3
Write-offs	(2.6)
Foreign currency and other	0.1
Ending balance	14.9
Net trade accounts receivable balance	$ 393.2

Inventories - Schedule of Inven

Inventories - Schedule of Inventory, Current (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 132	$ 136.6
Work in process	22.5	34.8
Raw materials	174.7	174.6
Total	$ 329.2	$ 346

Financing - Schedule of Debt (D

Financing - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-Term Debt	$ 8.7	$ 4.6
Total long-term debt	2,435	2,600
Less: discounts and debt issuance costs	(12.6)	(14.3)
Total long-term debt, net	2,422.4	2,585.7
Short-term borrowings and bank overdrafts
Debt Instrument [Line Items]
Short-Term Debt	8.7	4.6
Three-Year Term Loans due 2024
Debt Instrument [Line Items]
Total long-term debt	235	400
Three-Year Term Loans due 2025
Debt Instrument [Line Items]
Total long-term debt	600	600
1.800% senior unsecured notes due 2026
Debt Instrument [Line Items]
Total long-term debt	500	500
2.400% senior unsecured notes due 2028
Debt Instrument [Line Items]
Total long-term debt	500	500
2.950% senior unsecured notes due 2031
Debt Instrument [Line Items]
Total long-term debt	600	600
Revolving Credit Facility due 2026
Debt Instrument [Line Items]
Total long-term debt	$ 0	$ 0

Financing - Schedule of Debt -

Financing - Schedule of Debt - Footnotes (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-Term Debt	$ 8.7	$ 4.6
1.800% senior unsecured notes due 2026
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.80%
2.400% senior unsecured notes due 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.40%
2.950% senior unsecured notes due 2031
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.95%
Short-term borrowings and bank overdrafts
Debt Instrument [Line Items]
Short-Term Debt	$ 8.7	$ 4.6

Financing - Narrative (Details)

Financing - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Senior Notes | Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Estimated fair value of notes	$ 1,300,000,000	$ 1,300,000,000
Revolving credit facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.114%
Revolving credit facility | Line of Credit | Revolving Credit Facility due 2026
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	750,000,000	$ 750,000,000
Revolving credit facility | Line of Credit | Revolving Credit Facility due 2026 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.175%
Three-Year Term Loans due 2024
Debt Instrument [Line Items]
Debt term		3 years
Debt instrument, interest rate		6.34%
Repayments of debt	$ 100,000,000	$ 165,000,000
Three-Year Term Loans due 2024 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.114%
Three-Year Term Loans due 2024 | Secured Overnight Financing Rate, Ratings Based Margin
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.125%
Three-Year Term Loans due 2025
Debt Instrument [Line Items]
Debt term		3 years
Stated interest rate (as a percent)	6.45%	6.45%
Three-Year Term Loans due 2025 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.10%
Three-Year Term Loans due 2025 | Secured Overnight Financing Rate, Ratings Based Margin
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.25%
1.800% senior unsecured notes due 2026
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.80%	1.80%
1.800% senior unsecured notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued	$ 500,000,000	$ 500,000,000
Stated interest rate (as a percent)	1.80%	1.80%
2.400% senior unsecured notes due 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.40%	2.40%
2.400% senior unsecured notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued	$ 500,000,000	$ 500,000,000
Stated interest rate (as a percent)	2.40%	2.40%
2.950% senior unsecured notes due 2031
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.95%	2.95%
2.950% senior unsecured notes due 2031 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued	$ 600,000,000	$ 600,000,000
Stated interest rate (as a percent)	2.95%	2.95%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jul. 01, 2022	Apr. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 640	$ 579.5	$ 551.9	$ 573.7	$ 579.5	$ 573.7
Other comprehensive loss before reclassifications, net of income taxes	(8.6)		(63.1)		(12.4)	(78.2)
Amounts reclassified from accumulated other comprehensive income:
Sale of business	0.3				0.3
Increase			0.1		0.1	0.2
Amounts reclassified from accumulated other comprehensive income, net of income taxes	0.3		0.1		0.4	0.2
Total other comprehensive loss, net of income taxes	(8.3)	(3.7)	(63)	(15)	(12)	(78)
Ending balance	701.4	640	502.7	551.9	701.4	502.7
Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	102.4	106.1	166.7	181.7	106.1	181.7
Amounts reclassified from accumulated other comprehensive income:
Total other comprehensive loss, net of income taxes	(8.3)	(3.7)	(63)	(15)
Ending balance	94.1	102.4	103.7	166.7	94.1	103.7
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	104	107.8	169.8	184.9	107.8	184.9
Other comprehensive loss before reclassifications, net of income taxes	(8.6)		(63.1)		(12.4)	(78.2)
Amounts reclassified from accumulated other comprehensive income:
Sale of business	0.3				0.3
Increase			0		0	0
Amounts reclassified from accumulated other comprehensive income, net of income taxes	0.3		0		0.3	0
Total other comprehensive loss, net of income taxes	(8.3)		(63.1)		(12.1)	(78.2)
Ending balance	95.7	104	106.7	169.8	95.7	106.7
Other adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1.6)	(1.7)	(3.1)	(3.2)	(1.7)	(3.2)
Other comprehensive loss before reclassifications, net of income taxes	0		0		0	0
Amounts reclassified from accumulated other comprehensive income:
Sale of business	0				0
Increase			0.1		0.1	0.2
Amounts reclassified from accumulated other comprehensive income, net of income taxes	0		0.1		0.1	0.2
Total other comprehensive loss, net of income taxes	0		0.1		0.1	0.2
Ending balance	$ (1.6)	$ (1.6)	$ (3)	$ (3.1)	$ (1.6)	$ (3)

Sales - Contract Assets and Cos

Sales - Contract Assets and Costs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Contract assets	$ 10.7	$ 12.3
Deferred Sales Commissions
Capitalized Contract Cost [Line Items]
Net revenue-related contract assets	$ 86.3	$ 88.6

Sales - Contract liabilities (D

Sales - Contract liabilities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue, current	$ 136.5	$ 136.5	$ 135.2
Deferred revenue, noncurrent	46.6	46.6	48.7
Total contract liabilities	183.1	183.1	$ 183.9
Contract liabilities, revenue recognized	$ 37.3	$ 80.6

Sales - Remaining Performance O

Sales - Remaining Performance Obligation (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 392.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Next two years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	40%
Remaining performance obligation, expected timing	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Next three years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	70%
Remaining performance obligation, expected timing	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Within four years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	4 years

Sales - Disaggregation of Reven

Sales - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 764.4	$ 776.4	$ 1,540.8	$ 1,524.5
Corporate And Reconciling Items
Disaggregation of Revenue [Line Items]
Sales	27.9	40.8	63.2	88.7
Mobility Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	238.8	210.6	484.7	418.2
Repair Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	158.4	149.7	339.8	314.1
Environmental & Fueling Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	339.3	375.3	653.1	703.5
Sales of products
Disaggregation of Revenue [Line Items]
Sales	682.5	702.5	1,378.9	1,372.8
Sales of products | Corporate And Reconciling Items
Disaggregation of Revenue [Line Items]
Sales	21.6	33.9	49.8	74.9
Sales of products | Mobility Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	207.1	184.7	422.3	362.3
Sales of products | Repair Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	157.8	149.1	338.7	312.9
Sales of products | Environmental & Fueling Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	296	334.8	568.1	622.7
Sales of services
Disaggregation of Revenue [Line Items]
Sales	81.9	73.9	161.9	151.7
Sales of services | Corporate And Reconciling Items
Disaggregation of Revenue [Line Items]
Sales	6.3	6.9	13.4	13.8
Sales of services | Mobility Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	31.7	25.9	62.4	55.9
Sales of services | Repair Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.6	0.6	1.1	1.2
Sales of services | Environmental & Fueling Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	43.3	40.5	85	80.8
North America
Disaggregation of Revenue [Line Items]
Sales	561.6	583.9	1,142.4	1,143.3
North America | Corporate And Reconciling Items
Disaggregation of Revenue [Line Items]
Sales	27.5	40	62.2	87.3
North America | Mobility Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	161.4	151.5	335	294.8
North America | Repair Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	158.4	149.7	339.8	314.1
North America | Environmental & Fueling Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	214.3	242.7	405.4	447.1
Western Europe
Disaggregation of Revenue [Line Items]
Sales	65.6	56.1	127.1	119.8
Western Europe | Corporate And Reconciling Items
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Western Europe | Mobility Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	25.1	18.6	44	40.7
Western Europe | Repair Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Western Europe | Environmental & Fueling Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	40.5	37.5	83.1	79.1
High growth markets
Disaggregation of Revenue [Line Items]
Sales	102.5	104	203.1	197.9
High growth markets | Corporate And Reconciling Items
Disaggregation of Revenue [Line Items]
Sales	0.4	0.8	1	1.4
High growth markets | Mobility Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	33	23	65.6	47
High growth markets | Repair Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
High growth markets | Environmental & Fueling Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	69.1	80.2	136.5	149.5
Rest of world
Disaggregation of Revenue [Line Items]
Sales	34.7	32.4	68.2	63.5
Rest of world | Corporate And Reconciling Items
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Rest of world | Mobility Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	19.3	17.5	40.1	35.7
Rest of world | Repair Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Rest of world | Environmental & Fueling Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	15.4	14.9	28.1	27.8
United States
Disaggregation of Revenue [Line Items]
Sales	$ 522.5	$ 564.3	$ 1,070.3	$ 1,105

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	25.30%	19.20%	24.70%	21%

Segment Information - Narrative

Segment Information - Narrative (Details) - segment	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Segment Reporting [Abstract]
Number of reportable segments	1	3
Number of operating segments	2	3

Segment Information - Detailed

Segment Information - Detailed Segment Data (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Segment Reporting Information [Line Items]
Sales	$ 764.4	$ 776.4	$ 1,540.8	$ 1,524.5
Segment operating profit:	120.6	136.5	254.4	271.3
Corporate & other unallocated costs	(63.1)	(49.4)	(109)	(89.8)
Interest expense, net	(23.9)	(15.3)	(47.9)	(28.2)
Gain on sale of business	34.1	0	34.1	0
Gain on previously held equity interests from combination of business	0	0	0	32.7
Unrealized (loss) gain on equity securities measured at fair value	0	(80)	0	83
Other non-operating expense, net	(0.5)	0	(1.4)	(0.1)
Earnings before income taxes	130.3	41.2	239.2	358.7
Depreciation and amortization expense	11.3	9.4	21.7	20
Interest income	19	18.2	38.8	36.6
Capital charge	10.3	9.9	20.5	19.8
Operating Segments
Segment Reporting Information [Line Items]
Segment operating profit:	183.7	185.9	363.4	361.1
Corporate And Reconciling Items
Segment Reporting Information [Line Items]
Sales	27.9	40.8	63.2	88.7
Segment operating profit:	2.2	3.2	6	8.3
Depreciation and amortization expense	0	0.5	0	0.9
Other
Segment Reporting Information [Line Items]
Depreciation and amortization expense	0.2	0.2	0.5	0.4
Mobility Technologies
Segment Reporting Information [Line Items]
Depreciation and amortization expense	6.8	4.7	12.9	10.7
Mobility Technologies | Operating Segments
Segment Reporting Information [Line Items]
Sales	238.8	210.6	484.7	418.2
Segment operating profit:	44.7	42.6	92.6	83.7
Repair Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization expense	0.5	0.4	0.9	0.8
Repair Solutions | Operating Segments
Segment Reporting Information [Line Items]
Sales	158.4	149.7	339.8	314.1
Segment operating profit:	41.6	41.6	88.9	88.6
Environmental & Fueling Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization expense	3.8	3.6	7.4	7.2
Environmental & Fueling Solutions | Operating Segments
Segment Reporting Information [Line Items]
Sales	339.3	375.3	653.1	703.5
Segment operating profit:	$ 95.2	$ 98.5	$ 175.9	$ 180.5

Litigation and Contingencies -

Litigation and Contingencies - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Warranty period	90 days
Standby letters of credit, bank guarantees, and performance and bid bonds
Loss Contingencies [Line Items]
Guarantees	$ 84.8	$ 84

Litigation and Contingencies _2

Litigation and Contingencies - Rollforward of Accrued Warranty Liability (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 43
Accruals for warranties issued during the period	20.2
Settlements made	(17.4)
Ending balance	$ 45.8

Litigation and Contingencies -S

Litigation and Contingencies -Schedule of Other Assets, Noncurrent (Details) - Asbestos Claims - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Gross liabilities	$ 103.6	$ 105.2
Projected insurance recoveries	66.4	68.6
Accrued expenses and other current liabilities
Loss Contingencies [Line Items]
Gross liabilities	27.9	27.1
Other long-term liabilities
Loss Contingencies [Line Items]
Gross liabilities	75.7	78.1
Prepaid expenses and other current assets
Loss Contingencies [Line Items]
Projected insurance recoveries	19	21.2
Other assets
Loss Contingencies [Line Items]
Projected insurance recoveries	$ 47.4	$ 47.4

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities measured at fair value		$ 0	$ 21.3
Gain (loss) on sale of other investments	$ 0.9
Goodwill		1,733.9	1,738.7
Other intangible assets, net		606.6	649.7
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liabilities		11.1	11.6
Deferred compensation liabilities		6.1	5.1
Equity securities measured at fair value			21.3
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liabilities		0	0
Deferred compensation liabilities		6.1	0
Equity securities measured at fair value			21.3
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liabilities		0	0
Deferred compensation liabilities		0	5.1
Equity securities measured at fair value			0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liabilities		11.1	11.6
Deferred compensation liabilities		$ 0	0
Equity securities measured at fair value			$ 0

Capital Stock and Earnings Pe_3

Capital Stock and Earnings Per Share - Schedule pf Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jul. 01, 2022	Apr. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Numerator:
Net earnings	$ 97.3	$ 82.8	$ 33.3	$ 250.2	$ 180.1	$ 283.5
Denominator:
Basic weighted average common shares outstanding (in shares)	155.4		160.5		155.5	163.2
Effect of dilutive stock options and RSUs (in shares)	0.9		0.7		0.7	0.7
Diluted weighted average common shares outstanding (in shares)	156.3		161.2		156.2	163.9
Earnings per share:
Basic (in dollars per share)	$ 0.63		$ 0.21		$ 1.16	$ 1.74
Diluted (in dollars per share)	$ 0.62		$ 0.21		$ 1.15	$ 1.73
Anti-dilutive shares (in shares)	1.8		3.2		2.6	3.3

Capital Stock and Earnings Pe_4

Capital Stock and Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jul. 01, 2022	Apr. 01, 2022	Jun. 30, 2023	May 24, 2022
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount						$ 500
Stock repurchased	$ 32.1	$ 18.4	$ 21	$ 257
Remaining authorized repurchase amount	$ 378.9				$ 378.9
Open Market Transactions
Equity, Class of Treasury Stock [Line Items]
Stock repurchased (in shares)	1.1				2
Stock repurchased	$ 31.9				$ 50
Stock repurchased (in dollars per share)	$ 28.55				$ 25.22

Divestitures and Assets and L_3

Divestitures and Assets and Liabilities Held for Sale - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Apr. 14, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business	$ 34.1	$ 0	$ 34.1	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Global Traffic Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration					$ 108

Divestitures and Assets and L_4

Divestitures and Assets and Liabilities Held for Sale - Schedule of Key Components of Discontinued Operations (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
LIABILITIES
Current operating lease liabilities	$ 12.9	$ 13.8
Disposal Group, Held-for-sale, Not Discontinued Operations | Coats (Hennessy)
ASSETS
Accounts receivable, less allowance for credit losses	18.4
Inventories	13.6
Prepaid expenses and other current assets	0.9
Property, plant and equipment, net	4.5
Operating lease right-of-use assets	0.3
Goodwill	15.7
Other assets	0.1
Total assets held for sale	53.5
LIABILITIES
Trade accounts payable	15.6
Current operating lease liabilities	0.3
Accrued expenses and other current liabilities	6.7
Other long-term liabilities	6.4
Total liabilities held for sale	$ 29

Subsequent Events (Details)

Subsequent Events (Details) - Three-Year Term Loans due 2024 - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2023
Subsequent Event [Line Items]
Repayments of debt		$ 100	$ 165
Subsequent Event
Subsequent Event [Line Items]
Repayments of debt	$ 35