SPX Technologies, Inc.

Previous wording

Following the Supreme Court’s decision, the U.S. government announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from many countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business. As of March 28, 2026, we have not recognized an asset related to any potential tariff refund. The Company will continue to evaluate new information and will recognize a refund when, and if, the amount can be reasonably estimated and the right to receive the amount becomes realized or realizable in accordance with Accounting Standard Codification (“ASC 450”), Contingencies.

Current wording

In 2025, the U.S. government imposed a series of tariffs on many U.S. trading partners pursuant to the International Emergency Economic Powers Act of 1977 (“IEEPA”). On February 20, 2026, the United States Supreme Court issued a ruling invalidating tariffs previously imposed under IEEPA. The ultimate availability, timing, and amount of any potential refunds of such tariffs could be subject to further legal, regulatory, and administrative developments. Following the Supreme Court’s decision, the U.S. government announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from many countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business. As of June 27, 2026, the amount of recognized assets related to tariff refunds was not significant to our condensed consolidated balance sheet. While the Company continues to review and compile refund requests and may record additional refund amounts in the future, the amount is not anticipated to have a material impact to our financial position and results of operations.

Previous wording

Ongoing geopolitical conflicts, including the armed conflicts in the Middle East, and governmental actions implemented in response to these conflicts, did not have a significant adverse impact on our operating results during the three months ended March 28, 2026 and March 29, 2025. We are monitoring the availability of certain raw materials that are (i) supplied by businesses in the countries impacted by these conflicts and (ii) impacted by closures or disturbances to critical shipping routes. At this time, we do not expect the potential direct impact to be material to our operating results. These conflicts have created significant additional demand for certain products within our communication technologies business. The longer-term impact of these global events on our business is currently unknown due to the uncertainty around their duration and broader impact.

Current wording

Ongoing geopolitical conflicts, including the armed conflicts in the Middle East, and governmental actions implemented in response to these conflicts, did not have a significant adverse impact on our operating results during the three and six months ended June 27, 2026 and June 28, 2025. We are monitoring the availability of certain raw materials that are (i) supplied by businesses in the countries impacted by these conflicts and (ii) impacted by closures or disturbances to critical shipping routes. At this time, we do not expect the potential direct impact to be material to our operating results. These conflicts have created significant additional demand for certain products within our communication technologies business. The longer-term impact of these global events on our business is currently unknown due to the uncertainty around their duration and broader impact.

Previous wording

▪Acquired on April 15, 2025 for cash consideration of $143.3, net of (i)an adjustment to the purchase price of$0.3 recorded during the fourth quarter of 2025 related to acquired working capital and (ii) cash acquired of$0.2.

Current wording

▪Acquired on April 15, 2025 for cash consideration of $143.3, net of (i) an adjustment to the purchase price of $0.3 recorded during the fourth quarter of 2025 related to acquired working capital and (ii) cash acquired of $0.2.

Previous wording

▪Acquired on January 20, 2026 for cash consideration of $140.2, net of cash acquired of $1.3, and was funded through cash on hand.

Current wording

▪Acquired on January 20, 2026 for cash consideration of $140.2, net of cash acquired of $1.3, which was funded through cash on hand.

Previous wording

▪Crawford United's industrial and transportation products businesses (“Non-core businesses”), which includes businesses serving aerospace, defense, transportation, and marine markets, are non-core to our long-term strategy. These Non-core businesses were recorded as assets held for sale upon acquisition, with their results reported as discontinued operations while we identified a suitable buyer and executed our plan to sell these businesses within twelve months.

Current wording

▪Crawford United's industrial and transportation products businesses (“Non-core businesses”), which includes businesses serving aerospace, defense, transportation, and marine markets, are non-core to our long-term strategy. These Non-core businesses were recorded as assets held for sale upon acquisition, with their results reported as discontinued operations while we identified a suitable buyer and executed our plan to sell these businesses within twelve months. On March 27, 2026, we completed the sale of the Non-core businesses for an aggregate cash sale price of $60.0. In connection with the sale, we received net cash of $59.2, net of cash and debt contributed of $1.4 and $2.2, respectively, resulting in a loss of $5.7 recorded to “Loss on disposition of discontinued operations, net of tax” within the condensed consolidated statement of operations for the six months ended June 27, 2026.

Previous wording

◦During the three months ended March 29, 2025, we recorded a gain of $4.5 within “Other income (expense), net” related to increases in the estimated value of an equity security in Filtran that we hold, with no change in the estimated value of the equity security recorded during the three months ended March 28, 2026.

Current wording

◦During the six months ended June 28, 2025, we recorded a gain of $4.5 within “Other income (expense), net” related to increases in the estimated value of an equity security in Filtran that we hold, with no change in the estimated value of the equity security recorded during the three and six months ended June 27, 2026.

Previous wording

Revenues for the three months ended March 28, 2026 totaled $566.8, compared to $482.6 during the respective period in 2025. The increasein revenues during the three months ended March 28, 2026, compared to the respective prior-year period, was due primarily to (i)inorganic revenue growth resulting from the Sigma & Omega, Thermolec, and Crawford acquisitions within the HVAC reportable segment and the KTS acquisition within the Detection and Measurement reportable segment, and (ii) organic revenue growth within the HVAC and Detection and Measurement reportable segments.

Current wording

Revenues for the six months ended June 27, 2026 totaled $1,245.8, compared to $1,035.0 during the respective period in 2025. The increase in revenues, compared to the respective period in 2025, was due primarily to (i) organic revenue growth within the HVAC and Detection and Measurement reportable segments, and (ii) inorganic revenue growth resulting from the Sigma & Omega, Crawford and Thermolec acquisitions within the HVAC reportable segment and the KTS acquisition within the Detection and Measurement reportable segment.

Previous wording

During the three months ended March 28, 2026, we generated operating income of $87.7, compared to $66.6 for the respective period in 2025.

Current wording

During the three and six months ended June 27, 2026, we generated operating income of $115.0 and $202.7, respectively, compared to $86.6 and $153.2 for the respective periods in 2025.

Previous wording

The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our 2025 Annual Report on Form 10-K. Interim results are not necessarily indicative of results for the full year. We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2026 are March 28, June 27, and September 26, compared to the respective March 29, June 28, and September 27 dates of 2025. We had one less day in the first quarter of 2026 and will have one more day in the fourth quarter of 2026 than in the respective 2025 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the three months ended March 28, 2026, when compared to the consolidated operating results for the 2025 respective period.

Current wording

The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our 2025 Annual Report on Form 10-K. Interim results are not necessarily indicative of results for the full year. We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2026 are March 28, June 27, and September 26, compared to the respective March 29, June 28, and September 27 dates of 2025. We had one less day in the first quarter of 2026 and will have one more day in the fourth quarter of 2026 than in the respective 2025 periods.

Previous wording

The following table provides selected financial information for the three months ended March 28, 2026 and March 29, 2025:

Current wording

The following table provides selected financial information for the three and six months ended June 27, 2026 and June 28, 2025:

Previous wording

Revenues — The increase in revenues for the three months ended March 28, 2026, compared to the respective period in 2025, was due primarily to (i)inorganic revenue growth resulting from the Sigma & Omega, Thermolec, and Crawford acquisitions within the HVAC reportable segment and the KTS acquisition within the Detection and Measurement reportable segment, and (ii) organic revenue growth within the HVAC and Detection and Measurement reportable segments.

Current wording

The increase in revenues for the six months ended June 27, 2026, compared to the respective period in 2025, was due primarily to (i) organic revenue growth within the HVAC and Detection and Measurement reportable segments, and (ii) inorganic revenue growth resulting from the Sigma & Omega, Crawford and Thermolec acquisitions within the HVAC reportable segment and the KTS acquisition within the Detection and Measurement reportable segment.

Previous wording

Gross Profit — For the three months ended March 28, 2026, theincrease in gross profit and gross profit as a percentage of revenues, compared to the respective period in 2025, was due primarily to (i) favorable product mix within the Detection and Measurement reportable segment, inclusive of higher software-as-a-service revenue within our transportation systems business which has higher than typical margins, and (ii) the impact of the organic and inorganic revenue growth mentioned above, partially offset by lower margins within our HVAC reportable segment driven by start-up costs and related inefficiencies associated with our capacity expansion initiatives.

Current wording

Gross Profit —For the three and six months ended June 27, 2026, the increase in gross profit, compared to the respective periods in 2025, was due primarily to the impact of the organic and inorganic revenue growth mentioned above. The decrease in gross profit as a percentage of revenues was primarily driven by lower margins within our HVAC reportable segment driven by (i) start-up costs and related inefficiencies associated with our capacity expansion initiatives, (ii) net tariff headwinds and inflationary cost increases, and (iii) the respective 2025 periods benefiting from a more accretive mix and favorable project execution, primarily within our cooling equipment business, partially offset by favorable product related mix within our Detection and Measurement reportable segment.

Previous wording

Selling, General and Administrative (“SG&A”) Expense — For the three months ended March 28, 2026, the increase in SG&A expense, compared to the respective period in 2025, was due primarily to (i) increases in personnel costs due to annual merit increases and growth-related headcount additions, (ii) incremental SG&A resulting from the acquisitions of Sigma & Omega, Thermolec, Crawford and KTS of $1.9, and (iii) higher travel and advertising costs supporting our growth of $1.2, partially offset by lower acquisition and integration-related costs of $1.1.

Current wording

Selling, General and Administrative (“SG&A”) Expense — For the three months ended June 27, 2026, the increase in SG&A expense, compared to the respective period in 2025, was due primarily to (i) incremental SG&A resulting from the acquisitions of Thermolec and Crawford of$6.9, (ii)higher personnel-related costs, including the results of annual merit increases and growth related headcount additions, commissions, and higher short-term incentive compensation of $5.3, and (iii) higher professional fees of $3.6 associated with strategic initiatives, partially offset by lower acquisition and integration-related costs of $3.2.

Previous wording

Selling, General and Administrative — Intangible Amortiz ation — For the three months ended March 28, 2026, the increase in intangible asset amortization expense, compared to the respective period in 2025, was primarily related to incremental amortization associated with (i) customer backlog from the Crawford acquisition and (ii) other intangible assets associated with the acquisitions of Sigma & Omega, Thermolec, Crawford and a full quarter's amortization related to the KTS acquisition.

Current wording

Selling, General and Administrative — Intangible Amortiz ation — For the three and six months ended June 27, 2026, the increase in intangible asset amortization, compared to the respective periods in 2025, was primarily related to incremental amortization associated with (i) backlog from the Crawford acquisition and (ii) other intangible assets associated with the acquisitions of Thermolec and Crawford. The increase for the six months ended June 27, 2026 was also impacted by a full six months of amortization related to the KTS acquisition.

Previous wording

Special Charges, net — Special charges, net for the three months ended March 28, 2026 and March 29, 2025 related primarily to severance costs associated with restructuring actions. See Note 7 to our condensed consolidated financial statements for additional details.

Current wording

Special Charges, net — Special charges, net, for the three and six months ended June 27, 2026 and June 28, 2025 related primarily to recording, and subsequent adjustments of, severance and asset impairment costs associated with restructuring actions at businesses within our HVAC and Detection and Measurement reportable segments. See Note 7 to our condensed consolidated financial statements for additional details.

Previous wording

Other Income (Expense), net —Other expense, net, for the three months ended March 28, 2026 was composed primarily of pension and postretirement expense of $1.3, environmental remediation charges of $1.2, expense derived from company-owned life insurance (“COLI”) policies of $0.4, and foreign currency transaction losses of $0.1.

Current wording

Other Income (Expense), net — Other expense, net, for the three months ended June 27, 2026 was composed primarily of expense derived from company-owned life insurance (“COLI”) policies of $2.3, environmental remediation charges of $1.8, and pension and postretirement expense of $1.2, partially offset by foreign currency transaction gains of $0.3.

Previous wording

Other income, net, for the three months ended March 29, 2025 was composed primarily of a gain of$4.5 related to a change in the net asset value of our equity security in Filtran and $1.7 of income derived from COLI policies, partially offset by environmental remediation charges of $1.2, pension and postretirement expense of $1.4(including net settlement and actuarial losses of $0.8), foreign currency transaction losses of $0.5, and losses on disposal of property, plant and equipment of $0.4.

Current wording

Other income, net, for the six months ended June 28, 2025 was composed primarily of a gain of $4.5 related to a change in the net asset value of our equity security in Filtran and income of $1.7 derived from COLI policies, partially offset by pension and postretirement expense of $2.0 (including net settlement and actuarial losses of $0.8), environmental remediation charges of $1.8, and foreign currency transaction losses of $1.4.

Previous wording

Interest Expense, net — Interest expense, net, includes both interest expense and interest income. The decrease in interest expense, net, during the three months ended March 28, 2026, compared to the respective period in 2025, was the result of lower average debt balances resulting from the repayment in the third quarter of 2025 of borrowings then-outstanding under our revolving credit facility from a portion of the net proceeds of the underwritten public offering of our common stock completed in that quarter. This was partially offset by borrowings associated with the Crawford United acquisition. Refer to Note 12 to the condensed consolidated financial statements for additional details.

Current wording

Interest Expense, net — Interest expense, net, includes both interest expense and interest income. The decrease in interest expense, net, during the three and six months ended June 27, 2026, compared to the respective periods in 2025, was the result of lower average debt balances resulting from the repayment in the third quarter of 2025 of borrowings then-outstanding under our revolving credit facility from a portion of the net proceeds of the underwritten public offering of our common stock completed in that quarter. This was partially offset by the borrowings associated with the Crawford United acquisition. Refer to Note 12 to the condensed consolidated financial statements for additional details.

Previous wording

Income Tax Provision — For the three months ended March 28, 2026, we recorded an income tax provision of $13.0 on $77.4 of pre-tax income from continuing operations, resulting in an effective rate of 16.8%. This compares to an income tax provision for the three months ended March 29, 2025 of $6.2 on $57.9 of pre-tax income from continuing operations, resulting in an effective rate of 10.7%. The most significant item impacting the income tax provision for the first quarters of 2026 and 2025 was $7.0 and $8.5, respectively, of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the periods.

Current wording

For the six months ended June 27, 2026, we recorded an income tax provision of $35.9 on $179.6 of pre-tax income from continuing operations, resulting in an effective rate of 20.0%. This compares to an income tax provision for the six months ended June 28, 2025 of $23.6 on $127.8 of pre-tax income from continuing operations, resulting in an effective rate of 18.5%. The most significant items impacting the income tax provision during the first half of 2026 and 2025 were (i) $7.2 and $8.8, respectively, of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the periods and (ii) $2.8 of tax benefit and $0.8 of tax provision, respectively, related to revisions to liabilities for uncertain tax positions.

Previous wording

Revenues — For the three months ended March 28, 2026, theincrease in revenues, compared to the respective period in 2025, was due primarily to inorganic revenue growth resulting from the Sigma & Omega, Thermolec, and Crawford acquisitions and organic revenue growth. The organic revenue growth was due primarily to (i) higher volumes of cooling products primarily associated with increased data center demand and higher throughput resulting from increased capacity and (ii) higher volumes of heating products.

Current wording

Revenues — For the three and six months ended June 27, 2026, the increase in revenues, compared to the respective periods in 2025, was due primarily to organic revenue growth and inorganic revenue growth from the Sigma & Omega, Thermolec and Crawford acquisitions. The organic revenue growth was due primarily to (i) higher volumes of cooling equipment primarily associated with increased data center demand and higher throughput resulting from increased capacity, and (ii) higher volumes of our heating products.

Previous wording

Income —For the three months ended March 28, 2026, theincrease in income, compared to the respective period in 2025, was primarily attributable to the revenue growth mentioned above. The decline in margin, compared to the respective period in 2025, was due primarily to incremental start-up costs and related inefficiencies associated with our capacity expansion initiatives, partially offset by leverage on fixed costs, particularly within SG&A expenses, driven by the higher volumes mentioned above.

Current wording

Income —For the three and six months ended June 27, 2026, the increase in income, compared to the respective periods in 2025, was due primarily to the revenue growth mentioned above. The decrease in margin for the three and six months ended June 27, 2026, compared to the respective periods in 2025, was primarily due to (i) start-up costs and related inefficiencies associated with our capacity expansion initiatives, (ii) net tariff headwinds and inflationary cost increases, and (iii) the respective 2025 periods benefiting from a more accretive mix and favorable project execution primarily within our cooling equipment business.

Previous wording

Backlog — The segment had backlog of $755.3 and$451.3 as of March 28, 2026 and March 29, 2025, respectively. Backlog associated with the Crawford, Thermolec, and Sigma & Omega acquisitions totaled $73.1, $2.2, and $55.0, respectively, as of March 28, 2026.

Current wording

Backlog — The segment had backlog of $918.8 and $539.5 as of June 27, 2026 and June 28, 2025, respectively. Backlog associated with the Crawford and Thermolec acquisitions totaled $61.4 and $0.8, respectively, as of June 27, 2026.

Previous wording

Revenues — For the three months ended March 28, 2026, the increase in revenues, compared to the respective period in 2025, was due primarily to inorganic revenue growth resulting from the KTS acquisition and organic revenue growth. The organic revenue growth was due primarily to higher volumes within our transportation systems business.

Current wording

Revenues — For the three and six months ended June 27, 2026, the increase in revenues, compared to the respective periods in 2025, was due primarily to organic revenue growth. The organic revenue growth was primarily driven by higher project volumes within our aids to navigation and communication technologies businesses. Project volumes, primarily within our communication technologies, aids to navigation, and transportation systems businesses, can vary from period to period based on the timing of project execution. In addition, the increase in revenues for the six months ended June 27, 2026, compared to the respective period in 2025, included the inorganic revenue growth resulting from a full year of revenue related to the KTS acquisition and higher volumes within our transportation business.

Previous wording

Backlog — The segment had backlogof $333.0 and$345.5 as of March 28, 2026 and March 29, 2025, respectively.

Current wording

Backlog — The segment had backlog of $312.4 and $365.4 as of June 27, 2026 and June 28, 2025, respectively.

Previous wording

Corporate Expense — Corporate expense generally relates to the personnel and general operating costs of our corporate headquarters in Charlotte, North Carolina. The increase in corporate expense during the three months ended March 28, 2026, compared to the respective period in 2025, was primarily due to higher expense related to acquisition and integration-related costs of $0.5, predominantly driven by the Crawford and Thermolec acquisitions.

Current wording

Corporate Expense — Corporate expense primarily relates to the personnel and general operating costs of our corporate headquarters in Charlotte, North Carolina. The increase in corporate expense during the three months ended June 27, 2026, compared to the respective period in 2025, was primarily due to (i) higher personnel-related costs, including annual merit increases and higher short-term incentive compensation expense, and (ii) an increase in professional fees associated with strategic initiatives.

Previous wording

Long-Term Incentive Compensation Expense — Long-term incentive compensation expense represents our consolidated expense, which we do not allocate for segment reporting purposes.

Current wording

Long-Term Incentive Compensation Expense —Long-term incentive compensation expense represents our consolidated expense, which we do not allocate for segment reporting purposes. Long-term incentive compensation expense in 2026 included awards granted to key employees of recently acquired businesses.

Previous wording

Listed below are the cash flows from (used in) operating, investing, and financing activities and discontinued operations, as well as the net change in cash and equivalents for the three months ended March 28, 2026 and March 29, 2025.

Current wording

Listed below are the cash flows from (used in) operating, investing, and financing activities and discontinued operations, as well as the net change in cash and equivalents for the six months ended June 27, 2026 and June 28, 2025.

Previous wording

Operating Activities — The increase in cash flows from operating activities during the three months ended March 28, 2026, compared to the respective period in 2025, was due primarily to amounts paid into an escrow account during the first quarter of 2025 in connection with the KTS acquisition related to future service obligations of certain employees of$46.5, as well as the increase in income, exclusive of non-cash items, generated from continuing operations during the three months ended March 28, 2026. This increase was partially offset by growth-related increases to working capital, inclusive of growth in inventory to support our higher backlog.

Current wording

Operating Activities — The increase in cash flows from operating activities for the six months ended June 27, 2026, compared to the six months ended June 28, 2025, was due primarily to (i) amounts paid into an escrow account during the first quarter of 2025 in connection with the KTS acquisition related to future service obligations of certain employees of $46.5 and (ii) the increase in income, exclusive of the non-cash items, generated from continuing operations during the six months ended June 27, 2026. Cash outflows in the first six months of 2026 to build inventory levels in support of our growth in revenue and backlog were partially offset by increases in accounts payable based on the timing of vendor invoicing and payments made.

Previous wording

Investing Activities — Cash flows used in investing activities for the three months ended March 28, 2026 were comprised primarily of net cash utilized in the acquisitions of Thermolec and Crawford of $439.6 and capital expenditures of $18.5 (inclusive of $10.8 related to capacity expansions for our engineered air movement and handling and cooling products businesses within the HVAC reportable segment), partially offset by net proceeds from COLI policies of $3.1.

Current wording

Investing Activities — Cash flows used in investing activities of continuing operations for the six months ended June 27, 2026 were comprised primarily of net cash utilized in the Crawford and Thermolec acquisitions of $439.6 and capital expenditures of $39.6 (inclusive of $27.4 related to capacity expansions for our engineered air movement and handling and cooling equipment businesses within the HVAC reportable segment), partially offset by net proceeds from COLI policies of $3.3.

Previous wording

Cash flows used in investing activities for the three months ended March 29, 2025 were comprised primarily of net cash utilized in acquisitions, including KTS, of $304.1 and capital expenditures of $5.5, partially offset by net proceeds from COLI policies of $3.0.

Current wording

Cash flows used in investing activities of continuing operations for the six months ended June 28, 2025 were comprised primarily of net cash utilized in acquisitions, including KTS and Sigma & Omega, of $447.7 and capital expenditures of $13.2, partially offset by net proceeds from COLI policies of $3.1.

Previous wording

Financing Activities — Cash flows from financing activities for the three months ended March 28, 2026 were comprised of net borrowings under our credit facilities and trade receivables financing arrangement of $150.0 and $22.0, respectively, primarily in connection with the Crawford acquisition and net borrowings under our other various debt instruments of $0.2. These net borrowings were partially offset by minimum tax withholdings paid on behalf of employees related to long-term incentive awards, net of proceeds from options exercised, of $14.6.

Current wording

Financing Activities — Cash flows from financing activities of continuing operations for the six months ended June 27, 2026 were comprised primarily of net borrowings under our credit facilities and trade receivables financing arrangement of $40.0 and $73.0, respectively, primarily in connection with the Crawford acquisition. These net borrowings were partially offset by minimum tax withholdings paid on behalf of employees related to long-term incentive awards, net of proceeds from options exercised, of $14.6.

Previous wording

Cash flows from financing activities for the three months ended March 29, 2025 were comprised of net borrowings under our credit facilities and trade receivables financing arrangement of $295.0 and $50.0, respectively, primarily in connection with the KTS acquisition and net borrowings under our other various debt instruments of $0.5. These net borrowings were partially offset by minimum tax withholdings paid on behalf of employees related to long-term incentive awards, net of proceeds from options exercised, of $9.8.

Current wording

Cash flows from financing activities of continuing operations for the six months ended June 28, 2025 were comprised primarily of net borrowings under our senior credit facilities and trade receivables financing arrangement of $373.2 and $31.0, respectively, primarily in connection with the KTS and Sigma & Omega acquisitions. These net borrowings were partially offset by minimum tax withholdings paid on behalf of employees related to long-term incentive awards, net of proceeds from options exercised, of $9.1.

Previous wording

Discontinued Operations — Cash flows from discontinued operations for the three months ended March 28, 2026 relate primarily toproceeds from the sale of the Non-core businesses of $59.2, net of cash and debt contributed of $1.4 and $2.2, respectively, and cash generated from the Non-core businesses during the period of ownership.

Current wording

Discontinued Operations — Cash flows from discontinued operations for the six months ended June 27, 2026 relate primarily toproceeds from the sale of the Non-core businesses of$59.2, net of cash and debt contributed of$1.4 and$2.2, respectively, and cash generated from the Non-core businesses during the period of ownership.

Previous wording

Cash flows used in discontinued operations for the three months ended March 29, 2025 related primarily to disbursements for costs incurred to supportour wound-down DBT Technologies (PTY) LTD (“DBT”) subsidiary through actions associated with the liquidation of a subcontractor.

Current wording

Cash flows used in discontinued operations for the six months ended June 28, 2025 relate primarily todisbursements for costs incurred to support our wound-down DBT Technologies (PTY) LTD (“DBT”) subsidiary through processes associated with the liquidation of a subcontractor.

Previous wording

Change in Cash and Equivalents due to Changes in Foreign Currency Exchange Rates — Changes in foreign currency exchange ratesdid not have a significant impact on our cash and equivalents during the first quarters of 2026 and 2025.

Current wording

Change in Cash and Equivalents due to Changes in Foreign Currency Exchange Rates — Changes in foreign currency exchange rates did not have a significant impact on our cash and equivalents during the first six months of 2026 and 2025.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

(2)The term loan is repayable in quarterly installments equal to 0.625% of the initial term loan balance of $500.0, beginning in December 2026 and in the first three quarters of 2027, and 1.25% during the fourth quarter of 2027, and all quarters of 2028 and 2029, and the first two quarters of 2030. The remaining balances are payable in full on September 9, 2030. Balances are net of unamortized debt issuance costs of $0.8 and $0.9 at March 28, 2026 and December 31, 2025, respectively.

Current wording

(2)The term loan is repayable in quarterly installments equal to 0.625% of the initial term loan balance of $500.0, beginning in December 2026 and in the first three quarters of 2027, and 1.25% during the fourth quarter of 2027, and all quarters of 2028 and 2029, and the first two quarters of 2030. The remaining balance is payable in full on September 9, 2030. The balance is net of unamortized debt issuance costs of $0.8 and $0.9 at June 27, 2026 and December 31, 2025, respectively.

Previous wording

(3)Under this arrangement, we can borrow, on a continuous basis, up to $100.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses. At March 28, 2026, we had $72.3 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $22.0.

Current wording

(3)Under this arrangement, we can borrow, on a continuous basis, up to $100.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses. At June 27, 2026, we had $8.0 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $73.0.

Previous wording

(4)Primarily includes balances under a purchase card program of $1.6 and $1.4 and finance lease obligations of $1.2 and $1.1 at March 28, 2026 and December 31, 2025, respectively. The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.

Current wording

(4)Primarily includes balances under a purchase card program of $1.3 and $1.4 and finance lease obligations of $1.2 and $1.1 at June 27, 2026 and December 31, 2025, respectively. The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.