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ACQUISITIONS Acquisitions (Notes)
 6 Months Ended
Jun. 28, 2025
Acquisitions [Abstract]  
Business Combination [Text Block]
ACQUISITIONS
On September 12, 2024, we completed the acquisition of 100% of the privately held stock of kSARIA for a purchase price of $460.1, net of cash acquired and including deferred consideration of $4.5 expected to be paid in 2025. kSARIA is a leading manufacturer of mission-critical cable assembly and networking application solutions primarily for the aerospace and defense market. kSARIA is headquartered in New Hampshire, with approximately 1,000 employees across five manufacturing sites in the U.S. and one in Mexico. kSARIA and its acquired subsidiaries generated sales of approximately $175 in 2023. Subsequent to the acquisition, kSARIA’s financial results are reported within our CCT segment.
The assets acquired and liabilities assumed for the kSARIA acquisition were recorded at fair value and are shown in the table below, including adjustments to the preliminary purchase price during the six-months ended June 28, 2025. The impact to the current period income statement resulting from the adjustments was not material.
Allocation of Purchase Price
Preliminary 12/31/2024
YTD 2025 Adjustment
Preliminary
6/28/2025
Receivables$26.7 $(0.3)$26.4 
Inventory48.0 (7.9)40.1 
Plant, property and equipment9.4 (0.1)9.3 
Goodwill(a)
244.3 2.8 247.1 
Other intangible assets185.1 — 185.1 
Other assets10.3 (0.3)10.0 
Accounts payable and accrued liabilities(28.5)(0.8)(29.3)
Other liabilities(30.5)4.9 (25.6)
Contract liabilities
(3.0)— (3.0)
Net assets acquired$461.8 $(1.7)$460.1 
(a)    Goodwill acquired with kSARIA is primarily attributable to the complementary nature of its product portfolio to ITT’s existing connectors portfolio and is not expected to be deductible for income tax purposes.
The primary areas of the purchase price allocations that are not yet finalized for the kSARIA acquisition relate to the valuation of certain tangible assets, liabilities, income tax, and residual goodwill, which represents the excess of the purchase price over the fair value of the net tangible and other intangible assets acquired. The Company expects to obtain the information necessary to finalize the fair value of the net assets and liabilities during the measurement periods, not to exceed one year from respective the acquisition dates. Changes to the preliminary estimates of the fair value during the measurement period will be recorded as adjustments to those assets and liabilities with a corresponding adjustment to goodwill in the period they occur.
On January 19, 2024, the Company completed the acquisition of 100% of the privately held stock of Svanehøj for a purchase price of $407.6, net of cash acquired of $28.0. Svanehøj is a Denmark-based supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector. Svanehøj employs approximately 400 employees and has operations in Denmark, Singapore and France. Svanehøj had sales of approximately $148 in 2023. Subsequent to the acquisition, Svanehøj’s financial results are reported within our IP segment.
Pro forma results of operations have not been presented because the acquisitions were not deemed significant as of the acquisition date.