Divestitures	6 Months Ended
Jul. 03, 2026
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Divestitures	DIVESTITURES On June 30, 2026, the Company completed the sale of its Teletrac Navman business, receiving consideration with an estimated fair value of $208.2 million, consisting of $85.0 million in cash, seller’s notes with an estimated fair value of $99.8 million, and a retained minority interest in the Teletrac Navman business with an estimated fair value of $23.4 million. As a result of the transaction, the Company recognized a preliminary loss of $86.2 million, subject to the finalization of customary working capital adjustments, during the three and six months ended July 3, 2026, which is presented in Loss on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income. The seller’s notes consist of a $9.0 million unsecured seller’s note that matures on June 30, 2027 (the “Seller’s Note due 2027”) and a $100.0 million secured seller’s note that matures on June 30, 2030 (the “Seller’s Note due 2030”). The Seller’s Note due 2027 bears interest at a fixed rate of 6.0%, which is payable at the maturity date, and requires repayment of the outstanding principal balance at maturity. The Seller’s Note due 2030 bears interest at a fixed rate of 6.0%, which is payable every six months either in cash or in kind. The Seller’s Note due 2030 requires repayment of 25% of the outstanding principal and accrued interest balance on December 31, 2029, with the remaining balance due at maturity and is secured by a first priority lien in the equity of the entity that acquired the Teletrac Navman business. Both seller’s notes may be prepaid at any time without penalty, with certain events that would trigger a required prepayment. The Seller’s Note due 2027 is presented in Prepaid expenses and other current assets in the Consolidated Condensed Balance Sheets and the Seller’s Note due 2030 and the retained minority interest, which is accounted for under the equity method, are presented in Other assets in the Consolidated Condensed Balance Sheets. The consideration received from the seller’s notes and the retained minority interest are noncash investing activities in the Consolidated Condensed Statements of Cash Flows. There is a transition services agreement in place between the Company and Teletrac Navman which sets forth the terms and conditions pursuant to which the Company will provide certain services to Teletrac Navman. The operations of the Teletrac Navman business, which was presented in the Company’s Mobility Technologies segment, did not meet the criteria to be presented as discontinued operations. Transactions with Teletrac Navman and its affiliates are considered related party transactions.

Divestitures

6 Months Ended

Jul. 03, 2026

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

DIVESTITURES

On June 30, 2026, the Company completed the sale of its Teletrac Navman business, receiving consideration with an estimated fair value of $208.2 million, consisting of $85.0 million in cash, seller’s notes with an estimated fair value of $99.8 million, and a retained minority interest in the Teletrac Navman business with an estimated fair value of $23.4 million. As a result of the transaction, the Company recognized a preliminary loss of $86.2 million, subject to the finalization of customary working capital adjustments, during the three and six months ended July 3, 2026, which is presented in Loss on sale of business in the Consolidated Condensed Statements of Earnings and Comprehensive Income.

The seller’s notes consist of a $9.0 million unsecured seller’s note that matures on June 30, 2027 (the “Seller’s Note due 2027”) and a $100.0 million secured seller’s note that matures on June 30, 2030 (the “Seller’s Note due 2030”). The Seller’s Note due 2027 bears interest at a fixed rate of 6.0%, which is payable at the maturity date, and requires repayment of the outstanding principal balance at maturity. The Seller’s Note due 2030 bears interest at a fixed rate of 6.0%, which is payable every six months either in cash or in kind. The Seller’s Note due 2030 requires repayment of 25% of the outstanding principal and accrued interest balance on December 31, 2029, with the remaining balance due at maturity and is secured by a first priority lien in the equity of the entity that acquired the Teletrac Navman business. Both seller’s notes may be prepaid at any time without penalty, with certain events that would trigger a required prepayment. The Seller’s Note due 2027 is presented in Prepaid expenses and other current assets in the Consolidated Condensed Balance Sheets and the Seller’s Note due 2030 and the retained minority interest, which is accounted for under the equity method, are presented in Other assets in the Consolidated Condensed Balance Sheets. The consideration received from the seller’s notes and the retained minority interest are noncash investing activities in the Consolidated Condensed Statements of Cash Flows.

There is a transition services agreement in place between the Company and Teletrac Navman which sets forth the terms and conditions pursuant to which the Company will provide certain services to Teletrac Navman. The operations of the Teletrac Navman business, which was presented in the Company’s Mobility Technologies segment, did not meet the criteria to be presented as discontinued operations. Transactions with Teletrac Navman and its affiliates are considered related party transactions.