Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 29, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

Fiscal Year 2018 (a) (in millions, except per-share amounts)	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Net Sales	$	695.6	$	732.5	$	725.3	$	748.4
Costs and expenses
Cost of sales	438.2		447.0		446.2		459.6
Selling, general and administrative expenses	169.0		174.0		173.6		177.6
Total costs and expenses	607.2		621.0		619.8		637.2
Operating income	88.4		111.5		105.5		111.2
Interest and debt expense, net	(7.1)		(6.7)		(6.0)		(5.7)
Non-service retirement benefit income	3.4		3.3		3.4		3.4
Other expense, net	(2.5)		(3.7)		(2.7)		(1.8)
Income before income taxes	82.2		104.4		100.2		107.1
Provision for income taxes (b)	15.7		18.5		9.9		16.0
Net income	$	66.5	$	85.9	$	90.3	$	91.1
Basic earnings per common share	$	1.87	$	2.40	$	2.52	$	2.53
Diluted earnings per common share	$	1.81	$	2.32	$	2.43	$	2.45

a) Fiscal year 2018 was a 52-week fiscal-year, each quarter contained 13 weeks.

b) Includes $2.1 million in net discrete income tax benefits in the first quarter, $3.4 million in net discrete income tax benefits in the second quarter, $11.4 million in net discrete income tax benefits the third quarter and $6.9 million in net discrete income tax benefits in the fourth quarter.

Quarterly Financial Information by Segment

The following pre-tax charges were incurred related to severance and facility consolidations (in millions):

	2019		2018		2017
Instrumentation	$	1.5	$	5.6	$	2.1
Digital Imaging	1.1		0.7		—
Aerospace and Defense Electronics	0.5		1.3		2.1
Engineered Systems	0.1		0.2		—
Total	$	3.2	$	7.8	$	4.2

Information on the Company’s business segments was as follows (in millions):

Net sales:	2019		2018		2017
Instrumentation	$	1,105.1	$	1,021.2	$	953.9
Digital Imaging	992.9		875.3		710.4
Aerospace and Defense Electronics	690.1		640.2		591.2
Engineered Systems	375.5		365.1		348.3
Total net sales	$	3,163.6	$	2,901.8	$	2,603.8
Operating income:	2019		2018		2017
Instrumentation	$	200.4	$	147.4	$	126.0
Digital Imaging	176.5		155.5		110.2
Aerospace and Defense Electronics	143.4		131.8		113.0
Engineered Systems	36.5		37.9		35.5
Corporate expense	(65.1)		(56.0)		(63.0)
Total operating income	$	491.7	$	416.6	$	321.7

Depreciation and amortization:	2019		2018		2017
Instrumentation	$	35.9	$	37.0	$	38.2
Digital Imaging	48.5		50.8		49.6
Aerospace and Defense Electronics	14.3		13.8		14.0
Engineered Systems	6.0		4.3		4.6
Corporate	7.2		7.1		6.6
Total depreciation and amortization	$	111.9	$	113.0	$	113.0

Capital expenditures:	2019		2018		2017
Instrumentation	$	18.9	$	14.8	$	13.7
Digital Imaging	45.2		35.8		23.4
Aerospace and Defense Electronics	19.0		18.7		9.3
Engineered Systems	3.6		13.6		7.4
Corporate	1.7		3.9		4.7
Total capital expenditures	$	88.4	$	86.8	$	58.5

Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash, deferred taxes, pension assets and other assets.

Identifiable assets:	2019		2018		2017
Instrumentation	$	1,680.2	$	1,392.7	$	1,413.6
Digital Imaging	1,874.6		1,577.5		1,582.2
Aerospace and Defense Electronics	618.3		509.9		491.2
Engineered Systems	143.4		151.5		135.5
Corporate	263.3		177.7		223.9
Total identifiable assets	$	4,579.8	$	3,809.3	$	3,846.4

Fiscal Year 2019 (in millions)	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Net Sales:
Instrumentation	$	256.5	$	264.1	$	282.9	$	301.6
Digital Imaging	232.4		248.4		244.0		268.1
Aerospace and Defense Electronics	166.6		176.0		177.1		170.4
Engineered Systems	89.7		93.5		98.2		94.1
Total net sales	$	745.2	$	782.0	$	802.2	$	834.2
Operating income:
Instrumentation	$	39.9	$	49.0	$	52.0	$	59.5
Digital Imaging	36.6		51.6		41.2		47.1
Aerospace and Defense Electronics	32.5		38.6		39.5		32.8
Engineered Systems	6.4		9.0		10.6		10.5
Corporate expense	(18.1)		(16.3)		(14.6)		(16.1)
Total operating income	$	97.3	$	131.9	$	128.7	$	133.8

Fiscal Year 2018 (in millions)	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Net Sales:
Instrumentation	$	239.0	$	262.6	$	256.2	$	263.4
Digital Imaging	208.3		223.0		220.7		223.3
Aerospace and Defense Electronics	156.4		157.5		160.3		166.0
Engineered Systems	91.9		89.4		88.1		95.7
Total net sales	$	695.6	$	732.5	$	725.3	$	748.4
Operating income:
Instrumentation	$	27.8	$	40.9	$	35.7	$	43.0
Digital Imaging	33.8		43.1		42.3		36.3
Aerospace and Defense Electronics	30.8		32.6		33.0		35.4
Engineered Systems	8.9		8.7		9.6		10.7
Corporate expense	(12.9)		(13.8)		(15.1)		(14.2)
Total operating income	$	88.4	$	111.5	$	105.5	$	111.2

(a) The 2018 periods have been adjusted to reflect the realignment, in the third quarter of 2019, of the reporting structure for certain business units, primarily related to certain refinements of our management reporting structure. This change primarily related to moving certain electronic manufacturing services products from the Aerospace and Defense Electronics segment to the Engineered Systems segment. Other immaterial changes included moving certain United Kingdom (U.K.) microwave product lines (previously within the Digital Imaging segment) and certain U.K. manufactured composite parts (previously within the Engineered Systems segment) into the Aerospace and Defense Electronics segment.