Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Net Sales and Operating Income by Segment

The following table presents net sales and operating income by segment (dollars in millions):

	Second Quarter				%		Six Months				%
	2024		2023		Change		2024		2023		Change
Net sales (a):
Digital Imaging	$	739.4	$	793.3	(6.8)	%	$	1,480.2	$	1,565.8	(5.5)	%
Instrumentation	333.5		328.4		1.6	%	663.9		661.9		0.3	%
Aerospace and Defense Electronics	194.4		186.0		4.5	%	380.1		359.2		5.8	%
Engineered Systems	106.8		117.0		(8.7)	%	200.0		221.1		(9.5)	%
Total net sales	$	1,374.1	$	1,424.7	(3.6)	%	$	2,724.2	$	2,808.0	(3.0)	%
Operating income:
Digital Imaging	$	113.5	$	124.6	(8.9)	%	$	227.3	$	246.8	(7.9)	%
Instrumentation	87.2		81.4		7.1	%	173.2		162.1		6.8	%
Aerospace and Defense Electronics	57.1		53.2		7.3	%	109.0		100.2		8.8	%
Engineered Systems	7.5		11.5		(34.8)	%	10.2		21.5		(52.6)	%
Corporate expense	(18.3)		(14.6)		25.3	%	(38.4)		(32.0)		20.0	%
Operating income	$	247.0	$	256.1	(3.6)	%	$	481.3	$	498.6	(3.5)	%
(a) Net sales exclude inter-segment sales of $8.5 million and $13.3 million for the second quarter and first six months of 2024, respectively, and $8.1 million and $14.3 million for the second quarter and first six months of 2023, respectively.

Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, net pension assets/liabilities and other assets (in millions):

Identifiable assets:	June 30, 2024		December 31, 2023
Digital Imaging	$	11,236.1	$	11,382.2
Instrumentation	1,734.6		1,692.3
Aerospace and Defense Electronics	560.4		569.1
Engineered Systems	208.3		184.8
Corporate	481.7		699.5
Total identifiable assets	$	14,221.1	$	14,527.9

Schedule of Sales by Product Line

The following table provides a summary of the net sales by product line for the Instrumentation segment (in millions):

	Second Quarter				Six Months
Instrumentation	2024		2023		2024		2023
Marine Instrumentation	$	147.8	$	127.4	$	295.6	$	255.6
Environmental Instrumentation	113.5		115.3		224.6		233.2
Test and Measurement Instrumentation	72.2		85.7		143.7		173.1
Total	$	333.5	$	328.4	$	663.9	$	661.9