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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 16. SEGMENT INFORMATION
We report our results in three separate business segments consisting of Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. We determine our business segments based on the identification of segment managers and similarities in products, end markets, economic characteristics, technologies, and services, as well as the financial data utilized by the Company's chief executive officer. The Company's chief operating decision maker ("CODM") is the chief executive officer.
The CODM uses gross profit and operating profit at the segment level to assess performance and allocate resources, including merger and acquisition targets. The CODM also compares the actual results to expectations in assessing the performance of the segments. Gross profit represents total revenue less total cost of sales. Operating expenses generally include selling, general and administrative expenses, and research and development expenses. Depreciation expense is allocated between Cost of sales and Selling, general, and administrative expenses. Amortization expense is recorded within Selling, general, and administrative expenses. Operating profit represents gross profit less operating expenses. The identifiable assets by segment are those used in each segment’s operations. Inter-segment amounts are not significant and are eliminated in the combined totals. Unallocated costs and other costs are not considered part of our evaluation of reportable segment operating performance.
On January 1, 2024, we realigned Invetech from the AHS segment to the PT segment. Prior period segment amounts have been recast to conform to the revised segment presentation. Refer to Note 1 for further information on the realignment.
Segment results for the year ended December 31, 2024 are shown below ($ in millions):
 
Total
Intelligent Operating Solutions
Precision Technologies
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$6,231.8 $2,714.7 $2,229.4 $1,287.7 $— 
Cost of sales
(2,500.8)(888.6)(1,073.3)(538.9)— 
Gross profit
3,731.0 1,826.1 1,156.1 748.8 — 
Operating expenses
(2,587.5)(1,121.5)(719.2)(593.2)(153.6)
Gain on sale of property (a)
63.1 — 63.1 — — 
Operating profit (loss)
1,206.6 704.6 500.0 155.6 (153.6)
Non-operating income (expense), net
Interest expense, net
(152.8)— — — (152.8)
Loss from divestiture (a)
(25.6)— — — (25.6)
Other non-operating expense, net
(58.6)— — — (58.6)
Earnings before income taxes
$969.6 $704.6 $500.0 $155.6 $(390.6)
Depreciation and amortization expenses
$(543.9)$(228.8)$(113.0)$(201.2)$(0.9)
Capital expenditure
$(120.4)$(67.6)$(34.3)$(15.6)$(2.9)
(a) Refer to Note 4 and Note 3, respectively, for further detail on Gain on sale of property, and Loss from divestiture.
Segment results for the year ended December 31, 2023 are shown below ($ in millions):
 
Total
Intelligent Operating Solutions
Precision Technologies
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$6,065.3 $2,612.2 $2,223.7 $1,229.4 $— 
Cost of sales
(2,471.2)(875.1)(1,064.7)(531.4)— 
Gross profit
3,594.1 1,737.1 1,159.0 698.0 — 
Operating expenses
(2,460.4)(1,108.3)(614.8)(596.4)(140.9)
Operating profit (loss)
1,133.7 628.8 544.2 101.6 (140.9)
Non-operating income (expense), net
Interest expense, net
(123.5)— — — (123.5)
Other non-operating expense, net
(19.4)— — — (19.4)
Earnings before income taxes
$990.8 $628.8 $544.2 $101.6 $(283.8)
Depreciation and amortization expenses
$(456.8)$(219.4)$(30.8)$(202.6)$(4.0)
Capital expenditure
$(107.8)$(55.7)$(29.1)$(17.7)$(5.3)
Segment results for the year ended December 31, 2022 are shown below ($ in millions):
 
Total
Intelligent Operating Solutions
Precision Technologies
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$5,825.7 $2,466.1 $2,152.3 $1,207.3 $— 
Cost of sales
(2,462.3)(863.5)(1,066.9)(531.9)— 
Gross profit
3,363.4 1,602.6 1,085.4 675.4 — 
Operating expenses
(2,358.1)(1,083.2)(581.8)(579.8)(113.3)
Russia exit and wind down costs (a)
(17.9)— — — (17.9)
Operating profit (loss)
987.4 519.4 503.6 95.6 (131.2)
Non-operating income (expense), net
Interest expense, net
(98.3)— — — (98.3)
Other non-operating expense, net
(15.6)— — — (15.6)
Earnings before income taxes
$873.5 $519.4 $503.6 $95.6 $(245.1)
Depreciation and amortization expenses
$(465.6)$(218.3)$(38.3)$(205.2)$(3.8)
Capital expenditure
$(95.8)$(36.7)$(30.8)$(15.8)$(12.5)
(a) Refer to Note 1 for further detail on Russia exit and wind down costs.
Segment Assets:
As of December 31,
($ in millions)20242023
Intelligent Operating Solutions$6,320.1 $6,550.0 
Precision Technologies4,691.9 3,064.3 
Advanced Healthcare Solutions5,008.6 5,211.7 
Total segment assets16,020.6 14,826.0 
Other (a)
995.5 2,085.8 
Total assets$17,016.1 $16,911.8 
(a) Other represents corporate assets which consist primarily of cash, property, plant, and equipment, and net deferred income tax assets.
Operations in Geographic Areas:
As of December 31,
($ in millions)20242023
Property, plant and equipment, net:
United States$338.8 $369.0 
All other
94.3 70.8 
Total$433.1 $439.8