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SEGMENT INFORMATION
 9 Months Ended
Sep. 26, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 10. SEGMENT INFORMATION
We report our results in two separate business segments consisting of Intelligent Operating Solutions 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.
The IOS segment provides advanced instrumentation, software and services to tens of thousands of customers enabling their mission-critical workflows. These offerings include professional instruments used in applications including maintenance, repair, measurement and condition monitoring, facility and asset lifecycle software applications, connected worker safety and compliance solutions across a range of vertical end markets, including manufacturing, process industries, healthcare, utilities and power, communications and electronics, among others. Typical users of these safety, productivity and sustainability solutions include electrical engineers, electricians, electronic technicians, EHS professionals, network technicians, facility managers, first-responders, and maintenance professionals.
The AHS segment supplies critical workflow solutions enabling healthcare providers to deliver exceptional patient care more efficiently. Our offerings include instrument sterilization solutions, instrument tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity software and solutions. Our healthcare offerings help ensure critical safety standards are met, instruments and operating rooms are working at peak performance, and complex procedures are followed accurately in these mission-critical healthcare environments.
Segment results for the three months ended September 26, 2025 are shown below ($ in millions):
Total
Intelligent Operating Solutions
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$1,027.1 $698.8 $328.3 $— 
Cost of sales
(377.9)(241.3)(136.6)— 
Gross profit
649.2 457.5 191.7 — 
Operating expenses
(489.6)(276.8)(149.2)(63.6)
Operating profit (loss)
159.6 180.7 42.5 (63.6)
Non-operating income (expense), net
Interest expense, net
(25.4)— — (25.4)
Other non-operating income (expense), net
0.8 — — 0.8 
Earnings from continuing operations before income taxes
$135.0 $180.7 $42.5 $(88.2)
Depreciation and amortization expenses
$(109.1)$(59.1)$(49.6)$(0.4)
Capital expenditure
$(28.6)$(22.7)$(5.9)$— 
Segment results for the three-month period ended September 27, 2024 are shown below ($ in millions):
Total
Intelligent Operating Solutions
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$1,003.7 $681.3 $322.4 $— 
Cost of sales
(362.2)(227.6)(134.6)— 
Gross profit
641.5 453.7 187.8 — 
Operating expenses
(469.5)(284.7)(151.1)(33.7)
Operating profit (loss)
172.0 169.0 36.7 (33.7)
Non-operating income (expense), net
Interest expense, net
(37.1)— — (37.1)
Other non-operating income (expense), net
(25.8)— — (25.8)
Earnings from continuing operations before income taxes
$109.1 $169.0 $36.7 $(96.6)
Depreciation and amortization expenses
$(107.8)$(57.6)$(49.9)$(0.3)
Capital expenditure
$(21.6)$(17.3)$(4.0)$(0.3)
Segment results for the nine-month period ended September 26, 2025 are shown below ($ in millions):
Total
Intelligent Operating Solutions
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$3,036.6 $2,086.6 $950.0 $— 
Cost of sales
(1,104.4)(713.7)(390.7)— 
Gross profit
1,932.2 1,372.9 559.3 — 
Operating expenses
(1,437.5)(846.8)(459.3)(131.4)
Operating profit (loss)
494.7 526.1 100.0 (131.4)
Non-operating income (expense), net
Interest expense, net
(89.5)— — (89.5)
Other non-operating income (expense), net
3.1 — — 3.1 
Earnings from continuing operations before income taxes
$408.3 $526.1 $100.0 $(217.8)
Depreciation and amortization expenses
$(326.3)$(175.9)$(149.4)$(1.0)
Capital expenditure
$(74.7)$(59.8)$(14.8)$(0.1)
Segment results for the nine-month period ended September 27, 2024 are shown below ($ in millions):
Total
Intelligent Operating Solutions
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$3,008.1 $2,062.3 $945.8 $— 
Cost of sales
(1,084.5)(688.6)(395.9)— 
Gross profit
1,923.6 1,373.7 549.9 — 
Operating expenses
(1,419.5)(866.5)(454.1)(98.9)
Operating profit (loss)
504.1 507.2 95.8 (98.9)
Non-operating income (expense), net
Interest expense, net
(119.8)— — (119.8)
Other non-operating income (expense), net
(58.2)— — (58.2)
Earnings from continuing operations before income taxes
$326.1 $507.2 $95.8 $(276.9)
Depreciation and amortization expenses
$(322.8)$(172.0)$(150.4)$(0.4)
Capital expenditure
$(63.5)$(50.9)$(9.8)$(2.8)
Segment Assets:
As of
($ in millions)September 26, 2025December 31, 2024
Intelligent Operating Solutions$6,315.4 $6,324.1 
Advanced Healthcare Solutions4,907.1 5,008.6 
Total segment assets11,222.5 11,332.7 
Other (a)
607.8 967.9 
Assets of Discontinued Operations56.4 4,715.5 
Total assets$11,886.7 $17,016.1 
(a) Other represents corporate assets which consist primarily of cash, property, plant, and equipment, and net deferred income tax assets.