Segment Information (Tables)

3 Months Ended

Mar. 29, 2024

Segment Reporting [Abstract]

Schedule of Revenue, Operating Income and Identifiable Assets by Segment

	Reporting Segments
	AECO		Field Systems		T&L		Total
(In millions)
First Quarter of 2024
Segment revenue	$	339.1	$	419.2	$	195.0	$	953.3
Segment operating income	126.7		98.3		36.3		261.3
First Quarter of 2023
Segment revenue	$	288.1	$	479.9	$	147.4	$	915.4
Segment operating income	95.4		137.4		20.3		253.1

	Reporting Segments
	AECO		Field Systems		T&L		Total
(In millions)
As of the end of the First Quarter of 2024
Accounts receivable, net	$	163.3	$	295.2	$	174.5	$	633.0
Inventories	1.2		200.5		28.3		230.0
Goodwill	1,984.0		957.2		2,254.5		5,195.7
As of Year End 2023
Accounts receivable, net	$	222.5	$	309.8	$	174.3	$	706.6
Inventories	3.2		202.7		29.8		235.7
Goodwill	1,996.9		1,063.5		2,290.2		5,350.6

Schedule of Reconciliation of Our Condensed Consolidated Segment Operating Income to Condensed Consolidated Income Before Income Taxes

A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: 

	First Quarter of
	2024		2023
(In millions)
Consolidated segment operating income	$	261.3	$	253.1
Unallocated general corporate expenses	(26.9)		(27.0)
Amortization of purchased intangible assets	(54.5)		(34.7)
Acquisition / divestiture items	(23.9)		(7.0)
Stock-based compensation / deferred compensation	(38.8)		(35.4)
Restructuring and other costs	(8.0)		(12.0)
Consolidated operating income	109.2		137.0
Total non-operating (expense) income, net	(36.2)		23.6
Consolidated income before taxes	$	73.0	$	160.6

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and is consistent with the Reporting Segment tables above.

	Reporting Segments
	AECO		Field Systems		T&L		Total
(In millions)
First Quarter of 2024
North America	$	193.1	$	182.0	$	119.7	$	494.8
Europe	100.0		140.5		56.7		297.2
Asia Pacific	35.0		65.0		5.7		105.7
Rest of World	11.0		31.7		12.9		55.6
Total segment revenue	$	339.1	$	419.2	$	195.0	$	953.3
First Quarter of 2023
North America	$	167.9	$	198.5	$	115.4	$	481.8
Europe	84.0		160.2		23.6		267.8
Asia Pacific	25.5		76.1		1.5		103.1
Rest of World	10.7		45.1		6.9		62.7
Total segment revenue	$	288.1	$	479.9	$	147.4	$	915.4