Segment Information (Tables)

6 Months Ended

Jun. 28, 2024

Segment Reporting [Abstract]

Schedule of Revenue, Operating Income and Identifiable Assets by Segment

The following reporting segment tables reflect the results of our reportable operating segments under our management reporting system. This is consistent with the way the CODM evaluates each of the segment’s performance and allocates resources.

	Reporting Segments
	AECO		Field Systems		T&L		Total
(In millions)
Second Quarter of 2024
Segment revenue	$	299.7	$	379.3	$	191.8	$	870.8
Segment operating income	79.1		109.8		35.9		224.8
Second Quarter of 2023
Segment revenue	$	264.1	$	540.6	$	188.9	$	993.6
Segment operating income	62.4		175.9		26.7		265.0
First Two Quarters of 2024
Segment revenue	$	638.8	$	798.5	$	386.8	$	1,824.1
Segment operating income	205.8		208.1		72.2		486.1
First Two Quarters of 2023
Segment revenue	$	552.2	$	1,020.5	$	336.3	$	1,909.0
Segment operating income	157.8		313.3		47.0		518.1

	Reporting Segments
	AECO		Field Systems		T&L		Total
(In millions)
As of the end of the Second Quarter of 2024
Accounts receivable, net	$	147.1	$	258.3	$	171.6	$	577.0
Inventories	1.3		195.3		26.5		223.1
Goodwill	1,998.4		963.7		2,236.2		5,198.3
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: 

	Second Quarter of				First Two Quarters of
	2024		2023		2024		2023
(In millions)
Consolidated segment operating income	$	224.8	$	265.0	$	486.1	$	518.1
Unallocated general corporate expenses	(30.4)		(34.0)		(57.3)		(61.0)
Amortization of purchased intangible assets	(54.5)		(62.1)		(109.0)		(96.8)
Acquisition / divestiture items	(33.9)		(26.5)		(57.8)		(33.5)
Stock-based compensation / deferred compensation	(38.1)		(42.1)		(76.9)		(77.5)
Restructuring and other costs	(6.3)		(6.7)		(14.3)		(18.7)
Consolidated operating income	61.6		93.6		170.8		230.6
Total non-operating income (expense), net	1,700.4		(36.1)		1,664.2		(12.5)
Consolidated income before taxes	$	1,762.0	$	57.5	$	1,835.0	$	218.1

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)
Second Quarter of 2024
North America	$	191.5	$	200.4	$	114.9	$	506.8
Europe	71.3		96.2		63.9		231.4
Asia Pacific	27.0		59.1		3.3		89.4
Rest of World	9.9		23.6		9.7		43.2
Total segment revenue	$	299.7	$	379.3	$	191.8	$	870.8
Second Quarter of 2023
North America	$	158.6	$	250.5	$	116.5	$	525.6
Europe	67.2		154.3		61.2		282.7
Asia Pacific	22.7		86.1		1.8		110.6
Rest of World	15.6		49.7		9.4		74.7
Total segment revenue	$	264.1	$	540.6	$	188.9	$	993.6
First Two Quarters of 2024
North America	$	384.6	$	382.4	$	234.6	$	1,001.6
Europe	171.3		236.7		120.6		528.6
Asia Pacific	62.0		124.1		9.0		195.1
Rest of World	20.9		55.3		22.6		98.8
Total segment revenue	$	638.8	$	798.5	$	386.8	$	1,824.1
First Two Quarters of 2023
North America	$	326.5	$	449.0	$	231.9	$	1,007.4
Europe	151.2		314.5		84.8		550.5
Asia Pacific	48.2		162.2		3.3		213.7
Rest of World	26.3		94.8		16.3		137.4
Total segment revenue	$	552.2	$	1,020.5	$	336.3	$	1,909.0