Business Segments (Tables)

9 Months Ended

Oct. 01, 2023

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):

	Third Quarter				%		Nine Months				%
	2023		2022		Change		2023		2022		Change
Net sales (a):
Digital Imaging	$	775.8	$	777.9	(0.3)	%	$	2,341.6	$	2,304.2	1.6	%
Instrumentation	329.1		306.4		7.4	%	991.0		927.8		6.8	%
Aerospace and Defense Electronics	183.3		169.5		8.1	%	542.5		504.5		7.5	%
Engineered Systems	114.3		109.8		4.1	%	335.4		303.9		10.4	%
Total net sales	$	1,402.5	$	1,363.6	2.9	%	$	4,210.5	$	4,040.4	4.2	%
Operating income:
Digital Imaging	$	136.3	$	133.7	1.9	%	$	383.1	$	367.3	4.3	%
Instrumentation	85.5		71.1		20.3	%	247.6		216.3		14.5	%
Aerospace and Defense Electronics	49.4		44.3		11.5	%	149.6		131.3		13.9	%
Engineered Systems	10.9		11.9		(8.4)	%	32.4		29.9		8.4	%
Corporate expense	(17.8)		(15.8)		12.7	%	(49.8)		(46.6)		6.9	%
Operating income	$	264.3	$	245.2	7.8	%	$	762.9	$	698.2	9.3	%
(a) Net sales exclude inter-segment sales of $7.2 million and $21.5 million for the third quarter and first nine months of 2023, respectively, and $4.8 million and $15.4 million for the third quarter and first nine months of 2022, 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:	October 1, 2023		January 1, 2023
Digital Imaging	$	11,267.8	$	11,432.3
Instrumentation	1,643.1		1,626.4
Aerospace and Defense Electronics	570.9		540.1
Engineered Systems	210.7		200.3
Corporate	523.3		554.9
Total identifiable assets	$	14,215.8	$	14,354.0

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):

	Third Quarter				Nine Months
Instrumentation	2023		2022		2023		2022
Marine Instrumentation	$	132.5	$	110.0	$	388.1	$	337.2
Environmental Instrumentation	113.0		114.8		346.2		344.3
Test and Measurement Instrumentation	83.6		81.6		256.7		246.3
Total	$	329.1	$	306.4	$	991.0	$	927.8