Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Industry Segment Disclosures for Net Sales and Operating Profit Including Other Segment Income

Information on the Company’s business segments was as follows (in millions):

Net sales (a):	2023		2022		2021
Digital Imaging	$	3,144.1	$	3,110.9	$	2,412.9
Instrumentation	1,326.2		1,254.0		1,166.9
Aerospace and Defense Electronics	726.5		682.4		628.7
Engineered Systems	438.7		411.3		405.8
Total net sales	$	5,635.5	$	5,458.6	$	4,614.3
Operating income (loss):	2023		2022		2021
Digital Imaging	$	517.4	$	519.3	$	325.6
Instrumentation	338.3		295.3		253.7
Aerospace and Defense Electronics	199.6		184.1		133.2
Engineered Systems	44.7		39.2		48.6
Corporate expense	(65.6)		(65.9)		(136.8)
Total operating income (loss)	$	1,034.4	$	972.0	$	624.3

(a) Net sales excludes inter-segment sales of $29.4 million, $25.3 million and $20.2 million for fiscal years 2023, 2022 and 2021, respectively.

Depreciation and amortization (in millions):	2023		2022		2021
Digital Imaging (a)	$	268.9	$	279.0	$	309.2
Instrumentation	27.7		32.6		38.1
Aerospace and Defense Electronics	11.5		12.4		13.2
Engineered Systems	4.4		4.4		7.2
Corporate	3.9		3.8		4.1
Total depreciation and amortization	$	316.4	$	332.2	$	371.8

(a) The fiscal year 2023 and 2022 amounts included $164.0 million and $167.6 million of acquired asset intangible amortization related to FLIR. The fiscal year 2021 amount included $106.4 million of acquired inventory step-up expense and $110.3 million of acquired asset intangible amortization related to FLIR.

 

Capital expenditures (in millions):	2023		2022		2021
Digital Imaging	$	78.2	$	63.9	$	64.2
Instrumentation	14.0		9.3		13.3
Aerospace and Defense Electronics	10.9		8.0		8.4
Engineered Systems	3.4		5.3		12.9
Corporate	8.4		6.1		2.8
Total capital expenditures	$	114.9	$	92.6	$	101.6

Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, pension assets and other assets.

Identifiable assets (in millions):	2023		2022		2021
Digital Imaging	$	11,382.2	$	11,432.3	$	11,756.8
Instrumentation	1,692.3		1,626.4		1,640.3
Aerospace and Defense Electronics	569.1		540.1		536.3
Engineered Systems	184.8		200.3		179.2
Corporate	699.5		554.9		317.7
Total identifiable assets	$	14,527.9	$	14,354.0	$	14,430.3

Sales by Country of Origin and Long-Lived Assets by Major Geographic Area

Net sales by geographic region (in millions):	2023		2022		2021
United States	$	2,895.4	$	2,872.6	$	2,466.4
Europe	1,332.7		1,157.3		958.5
Asia	946.8		971.5		807.9
All other regions	460.6		457.2		381.5
Total net sales	$	5,635.5	$	5,458.6	$	4,614.3

Long-lived assets (in millions):	2023		2022		2021
United States	$	7,798.0	$	7,873.1	$	9,446.3
Canada	1,174.0		1,169.7		763.5
United Kingdom	852.8		825.8		622.4
France	434.0		427.4		463.7
All other countries	1,275.2		1,225.4		679.3
Total long-lived assets	$	11,534.0	$	11,521.4	$11,975.2

Summary of Sales by Product Line

The tables below provide a summary of the net sales by product line for the Instrumentation segment (in millions):

Instrumentation:	2023		2022		2021
Marine Instrumentation	$	529.7	$	460.7	$	424.1
Environmental Instrumentation	458.1		465.0		446.3
Test and Measurement Instrumentation	338.4		328.3		296.5
Total	$	1,326.2	$	1,254.0	$	1,166.9