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Reportable Segments and Geographic Areas Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Reportable Segments and Geographic Areas Information Reportable Segments and Geographic Areas Information
Descriptive Information about Reportable Segments
The Company has two reportable segments, EIG and EMG. The Company’s operating segments are identified based on the existence of segment managers. Certain of the Company’s operating segments have been aggregated for segment reporting purposes primarily on the basis of product type, production processes, distribution methods and similarity of economic characteristics.
EIG manufactures advanced instruments for the process, power and industrial, and aerospace markets. It provides process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries. EIG also provides instruments to the laboratory equipment, ultra-
precision manufacturing, medical, and test and measurement markets. It makes power quality monitoring and metering devices, uninterruptible power supplies, programmable power equipment, electromagnetic compatibility test equipment and gas turbines sensors. EIG also provides dashboard instruments for heavy trucks and other vehicles, as well as instrumentation and controls for the food and beverage industries. It supplies the aerospace industry with aircraft and engine sensors, monitoring systems, power supplies, fuel and fluid measurement systems, and data acquisition systems.
EMG is a differentiated supplier of automation solutions, thermal management systems, specialty metals and electrical interconnects. It manufactures highly engineered electrical connectors and electronic packaging used to protect sensitive electronic devices. EMG also makes precision motion control products for data storage, medical devices, business equipment, automation and other applications. It supplies high-purity powdered metals, strip and foil, specialty clad metals and metal matrix composites. EMG also manufactures motors used in commercial appliances, fitness equipment, food and beverage machines, hydraulic pumps and industrial blowers. It produces motor-blower systems and heat exchangers used in thermal management and other applications on a variety of military and commercial aircraft and military ground vehicles. EMG also operates a global network of aviation maintenance, repair and overhaul facilities.
Measurement of Segment Results
Segment operating income represents net sales less all direct costs and expenses (including certain administrative and other expenses) applicable to each segment but does not include interest expense. Net sales by segment are reported after elimination of intra- and inter-segment sales and profits, which are insignificant in amount. Reported segment assets include allocations directly related to the segment’s operations. Corporate assets consist primarily of investments, pensions, insurance deposits and deferred taxes.
Reportable Segment Financial Information
202220212020
(In thousands)
Operating income and income before income taxes:
Segment operating income:
Electronic Instruments$1,089,729 $958,183 $770,620 
Electromechanical503,593 437,378 324,962 
Total segment operating income1,593,322 1,395,561 1,095,582 
Corporate administrative expenses(92,630)(86,891)(67,698)
Consolidated operating income1,500,692 1,308,670 1,027,884 
Interest and other income (expenses), net(72,000)(85,500)54,425 
Consolidated income before income taxes$1,428,692 $1,223,170 $1,082,309 
Assets:
Electronic Instruments$9,430,797 $8,672,711 
Electromechanical2,617,685 2,638,773 
Total segment assets12,048,482 11,311,484 
Corporate382,638 586,703 
Consolidated assets$12,431,120 $11,898,187 
202220212020
(In thousands)
Additions to property, plant and equipment(1):
Electronic Instruments$93,505 $168,267 $48,638 
Electromechanical38,186 34,586 26,381 
Total segment additions to property, plant and equipment131,691 202,853 75,019 
Corporate19,757 10,417 1,007 
Consolidated additions to property, plant and equipment$151,448 $213,270 $76,026 
Depreciation and amortization:
Electronic Instruments$238,436 $210,118 $174,494 
Electromechanical77,896 79,497 78,297 
Total segment depreciation and amortization316,332 289,615 252,791 
Corporate3,095 2,497 2,484 
Consolidated depreciation and amortization$319,427 $292,112 $255,275 
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(1)Includes $12.4 million in 2022, $102.6 million in 2021 and $1.8 million in 2020 from acquired businesses.
Geographic Areas
Information about the Company’s operations in different geographic areas for the years ended December 31, 2022 and 2021 is shown below.
20222021
(In thousands)
Long-lived assets from continuing operations (excluding intangible assets):
United States$412,577 $416,323 
International(1):
United Kingdom71,462 74,525 
European Union countries89,993 87,117 
Asia11,479 11,971 
Other foreign countries50,130 27,202 
Total international223,064 200,815 
Total consolidated$635,641 $617,138 
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(1)Represents long-lived assets of foreign-based operations only.