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Reportable Segments and Geographic Areas Information | 12 Months Ended
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Dec. 31, 2023
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 and defense industry with aircraft and engine sensors, embedded computing systems, monitoring systems, power supplies, fuel and fluid measurement systems, and data acquisition systems. EMG designs and manufactures highly engineered medical components and devices, automation solutions, thermal management systems, specialty metals and electrical interconnects. EMG products include single-use and consumable surgical instruments, implantable components, and drug delivery systems used across a wide range of medical applications. It also manufactures highly engineered electrical connectors and electronic packaging used to protect sensitive electronic devices. EMG 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, 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
| 2023 |  | 2022 |  | 2021
| (In thousands)
Operating income and income before income taxes: |  |  |  |  |
Segment operating income: |  |  |  |  |
Electronic Instruments | $ | 1,310,962 |  |  | $ | 1,089,729 |  |  | $ | 958,183 |
Electromechanical | 496,569 |  |  | 503,593 |  |  | 437,378 |
Total segment operating income | 1,807,531 |  |  | 1,593,322 |  |  | 1,395,561 |
Corporate administrative expenses | (100,072) |  |  | (92,630) |  |  | (86,891) |
Consolidated operating income | 1,707,459 |  |  | 1,500,692 |  |  | 1,308,670 |
Interest and other expenses, net | (101,047) |  |  | (72,000) |  |  | (85,500) |
Consolidated income before income taxes | $ | 1,606,412 |  |  | $ | 1,428,692 |  |  | $ | 1,223,170 |
Assets: |  |  |  |  |
Electronic Instruments | $ | 9,559,282 |  |  | $ | 9,430,797 |  |  |
Electromechanical | 4,957,944 |  |  | 2,617,685 |  |  |
Total segment assets | 14,517,226 |  |  | 12,048,482 |  |  |
Corporate | 506,307 |  |  | 382,638 |  |  |
Consolidated assets | $ | 15,023,533 |  |  | $ | 12,431,120 |  |  |
| 2023 |  | 2022 |  | 2021
| (In thousands)
Additions to property, plant and equipment(1): |  |  |  |  |
Electronic Instruments | $ | 86,616 |  |  | $ | 93,505 |  |  | $ | 168,267 |
Electromechanical | 272,060 |  |  | 38,186 |  |  | 34,586 |
Total segment additions to property, plant and equipment | 358,676 |  |  | 131,691 |  |  | 202,853 |
Corporate | 12,385 |  |  | 19,757 |  |  | 10,417 |
Consolidated additions to property, plant and equipment | $ | 371,061 |  |  | $ | 151,448 |  |  | $ | 213,270 |
Depreciation and amortization: |  |  |  |  |
Electronic Instruments | $ | 249,007 |  |  | $ | 238,436 |  |  | $ | 210,118 |
Electromechanical | 83,914 |  |  | 77,896 |  |  | 79,497 |
Total segment depreciation and amortization | 332,921 |  |  | 316,332 |  |  | 289,615 |
Corporate | 4,715 |  |  | 3,095 |  |  | 2,497 |
Consolidated depreciation and amortization | $ | 337,636 |  |  | $ | 319,427 |  |  | $ | 292,112 |
___________________ (1)Includes $234.8 million in 2023, $12.4 million in 2022, and $102.6 million in 2021 from acquired businesses. Geographic Areas Information about the Company’s operations in different geographic areas for the years ended December 31, 2023 and 2022 is shown below.
| 2023 |  | 2022
| (In thousands)
Long-lived assets from continuing operations (excluding intangible assets): |  |  |
United States | $ | 646,381 |  |  | $ | 412,577 |
International(1): |  |  |
United Kingdom | 73,328 |  |  | 71,462 |
European Union countries | 95,781 |  |  | 89,993 |
Asia | 13,351 |  |  | 11,479 |
Other foreign countries | 62,452 |  |  | 50,130 |
Total international | 244,912 |  |  | 223,064 |
Total consolidated | $ | 891,293 |  |  | $ | 635,641 |
_________________ (1)Represents long-lived assets of foreign-based operations only.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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