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Reportable Segments and Geographic Areas Information
 12 Months Ended
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
202320222021
(In thousands)
Operating income and income before income taxes:
Segment operating income:
Electronic Instruments$1,310,962 $1,089,729 $958,183 
Electromechanical496,569 503,593 437,378 
Total segment operating income1,807,531 1,593,322 1,395,561 
Corporate administrative expenses(100,072)(92,630)(86,891)
Consolidated operating income1,707,459 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 
Electromechanical4,957,944 2,617,685 
Total segment assets14,517,226 12,048,482 
Corporate506,307 382,638 
Consolidated assets$15,023,533 $12,431,120 

202320222021
(In thousands)
Additions to property, plant and equipment(1):
Electronic Instruments$86,616 $93,505 $168,267 
Electromechanical272,060 38,186 34,586 
Total segment additions to property, plant and equipment358,676 131,691 202,853 
Corporate12,385 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 
Electromechanical83,914 77,896 79,497 
Total segment depreciation and amortization332,921 316,332 289,615 
Corporate4,715 3,095 2,497 
Consolidated depreciation and amortization$337,636 $319,427 $292,112 
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(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.
20232022
(In thousands)
Long-lived assets from continuing operations (excluding intangible assets):
United States$646,381 $412,577 
International(1):
United Kingdom73,328 71,462 
European Union countries95,781 89,993 
Asia13,351 11,479 
Other foreign countries62,452 50,130 
Total international244,912 223,064 
Total consolidated$891,293 $635,641 
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(1)Represents long-lived assets of foreign-based operations only.