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Reportable Segments and Geographic Areas Information
 12 Months Ended
Dec. 31, 2024
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 determined based on information utilized by the Chief Executive Officer, its chief operating decision maker ("CODM"). 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
The CODM reviews segment operating income statements in order to assess performance and allocate resources to each segment. Sales and operating income are key metrics monitored by the CODM when determining each segment’s financial condition and operating performance. In addition, the CODM receives depreciation, amortization, research, development, and engineering costs, capital spending, and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment.
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 (in thousands):
EMGEIGCorporateTotal Consolidated
2024
Net Sales$2,281,265 $4,659,915 $— $6,941,180 
Cost of sales (1)
1,736,694 2,728,019 — 4,464,713 
Selling expense88,070 503,487 — 591,557 
Segment Operating Income456,501 1,428,409 — 1,884,910 
Corporate G&A— — 105,348 105,348 
Operating Income456,501 1,428,409 (105,348)1,779,562 
Interest expense— — (112,962)(112,962)
Other (expense) income, net— — (5,061)(5,061)
Income before Income Taxes$456,501 $1,428,409 $(223,371)$1,661,539 
Depreciation$58,049 $71,351 $5,866 $135,266 
Amortization74,452 173,209 — 247,661 
Total depreciation and amortization$132,501 $244,560 $5,866 $382,927 
Research, Development & Engineering costs (2)
$72,434 $299,441 $— $371,875 
Assets$4,758,856 $9,302,031 $570,282 $14,631,169 
Capital Expenditures (3)
$41,022 $58,859 $28,277 $128,158 
(1)Includes $29.2 million in EMG in for Paragon integration costs.
(2)Included in cost of sales.
(3)Includes $1.1 million in EIG from acquired businesses.
EMGEIGCorporateTotal Consolidated
2023
Net Sales$1,972,700 $4,624,250 $— $6,596,950 
Cost of sales1,393,086 2,819,399 — 4,212,485 
Selling expense83,045 493,889 — 576,934 
Segment Operating Income496,569 1,310,962 — 1,807,531 
Corporate G&A— — 100,072 100,072 
Operating Income496,569 1,310,962 (100,072)1,707,459 
Interest expense— — (81,795)(81,795)
Other (expense) income, net— — (19,252)(19,252)
Income before Income Taxes$496,569 $1,310,962 $(201,119)$1,606,412 
Depreciation$40,443 $77,344 $4,715 $122,502 
Amortization43,471 171,663 — 215,134 
Total depreciation and amortization$83,914 $249,007 $4,715 $337,636 
Research, Development & Engineering costs (1)
$68,960 $282,701 $— $351,661 
Assets$4,957,944 $9,559,282 $506,307 $15,023,533 
Capital Expenditures (2)
$272,060 $86,616 $12,385 $371,061 
(1)Included in cost of sales.
(2)Includes $223.7 million in EMG, and $11.1 million in EIG from acquired businesses.
EMGEIGCorporateTotal Consolidated
2022
Net Sales$1,921,177 $4,229,353 $— $6,150,530 
Cost of sales (1)
1,337,108 2,668,153 — 4,005,261 
Selling expense80,476 471,471 — 551,947 
Segment Operating Income503,593 1,089,729 — 1,593,322 
Corporate G&A— — 92,630 92,630 
Operating Income503,593 1,089,729 (92,630)1,500,692 
Interest expense— — (83,186)(83,186)
Other income (expense), net— — 11,186 11,186 
Income before Income Taxes$503,593 $1,089,729 $(164,630)$1,428,692 
Depreciation$37,474 $73,093 $3,095 $113,662 
Amortization40,422 165,343 — 205,765 
Total depreciation and amortization$77,896 $238,436 $3,095 $319,427 
Research, Development & Engineering costs (2)
$63,892 $258,178 $— $322,070 
Assets$2,617,685 $9,430,797 $382,638 $12,431,120 
Capital Expenditures (3)
$38,186 $93,505 $19,757 $151,448 
(1)Includes $7.1 million in EMG from a gain on the sale of a facility.
(2)Included in cost of sales.
(3)Includes $12.3 million in EIG and $0.1 million in Corporate from acquired businesses.
Geographic Areas
Information about the Company’s operations in different geographic areas for the years ended December 31, 2024 and 2023 is shown below.
20242023
(In thousands)
Long-lived assets from continuing operations (excluding intangible assets):
United States$590,386 $646,381 
International(1):
United Kingdom68,239 73,328 
European Union countries84,707 95,781 
Asia12,416 13,351 
Other foreign countries62,863 62,452 
Total international228,225 244,912 
Total consolidated$818,611 $891,293 
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(1)Represents long-lived assets of foreign-based operations only.