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Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Net Sales and Operating Income by Segment | The following table presents net sales and operating income by segment (dollars in millions):
| First Quarter |  | % |  |  |  |
| 2024 |  | 2023 |  | Change |  |  |  |  |  |
Net sales (a): |  |  |  |  |  |  |  |  |  |  |
Digital Imaging | $ | 740.8 |  |  | $ | 772.5 |  |  | (4.1) | % |  |  |  |  |  |
Instrumentation | 330.4 |  |  | 333.5 |  |  | (0.9) | % |  |  |  |  |  |
Aerospace and Defense Electronics | 185.7 |  |  | 173.2 |  |  | 7.2 | % |  |  |  |  |  |
Engineered Systems | 93.2 |  |  | 104.1 |  |  | (10.5) | % |  |  |  |  |  |
Total net sales | $ | 1,350.1 |  |  | $ | 1,383.3 |  |  | (2.4) | % |  |  |  |  |  |
Operating income: |  |  |  |  |  |  |  |  |  |  |
Digital Imaging | $ | 113.8 |  |  | $ | 122.2 |  |  | (6.9) | % |  |  |  |  |  |
Instrumentation | 86.0 |  |  | 80.7 |  |  | 6.6 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 51.9 |  |  | 47.0 |  |  | 10.4 | % |  |  |  |  |  |
Engineered Systems | 2.7 |  |  | 10.0 |  |  | (73.0) | % |  |  |  |  |  |
Corporate expense | (20.1) |  |  | (17.4) |  |  | 15.5 | % |  |  |  |  |  |
Operating income | $ | 234.3 |  |  | $ | 242.5 |  |  | (3.4) | % |  |  |  |  |  |
(a) Net sales exclude inter-segment sales of $4.8 million and $6.2 million for the first quarter of 2024 and 2023, respectively.
Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, net pension assets/liabilities and other assets (in millions):
Identifiable assets: |  | March 31, 2024 |  | December 31, 2023
Digital Imaging |  | $ | 11,197.1 |  |  | $ | 11,382.2 |
Instrumentation |  | 1,683.9 |  |  | 1,692.3 |
Aerospace and Defense Electronics |  | 561.9 |  |  | 569.1 |
Engineered Systems |  | 213.4 |  |  | 184.8 |
Corporate |  | 982.9 |  |  | 699.5 |
Total identifiable assets |  | $ | 14,639.2 |  |  | $ | 14,527.9 |
Schedule of Sales by Product Line | The following table provides a summary of the net sales by product line for the Instrumentation segment (in millions):
| First Quarter |  |
Instrumentation | 2024 |  | 2023 |  |  |  |
Marine Instrumentation | $ | 147.8 |  |  | $ | 128.2 |  |  |  |  |
Environmental Instrumentation | 111.1 |  |  | 117.9 |  |  |  |  |
Test and Measurement Instrumentation | 71.5 |  |  | 87.4 |  |  |  |  |
Total | $ | 330.4 |  |  | $ | 333.5 |  |  |  |  |

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