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v3.25.1

Business Segments (Tables) | 3 Months Ended
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Mar. 30, 2025
Segment Reporting [Abstract] |
Schedule of Net Sales, Operating Expenses and Operating Income by Segment | The following table presents net sales, operating expenses and operating income by segment (dollars in millions):
| First Quarter |  | % |  |  |  |
Net Sales (a): | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 757.0 |  |  | $ | 740.8 |  |  | 2.2 | % |  |  |  |  |  |
Instrumentation | 343.3 |  |  | 330.4 |  |  | 3.9 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 242.5 |  |  | 185.7 |  |  | 30.6 | % |  |  |  |  |  |
Engineered Systems | 107.1 |  |  | 93.2 |  |  | 14.9 | % |  |  |  |  |  |
Total net sales | $ | 1,449.9 |  |  | $ | 1,350.1 |  |  | 7.4 | % |  |  |  |  |  |
(a) Net sales exclude inter-segment sales of $3.8 million and $4.8 million for the first quarter of 2025 and 2024, respectively.
| First Quarter |  | % |  |  |  |
Cost of sales: | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 422.5 |  |  | $ | 408.6 |  |  | 3.4 | % |  |  |  |  |  |
Instrumentation | 173.5 |  |  | 171.2 |  |  | 1.3 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 144.2 |  |  | 107.9 |  |  | 33.6 | % |  |  |  |  |  |
Engineered Systems | 90.2 |  |  | 82.5 |  |  | 9.3 | % |  |  |  |  |  |
Total cost of sales | $ | 830.4 |  |  | $ | 770.2 |  |  | 7.8 | % |  |  |  |  |  |
| First Quarter |  | % |  |  |  |
Selling, general and administrative: | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 122.7 |  |  | $ | 123.7 |  |  | (0.8) | % |  |  |  |  |  |
Instrumentation | 49.7 |  |  | 47.0 |  |  | 5.7 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 33.2 |  |  | 21.0 |  |  | 58.1 | % |  |  |  |  |  |
Engineered Systems | 6.1 |  |  | 7.9 |  |  | (22.8) | % |  |  |  |  |  |
Total selling, general and administrative | $ | 211.7 |  |  | $ | 199.6 |  |  | 6.1 | % |  |  |  |  |  |
| First Quarter |  | % |  |  |  |
Research and development: | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 44.1 |  |  | $ | 48.9 |  |  | (9.8) | % |  |  |  |  |  |
Instrumentation | 24.2 |  |  | 22.8 |  |  | 6.1 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 6.0 |  |  | 4.7 |  |  | 27.7 | % |  |  |  |  |  |
Engineered Systems | — |  |  | 0.1 |  |  | (100.0) | % |  |  |  |  |  |
Total research and development | $ | 74.3 |  |  | $ | 76.5 |  |  | (2.9) | % |  |  |  |  |  |
| First Quarter |  | % |  |  |  |
Acquired intangible asset amortization: | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 45.4 |  |  | $ | 45.8 |  |  | (0.9) | % |  |  |  |  |  |
Instrumentation | 3.2 |  |  | 3.4 |  |  | (5.9) | % |  |  |  |  |  |
Aerospace and Defense Electronics | 3.4 |  |  | 0.2 |  |  | * |  |  |  |  |  |
Total acquired intangible asset amortization | $ | 52.0 |  |  | $ | 49.4 |  |  | 5.3 | % |  |  |  |  |  |
* Not meaningful
| First Quarter |  | % |  |  |  |
Operating income (loss): | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 122.3 |  |  | $ | 113.8 |  |  | 7.5 | % |  |  |  |  |  |
Instrumentation | 92.7 |  |  | 86.0 |  |  | 7.8 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 55.7 |  |  | 51.9 |  |  | 7.3 | % |  |  |  |  |  |
Engineered Systems | 10.8 |  |  | 2.7 |  |  | 300.0 | % |  |  |  |  |  |
Corporate expense | (22.2) |  |  | (20.1) |  |  | 10.4 | % |  |  |  |  |  |
Operating income (loss) | $ | 259.3 |  |  | $ | 234.3 |  |  | 10.7 | % |  |  |  |  |  |
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 30, 2025 |  | December 29, 2024
Digital Imaging |  | $ | 11,021.1 |  |  | $ | 10,942.4 |
Instrumentation |  | 1,781.9 |  |  | 1,750.9 |
Aerospace and Defense Electronics |  | 1,496.8 |  |  | 576.2 |
Engineered Systems |  | 200.4 |  |  | 180.3 |
Corporate |  | 548.3 |  |  | 750.7 |
Total identifiable assets |  | $ | 15,048.5 |  |  | $ | 14,200.5 |
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 | 2025 |  | 2024 |  |  |  |
Marine Instrumentation | $ | 161.8 |  |  | $ | 147.8 |  |  |  |  |
Environmental Instrumentation | 108.9 |  |  | 111.1 |  |  |  |  |
Test and Measurement Instrumentation | 72.6 |  |  | 71.5 |  |  |  |  |
Total | $ | 343.3 |  |  | $ | 330.4 |  |  |  |  |

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