v3.25.2
Business Segments (Tables)
 6 Months Ended
Jun. 29, 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):
Second Quarter%Six Months%
Net Sales (a):
20252024Change20252024Change
Digital Imaging$771.0 $739.4 4.3 %$1,528.0 $1,480.2 3.2 %
Instrumentation 367.6 333.5 10.2 %710.9 663.9 7.1 %
Aerospace and Defense Electronics264.8 194.4 36.2 %507.3 380.1 33.5 %
Engineered Systems110.3 106.8 3.3 %217.4 200.0 8.7 %
Total net sales$1,513.7 $1,374.1 10.2 %$2,963.6 $2,724.2 8.8 %
(a) Net sales exclude inter-segment sales of $7.2 million and $11.0 million for the second quarter and first six months of 2025, respectively, and $8.5 million and $13.3 million for the second quarter and first six months of 2024, respectively.
Second Quarter%Six Months%
Cost of sales:
20252024Change20252024Change
Digital Imaging$436.6 $411.2 6.2 %$859.1 $819.8 4.8 %
Instrumentation186.7 170.0 9.8 %360.2 341.2 5.6 %
Aerospace and Defense Electronics154.2 107.5 43.4 %298.4 215.4 38.5 %
Engineered Systems91.6 92.8 (1.3)%181.8 175.3 3.7 %
Total cost of sales
$869.1 $781.5 11.2 %$1,699.5 $1,551.7 9.5 %
Second Quarter%Six Months%
Selling, general and administrative:
20252024Change20252024Change
Digital Imaging$120.3 $126.3 (4.8)%$243.0 $250.0 (2.8)%
Instrumentation50.3 50.3 — %100.0 97.3 2.8 %
Aerospace and Defense Electronics30.8 23.5 31.1 %64.0 44.5 43.8 %
Engineered Systems6.3 6.4 (1.6)%12.4 14.3 (13.3)%
Total selling, general and administrative
$207.7 $206.5 0.6 %$419.4 $406.1 3.3 %
Second Quarter%Six Months%
Research and development:
20252024Change20252024Change
Digital Imaging$48.2 $43.1 11.8 %$92.3 $92.0 0.3 %
Instrumentation25.7 22.4 14.7 %49.9 45.2 10.4 %
Aerospace and Defense Electronics8.2 6.1 34.4 %14.2 10.8 31.5 %
Engineered Systems0.3 0.1 200.0 %0.3 0.2 50.0 %
Total research and development
$82.4 $71.7 14.9 %$156.7 $148.2 5.7 %
Second Quarter%Six Months%
Acquired intangible asset amortization:
20252024Change20252024Change
Digital Imaging$46.3 $45.3 2.2 %$91.7 $91.1 0.7 %
Instrumentation3.3 3.6 (8.3)%6.5 7.0 (7.1)%
Aerospace and Defense Electronics5.0 0.2 *8.4 0.4 *
Total acquired intangible asset amortization
$54.6 $49.1 11.2 %$106.6 $98.5 8.2 %
* Not meaningful
Second Quarter%Six Months%
Operating income (loss):
20252024Change20252024Change
Digital Imaging$119.6 $113.5 5.4 %$241.9 $227.3 6.4 %
Instrumentation101.6 87.2 16.5 %194.3 173.2 12.2 %
Aerospace and Defense Electronics66.6 57.1 16.6 %122.3 109.0 12.2 %
Engineered Systems12.1 7.5 61.3 %22.9 10.2 124.5 %
Corporate expense(21.7)(18.3)18.6 %(43.9)(38.4)14.3 %
Operating income (loss)
$278.2 $247.0 12.6 %$537.5 $481.3 11.7 %
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:June 29, 2025December 29, 2024
Digital Imaging$11,095.1 $10,942.4 
Instrumentation1,794.7 1,750.9 
Aerospace and Defense Electronics1,525.0 576.2 
Engineered Systems204.2 180.3 
Corporate516.2 750.7 
Total identifiable assets$15,135.2 $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):
Second QuarterSix Months
Instrumentation2025202420252024
Marine Instrumentation$171.5 $147.8 $333.3 $295.6 
Environmental Instrumentation119.9 113.5 228.8 224.6 
Test and Measurement Instrumentation76.2 72.2 148.8 143.7 
Total$367.6 $333.5 $710.9 $663.9