v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 27, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 11. SEGMENT INFORMATION
We report our results in three separate business segments consisting of Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. We determine our business segments based on the identification of segment managers and similarities in products, end markets, economic characteristics, technologies, and services, as well as the financial data utilized by the Company's chief executive officer. The Company's chief operating decision maker ("CODM") is the chief executive officer.
The CODM uses gross profit and operating profit at the segment level to assess performance and allocate resources, including merger and acquisition targets. The CODM also compares the actual results to expectations in assessing the performance of the segments. Gross profit represents total revenue less total cost of sales. Operating expenses generally include selling, general and administrative expenses, and research and development expenses. Depreciation expense is allocated between Cost of sales and Selling, general, and administrative expenses. Amortization expense is recorded within Selling, general, and administrative expenses. Operating profit represents gross profit less operating expenses. The identifiable assets by segment are those used in each segment’s operations. Inter-segment amounts are not significant and are eliminated in the combined totals. Unallocated costs and other costs are not considered part of our evaluation of reportable segment operating performance.
The IOS segment provides advanced instrumentation, software and services to tens of thousands of customers enabling their mission-critical workflows. These offerings include professional instrumentation including electrical test & measurement equipment, facility and asset lifecycle software applications, connected worker safety and compliance solutions across a range of vertical end markets, including manufacturing, process industries, healthcare, utilities and power, communications and electronics, among others. Typical users of these safety, productivity and sustainability solutions include electrical engineers, electricians, electronic technicians, EHS professionals, network technicians, facility managers, first-responders, and maintenance professionals.
The PT segment helps solve tough technical challenges to speed breakthroughs in a wide range of applications, from food and beverage production and manufacturing to next-generation electric vehicles and clean energy, as our customers seek new test solutions to enable the electrification and connectivity of everything. Our expertise in materials, methods and measurements are reflected in our electrical test & measurement and sensing and material technologies offered to a broad set of customers and vertical end markets, including industrial, power and energy, automotive, medical equipment, food and beverage, aerospace and defense, semiconductor, and other general industries. Customers for these products and services include design engineers for advanced electronic devices and equipment, process and quality engineers focused on improved process capability and
productivity, facility maintenance managers driving increased uptime, and other customers for whom precise measurement, reliability, and compliance are critical in their applications.
The AHS segment supplies critical workflow solutions enabling healthcare providers to deliver exceptional patient care more efficiently. Our offerings include instrument sterilization solutions, instrument tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity software and solutions. Our healthcare offerings help ensure critical safety standards are met, instruments and operating rooms are working at peak performance, and complex procedures are followed accurately in these mission-critical healthcare environments.
Segment results for the three-month period ended June 27, 2025 are shown below ($ in millions):
Total
Intelligent Operating Solutions
Precision Technologies
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$1,518.8 $675.7 $523.6 $319.5 $— 
Cost of sales
(623.1)(231.8)(261.3)(130.0)— 
Gross profit
895.7 443.9 262.3 189.5 — 
Operating expenses (a)
(673.5)(277.2)(169.1)(150.4)(76.8)
Operating profit (loss)
222.2 166.7 93.2 39.1 (76.8)
Non-operating income (expense), net
Interest expense, net
(32.1)— — — (32.1)
Other non-operating expense, net
1.9 — — — 1.9 
Earnings before income taxes
$192.0 $166.7 $93.2 $39.1 $(107.0)
Depreciation and amortization expenses
$(137.8)$(58.4)$(28.7)$(50.4)$(0.3)
Capital expenditure
$(36.7)$(20.1)$(11.6)$(4.9)$(0.1)
(a) Unallocated Corporate Costs and Other included $41 million of Separation-related costs. Refer to Note 2 for further detail.
Segment results for the three-month period ended June 28, 2024 are shown below ($ in millions):
Total
Intelligent Operating Solutions
Precision Technologies
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$1,552.4 $677.0 $551.8 $323.6 $— 
Cost of sales
(624.1)(221.7)(266.3)(136.1)— 
Gross profit
928.3 455.3 285.5 187.5 — 
Operating expenses
(626.5)(282.1)(170.2)(147.3)(26.9)
Operating profit (loss)
301.8 173.2 115.3 40.2 (26.9)
Non-operating income (expense), net
Interest expense, net
(38.7)— — — (38.7)
Loss from divestiture (a)
(25.6)— — — (25.6)
Other non-operating expense, net
(8.8)— — — (8.8)
Earnings before income taxes
$228.7 $173.2 $115.3 $40.2 $(100.0)
Depreciation and amortization expenses
$(136.5)$(57.1)$(28.8)$(50.4)$(0.2)
Capital expenditure
$(29.2)$(14.9)$(9.6)$(3.1)$(1.6)
(a) Refer to Note 1 for further detail on Loss from divestiture.
Segment results for the six-month period ended June 27, 2025 are shown below ($ in millions):
Total
Intelligent Operating Solutions
Precision Technologies
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$2,993.0 $1,347.1 $1,024.2 $621.7 $— 
Cost of sales
(1,216.4)(455.0)(507.3)(254.1)— 
Gross profit
1,776.6 892.1 516.9 367.6 — 
Operating expenses (a)
(1,320.8)(551.7)(336.4)(302.2)(130.5)
Operating profit (loss)
455.8 340.4 180.5 65.4 (130.5)
Non-operating income (expense), net
Interest expense, net
(64.1)— — — (64.1)
Other non-operating expense, net
1.7 — — — 1.7 
Earnings before income taxes
$393.4 $340.4 $180.5 $65.4 $(192.9)
Depreciation and amortization expenses
$(272.7)$(116.3)$(55.9)$(99.9)$(0.6)
Capital expenditure
$(63.4)$(37.0)$(17.2)$(8.9)$(0.3)
(a) Unallocated Corporate Costs and Other included $64 million of Separation-related costs. Refer to Note 2 for further detail.
Segment results for the six-month period ended June 28, 2024 are shown below ($ in millions):
Total
Intelligent Operating Solutions
Precision Technologies
Advanced Healthcare Solutions
Unallocated Corporate Costs and Other
Sales
$3,076.9 $1,342.7 $1,110.8 $623.4 $— 
Cost of sales
(1,244.4)(444.1)(539.0)(261.3)— 
Gross profit
1,832.5 898.6 571.8 362.1 — 
Operating expenses
(1,291.6)(561.3)(370.5)(294.4)(65.4)
Gain on sale of property (a)
63.1 — 63.1 — — 
Operating profit (loss)
604.0 337.3 264.4 67.7 (65.4)
Non-operating income (expense), net
Interest expense, net
(82.7)— — — (82.7)
Loss from divestiture (a)
(25.6)— — — (25.6)
Other non-operating expense, net
(33.0)— — — (33.0)
Earnings before income taxes
$462.7 $337.3 $264.4 $67.7 $(206.7)
Depreciation and amortization expenses
$(273.3)$(114.4)$(58.2)$(100.5)$(0.2)
Capital expenditure
$(55.6)$(33.6)$(13.7)$(5.8)$(2.5)
(a) Refer to Note 1 for further detail on Gain on sale of property and Loss from divestiture.
Segment Assets:
As of
($ in millions)June 27, 2025December 31, 2024
Intelligent Operating Solutions$6,343.2 $6,320.1 
Precision Technologies4,947.6 4,691.9 
Advanced Healthcare Solutions4,947.1 5,008.6 
Total segment assets16,237.9 16,020.6 
Other (a)
2,006.3 995.5 
Total assets$18,244.2 $17,016.1 
(a) Other represents corporate assets which consist primarily of cash, property, plant, and equipment, and net deferred income tax assets.