Teledyne Technologies (TDY) 10-Q26 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-15295
Entity Registrant Name	TELEDYNE TECHNOLOGIES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1843385
Entity Address, Address Line One	1049 Camino Dos Rios
Entity Address, City or Town	Thousand Oaks
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91360-2362
City Area Code	805
Local Phone Number	373-4545
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	TDY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,422,490
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001094285
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Income Statement [Abstract]
Net sales	$ 1,350.1	$ 1,383.3
Costs and expenses
Cost of sales	770.2	790.7
Selling, general and administrative	296.2	300.4
Acquired intangible asset amortization	49.4	49.7
Total costs and expenses	1,115.8	1,140.8
Operating income (loss)	234.3	242.5
Interest and debt income (expense), net	(12.7)	(21)
Non-service retirement benefit income (expense), net	2.7	3.3
Other income (expense), net	1.2	(1.1)
Income (loss) before income taxes	225.5	223.7
Provision (benefit) for income taxes	46.4	44.9
Net income (loss) including noncontrolling interest	179.1	178.8
Less: Net income (loss) attributable to noncontrolling interest	0.6	0.1
Net income (loss) attributable to Teledyne	$ 178.5	$ 178.7
Basic earnings per common share (in USD per share)	$ 3.77	$ 3.81
Weighted average common shares outstanding (in shares)	47.3	46.9
Diluted earnings per common share (in USD per share)	$ 3.72	$ 3.73
Weighted average diluted common shares outstanding (in shares)	48	47.9

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss) including noncontrolling interest	$ 179.1	$ 178.8
Other comprehensive income (loss):
Foreign exchange translation adjustment	(88.8)	(4.3)
Hedge activity, net of tax	(4.2)	2.5
Pension and postretirement benefit adjustments, net of tax	2.1	1.5
Other comprehensive income (loss)	(90.9)	(0.3)
Comprehensive income (loss) including noncontrolling interest	88.2	178.5
Less: Comprehensive income (loss) attributable to noncontrolling interest	0.6	0.1
Comprehensive income (loss) attributable to Teledyne	$ 87.6	$ 178.4

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 912.4	$ 648.3
Accounts receivable, net	885.8	899.7
Unbilled receivables, net	296.9	302.4
Inventories, net	933.2	917.7
Prepaid expenses and other current assets	195.3	213.3
Total current assets	3,223.6	2,981.4
Property, plant and equipment, net of accumulated depreciation and amortization of $961.3 at March 31, 2024 and $947.1 at December 31, 2023	760	777
Goodwill	7,956	8,002.8
Acquired intangibles, net	2,207.1	2,278.1
Prepaid pension assets	207.4	203.3
Other assets, net	285.1	285.3
Total Assets	14,639.2	14,527.9
Current Liabilities
Accounts payable	409	384.7
Accrued liabilities	767.6	781.3
Current portion of long-term debt	600.2	600.1
Total current liabilities	1,776.8	1,766.1
Long-term debt, net of current portion	2,646.1	2,644.8
Long-term deferred tax liabilities	413.2	415.4
Other long-term liabilities	469.9	475.8
Total Liabilities	5,306	5,302.1
Commitments and contingencies
Redeemable Noncontrolling Interest	5.2	4.6
Stockholders’ Equity
Preferred stock, $0.01 par value; outstanding shares - none	0	0
Common stock, $0.01 par value; authorized 125,000,000 shares; issued shares: 47,420,690 at March 31, 2024 and 47,331,845 at December 31, 2023; outstanding shares: 47,420,690 at March 31, 2024 and 47,331,845 at December 31, 2023	0.5	0.5
Additional paid-in capital	4,426.5	4,407.3
Retained earnings	5,626	5,447.5
Treasury stock - none	0	0
Accumulated other comprehensive income (loss)	(725)	(634.1)
Total Stockholders’ Equity	9,328	9,221.2
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders' Equity	$ 14,639.2	$ 14,527.9

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization	$ 961.3	$ 947.1
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	47,420,690	47,331,845
Common stock, shares outstanding (in shares)	47,420,690	47,331,845
Treasury stock (in shares)	0	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Jan. 01, 2023	$ 8,169.2	$ 0.5	$ 4,353.4	$ (20)	$ 4,561.8	$ (726.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	178.7				178.7
Other comprehensive income (loss), net of tax	(0.3)					(0.3)
Treasury stock issued	0		(10.6)	10.6
Stock-based compensation	7.9		7.9
Exercise of stock options and other	10.2		10.2
Ending balance at Apr. 02, 2023	8,365.7	0.5	4,360.9	(9.4)	4,740.5	(726.8)
Beginning balance at Dec. 31, 2023	9,221.2	0.5	4,407.3	0	5,447.5	(634.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	178.5				178.5
Other comprehensive income (loss), net of tax	(90.9)					(90.9)
Stock-based compensation	12		12
Exercise of stock options and other	7.2		7.2
Ending balance at Mar. 31, 2024	$ 9,328	$ 0.5	$ 4,426.5	$ 0	$ 5,626	$ (725)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
Operating Activities
Net income (loss) including noncontrolling interest	$ 179.1	$ 178.8
Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by (used in) operating activities:
Depreciation and amortization	78	82.1
Stock-based compensation	12	7.9
Changes in operating assets and liabilities excluding the effect of business acquired:
Accounts receivable and unbilled receivables	12.1	50
Inventories	(25.2)	(57.6)
Accounts payable	27.7	(10.8)
Deferred taxes and income taxes receivable (payable), net	19.3	7.2
Prepaid expenses and other assets	(1.5)	(11.3)
Accrued expenses and other liabilities	(21.8)	(34.6)
Other operating, net	11.3	(8.7)
Net cash provided by (used in) operating activities	291	203
Investing Activities
Purchases of property, plant and equipment	(15.9)	(24.4)
Purchase of businesses, net of cash acquired	0	(52.5)
Net cash provided by (used in) investing activities	(15.9)	(76.9)
Financing Activities
Net borrowings from (repayments made to) credit facility	0	(100)
Proceeds from (payments on) other debt	(0.1)	(0.1)
Proceeds from exercise of stock options	9.1	10.2
Liquidation (maturity) of cross currency swap	0	(13.5)
Other financing, net	(2.9)	0
Net cash provided by (used in) financing activities	6.1	(103.4)
Effect of exchange rate changes on cash	(17.1)	4.4
Change in cash and cash equivalents	264.1	27.1
Cash and cash equivalents—beginning of period	648.3	638.1	$ 638.1
Cash and cash equivalents—end of period	$ 912.4	$ 665.2	$ 648.3

General

General	3 Months Ended
General	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (“Teledyne” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with generally accepted accounting principles in the United States (“GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne’s consolidated financial position as of March 31, 2024 and the consolidated results of operations, consolidated comprehensive income (loss) and consolidated cash flows for the first quarter ended March 31, 2024. The results of operations and cash flows for the periods ended March 31, 2024 and cash flows for the three months ended March 31, 2024 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Recent Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires a public entity to disclose significant segment expenses and other segment items on an interim and annual basis. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”). The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction focuses on the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.

Business Acquisitions

Business Acquisitions	3 Months Ended
Business Acquisitions	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions 2024 Acquisitions Refer to Note 15 for discussion of announced acquisitions or acquisitions completed after the end of the first quarter of 2024. 2023 Acquisitions Xena Networks During the fourth quarter of 2023, the Company acquired Xena Networks ApS and affiliates (“Xena Networks”) for $24.2 million in cash, net of cash acquired, and subject to certain adjustments. Xena Networks, headquartered in Denmark, is a leading provider of high-speed terabit ethernet validation, quality assurance, and production test solutions. Xena Networks is part of the test and measurement instrumentation product line within the Instrumentation segment. Goodwill resulting from the Xena Networks acquisition will not be deductible for tax purposes. ChartWorld During the first quarter of 2023, the Company acquired ChartWorld International Limited and affiliates ("ChartWorld") for $53.5 million in cash, net of cash acquired, and subject to certain adjustments. ChartWorld, headquartered in Cyprus, with additional locations in Germany, Singapore, Canada and Japan, is a provider of digital marine navigation hardware and software provided through an affordable subscription-based model. ChartWorld is part of the Digital Imaging segment. Goodwill resulting from the ChartWorld acquisition will not be deductible for tax purposes. The following tables show the purchase price (net of cash acquired), goodwill acquired, and acquired intangible assets for these acquisitions (in millions): 2023 Acquisitions Acquisition Date Cash Paid (a) Goodwill Acquired Acquired Intangible Assets Xena Networks October 13, 2023 $ 24.2 $ 21.1 $ 4.8 ChartWorld January 3, 2023 53.5 55.5 11.3 Total $ 77.7 $ 76.6 $ 16.1 (a) Net of cash acquired The Company’s cost to acquire these acquisitions was allocated to the assets acquired and liabilities assumed based upon their respective fair values as of the date of the completion of the acquisition. The differences between the fair value of the consideration paid and the estimated fair value of the assets and liabilities acquired was recorded as goodwill. The fair value of the acquired identifiable assets and liabilities for the Xena Networks acquisition is provisional pending finalization of the Company’s acquisition accounting, including the measurement of tax basis in certain jurisdictions and the resulting deferred taxes that might arise from book and tax basis differences, if any. Pro forma results of operations, the revenue and net income subsequent to the acquisition date, and a more detailed breakout of the major classes of assets and liabilities acquired for these acquisitions have not been presented because the effects of these acquisitions, individually and in the aggregate, were not material to the Company's financial results. The significant factors that resulted in recognition of goodwill for the 2023 acquisitions included the acquired businesses’ market positions, growth opportunities in the markets in which they operate, their experienced work force and established operating infrastructures. The results of these acquisitions have been included in Teledyne’s results since the dates of their respective acquisition.

Business Segments

Business Segments	3 Months Ended
Business Segments	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segments	Business Segments Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Our customers include government agencies, aerospace prime contractors, energy exploration and production companies, major industrial companies and airlines. The Company has four reportable segments: Digital Imaging; Instrumentation; Aerospace and Defense Electronics; and Engineered Systems. Segment results include net sales and operating income by segment but excludes corporate expenses. Corporate expense primarily includes administrative expenses relating to the corporate office not allocated to our segments. 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 Product Lines The Instrumentation segment includes three product lines: Marine Instrumentation, Environmental Instrumentation and Test and Measurement Instrumentation. The Company’s other three segments each contain one 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

Revenue Recognition and Contrac

Revenue Recognition and Contract Balances	3 Months Ended
Revenue Recognition and Contract Balances	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition and Contract Balances	Revenue Recognition and Contract Balances Approximately 70% of the Company's net sales are recognized at a point in time, with the remaining 30% of net sales recognized over time. The Company disaggregates its revenue from contracts with customers by customer type and geographic region for each segment, as management believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. First Quarter Ended March 31, 2024 First Quarter Ended March 31, 2024 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 130.7 $ 610.1 $ 740.8 $ 333.7 $ 200.3 $ 134.2 $ 72.6 $ 740.8 Instrumentation 33.3 297.1 330.4 144.6 96.9 60.1 28.8 330.4 Aerospace and Defense Electronics 58.8 126.9 185.7 123.7 34.2 18.6 9.2 185.7 Engineered Systems 79.8 13.4 93.2 92.8 — 0.1 0.3 93.2 Total $ 302.6 $ 1,047.5 $ 1,350.1 $ 694.8 $ 331.4 $ 213.0 $ 110.9 $ 1,350.1 (a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination First Quarter Ended April 2, 2023 First Quarter Ended April 2, 2023 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 130.4 $ 642.1 $ 772.5 $ 334.4 $ 197.3 $ 158.4 $ 82.4 $ 772.5 Instrumentation 23.0 310.5 333.5 138.0 97.2 67.5 30.8 333.5 Aerospace and Defense Electronics 64.7 108.5 173.2 120.1 29.5 17.0 6.6 173.2 Engineered Systems 93.4 10.7 104.1 103.3 — 0.2 0.6 104.1 Total $ 311.5 $ 1,071.8 $ 1,383.3 $ 695.8 $ 324.0 $ 243.1 $ 120.4 $ 1,383.3 (a) U.S. Government sale include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination With the exception of the Engineered Systems segment, net sales in each segment are primarily derived from fixed price contracts. Net sales in the Engineered Systems segment are typically between 45% and 55% fixed price contracts in a given reporting period, with the balance of net sales derived from cost-reimbursable type contracts. For the three months ended March 31, 2024, approximately 47% of net sales in the Engineered Systems segment were derived from fixed price contracts. Contract Liabilities Balance at Contract Liabilities by Balance Sheet Location (in millions) March 31, 2024 December 31, 2023 Accrued liabilities $ 274.2 $ 241.1 Other long-term liabilities 25.9 25.5 Total contract liabilities $ 300.1 $ 266.6 The Company recognized revenue of $66.3 million during the three months ended March 31, 2024 from contract liabilities that existed at the beginning of year. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed as of the period end date and exclude unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,290.2 million. The Company expects approximately 78% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 22% recognized thereafter. Changes in Contract Estimates at Completion For over time contracts using the cost-to-cost method, the Company has an Estimate at Completion (“EAC”) process in which management reviews the progress and execution of our performance obligations. This EAC process requires management judgment relative to assessing risks, estimating contract revenue, determining reasonably dependable cost estimates, and making assumptions for schedule and technical issues. The majority of revenue recognized over time uses an EAC process. Since certain contracts extend over a long period of time, the impact of revisions in cost and revenue estimates during the progress of work may adjust the current period earnings through a cumulative catch-up basis. This method recognizes, in the current period, the cumulative effect of the changes on current and prior quarters. Additionally, if the current contract estimate indicates a loss, a provision is made for the total anticipated loss in the period that it becomes evident. Contract cost and revenue estimates for significant contracts are generally reviewed and reassessed quarterly. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in the first three months of 2024 was $0.3 million of unfavorable operating income compared with $2.9 million of favorable operating income in the first three months of 2023. None of the effects of changes in estimates on any individual contract were material to the consolidated statements of income (loss) for any period presented.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
Goodwill and Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The carrying value of goodwill by segment was as follows (in millions): Digital Imaging Instrumentation Aerospace and Defense Electronics Engineered Systems Total Balance at December 31, 2023 $ 6,877.0 $ 944.8 $ 163.4 $ 17.6 $ 8,002.8 Foreign currency changes and other (38.6) (7.9) (0.3) — (46.8) Balance at March 31, 2024 $ 6,838.4 $ 936.9 $ 163.1 $ 17.6 $ 7,956.0 Acquired intangible assets (in millions): March 31, 2024 December 31, 2023 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Proprietary technology $ 1,669.3 $ 691.2 $ 978.1 $ 1,696.6 $ 663.0 $ 1,033.6 Customer list/relationships 604.0 227.4 376.6 609.5 219.4 390.1 Patents 0.6 0.6 — 0.6 0.6 — Non-compete agreements 0.9 0.9 — 0.9 0.9 — Trademarks 10.2 6.1 4.1 10.2 5.8 4.4 Backlog 16.3 16.3 — 16.4 16.4 — Total intangibles subject to amortization 2,301.3 942.5 1,358.8 2,334.2 906.1 1,428.1 Intangibles not subject to amortization: Trademarks 848.3 — 848.3 850.0 — 850.0 Total acquired intangible assets $ 3,149.6 $ 942.5 $ 2,207.1 $ 3,184.2 $ 906.1 $ 2,278.1 An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2024. The Company will perform its annual analysis during the fourth quarter of 2024.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	3 Months Ended
Supplemental Balance Sheet Information	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Cash Equivalents The Company had $527.1 million and $265.1 million of cash equivalents at March 31, 2024 and December 31, 2023, respectively. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets. Accounts Receivable, net Accounts receivable is presented net of an allowance for doubtful accounts of $11.4 million at March 31, 2024 and $11.5 million at December 31, 2023. Inventories, net Inventories are stated at current cost, net of reserves for excess, slow moving and obsolete inventory. Inventories are primarily valued under the FIFO method or average cost method. Inventory balances are summarized as follows (in millions): Balance at March 31, 2024 December 31, 2023 Raw materials and supplies $ 571.3 $ 560.6 Work in process 193.4 184.8 Finished goods 168.5 172.3 Total inventories, net $ 933.2 $ 917.7 Product Warranty Costs Some of the Company’s products are subject to specified warranties, and the Company provides for the estimated cost of product warranties. The adequacy of the warranty reserve is assessed regularly, and the reserve is adjusted as necessary based on a review of historic warranty experience with respect to the applicable business or products, as well as the length and actual terms of the warranties. The warranty reserve is included in current accrued liabilities and other long-term liabilities on the condensed consolidated balance sheet. Three Months Warranty Reserve (in millions): 2024 2023 Balance at beginning of year $ 49.1 $ 50.3 Product warranty expense 3.5 4.3 Deductions (5.1) (4.2) Balance at end of period $ 47.5 $ 50.4

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Balance at Long-Term Debt (in millions): March 31, 2024 December 31, 2023 $1.15 billion credit facility due March 2026 $ — $ — 0.95% Fixed Rate Senior Notes due April 2024 450.0 450.0 Term loan due October 2024, variable rate of 6.68% at March 31, 2024 and 6.71% at December 31, 2023, swapped to a Euro fixed rate of 0.61% 150.0 150.0 1.60% Fixed Rate Senior Notes due April 2026 450.0 450.0 2.25% Fixed Rate Senior Notes due April 2028 700.0 700.0 2.50% Fixed Rate Senior Notes due August 2030 485.0 485.0 2.75% Fixed Rate Senior Notes due April 2031 1,030.0 1,030.0 Other debt 1.3 1.0 Debt discount and debt issuance costs (20.0) (21.1) Total debt, net 3,246.3 3,244.9 Less: Current portion of long-term debt (600.2) (600.1) Total long-term debt, net of current portion $ 2,646.1 $ 2,644.8 At March 31, 2024, $1,128.2 million was available under the $1.15 billion credit facility, after a reduction of $21.8 million in outstanding letters of credit. The Company’s bank credit agreements requires it to comply with various financial and operating covenants and at March 31, 2024, the Company was in compliance with these covenants. Subsequent to the end of the first quarter of 2024, the Company made a $450 million debt maturity payment on the Senior Notes due April 2024. Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The Company’s long-term debt is considered a level 2 input in the fair value hierarchy and is valued based on observable market data. As of March 31, 2024 and December 31, 2023, the aggregate fair values of our borrowings were $2,945.5 million and $2,965.3 million, respectively, and the carrying values were $3,266.3 million and $3,266.0 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision is calculated using an estimated annual effective tax rate, based upon estimates of annual income, permanent items, statutory tax rates and planned tax strategies in the various jurisdictions in which we operate except that certain loss jurisdictions and discrete items, such as the resolution of uncertain tax positions and stock-based accounting income tax benefits, are treated separately. First Quarter (Dollars in millions) 2024 2023 Provision (benefit) for income taxes $ 46.4 $ 44.9 Discrete event expense (benefit): Stock-based accounting $ (5.3) $ (5.9) Uncertain tax position reserves (primarily acquisition related) 0.3 0.3 Other discrete event expense (benefit) 0.6 (0.9) Discrete event expense (benefit): $ (4.4) $ (6.5) Provision (benefit) for income taxes without discrete event expense (benefit) $ 50.8 $ 51.4 Income (loss) before income taxes $ 225.5 $ 223.7 Effective tax rate 20.6% 20.1% Effective tax rate without discrete events 22.5% 23.0%

Pension Plans

Pension Plans	3 Months Ended
Pension Plans	Mar. 31, 2024
Retirement Benefits [Abstract]
Pension Plans	Pension Plans First Quarter 2024 2023 Service cost — benefits earned during the period (in millions) $ 1.5 $ 1.5 Pension non-service cost (income) (in millions): Interest cost on benefit obligation $ 8.2 $ 8.4 Expected return on plan assets (13.6) (13.6) Amortization of net prior service cost (income) (0.2) (0.5) Amortization of net actuarial loss (gain) 2.9 2.4 Pension non-service cost (income) $ (2.7) $ (3.3)

Stock-based Compensation

Stock-based Compensation	3 Months Ended
Stock-based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock awards and restricted stock units. The Company also has non-employee director stock compensation plans, pursuant to which common stock, stock options and restricted stock units have been issued to its directors. The Company issues shares of common stock upon the exercise of stock options. Stock-based compensation expense was $12.0 million for the first quarter of 2024 and $7.9 million first quarter of 2023. Stock option activity for the first quarter of 2024 is as follows: First Quarter Shares Weighted Average Exercise Price Beginning balance 1,337,972 $ 223.43 Granted 67,003 $ 441.98 Exercised (83,027) $ 109.33 Canceled (9,283) $ 389.07 Ending balance 1,312,665 $ 267.47 Exercisable at end of period 1,108,192 $ 241.34 Restricted stock activity for the first three months of 2024 is as follows: Shares Weighted average fair value per share Balance at December 31, 2023 123,089 $ 364.86 Granted 89,267 $ 432.52 Vested (20,863) $ 382.20 Forfeited/Canceled (3,256) $ 373.66 Balance at March 31, 2024 188,237 $ 394.81

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The weighted average number of common shares used in the calculation of basic and diluted earnings per share consisted of the following (in millions): First Quarter 2024 2023 Weighted average basic common shares outstanding 47.3 46.9 Effect of dilutive securities (primarily stock options) 0.7 1.0 Weighted average diluted common shares outstanding 48.0 47.9 For the first quarter of 2024 and 2023, the Company excluded approximately 0.2 million of stock options in the computation of diluted earnings per share because the effect of their inclusion would have been anti-dilutive.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of tax, for the first quarter ended March 31, 2024 and April 2, 2023 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance at December 31, 2023 $ (392.7) $ 8.2 $ (249.6) $ (634.1) Other comprehensive income (loss) before reclassifications (88.8) 2.7 — (86.1) Amounts reclassified from AOCI — (6.9) 2.1 (4.8) Net other comprehensive income (loss) (88.8) (4.2) 2.1 (90.9) Balance at March 31, 2024 $ (481.5) $ 4.0 $ (247.5) $ (725.0) Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance at January 1, 2023 $ (472.3) $ 1.3 $ (255.5) $ (726.5) Other comprehensive income (loss) before reclassifications (4.3) 9.8 — 5.5 Amounts reclassified from AOCI — (7.3) 1.5 (5.8) Net other comprehensive income (loss) (4.3) 2.5 1.5 (0.3) Balance at April 2, 2023 $ (476.6) $ 3.8 $ (254.0) $ (726.8) The reclassifications out of AOCI to net income for the first quarter ended March 31, 2024 and April 2, 2023 are as follows (in millions): Amount Reclassified from AOCI for the Quarter Ended Amount Reclassified from AOCI for the Quarter Ended Statement of Income (Loss) Presentation March 31, 2024 April 2, 2023 (Gain) loss on cash flow hedges: Gain recognized in income on derivatives $ (9.3) $ (9.8) See Note 13 Income tax impact 2.4 2.5 Provision for income taxes Total $ (6.9) $ (7.3) Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (0.1) $ (0.4) Costs and expenses Amortization of net actuarial loss 2.9 2.4 Costs and expenses Total before tax 2.8 2.0 Income tax impact (0.7) (0.5) Provision for income taxes Total $ 2.1 $ 1.5

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
Derivative Instruments and Hedging Activities	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company's primary exposure to market risk relates to changes in foreign currency exchange rates and interest rates. The Company’s primary foreign currency risk management objective is to protect the U.S. dollar value of future cash flows and minimize the volatility of reported earnings. The Company does not use foreign currency forward contracts for speculative or trading purposes. The Company mitigates exposure to foreign currency exchange rates and interest rates primarily through the following: Mitigation Approach Quantitative Information on Approach The Company utilizes foreign currency forward contracts to reduce the volatility of cash flows primarily related to forecasted revenue and expenses denominated in Canadian dollars for our Canadian companies, and in British pounds for our U.K. companies. These contracts are designated and qualify as cash flow hedges. As of March 31, 2024, the Company had foreign currency forward contracts to buy Canadian dollars and to sell U.S. dollars totaling $131.3 million. These foreign currency forward contracts have maturities ranging from June 2024 to February 2026. As of March 31, 2024, the Company had foreign currency forward contracts to buy British pounds and to sell U.S. dollars totaling $12.7 million. These foreign currency forward contracts have maturities ranging from June 2024 to February 2025. The Company utilizes foreign currency forward contracts to mitigate foreign exchange rate risk associated with foreign currency denominated monetary assets and liabilities, including intercompany receivables and payables. These foreign currency forward contracts are not designated as accounting hedges. See Non-Designated Hedging Activities section below. The Company has converted a U.S. dollar denominated, variable rate debt obligation of a European subsidiary into euro fixed rate obligation using a receive float, pay fixed cross currency swap to reduce the variability of interest rates. This cross currency swap is designated as cash flow hedge. As of March 31, 2024, the Company has a cross currency swap outstanding with a notional amount of €156.0 million and $150.0 million that matures in October 2024. All derivative instruments are recorded on the condensed consolidated balance sheets at fair value. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative instrument and whether it is designated and qualifies for hedge accounting. Designated Hedging Activities For a derivative instrument designated as an accounting hedge of an anticipated transaction (a cash flow hedge), the change in the fair value is recorded on the condensed consolidated balance sheets in AOCI to the extent the derivative instrument is effective in mitigating the exposure related to the anticipated transaction. The amount recorded within AOCI is reclassified into earnings in the same period during which the underlying hedged transaction affects earnings. The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the first quarter ended March 31, 2024 and April 2, 2023 was as follows (in millions): First Quarter 2024 2023 Net gain (loss) recognized in AOCI - Foreign Exchange Contracts (a) $ 0.7 $ 13.6 Net gain (loss) reclassified from AOCI into revenue - Foreign Exchange Contracts (a) $ 0.7 $ (1.9) Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b) $ 3.7 $ 10.1 Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts $ 1.9 $ 1.5 Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts $ — $ 0.6 (a) Effective portion, pre-tax (b) Amount reclassified to offset earnings impact of liability hedged by cross currency swap Net deferred gains recorded in AOCI for the forward contracts that will mature in the next twelve months total $1.0 million, net of taxes. These gains are expected to be offset by anticipated losses in the value of the forecasted underlying hedged item. Amounts related to the cross currency swap expected to be reclassified from AOCI into income in the next twelve months total $3.5 million. Non-Designated Hedging Activities For a derivative instrument that has not been designated as an accounting hedge, the change in the fair value is recognized immediately in earnings. As of March 31, 2024, the Company had foreign currency forward contracts not designated as accounting hedges primarily in the following types and pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars $ 301.2 U.S. Dollars US$ 222.1 Canadian Dollars $ 12.6 Euros € 8.6 Danish Krone DKR 154.8 U.S. Dollars US$ 22.5 Great Britain Pounds £ 5.3 Euros € 6.2 Great Britain Pounds £ 70.4 U.S. Dollars US$ 88.9 U.S. Dollars US$ 17.0 Euros € 15.8 Norwegian Krone kr 179.0 U.S. Dollars US$ 16.9 Swedish Krona SEK 284.3 Euros € 26.1 Swedish Krona SEK 310.4 U.S. Dollars US$ 29.3 The preceding table includes non-designated hedges derived from terms contained in previously designated cash flow hedges. The gains and losses on these derivatives instruments which are not designated as accounting hedges are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings. The effect of derivative instruments not designated as accounting hedges recognized in other income and expense for the first quarter ended March 31, 2024 was expense of $9.3 million. The effect of derivative instruments not designated as accounting hedges in other income and expense for the first quarter ended April 2, 2023 was income of $7.8 million. The income or expense was largely offset by losses or gains in the value of the underlying hedged item excluding the impact of forward points. Fair Value of Derivative Financial Instruments The fair values of the Company’s derivative instruments are presented below. All fair values for these derivative instruments were measured using Level 2 inputs in the fair value hierarchy (in millions): Asset/(Liability) Derivative Instruments Balance sheet location March 31, 2024 December 31, 2023 Derivatives designated as hedging instruments: Cash flow forward contracts Other current assets $ 1.2 $ 3.7 Cash flow forward contracts Other non-current assets 0.6 2.4 Interest rate contracts Other current assets (accrued interest) 0.1 0.1 Cash flow cross currency swap Other current assets (17.3) (21.3) Total derivatives designated as hedging instruments (15.4) (15.1) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 1.5 14.2 Non-designated forward contracts Accrued liabilities (3.3) (3.2) Total derivatives not designated as hedging instruments (1.8) 11.0 Total derivative instruments, net $ (17.2) $ (4.1)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Trade Compliance Matters The Company has made voluntary disclosures to the U.S. Department of State and the U.S. Department of Commerce, including to the Bureau of Industry and Security (“BIS”) with respect to Teledyne FLIR shipments of products from non-U.S. jurisdictions which were not licensed due to incorrect de minimis calculation methodology under the Export Administration Regulations. The Company has also made voluntary disclosures to export authorities in jurisdictions outside the U.S. for certain potential violations of local export laws. At this time, based on available information, we are unable to reasonably estimate the time it may take to resolve these matters or the amount or range of potential loss, penalty or other government action, if any, that may be incurred in connection with these matters. However, an unfavorable outcome could result in substantial fines and penalties or loss or suspension of export privileges or of particular authorizations that could be material to the Company’s financial position, results of operations or cash flows in and following the period in which such outcome becomes estimable or known. Environmental Remediation Obligations At March 31, 2024, the Company’s reserves for environmental remediation obligations totaled $5.5 million, of which $1.7 million is included in current accrued liabilities. At December 31, 2023, the Company’s reserves for environmental remediation obligations totaled $5.4 million. The Company evaluates whether it may be able to recover a portion of future costs for environmental liabilities from its insurance carriers and from third parties. The timing of expenditures depends on a number of factors that vary by site, including the nature and extent of contamination, the number of potentially responsible parties, the timing of regulatory approvals, the complexity of the investigation and remediation, and the standards for remediation. The Company expects that it will pay the amounts recorded over many years and will complete remediation of all sites with which it has been identified in up to 30 years. Legal Matters

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 13, 2024, the Company announced that it entered into an agreement to acquire Adimec Holding B.V. and its subsidiaries (“Adimec”). Adimec, founded in 1992 and headquartered in Eindhoven, Netherlands, develops customized high-performance industrial and scientific cameras. The closing of the transaction, which is subject to customary conditions and approvals, is anticipated to occur in the first half of 2024. Adimec will be part of the Digital Imaging segment. On April 10, 2024, the Company acquired Valeport Holdings 2019 Limited and its affiliates ("Valeport"). Valeport, founded in 1969 and headquartered in Totnes, United Kingdom, designs and manufactures underwater sensors for environmental, energy, construction and defense applications. Valeport is part of the marine instrumentation product line within the Instrumentation segment. Subsequent to the end of the first quarter of 2024, the Company made a $450 million debt maturity payment on the Senior Notes due April 2024. On April 23, 2024, the Board of Directors of the Company authorized a stock repurchase program to repurchase up to $1.25 billion of Teledyne’s common stock. This authorization superseded prior open stock repurchase programs authorized by the Board of Directors.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Apr. 02, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 178.5	$ 178.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	3 Months Ended
General (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (“Teledyne” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with generally accepted accounting principles in the United States (“GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne’s consolidated financial position as of March 31, 2024 and the consolidated results of operations, consolidated comprehensive income (loss) and consolidated cash flows for the first quarter ended March 31, 2024. The results of operations and cash flows for the periods ended March 31, 2024 and cash flows for the three months ended March 31, 2024 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year.
Recent Accounting Standards	Recent Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires a public entity to disclose significant segment expenses and other segment items on an interim and annual basis. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”). The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction focuses on the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.

Business Acquisitions (Tables)

Business Acquisitions (Tables)	3 Months Ended
Business Acquisitions (Tables)	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Goodwill Acquired, and Intangible Assets Acquired for the Acquisitions	The following tables show the purchase price (net of cash acquired), goodwill acquired, and acquired intangible assets for these acquisitions (in millions): 2023 Acquisitions Acquisition Date Cash Paid (a) Goodwill Acquired Acquired Intangible Assets Xena Networks October 13, 2023 $ 24.2 $ 21.1 $ 4.8 ChartWorld January 3, 2023 53.5 55.5 11.3 Total $ 77.7 $ 76.6 $ 16.1 (a) Net of cash acquired

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
Business Segments (Tables)	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

Revenue Recognition and Contr_2

Revenue Recognition and Contract Balances (Tables)	3 Months Ended
Revenue Recognition and Contract Balances (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	First Quarter Ended March 31, 2024 First Quarter Ended March 31, 2024 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 130.7 $ 610.1 $ 740.8 $ 333.7 $ 200.3 $ 134.2 $ 72.6 $ 740.8 Instrumentation 33.3 297.1 330.4 144.6 96.9 60.1 28.8 330.4 Aerospace and Defense Electronics 58.8 126.9 185.7 123.7 34.2 18.6 9.2 185.7 Engineered Systems 79.8 13.4 93.2 92.8 — 0.1 0.3 93.2 Total $ 302.6 $ 1,047.5 $ 1,350.1 $ 694.8 $ 331.4 $ 213.0 $ 110.9 $ 1,350.1 (a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination First Quarter Ended April 2, 2023 First Quarter Ended April 2, 2023 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 130.4 $ 642.1 $ 772.5 $ 334.4 $ 197.3 $ 158.4 $ 82.4 $ 772.5 Instrumentation 23.0 310.5 333.5 138.0 97.2 67.5 30.8 333.5 Aerospace and Defense Electronics 64.7 108.5 173.2 120.1 29.5 17.0 6.6 173.2 Engineered Systems 93.4 10.7 104.1 103.3 — 0.2 0.6 104.1 Total $ 311.5 $ 1,071.8 $ 1,383.3 $ 695.8 $ 324.0 $ 243.1 $ 120.4 $ 1,383.3 (a) U.S. Government sale include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination
Schedule of Contract Liabilities	Balance at Contract Liabilities by Balance Sheet Location (in millions) March 31, 2024 December 31, 2023 Accrued liabilities $ 274.2 $ 241.1 Other long-term liabilities 25.9 25.5 Total contract liabilities $ 300.1 $ 266.6

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
Goodwill and Intangible Assets (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying value of goodwill by segment was as follows (in millions): Digital Imaging Instrumentation Aerospace and Defense Electronics Engineered Systems Total Balance at December 31, 2023 $ 6,877.0 $ 944.8 $ 163.4 $ 17.6 $ 8,002.8 Foreign currency changes and other (38.6) (7.9) (0.3) — (46.8) Balance at March 31, 2024 $ 6,838.4 $ 936.9 $ 163.1 $ 17.6 $ 7,956.0
Schedule of Carrying Value of Acquired Finite-Lived Intangible Assets	Acquired intangible assets (in millions): March 31, 2024 December 31, 2023 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Proprietary technology $ 1,669.3 $ 691.2 $ 978.1 $ 1,696.6 $ 663.0 $ 1,033.6 Customer list/relationships 604.0 227.4 376.6 609.5 219.4 390.1 Patents 0.6 0.6 — 0.6 0.6 — Non-compete agreements 0.9 0.9 — 0.9 0.9 — Trademarks 10.2 6.1 4.1 10.2 5.8 4.4 Backlog 16.3 16.3 — 16.4 16.4 — Total intangibles subject to amortization 2,301.3 942.5 1,358.8 2,334.2 906.1 1,428.1 Intangibles not subject to amortization: Trademarks 848.3 — 848.3 850.0 — 850.0 Total acquired intangible assets $ 3,149.6 $ 942.5 $ 2,207.1 $ 3,184.2 $ 906.1 $ 2,278.1
Schedule of Carrying Value of Acquired Indefinite-Lived Intangible Assets	Acquired intangible assets (in millions): March 31, 2024 December 31, 2023 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Proprietary technology $ 1,669.3 $ 691.2 $ 978.1 $ 1,696.6 $ 663.0 $ 1,033.6 Customer list/relationships 604.0 227.4 376.6 609.5 219.4 390.1 Patents 0.6 0.6 — 0.6 0.6 — Non-compete agreements 0.9 0.9 — 0.9 0.9 — Trademarks 10.2 6.1 4.1 10.2 5.8 4.4 Backlog 16.3 16.3 — 16.4 16.4 — Total intangibles subject to amortization 2,301.3 942.5 1,358.8 2,334.2 906.1 1,428.1 Intangibles not subject to amortization: Trademarks 848.3 — 848.3 850.0 — 850.0 Total acquired intangible assets $ 3,149.6 $ 942.5 $ 2,207.1 $ 3,184.2 $ 906.1 $ 2,278.1

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	3 Months Ended
Supplemental Balance Sheet Information (Tables)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventory balances are summarized as follows (in millions): Balance at March 31, 2024 December 31, 2023 Raw materials and supplies $ 571.3 $ 560.6 Work in process 193.4 184.8 Finished goods 168.5 172.3 Total inventories, net $ 933.2 $ 917.7
Schedule of Changes in Product Warranty Reserve	The warranty reserve is included in current accrued liabilities and other long-term liabilities on the condensed consolidated balance sheet. Three Months Warranty Reserve (in millions): 2024 2023 Balance at beginning of year $ 49.1 $ 50.3 Product warranty expense 3.5 4.3 Deductions (5.1) (4.2) Balance at end of period $ 47.5 $ 50.4

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Balance at Long-Term Debt (in millions): March 31, 2024 December 31, 2023 $1.15 billion credit facility due March 2026 $ — $ — 0.95% Fixed Rate Senior Notes due April 2024 450.0 450.0 Term loan due October 2024, variable rate of 6.68% at March 31, 2024 and 6.71% at December 31, 2023, swapped to a Euro fixed rate of 0.61% 150.0 150.0 1.60% Fixed Rate Senior Notes due April 2026 450.0 450.0 2.25% Fixed Rate Senior Notes due April 2028 700.0 700.0 2.50% Fixed Rate Senior Notes due August 2030 485.0 485.0 2.75% Fixed Rate Senior Notes due April 2031 1,030.0 1,030.0 Other debt 1.3 1.0 Debt discount and debt issuance costs (20.0) (21.1) Total debt, net 3,246.3 3,244.9 Less: Current portion of long-term debt (600.2) (600.1) Total long-term debt, net of current portion $ 2,646.1 $ 2,644.8

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision and Effective Tax Rate	First Quarter (Dollars in millions) 2024 2023 Provision (benefit) for income taxes $ 46.4 $ 44.9 Discrete event expense (benefit): Stock-based accounting $ (5.3) $ (5.9) Uncertain tax position reserves (primarily acquisition related) 0.3 0.3 Other discrete event expense (benefit) 0.6 (0.9) Discrete event expense (benefit): $ (4.4) $ (6.5) Provision (benefit) for income taxes without discrete event expense (benefit) $ 50.8 $ 51.4 Income (loss) before income taxes $ 225.5 $ 223.7 Effective tax rate 20.6% 20.1% Effective tax rate without discrete events 22.5% 23.0%

Pension Plans (Tables)

Pension Plans (Tables)	3 Months Ended
Pension Plans (Tables)	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Defined Benefit Pension Plans and Postretirement Benefit Plans	First Quarter 2024 2023 Service cost — benefits earned during the period (in millions) $ 1.5 $ 1.5 Pension non-service cost (income) (in millions): Interest cost on benefit obligation $ 8.2 $ 8.4 Expected return on plan assets (13.6) (13.6) Amortization of net prior service cost (income) (0.2) (0.5) Amortization of net actuarial loss (gain) 2.9 2.4 Pension non-service cost (income) $ (2.7) $ (3.3)

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
Stock-based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Transactions for Employee Stock Option Plans	Stock option activity for the first quarter of 2024 is as follows: First Quarter Shares Weighted Average Exercise Price Beginning balance 1,337,972 $ 223.43 Granted 67,003 $ 441.98 Exercised (83,027) $ 109.33 Canceled (9,283) $ 389.07 Ending balance 1,312,665 $ 267.47 Exercisable at end of period 1,108,192 $ 241.34
Schedule of Restricted Stock Activity	Restricted stock activity for the first three months of 2024 is as follows: Shares Weighted average fair value per share Balance at December 31, 2023 123,089 $ 364.86 Granted 89,267 $ 432.52 Vested (20,863) $ 382.20 Forfeited/Canceled (3,256) $ 373.66 Balance at March 31, 2024 188,237 $ 394.81

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings per Share	The weighted average number of common shares used in the calculation of basic and diluted earnings per share consisted of the following (in millions): First Quarter 2024 2023 Weighted average basic common shares outstanding 47.3 46.9 Effect of dilutive securities (primarily stock options) 0.7 1.0 Weighted average diluted common shares outstanding 48.0 47.9

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of Changes in AOCI by Component	The changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of tax, for the first quarter ended March 31, 2024 and April 2, 2023 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance at December 31, 2023 $ (392.7) $ 8.2 $ (249.6) $ (634.1) Other comprehensive income (loss) before reclassifications (88.8) 2.7 — (86.1) Amounts reclassified from AOCI — (6.9) 2.1 (4.8) Net other comprehensive income (loss) (88.8) (4.2) 2.1 (90.9) Balance at March 31, 2024 $ (481.5) $ 4.0 $ (247.5) $ (725.0) Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance at January 1, 2023 $ (472.3) $ 1.3 $ (255.5) $ (726.5) Other comprehensive income (loss) before reclassifications (4.3) 9.8 — 5.5 Amounts reclassified from AOCI — (7.3) 1.5 (5.8) Net other comprehensive income (loss) (4.3) 2.5 1.5 (0.3) Balance at April 2, 2023 $ (476.6) $ 3.8 $ (254.0) $ (726.8)
Schedule of Reclassification out of Accumulated Other Comprehensive Income	The reclassifications out of AOCI to net income for the first quarter ended March 31, 2024 and April 2, 2023 are as follows (in millions): Amount Reclassified from AOCI for the Quarter Ended Amount Reclassified from AOCI for the Quarter Ended Statement of Income (Loss) Presentation March 31, 2024 April 2, 2023 (Gain) loss on cash flow hedges: Gain recognized in income on derivatives $ (9.3) $ (9.8) See Note 13 Income tax impact 2.4 2.5 Provision for income taxes Total $ (6.9) $ (7.3) Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (0.1) $ (0.4) Costs and expenses Amortization of net actuarial loss 2.9 2.4 Costs and expenses Total before tax 2.8 2.0 Income tax impact (0.7) (0.5) Provision for income taxes Total $ 2.1 $ 1.5

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges	The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the first quarter ended March 31, 2024 and April 2, 2023 was as follows (in millions): First Quarter 2024 2023 Net gain (loss) recognized in AOCI - Foreign Exchange Contracts (a) $ 0.7 $ 13.6 Net gain (loss) reclassified from AOCI into revenue - Foreign Exchange Contracts (a) $ 0.7 $ (1.9) Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b) $ 3.7 $ 10.1 Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts $ 1.9 $ 1.5 Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts $ — $ 0.6 (a) Effective portion, pre-tax (b) Amount reclassified to offset earnings impact of liability hedged by cross currency swap
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts	As of March 31, 2024, the Company had foreign currency forward contracts not designated as accounting hedges primarily in the following types and pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars $ 301.2 U.S. Dollars US$ 222.1 Canadian Dollars $ 12.6 Euros € 8.6 Danish Krone DKR 154.8 U.S. Dollars US$ 22.5 Great Britain Pounds £ 5.3 Euros € 6.2 Great Britain Pounds £ 70.4 U.S. Dollars US$ 88.9 U.S. Dollars US$ 17.0 Euros € 15.8 Norwegian Krone kr 179.0 U.S. Dollars US$ 16.9 Swedish Krona SEK 284.3 Euros € 26.1 Swedish Krona SEK 310.4 U.S. Dollars US$ 29.3
Schedule of Fair Values of Derivative Financial Instruments	The fair values of the Company’s derivative instruments are presented below. All fair values for these derivative instruments were measured using Level 2 inputs in the fair value hierarchy (in millions): Asset/(Liability) Derivative Instruments Balance sheet location March 31, 2024 December 31, 2023 Derivatives designated as hedging instruments: Cash flow forward contracts Other current assets $ 1.2 $ 3.7 Cash flow forward contracts Other non-current assets 0.6 2.4 Interest rate contracts Other current assets (accrued interest) 0.1 0.1 Cash flow cross currency swap Other current assets (17.3) (21.3) Total derivatives designated as hedging instruments (15.4) (15.1) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 1.5 14.2 Non-designated forward contracts Accrued liabilities (3.3) (3.2) Total derivatives not designated as hedging instruments (1.8) 11.0 Total derivative instruments, net $ (17.2) $ (4.1)

Business Acquisitions - Narrati

Business Acquisitions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Apr. 02, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Consideration transferred, net of cash acquired	$ 0		$ 52.5
Xena Networks
Business Acquisition [Line Items]
Consideration transferred, net of cash acquired		$ 24.2		$ 24.2
ChartWorld
Business Acquisition [Line Items]
Consideration transferred, net of cash acquired			$ 53.5	$ 53.5

Business Acquisitions - Purchas

Business Acquisitions - Purchase Price (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Apr. 02, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Cash paid	$ 0		$ 52.5
Total
Business Acquisition [Line Items]
Cash paid				$ 77.7
Goodwill Acquired				76.6
Acquired Intangible Assets		$ 16.1		16.1
Xena Networks
Business Acquisition [Line Items]
Cash paid		24.2		24.2
Goodwill Acquired				21.1
Acquired Intangible Assets		4.8		4.8
ChartWorld
Business Acquisition [Line Items]
Cash paid			$ 53.5	53.5
Goodwill Acquired				55.5
Acquired Intangible Assets		$ 11.3		$ 11.3

Business Segments - Narrative (

Business Segments - Narrative (Details)	3 Months Ended
Business Segments - Narrative (Details)	Mar. 31, 2024 product_line segment
Segment Reporting [Abstract]
Number of reportable segments \| segment	4
Instrumentation
Revenue from External Customer [Line Items]
Number of product lines	3
Digital Imaging
Revenue from External Customer [Line Items]
Number of product lines	1
Aerospace and Defense Electronics
Revenue from External Customer [Line Items]
Number of product lines	1
Engineered Systems
Revenue from External Customer [Line Items]
Number of product lines	1

Business Segments - Net Sales a

Business Segments - Net Sales and Operating Income by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Net sales:
Total net sales	$ 1,350.1	$ 1,383.3
Net sales, percentage change	(2.40%)
Operating income:
Operating income	$ 234.3	242.5
Total segment operating profit, percentage change	(3.40%)
Net sales	$ (1,350.1)	(1,383.3)
Corporate expense
Operating income:
Operating income	$ (20.1)	(17.4)
Total segment operating profit, percentage change	15.50%
Inter-segment sales
Net sales:
Total net sales	$ (4.8)	(6.2)
Operating income:
Net sales	4.8	6.2
Digital Imaging
Net sales:
Total net sales	740.8	772.5
Operating income:
Net sales	(740.8)	(772.5)
Digital Imaging \| Operating segments
Net sales:
Total net sales	$ 740.8	772.5
Net sales, percentage change	(4.10%)
Operating income:
Operating income	$ 113.8	122.2
Total segment operating profit, percentage change	(6.90%)
Net sales	$ (740.8)	(772.5)
Instrumentation
Net sales:
Total net sales	330.4	333.5
Operating income:
Net sales	(330.4)	(333.5)
Instrumentation \| Operating segments
Net sales:
Total net sales	$ 330.4	333.5
Net sales, percentage change	(0.90%)
Operating income:
Operating income	$ 86	80.7
Total segment operating profit, percentage change	6.60%
Net sales	$ (330.4)	(333.5)
Aerospace and Defense Electronics
Net sales:
Total net sales	185.7	173.2
Operating income:
Net sales	(185.7)	(173.2)
Aerospace and Defense Electronics \| Operating segments
Net sales:
Total net sales	$ 185.7	173.2
Net sales, percentage change	7.20%
Operating income:
Operating income	$ 51.9	47
Total segment operating profit, percentage change	10.40%
Net sales	$ (185.7)	(173.2)
Engineered Systems
Net sales:
Total net sales	93.2	104.1
Operating income:
Net sales	(93.2)	(104.1)
Engineered Systems \| Operating segments
Net sales:
Total net sales	$ 93.2	104.1
Net sales, percentage change	(10.50%)
Operating income:
Operating income	$ 2.7	10
Total segment operating profit, percentage change	(73.00%)
Net sales	$ (93.2)	$ (104.1)

Business Segments - Identifiabl

Business Segments - Identifiable Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Identifiable assets	$ 14,639.2	$ 14,527.9
Operating segments \| Digital Imaging
Segment Reporting Information [Line Items]
Identifiable assets	11,197.1	11,382.2
Operating segments \| Instrumentation
Segment Reporting Information [Line Items]
Identifiable assets	1,683.9	1,692.3
Operating segments \| Aerospace and Defense Electronics
Segment Reporting Information [Line Items]
Identifiable assets	561.9	569.1
Operating segments \| Engineered Systems
Segment Reporting Information [Line Items]
Identifiable assets	213.4	184.8
Corporate expense
Segment Reporting Information [Line Items]
Identifiable assets	$ 982.9	$ 699.5

Business Segments - Sales (Deta

Business Segments - Sales (Details) - USD ($) $ in Millions	3 Months Ended
Business Segments - Sales (Details) - USD ($) $ in Millions	Mar. 31, 2024	Apr. 02, 2023
Revenue from External Customer [Line Items]
Total net sales	$ 1,350.1	$ 1,383.3
Instrumentation
Revenue from External Customer [Line Items]
Total net sales	330.4	333.5
Instrumentation \| Marine Instrumentation
Revenue from External Customer [Line Items]
Total net sales	147.8	128.2
Instrumentation \| Environmental Instrumentation
Revenue from External Customer [Line Items]
Total net sales	111.1	117.9
Instrumentation \| Test and Measurement Instrumentation
Revenue from External Customer [Line Items]
Total net sales	$ 71.5	$ 87.4

Revenue Recognition and Contr_3

Revenue Recognition and Contract Balances - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Segment Reporting Information [Line Items]
Revenue recognized from contract liabilities	$ 66.3
Change in estimate	$ 0.3	$ 2.9
Net sales \| Product Concentration Risk \| Recognized at a point in time
Segment Reporting Information [Line Items]
Net sales fixed price contracts percent (as a percent)	70%
Net sales \| Product Concentration Risk \| Recognized over time
Segment Reporting Information [Line Items]
Net sales fixed price contracts percent (as a percent)	30%
Engineered Systems \| Segment net sales \| Product Concentration Risk \| Fixed-price contracts
Segment Reporting Information [Line Items]
Net sales fixed price contracts percent (as a percent)	47%
Engineered Systems \| Minimum \| Segment net sales \| Product Concentration Risk \| Fixed-price contracts
Segment Reporting Information [Line Items]
Net sales fixed price contracts percent (as a percent)	45%
Engineered Systems \| Maximum \| Segment net sales \| Product Concentration Risk \| Fixed-price contracts
Segment Reporting Information [Line Items]
Net sales fixed price contracts percent (as a percent)	55%

Revenue Recognition and Contr_4

Revenue Recognition and Contract Balances - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,350.1	$ 1,383.3
United States
Disaggregation of Revenue [Line Items]
Net sales	694.8	695.8
Europe
Disaggregation of Revenue [Line Items]
Net sales	331.4	324
Asia
Disaggregation of Revenue [Line Items]
Net sales	213	243.1
All other
Disaggregation of Revenue [Line Items]
Net sales	110.9	120.4
U.S. Govt.
Disaggregation of Revenue [Line Items]
Net sales	302.6	311.5
Other
Disaggregation of Revenue [Line Items]
Net sales	1,047.5	1,071.8
Digital Imaging
Disaggregation of Revenue [Line Items]
Net sales	740.8	772.5
Digital Imaging \| United States
Disaggregation of Revenue [Line Items]
Net sales	333.7	334.4
Digital Imaging \| Europe
Disaggregation of Revenue [Line Items]
Net sales	200.3	197.3
Digital Imaging \| Asia
Disaggregation of Revenue [Line Items]
Net sales	134.2	158.4
Digital Imaging \| All other
Disaggregation of Revenue [Line Items]
Net sales	72.6	82.4
Digital Imaging \| U.S. Govt.
Disaggregation of Revenue [Line Items]
Net sales	130.7	130.4
Digital Imaging \| Other
Disaggregation of Revenue [Line Items]
Net sales	610.1	642.1
Instrumentation
Disaggregation of Revenue [Line Items]
Net sales	330.4	333.5
Instrumentation \| United States
Disaggregation of Revenue [Line Items]
Net sales	144.6	138
Instrumentation \| Europe
Disaggregation of Revenue [Line Items]
Net sales	96.9	97.2
Instrumentation \| Asia
Disaggregation of Revenue [Line Items]
Net sales	60.1	67.5
Instrumentation \| All other
Disaggregation of Revenue [Line Items]
Net sales	28.8	30.8
Instrumentation \| U.S. Govt.
Disaggregation of Revenue [Line Items]
Net sales	33.3	23
Instrumentation \| Other
Disaggregation of Revenue [Line Items]
Net sales	297.1	310.5
Aerospace and Defense Electronics
Disaggregation of Revenue [Line Items]
Net sales	185.7	173.2
Aerospace and Defense Electronics \| United States
Disaggregation of Revenue [Line Items]
Net sales	123.7	120.1
Aerospace and Defense Electronics \| Europe
Disaggregation of Revenue [Line Items]
Net sales	34.2	29.5
Aerospace and Defense Electronics \| Asia
Disaggregation of Revenue [Line Items]
Net sales	18.6	17
Aerospace and Defense Electronics \| All other
Disaggregation of Revenue [Line Items]
Net sales	9.2	6.6
Aerospace and Defense Electronics \| U.S. Govt.
Disaggregation of Revenue [Line Items]
Net sales	58.8	64.7
Aerospace and Defense Electronics \| Other
Disaggregation of Revenue [Line Items]
Net sales	126.9	108.5
Engineered Systems
Disaggregation of Revenue [Line Items]
Net sales	93.2	104.1
Engineered Systems \| United States
Disaggregation of Revenue [Line Items]
Net sales	92.8	103.3
Engineered Systems \| Europe
Disaggregation of Revenue [Line Items]
Net sales	0	0
Engineered Systems \| Asia
Disaggregation of Revenue [Line Items]
Net sales	0.1	0.2
Engineered Systems \| All other
Disaggregation of Revenue [Line Items]
Net sales	0.3	0.6
Engineered Systems \| U.S. Govt.
Disaggregation of Revenue [Line Items]
Net sales	79.8	93.4
Engineered Systems \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 13.4	$ 10.7

Revenue Recognition and Contr_5

Revenue Recognition and Contract Balances - Contract Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accrued liabilities	$ 274.2	$ 241.1
Other long-term liabilities	25.9	25.5
Total contract liabilities	$ 300.1	$ 266.6

Revenue Recognition and Contr_6

Revenue Recognition and Contract Balances - Performance Obligation (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 3,290.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage (as a percent)	78%
Remaining performance obligation, expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage (as a percent)	22%
Remaining performance obligation, expected timing of satisfaction

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Changes in the Carrying Value of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 8,002.8
Foreign currency changes and other	(46.8)
Goodwill, ending balance	7,956
Digital Imaging
Goodwill [Roll Forward]
Goodwill, beginning balance	6,877
Foreign currency changes and other	(38.6)
Goodwill, ending balance	6,838.4
Instrumentation
Goodwill [Roll Forward]
Goodwill, beginning balance	944.8
Foreign currency changes and other	(7.9)
Goodwill, ending balance	936.9
Aerospace and Defense Electronics
Goodwill [Roll Forward]
Goodwill, beginning balance	163.4
Foreign currency changes and other	(0.3)
Goodwill, ending balance	163.1
Engineered Systems
Goodwill [Roll Forward]
Goodwill, beginning balance	17.6
Foreign currency changes and other	0
Goodwill, ending balance	$ 17.6

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Carrying Value of Other Acquired Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,301.3	$ 2,334.2
Accumulated amortization	942.5	906.1
Net carrying amount	1,358.8	1,428.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total acquired intangible assets	3,149.6	3,184.2
Accumulated amortization	942.5	906.1
Acquired intangible assets, net	2,207.1	2,278.1
Trademarks
Indefinite-Lived Intangible Assets [Line Items]
Trademarks	848.3	850
Proprietary technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,669.3	1,696.6
Accumulated amortization	691.2	663
Net carrying amount	978.1	1,033.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	691.2	663
Customer list/relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	604	609.5
Accumulated amortization	227.4	219.4
Net carrying amount	376.6	390.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	227.4	219.4
Patents
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	0.6	0.6
Accumulated amortization	0.6	0.6
Net carrying amount	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	0.6	0.6
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	0.9	0.9
Accumulated amortization	0.9	0.9
Net carrying amount	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	0.9	0.9
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	10.2	10.2
Accumulated amortization	6.1	5.8
Net carrying amount	4.1	4.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	6.1	5.8
Backlog
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	16.3	16.4
Accumulated amortization	16.3	16.4
Net carrying amount	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ 16.3	$ 16.4

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash equivalents	$ 527.1	$ 265.1
Allowance for doubtful accounts	$ 11.4	$ 11.5

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and supplies	$ 571.3	$ 560.6
Work in process	193.4	184.8
Finished goods	168.5	172.3
Total inventories, net	$ 933.2	$ 917.7

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Schedule of Changes in Product Warranty Reserve (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of year	$ 49.1	$ 50.3
Product warranty expense	3.5	4.3
Deductions	(5.1)	(4.2)
Balance at end of period	$ 47.5	$ 50.4

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 3,266,300,000	$ 3,266,000,000
Debt discount and debt issuance costs	(20,000,000)	(21,100,000)
Total debt, net	3,246,300,000	3,244,900,000
Less: Current portion of long-term debt	(600,200,000)	(600,100,000)
Total long-term debt, net of current portion	2,646,100,000	2,644,800,000
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,150,000,000
Total debt	$ 0	0
Senior Notes \| 0.95% Fixed Rate Senior Notes due April 2024
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.95%
Total debt	$ 450,000,000	450,000,000
Senior Notes \| 1.60% Fixed Rate Senior Notes due April 2026
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.60%
Total debt	$ 450,000,000	450,000,000
Senior Notes \| 2.25% Fixed Rate Senior Notes due April 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.25%
Total debt	$ 700,000,000	700,000,000
Senior Notes \| 2.50% Fixed Rate Senior Notes due August 2030
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.50%
Total debt	$ 485,000,000	485,000,000
Senior Notes \| 2.75% Fixed Rate Senior Notes due April 2031
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.75%
Total debt	$ 1,030,000,000	$ 1,030,000,000
Term Loans \| Term loan due October 2024, variable rate of 6.68% at March 31, 2024 and 6.71% at December 31, 2023, swapped to a Euro fixed rate of 0.61%
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.61%
Variable interest rate	6.68%	6.71%
Total debt	$ 150,000,000	$ 150,000,000
Other debt
Debt Instrument [Line Items]
Total debt	$ 1,300,000	$ 1,000,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Apr. 26, 2024	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Long-term debt fair value		$ 2,945,500,000	$ 2,965,300,000
Borrowings		3,266,300,000	3,266,000,000
Senior Notes \| 0.95% Fixed Rate Senior Notes due April 2024
Line of Credit Facility [Line Items]
Borrowings		450,000,000	450,000,000
Senior Notes \| 0.95% Fixed Rate Senior Notes due April 2024 \| Subsequent Event
Line of Credit Facility [Line Items]
Repayments debt	$ 450,000,000
Revolving Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Available balance		1,128,200,000
Maximum borrowing capacity		1,150,000,000
Borrowings		0	$ 0
Letter of Credit \| Credit Facility
Line of Credit Facility [Line Items]
Outstanding letters of credit		$ 21,800,000

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 46.4	$ 44.9
Stock-based accounting	(5.3)	(5.9)
Uncertain tax position reserves (primarily acquisition related)	0.3	0.3
Other discrete event expense (benefit)	0.6	(0.9)
Effective Income Tax Rate Reconciliation, Discrete Items, Amount	(4.4)	(6.5)
Provision (benefit) for income taxes without discrete event expense (benefit)	50.8	51.4
Income (loss) before income taxes	$ 225.5	$ 223.7
Effective tax rate	20.60%	20.10%
Effective tax rate without discrete events	22.50%	23%

Pension Plans - Schedule of Def

Pension Plans - Schedule of Defined Benefit Pension Plans and Postretirement Benefit Plans (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Components of net period pension benefit expense
Service cost — benefits earned during the period	$ 1.5	$ 1.5
Pension non-service cost (income)
Interest cost on benefit obligation	8.2	8.4
Expected return on plan assets	(13.6)	(13.6)
Amortization of net prior service cost (income)	(0.2)	(0.5)
Amortization of net actuarial loss (gain)	2.9	2.4
Pension non-service cost (income)	$ (2.7)	$ (3.3)

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 12	$ 7.9

Stock-based Compensation - Opti

Stock-based Compensation - Options Plans (Details) - Stock Options	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares
Beginning balance (in shares) \| shares	1,337,972
Granted (in shares) \| shares	67,003
Exercised (in shares) \| shares	(83,027)
Canceled (in shares) \| shares	(9,283)
Ending balance (in shares) \| shares	1,312,665
Exercisable at end of period (in shares) \| shares	1,108,192
Weighted Average Exercise Price
Beginning balance (in USD per share) \| $ / shares	$ 223.43
Granted (in USD per share) \| $ / shares	441.98
Exercised (in USD per share) \| $ / shares	109.33
Canceled (in USD per share) \| $ / shares	389.07
Ending balance (in USD per share) \| $ / shares	267.47
Options exercisable at end of period (in USD per share) \| $ / shares	$ 241.34

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares
Beginning balance (in shares) \| shares	123,089
Granted (in shares) \| shares	89,267
Vested (in shares) \| shares	(20,863)
Forfeited/Canceled (in shares) \| shares	(3,256)
Ending balance (in shares) \| shares	188,237
Weighted average fair value per share
Beginning balance (in USD per share) \| $ / shares	$ 364.86
Granted (in USD per share) \| $ / shares	432.52
Vested (in USD per share) \| $ / shares	382.20
Forfeited/Canceled (in USD per share) \| $ / shares	373.66
Ending balance (in USD per share) \| $ / shares	$ 394.81

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Earnings Per Share [Abstract]
Weighted average basic common shares outstanding (in shares)	47.3	46.9
Effect of dilutive securities (primarily stock options) (in shares)	0.7	1
Weighted average diluted common shares outstanding (in shares)	48	47.9

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Stock Options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share (in shares)	0.2	0.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 9,221.2	$ 8,169.2
Other comprehensive income (loss) before reclassifications	(86.1)	5.5
Amounts reclassified from AOCI	(4.8)	(5.8)
Net other comprehensive income (loss)	(90.9)	(0.3)
Ending balance	9,328	8,365.7
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(634.1)	(726.5)
Net other comprehensive income (loss)	(90.9)	(0.3)
Ending balance	(725)	(726.8)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(392.7)	(472.3)
Other comprehensive income (loss) before reclassifications	(88.8)	(4.3)
Amounts reclassified from AOCI	0	0
Net other comprehensive income (loss)	(88.8)	(4.3)
Ending balance	(481.5)	(476.6)
Cash Flow Hedges and Other
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	8.2	1.3
Other comprehensive income (loss) before reclassifications	2.7	9.8
Amounts reclassified from AOCI	(6.9)	(7.3)
Net other comprehensive income (loss)	(4.2)	2.5
Ending balance	4	3.8
Pension and Postretirement Benefits
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(249.6)	(255.5)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from AOCI	2.1	1.5
Net other comprehensive income (loss)	2.1	1.5
Ending balance	$ (247.5)	$ (254)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Costs and expenses	$ 1,115.8	$ 1,140.8
Total before tax	(225.5)	(223.7)
Income tax impact	46.4	44.9
Total	(178.5)	(178.7)
Amount Reclassified from AOCI \| Cash Flow Hedges and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	(9.3)	(9.8)
Income tax impact	2.4	2.5
Total	(6.9)	(7.3)
Amount Reclassified from AOCI \| Pension and Postretirement Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	2.8	2
Income tax impact	(0.7)	(0.5)
Total	2.1	1.5
Amount Reclassified from AOCI \| Amortization of prior service cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Costs and expenses	(0.1)	(0.4)
Amount Reclassified from AOCI \| Amortization of net actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Costs and expenses	$ 2.9	$ 2.4

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Apr. 02, 2023 USD ($)	Mar. 31, 2024 EUR (€)
Derivatives not designated as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
(Expense) income from derivative instruments	$ (9.3)	$ 7.8
Forward contracts \| Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Expected reclassification of gain (loss) over the next 12 months	1
Forward contracts \| Designated as hedging instrument \| Cash flow hedges \| Sell US Dollars and buy Canadian Dollars
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	131.3
Forward contracts \| Designated as hedging instrument \| Cash flow hedges \| Sell US Dollars and buy Great Britain Pounds
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	12.7
Currency swap maturing October 2024 \| Designated as hedging instrument \| Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	150		€ 156
Currency swap and interest rate swap \| Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Expected reclassification of gain (loss) over the next 12 months	$ 3.5

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Effect of Derivative Instruments (Details) - Designated as hedging instrument - Cash flow hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Foreign Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) recognized in AOCI	$ 0.7	$ 13.6
Foreign Exchange Contracts \| Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI	0.7	(1.9)
Foreign Exchange Contracts \| Other income and (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI	3.7	10.1
Foreign Exchange Contracts \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI	1.9	1.5
Interest Rate Contracts \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI	$ 0	$ 0.6

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Foreign Currency Contracts (Details) - Mar. 31, 2024 - Forward contracts - Derivatives not designated as hedging instruments: € in Millions, £ in Millions, kr in Millions, kr in Millions, kr in Millions, $ in Millions, $ in Millions	USD ($)	EUR (€)	CAD ($)	DKK (kr)	GBP (£)	NOK (kr)	SEK (kr)
Contracts to Buy \| Sell US Dollars and buy Canadian Dollars
Derivatives, Fair Value [Line Items]
Derivative notional amount			$ 301.2
Contracts to Buy \| Sell Euros and buy Canadian Dollars
Derivatives, Fair Value [Line Items]
Derivative notional amount			$ 12.6
Contracts to Buy \| Sell US Dollars and buy Danish Krone
Derivatives, Fair Value [Line Items]
Derivative notional amount \| kr				kr 154.8
Contracts to Buy \| Sell Euros and buy Great Britain Pounds
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £					£ 5.3
Contracts to Buy \| Sell US Dollars and buy Great Britain Pounds
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £					£ 70.4
Contracts to Buy \| Sell Euros And Buy US Dollars
Derivatives, Fair Value [Line Items]
Derivative notional amount	$ 17
Contracts to Buy \| Sell US Dollars and buy Norwegian Krone
Derivatives, Fair Value [Line Items]
Derivative notional amount \| kr						kr 179
Contracts to Buy \| Sell Euros and buy Swedish Krona
Derivatives, Fair Value [Line Items]
Derivative notional amount \| kr							kr 284.3
Contracts to Buy \| Sell US Dollars and buy Swedish Krone
Derivatives, Fair Value [Line Items]
Derivative notional amount \| kr							kr 310.4
Contracts to Sell \| Sell US Dollars and buy Canadian Dollars
Derivatives, Fair Value [Line Items]
Derivative notional amount	222.1
Contracts to Sell \| Sell Euros and buy Canadian Dollars
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €		€ 8.6
Contracts to Sell \| Sell US Dollars and buy Danish Krone
Derivatives, Fair Value [Line Items]
Derivative notional amount	22.5
Contracts to Sell \| Sell Euros and buy Great Britain Pounds
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €		6.2
Contracts to Sell \| Sell US Dollars and buy Great Britain Pounds
Derivatives, Fair Value [Line Items]
Derivative notional amount	88.9
Contracts to Sell \| Sell Euros And Buy US Dollars
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €		15.8
Contracts to Sell \| Sell US Dollars and buy Norwegian Krone
Derivatives, Fair Value [Line Items]
Derivative notional amount	16.9
Contracts to Sell \| Sell Euros and buy Swedish Krona
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €		€ 26.1
Contracts to Sell \| Sell US Dollars and buy Swedish Krone
Derivatives, Fair Value [Line Items]
Derivative notional amount	$ 29.3

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Fair Values of Instruments (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair values of derivative financial instruments
Total derivatives, net	$ (17.2)	$ (4.1)
Derivatives designated as hedging instruments:
Fair values of derivative financial instruments
Total liability derivatives	(15.4)	(15.1)
Derivatives not designated as hedging instruments:
Fair values of derivative financial instruments
Total liability derivatives	(1.8)	11
Other current assets \| Derivatives designated as hedging instruments: \| Forward contracts \| Cash flow hedges
Fair values of derivative financial instruments
Total asset derivatives	1.2	3.7
Other current assets \| Derivatives designated as hedging instruments: \| Interest rate contracts
Fair values of derivative financial instruments
Total asset derivatives	0.1	0.1
Other current assets \| Derivatives designated as hedging instruments: \| Cross currency swap \| Cash flow hedges
Fair values of derivative financial instruments
Total asset derivatives	(17.3)	(21.3)
Other current assets \| Derivatives not designated as hedging instruments: \| Forward contracts
Fair values of derivative financial instruments
Total asset derivatives	1.5	14.2
Other non-current assets \| Derivatives designated as hedging instruments: \| Forward contracts \| Cash flow hedges
Fair values of derivative financial instruments
Total liability derivatives	0.6	2.4
Accrued liabilities \| Derivatives not designated as hedging instruments: \| Forward contracts
Fair values of derivative financial instruments
Total liability derivatives	$ (3.3)	$ (3.2)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Reserves for environmental remediation obligations	$ 5.5	$ 5.4
Portion of reserves included in current accrued liabilities	$ 1.7
Maximum
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Estimated duration of remediation (in years)	30 years

Subsequent Events (Details)

Subsequent Events (Details) shares in Millions	Apr. 23, 2024 shares
Subsequent Event
Subsequent Event [Line Items]
Number of shares authorized to be repurchased (in shares)	1,250