Consistent with our strategy, we completed two acquisitions each in 2024 and in 2023. The financial results of the completed acquisitions have been included since the respective date of each acquisition.

Net sales in Digital Imaging segment decreased 1.0%. The third quarter of 2024 net sales, compared with the third quarter of 2023, reflected higher net sales in each segment other than the Digital Imaging segment.

Sales of Marine Instrumentation increased $31.9 million due to the ongoing recovery in offshore energy markets as well as stronger defense market sales.

SG&A expense as a percentage of net sales decreased to 20.7% for the third quarter of 2024, compared with 20.8%.

The Company's bank credit agreements requires it to comply with various financial and operating covenants and at September 29, 2024, the Company was in compliance with these covenants.

We currently plan to invest approximately $100 million for capital expenditures in 2024.

There are no material changes to the risk factors previously disclosed in our 2023 Form 10-K in response to Item 1A. to Part I of Form 10-K.

To date, we have not been materially impacted by the conflict in Israel and its effect on neighboring regions. It is too early to determine the full extent of the impact this conflict could have on our business and our operations, including the impact to our suppliers from these regions, and our assessment of the potential impacts is ongoing.

Sales recorded and costs incurred recorded by subsidiaries operating outside of the United States are translated into U.S. dollars using exchange rates effective during the respective period. As a result, we are exposed to movements in the exchange rates of various currencies against the U.S. dollar.

We differentiate ourselves from many of our direct competitors by having a customer- and Company-sponsored applied research center that augments our product development expertise.

Our strategy continues to emphasize growth in our four business segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics and Engineered Systems.

Using complementary technology across our businesses and through targeted research and development, we seek to create new products to grow our company and expand our addressable markets.

We aggressively pursue operational excellence to continually improve our margins and earnings by emphasizing cost containment and evaluating cost reductions in all aspects of our business.

As part of a continuing effort to reduce costs and improve operating performance, we may take and have taken actions to consolidate and relocate certain facilities and reduce headcount across various businesses, reducing our exposure to weaker end markets.

We continue to seek cost reductions in our businesses.

We believe our technological capabilities, innovation and the ability to invest in the development of new and enhanced products are critical to obtaining and maintaining leadership in our markets and the industries in which we compete.

Using complementary technology across our businesses and through targeted research and development, we seek to create new products to grow our company and expand our addressable markets.

We differentiate ourselves from many of our direct competitors by having a customer- and Company-sponsored applied research center that augments our product development expertise.

In April 2024, our Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $1.25 billion of our common stock.

During the first nine months of 2024, we repurchased approximately 0.8 million shares for $332.6 million with a weighted-average price of $397.14 per share.

During the first nine months of 2024, we spent $123.7 million on acquisitions as compared with $53.5 million.

To support acquisitions, we may need to raise additional capital.

The Company is working to resolve a civil investigation by the U.S. Department of Justice relating to an ejection seat sequencer program and deliveries to the U.S. Government between 2006 and 2018.

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.

We had previously assumed no full year sales growth in industrial automation markets as well as electronic test and measurement markets.

As a result, we are exposed to movements in the exchange rates of various currencies against the U.S. dollar.

To date, we have not been materially impacted by the conflict in Israel and its effect on neighboring regions.