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Business Segments | 3 Months Ended
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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 |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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