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Business Segments
 12 Months Ended
Dec. 29, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments
Teledyne’s businesses are aligned in four reportable segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics and Engineered Systems. The Company manages, evaluates and aggregates its operating segments for segment reporting purposes primarily on the basis of product and service type, production process, distribution methods, type of customer, management organization, sales growth potential and long-term profitability. The Company’s Executive Chairman, who has been identified as the CODM, uses operating income as the measure of profit or loss to assess segment performance and allocate resources.
The Digital Imaging segment includes high-performance sensors, cameras and systems, within the visible, infrared and X-ray spectra for use in industrial, government and medical applications, as well as MEMS and high-performance, high-reliability semiconductors including analog-to-digital and digital-to-analog converters. The Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, electronic test and measurement equipment and harsh environment interconnect products. The Aerospace and Defense Electronics segment provides sophisticated electronic components and subsystems and communications products, including defense electronics, harsh environment interconnects, data acquisition and communications equipment for aircraft and components and subsystems for wireless and satellite communications, as well as general aviation batteries. The Engineered Systems segment provides innovative systems engineering and integration, advanced technology application, software development and manufacturing solutions for defense, space, environmental and energy applications.
Business segment results include net sales and operating income by segment but excludes corporate office expenses. Corporate expense primarily includes various administrative expenses relating to the corporate office not allocated to our segments.
Information on the Company’s business segments was as follows (in millions):
Net sales (a):202420232022
Digital Imaging$3,070.8 $3,144.1 $3,110.9 
Instrumentation1,382.6 1,326.2 1,254.0 
Aerospace and Defense Electronics776.8 726.5 682.4 
Engineered Systems439.8 438.7 411.3 
Total net sales$5,670.0 $5,635.5 $5,458.6 
(a) Net sales exclude inter-segment sales of $24.6 million, $29.4 million and $25.3 million for fiscal years 2024, 2023 and 2022, respectively.
Cost of sales:
202420232022
Digital Imaging$1,708.0 $1,711.4 $1,705.6 
Instrumentation706.4 692.6 668.7 
Aerospace and Defense Electronics441.3 424.6 407.8 
Engineered Systems379.5 367.5 346.2 
Total cost of sales
$3,235.2 $3,196.1 $3,128.3 
Selling, general and administrative:
202420232022
Digital Imaging
$510.7 $489.6 $457.3 
Instrumentation
196.4 188.2 181.6 
Aerospace and Defense Electronics91.2 83.7 75.1 
Engineered Systems26.5 24.9 24.1 
Total selling, general and administrative
$824.8 $786.4 $738.1 
Research and development:
202420232022
Digital Imaging
$177.3 $244.0 $245.0 
Instrumentation92.6 92.9 90.8 
Aerospace and Defense Electronics21.8 17.8 14.6 
Engineered Systems0.9 1.6 1.8 
Total research and development
$292.6 $356.3 $352.2 
Acquired intangible asset amortization:
202420232022
Digital Imaging$183.3 $181.7 $183.7 
Instrumentation13.9 14.2 17.2 
Aerospace and Defense Electronics0.8 0.8 0.8 
Total acquired intangible asset amortization
$198.0 $196.7 $201.7 
Impairment of acquired intangible assets
202420232022
Digital Imaging$49.5 $— $— 
Instrumentation3.0 — 0.4 
Total impairment of acquired intangible assets
$52.5 $— $0.4 
Operating income (loss):202420232022
Digital Imaging$442.0 $517.4 $519.3 
Instrumentation370.3 338.3 295.3 
Aerospace and Defense Electronics221.7 199.6 184.1 
Engineered Systems32.9 44.7 39.2 
Corporate expense(77.8)(65.6)(65.9)
Total operating income (loss)$989.1 $1,034.4 $972.0 
Depreciation and amortization:
202420232022
Digital Imaging
$261.2 $268.9 $279.0 
Instrumentation29.2 27.7 32.6 
Aerospace and Defense Electronics10.5 11.5 12.4 
Engineered Systems4.6 4.4 4.4 
Corporate4.4 3.9 3.8 
Total depreciation and amortization$309.9 $316.4 $332.2 
Capital expenditures:
202420232022
Digital Imaging$54.7 $78.2 $63.9 
Instrumentation15.0 14.0 9.3 
Aerospace and Defense Electronics7.2 10.9 8.0 
Engineered Systems2.4 3.4 5.3 
Corporate4.4 8.4 6.1 
Total capital expenditures$83.7 $114.9 $92.6 
Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, pension assets and other assets.
Identifiable assets (in millions):202420232022
Digital Imaging$10,942.4 $11,382.2 $11,432.3 
Instrumentation1,750.9 1,692.3 1,626.4 
Aerospace and Defense Electronics576.2 569.1 540.1 
Engineered Systems180.3 184.8 200.3 
Corporate750.7 699.5 554.9 
Total identifiable assets$14,200.5 $14,527.9 $14,354.0 
Net sales by geographic region (in millions):202420232022
United States$2,938.9 $2,895.4 $2,872.6 
Europe1,355.1 1,332.7 1,157.3 
Asia897.6 946.8 971.5 
All other regions478.4 460.6 457.2 
Total net sales$5,670.0 $5,635.5 $5,458.6 
Long-lived assets (in millions):202420232022
United States$7,662.6 $7,798.0 $7,873.1 
Canada1,118.2 1,174.0 1,169.7 
United Kingdom890.3 852.8 825.8 
France398.2 434.0 427.4 
All other countries1,174.8 1,275.2 1,225.4 
Total long-lived assets$11,244.1 $11,534.0 $11,521.4 
Long-lived assets consist of property, plant and equipment, goodwill, acquired intangible assets, prepaid pension assets and other long-term assets including deferred compensation assets but excluding any deferred tax assets. The all other countries category primarily consists of Teledyne’s other operations in Europe, primarily in Sweden, Norway, Belgium and Estonia.
Product Lines
The Instrumentation segment includes three product lines: Marine Instrumentation, Environmental Instrumentation and Test and Measurement Instrumentation. All other segments each contain one product line.
The tables below provide a summary of the net sales by product line for the Instrumentation segment (in millions):
Instrumentation:202420232022
Marine Instrumentation$631.5 $529.7 $460.7 
Environmental Instrumentation447.4 458.1 465.0 
Test and Measurement Instrumentation303.7 338.4 328.3 
Total$1,382.6 $1,326.2 $1,254.0 
Severance and Facility Consolidation Costs
As part of a continuing effort to reduce costs and improve operating performance, the Company may take and has taken actions to consolidate and relocate certain facilities and reduce headcount across various businesses, reducing its exposure to weaker end markets. For 2024, 2023 and 2022, the Company recorded $15.6 million of costs, $12.0 million of costs and $0.5 million of benefits, respectively, related to these actions, with the majority of the costs included within selling, general and administrative expense and within the Digital Imaging segment. At December 29, 2024, $2.4 million remains to be paid related to actions taken in 2024. In 2022, the Company, recorded a net benefit of $0.5 million, which related to $3.5 million of costs related to headcount or facility consolidation costs, offset by $4.0 million of income related to the favorable resolution of a facility consolidation charge within the Digital Imaging segment.