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v3.25.1

Business Segments | 3 Months Ended
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Mar. 30, 2025
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 exclude corporate expenses. Corporate expense primarily includes administrative expenses relating to the corporate office not allocated to our segments. In the first quarter of 2025, the Company completed two acquisitions, and the financial results of these acquisitions have been included since the date of the acquisition and are part of the Aerospace and Defense Electronics segment. See No te 2 to these Notes to Condensed Consolidated Financial Statements for information regarding these 2025 acquisitions. The following table presents net sales, operating expenses and operating income by segment (dollars in millions):
| First Quarter |  | % |  |  |  |
Net Sales (a): | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 757.0 |  |  | $ | 740.8 |  |  | 2.2 | % |  |  |  |  |  |
Instrumentation | 343.3 |  |  | 330.4 |  |  | 3.9 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 242.5 |  |  | 185.7 |  |  | 30.6 | % |  |  |  |  |  |
Engineered Systems | 107.1 |  |  | 93.2 |  |  | 14.9 | % |  |  |  |  |  |
Total net sales | $ | 1,449.9 |  |  | $ | 1,350.1 |  |  | 7.4 | % |  |  |  |  |  |
(a) Net sales exclude inter-segment sales of $3.8 million and $4.8 million for the first quarter of 2025 and 2024, respectively.
| First Quarter |  | % |  |  |  |
Cost of sales: | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 422.5 |  |  | $ | 408.6 |  |  | 3.4 | % |  |  |  |  |  |
Instrumentation | 173.5 |  |  | 171.2 |  |  | 1.3 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 144.2 |  |  | 107.9 |  |  | 33.6 | % |  |  |  |  |  |
Engineered Systems | 90.2 |  |  | 82.5 |  |  | 9.3 | % |  |  |  |  |  |
Total cost of sales | $ | 830.4 |  |  | $ | 770.2 |  |  | 7.8 | % |  |  |  |  |  |
| First Quarter |  | % |  |  |  |
Selling, general and administrative: | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 122.7 |  |  | $ | 123.7 |  |  | (0.8) | % |  |  |  |  |  |
Instrumentation | 49.7 |  |  | 47.0 |  |  | 5.7 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 33.2 |  |  | 21.0 |  |  | 58.1 | % |  |  |  |  |  |
Engineered Systems | 6.1 |  |  | 7.9 |  |  | (22.8) | % |  |  |  |  |  |
Total selling, general and administrative | $ | 211.7 |  |  | $ | 199.6 |  |  | 6.1 | % |  |  |  |  |  |
| First Quarter |  | % |  |  |  |
Research and development: | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 44.1 |  |  | $ | 48.9 |  |  | (9.8) | % |  |  |  |  |  |
Instrumentation | 24.2 |  |  | 22.8 |  |  | 6.1 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 6.0 |  |  | 4.7 |  |  | 27.7 | % |  |  |  |  |  |
Engineered Systems | — |  |  | 0.1 |  |  | (100.0) | % |  |  |  |  |  |
Total research and development | $ | 74.3 |  |  | $ | 76.5 |  |  | (2.9) | % |  |  |  |  |  |
| First Quarter |  | % |  |  |  |
Acquired intangible asset amortization: | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 45.4 |  |  | $ | 45.8 |  |  | (0.9) | % |  |  |  |  |  |
Instrumentation | 3.2 |  |  | 3.4 |  |  | (5.9) | % |  |  |  |  |  |
Aerospace and Defense Electronics | 3.4 |  |  | 0.2 |  |  | * |  |  |  |  |  |
Total acquired intangible asset amortization | $ | 52.0 |  |  | $ | 49.4 |  |  | 5.3 | % |  |  |  |  |  |
* Not meaningful
| First Quarter |  | % |  |  |  |
Operating income (loss): | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Digital Imaging | $ | 122.3 |  |  | $ | 113.8 |  |  | 7.5 | % |  |  |  |  |  |
Instrumentation | 92.7 |  |  | 86.0 |  |  | 7.8 | % |  |  |  |  |  |
Aerospace and Defense Electronics | 55.7 |  |  | 51.9 |  |  | 7.3 | % |  |  |  |  |  |
Engineered Systems | 10.8 |  |  | 2.7 |  |  | 300.0 | % |  |  |  |  |  |
Corporate expense | (22.2) |  |  | (20.1) |  |  | 10.4 | % |  |  |  |  |  |
Operating income (loss) | $ | 259.3 |  |  | $ | 234.3 |  |  | 10.7 | % |  |  |  |  |  |
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 | 2025 |  | 2024 |  |  |  |
Marine Instrumentation | $ | 161.8 |  |  | $ | 147.8 |  |  |  |  |
Environmental Instrumentation | 108.9 |  |  | 111.1 |  |  |  |  |
Test and Measurement Instrumentation | 72.6 |  |  | 71.5 |  |  |  |  |
Total | $ | 343.3 |  |  | $ | 330.4 |  |  |  |  |
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 30, 2025 |  | December 29, 2024
Digital Imaging |  | $ | 11,021.1 |  |  | $ | 10,942.4 |
Instrumentation |  | 1,781.9 |  |  | 1,750.9 |
Aerospace and Defense Electronics |  | 1,496.8 |  |  | 576.2 |
Engineered Systems |  | 200.4 |  |  | 180.3 |
Corporate |  | 548.3 |  |  | 750.7 |
Total identifiable assets |  | $ | 15,048.5 |  |  | $ | 14,200.5 |

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- Definition The entire disclosure for reporting segments including data and tables. 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