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Business Segments
 3 Months Ended
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 Note 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):
20252024Change
Digital Imaging$757.0 $740.8 2.2 %
Instrumentation 343.3 330.4 3.9 %
Aerospace and Defense Electronics242.5 185.7 30.6 %
Engineered Systems107.1 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:
20252024Change
Digital Imaging$422.5 $408.6 3.4 %
Instrumentation173.5 171.2 1.3 %
Aerospace and Defense Electronics144.2 107.9 33.6 %
Engineered Systems90.2 82.5 9.3 %
Total cost of sales
$830.4 $770.2 7.8 %
First Quarter%
Selling, general and administrative:
20252024Change
Digital Imaging$122.7 $123.7 (0.8)%
Instrumentation49.7 47.0 5.7 %
Aerospace and Defense Electronics33.2 21.0 58.1 %
Engineered Systems6.1 7.9 (22.8)%
Total selling, general and administrative
$211.7 $199.6 6.1 %
First Quarter%
Research and development:
20252024Change
Digital Imaging$44.1 $48.9 (9.8)%
Instrumentation24.2 22.8 6.1 %
Aerospace and Defense Electronics6.0 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:
20252024Change
Digital Imaging$45.4 $45.8 (0.9)%
Instrumentation3.2 3.4 (5.9)%
Aerospace and Defense Electronics3.4 0.2 *
Total acquired intangible asset amortization
$52.0 $49.4 5.3 %
* Not meaningful
First Quarter%
Operating income (loss):
20252024Change
Digital Imaging$122.3 $113.8 7.5 %
Instrumentation92.7 86.0 7.8 %
Aerospace and Defense Electronics55.7 51.9 7.3 %
Engineered Systems10.8 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
Instrumentation20252024
Marine Instrumentation$161.8 $147.8 
Environmental Instrumentation108.9 111.1 
Test and Measurement Instrumentation72.6 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, 2025December 29, 2024
Digital Imaging$11,021.1 $10,942.4 
Instrumentation1,781.9 1,750.9 
Aerospace and Defense Electronics1,496.8 576.2 
Engineered Systems200.4 180.3 
Corporate548.3 750.7 
Total identifiable assets$15,048.5 $14,200.5