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Industry Segments
 3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Industry Segments
Industry Segments
Teledyne is a leading provider of sophisticated instrumentation, digital imaging products and software, 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: Instrumentation; Digital Imaging; 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 Instrumentation segment provides monitoring and control equipment for marine, environmental, scientific, industrial and defense applications, electronic test and measurement instruments and harsh environment interconnect products. 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. It also includes our sponsored and centralized research laboratories benefiting government programs and businesses 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. The Engineered Systems segment also designs and manufactures electrochemical energy systems and small turbine engines.
Segment operating profit includes other income and expense directly related to the segment, but excludes noncontrolling interest, interest income and expense, gains and losses on the disposition of assets, sublease rental income and non-revenue licensing and royalty income, domestic and foreign income taxes and corporate office expenses.
The following table presents Teledyne’s interim industry segment disclosures for net sales and operating profit including other segment income. The table also provides a reconciliation of segment operating profit and other segment income to total net income attributable to common stockholders (amounts in millions):
 
First Quarter
 
First Quarter
 
%
 
2013
 
2012
 
Change
Net sales:
 
 
 
 
 
Instrumentation
$
221.2

 
$
160.6

 
37.7
 %
Digital Imaging
102.4

 
94.2

 
8.7
 %
Aerospace and Defense Electronics
174.6

 
164.8

 
5.9
 %
Engineered Systems
71.2

 
74.4

 
(4.3
)%
Total net sales
$
569.4

 
$
494.0

 
15.3
 %
Segment operating profit:
 
 
 
 
 
Instrumentation
$
35.0

 
$
31.6

 
10.8
 %
Digital Imaging
5.2

 
4.3

 
20.9
 %
Aerospace and Defense Electronics
21.8

 
22.9

 
(4.8
)%
Engineered Systems
6.4

 
6.2

 
3.2
 %
Total segment operating profit
68.4

 
65.0

 
5.2
 %
Corporate expense
(9.5
)
 
(9.5
)
 
—
 %
Other expense, net
(0.5
)
 
(0.4
)
 
25.0
 %
Interest and debt expense, net
(5.4
)
 
(4.0
)
 
35.0
 %
Income before income taxes
53.0

 
51.1

 
3.7
 %
Provision for income taxes
13.2

 
15.5

 
(14.8
)%
Net income
39.8

 
35.6

 
11.8
 %
Noncontrolling interest
0.6

 
0.1

 
500.0
 %
Net income attributable to Teledyne
$
40.4

 
$
35.7

 
13.2
 %

Product Lines
The Instrumentation segment includes three product lines: Environmental Instrumentation, Marine Instrumentation and Test and Measurement Instrumentation. The Digital Imaging segment contains one product line as does the Aerospace and Defense Electronics segment. This Engineered Systems segment includes three product lines: Engineered Products and Services, Turbine Engines and Energy Systems.
The tables below provide a summary of the sales by product line for the Instrumentation segment and the Engineered Systems segment (in millions):
 
First Quarter
Instrumentation
2013
 
2012
Environmental Instrumentation
$
62.2

 
$
64.6

Marine Instrumentation
115.6

 
96.0

Test and Measurement Instrumentation
43.4

 
—

Total
$
221.2

 
$
160.6

 
 
 
 
 
First Quarter
Engineered Systems
2013
 
2012
Engineered Products and Services
$
58.6

 
$
57.2

Turbine Engines
6.0

 
6.9

Energy Systems
6.6

 
10.3

Total
$
71.2

 
$
74.4