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Segment Information
 9 Months Ended
Sep. 27, 2015
Segment Reporting [Abstract]  
Segment Information
Segment Information
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.
Segment results include net sales and operating income by segment but excludes noncontrolling interest, equity income or loss, unusual non-recurring legal matter settlements, 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. Corporate expense includes various administrative expenses relating to the corporate office and certain non-operating expenses not allocated to our segments.
The following table presents Teledyne’s segment disclosures.
 
Third Quarter
 
%
 
Nine Months
 
%
(Dollars in millions)
2015
 
2014
 
Change
 
2015
 
2014
 
Change
Net sales(a):
 
 
 
 
 
 
 
 
 
 
 
Instrumentation
$
243.2

 
$
280.4

 
(13.3
)%
 
$
784.8

 
$
815.9

 
(3.8
)%
Digital Imaging
95.7

 
95.6

 
0.1
 %
 
276.9

 
301.2

 
(8.1
)%
Aerospace and Defense Electronics
151.3

 
151.8

 
(0.3
)%
 
439.5

 
457.3

 
(3.9
)%
Engineered Systems
65.2

 
73.3

 
(11.1
)%
 
196.9

 
197.3

 
(0.2
)%
Total net sales
$
555.4

 
$
601.1

 
(7.6
)%
 
$
1,698.1

 
$
1,771.7

 
(4.2
)%
Operating income:
 
 
 
 
 
 
 
 
 
 
 
Instrumentation
$
38.6

 
$
46.9

 
(17.7
)%
 
$
126.4

 
$
128.2

 
(1.4
)%
Digital Imaging
10.4

 
7.9

 
31.6
 %
 
28.5

 
29.3

 
(2.7
)%
Aerospace and Defense Electronics
23.5

 
21.6

 
8.8
 %
 
63.5

 
68.3

 
(7.0
)%
Engineered Systems
5.9

 
8.5

 
(30.6
)%
 
17.4

 
21.4

 
(18.7
)%
Corporate expense
(8.9
)
 
(10.6
)
 
(16.0
)%
 
(30.1
)
 
(32.6
)
 
(7.7
)%
Operating income
$
69.5

 
$
74.3

 
(6.5
)%
 
$
205.7

 
$
214.6

 
(4.1
)%

(a)
Net sales excludes inter-segment sales of $4.8 million and $14.7 million for the third quarter and nine months ended September 27, 2015, respectively, and $4.9 million and $14.8 million for the third quarter and nine months ended September 28, 2014, respectively.

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. The Engineered Systems segment includes three product lines: Engineered Products and Services, Turbine Engines and Energy Systems.
The following tables provide a summary of the net sales by product line for the Instrumentation segment and the Engineered Systems segment (in millions):
 
Third Quarter
 
Nine Months
Instrumentation
2015
 
2014
 
2015
 
2014
Marine Instrumentation
$
136.5

 
$
167.4

 
$
457.8

 
$
478.1

Environmental Instrumentation
67.4

 
66.1

 
202.8

 
196.8

Test and Measurement Instrumentation
39.3

 
46.9

 
124.2

 
141.0

Total
$
243.2

 
$
280.4

 
$
784.8

 
$
815.9

 
 
 
 
 
 
 
 
 
Third Quarter
 
Nine Months
Engineered Systems
2015
 
2014
 
2015
 
2014
Engineered Products and Services
$
53.1

 
$
57.1

 
$
155.7

 
$
155.0

Turbine Engines
4.1

 
6.2

 
13.7

 
19.0

Energy Systems
8.0

 
10.0

 
27.5

 
23.3

Total
$
65.2

 
$
73.3

 
$
196.9

 
$
197.3