XML 30 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Segment Information
3 Months Ended
Apr. 03, 2016
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.
 
First Quarter
 
%
(Dollars in millions)
2016
 
2015
 
Change
Net sales(a):
 
 
 
 
 
Instrumentation
$
223.7

 
$
270.3

 
(17.2
)%
Digital Imaging
89.9

 
90.4

 
(0.6
)%
Aerospace and Defense Electronics
152.6

 
141.2

 
8.1
 %
Engineered Systems
64.3

 
63.1

 
1.9
 %
Total net sales
$
530.5

 
$
565.0

 
(6.1
)%
Operating income:
 
 
 
 
 
Instrumentation
$
31.4

 
$
42.1

 
(25.4
)%
Digital Imaging
8.2

 
9.3

 
(11.8
)%
Aerospace and Defense Electronics
24.1

 
19.4

 
24.2
 %
Engineered Systems
8.0

 
6.7

 
19.4
 %
Corporate expense
(10.7
)
 
(10.2
)
 
4.9
 %
Operating income
$
61.0

 
$
67.3

 
(9.4
)%

(a)
Net sales excludes inter-segment sales of $5.1 million and $4.9 million for the first quarter of 2016 and 2015, 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):
 
First Quarter
Instrumentation
2016
 
2015
Marine Instrumentation
$
112.9

 
$
159.5

Environmental Instrumentation
68.7

 
67.7

Test and Measurement Instrumentation
42.1

 
43.1

Total
$
223.7

 
$
270.3

 
 
 
 
 
First Quarter
Engineered Systems
2016
 
2015
Engineered Products and Services
$
52.8

 
$
49.1

Turbine Engines
5.0

 
5.6

Energy Systems
6.5

 
8.4

Total
$
64.3

 
$
63.1