Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Jan. 01, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information by Segment

The following pre-tax charges were incurred related to severance and facility consolidations (in millions):



	2016		2015		2014
Instrumentation	$	10.6	$	3.9	$	1.0
Digital Imaging	2.0		3.2		2.7
Aerospace and Defense Electronics	4.6		1.2		0.9
Engineered Systems	0.1		0.1		(0.2		)
Total	$	17.3	$	8.4	$	4.4

Information on the Company’s business segments was as follows (in millions):



Net sales:	2016			2015			2014
Instrumentation	$	876.7		$	1,051.1		$	1,115.5
Digital Imaging	398.7			379.0			403.6
Aerospace and Defense Electronics	615.9			593.4			603.0
Engineered Systems	258.6			274.6			271.9
Total net sales	$	2,149.9		$	2,298.1		$	2,394.0

Operating income:	2016			2015			2014
Instrumentation	$	109.8		$	171.0		$	181.6
Digital Imaging	45.9			40.0			37.1
Aerospace and Defense Electronics	112.1			84.8			88.3
Engineered Systems	32.1			26.1			31.4
Corporate expense	(46.1		)	(40.2		)	(43.9		)
Total operating income	253.8			281.7			294.5



Depreciation and amortization:	2016		2015		2014
Instrumentation	$	37.3	$	41.2	$	41.1
Digital Imaging	26.2		26.1		29.6
Aerospace and Defense Electronics	14.4		15.0		15.9
Engineered Systems	4.1		3.5		3.7
Corporate	5.3		4.5		4.0
Total depreciation and amortization	$	87.3	$	90.3	$	94.3



Capital expenditures:	2016		2015		2014
Instrumentation	$	50.9	$	20.9	$	17.0
Digital Imaging	12.5		9.2		10.3
Aerospace and Defense Electronics	12.6		9.1		8.8
Engineered Systems	5.9		5.7		4.3
Corporate	5.7		2.1		3.1
Total capital expenditures	$	87.6	$	47.0	$	43.5

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.



Identifiable assets:	2016		2015		2014
Instrumentation	$	1,361.0	$	1,339.6	$	1,415.4
Digital Imaging	671.1		634.9		708.4
Aerospace and Defense Electronics	449.4		451.6		462.5
Engineered Systems	93.9		92.2		84.9
Corporate (a)	199.0		198.8		191.0
Total identifiable assets	$	2,774.4	$	2,717.1	$	2,862.2
(a) The amount for 2016, 2015 and 2014 includes $88.5 million, $111.0 million and $86.3 million prepaid pension asset, respectively.



Fiscal Year 2016 (in millions)	1^st Quarter			2^nd Quarter			3^rd Quarter			4^th Quarter
Net Sales:
Instrumentation	$	223.7		$	220.1		$	208.3		$	224.6
Digital Imaging	89.9			99.4			98.5			110.9
Aerospace & Defense Electronics	152.6			158.0			153.5			151.8
Engineered Systems	64.3			62.2			66.5			65.6
Total net sales	$	530.5		$	539.7		$	526.8		$	552.9

Operating income:
Instrumentation	$	31.4		$	20.1		$	28.1		$	30.2
Digital Imaging	8.2			10.7			11.7			15.3
Aerospace & Defense Electronics	24.1			28.0			31.5			28.5
Engineered Systems	8.0			5.6			8.6			9.9
Corporate expense	(10.8		)	(10.8		)	(11.1		)	(13.4		)
Total operating income	$	60.9		$	53.6		$	68.8		$	70.5



Fiscal Year 2015 (in millions)	1^st Quarter			2^nd Quarter			3^rd Quarter			4^th Quarter
Net Sales:
Instrumentation	$	270.3		$	271.3		$	243.2		$	266.3
Digital Imaging	90.4			90.8			95.7			102.1
Aerospace & Defense Electronics	141.2			147.0			151.3			153.9
Engineered Systems	63.1			68.6			65.2			77.7
Total net sales	$	565.0		$	577.7		$	555.4		$	600.0

Operating income:
Instrumentation	$	42.1		$	45.7		$	38.6		$	44.6
Digital Imaging	9.3			8.8			10.4			11.5
Aerospace & Defense Electronics	19.4			20.6			23.5			21.3
Engineered Systems	6.7			4.8			5.9			8.7
Corporate expense	(10.2		)	(11.0		)	(8.9		)	(10.1		)
Total operating income	$	67.3		$	68.9		$	69.5		$	76.0

Quarterly Financial Data (Unaudited)



Fiscal Year 2016 (a) (in millions, except per-share amounts)	1^st Quarter			2^nd Quarter			3^rd Quarter			4^th Quarter
Net Sales	$	530.5		$	539.7		$	526.8		$	552.9
Costs and expenses
Cost of sales	324.8			336.2			317.0			340.0
Selling, general and administrative expenses	144.8			149.9			141.0			142.4
Total costs and expenses	469.6			486.1			458.0			482.4
Operating income	60.9			53.6			68.8			70.5
Interest and debt expense, net	(5.7		)	(5.9		)	(5.6		)	(6.0		)
Other income, net (b)	(1.3		)	17.2			(0.8		)	(4.4		)
Income before income taxes	53.9			64.9			62.4			60.1
Provision for income taxes (c)	14.9			18.0			10.4			7.1
Net income attributable to Teledyne	$	39.0		$	46.9		$	52.0		$	53.0

Basic earnings per common share	$	1.13		$	1.36		$	1.50		$	1.52

Diluted earnings per common share	$	1.11		$	1.33		$	1.46		$	1.48



a) Fiscal year 2016 was a 52-week year, each quarter contained 13 weeks. The Company’s Form 10-Qs for the second and third quarters of 2016 classified our Printed Circuit Technology (“PCT”) business, which was sold in July 2016, as discontinued operations. Based on further review we have determined that the sale and impact to the Company’s operations were insignificant and therefore the results of PCT are no longer presented within discontinued operations.
b) The second quarter includes a $17.9 million pretax gain on the sale of a former operating facility and the fourth quarter includes $5.5 million in expense related to an option contract in connection with the pending e2v acquisition.
c) Includes $0.6 million in net discrete income tax benefits in the first quarter, $5.7 million in net discrete income tax expense in the second quarter, $6.6 million in net discrete income tax benefits the third quarter and $9.4 million in net discrete income tax benefits in the fourth quarter. The first and second quarters of 2016 were adjusted from the amounts previously reported on Form 10-Q as a result of adopting Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. Teledyne’s first and second quarter previously reported results now include additional income tax benefits as an increase to net income of $0.6 million and $1.2 million, respectively. See Note 2 of our Notes to the Consolidated Financial Statements for additional information.



Fiscal Year 2016 (in millions)	1^st Quarter			2^nd Quarter			3^rd Quarter			4^th Quarter
Net Sales:
Instrumentation	$	223.7		$	220.1		$	208.3		$	224.6
Digital Imaging	89.9			99.4			98.5			110.9
Aerospace & Defense Electronics	152.6			158.0			153.5			151.8
Engineered Systems	64.3			62.2			66.5			65.6
Total net sales	$	530.5		$	539.7		$	526.8		$	552.9

Operating income:
Instrumentation	$	31.4		$	20.1		$	28.1		$	30.2
Digital Imaging	8.2			10.7			11.7			15.3
Aerospace & Defense Electronics	24.1			28.0			31.5			28.5
Engineered Systems	8.0			5.6			8.6			9.9
Corporate expense	(10.8		)	(10.8		)	(11.1		)	(13.4		)
Total operating income	$	60.9		$	53.6		$	68.8		$	70.5



Fiscal Year 2015 (a) (in millions, except per-share amounts)	1^st Quarter			2^nd Quarter			3^rd Quarter			4^th Quarter
Net Sales	$	565.0		$	577.7		$	555.4		$	600.0
Costs and expenses
Cost of sales	345.9			357.7			345.8			378.4
Selling, general and administrative expenses	151.8			151.1			140.1			145.6
Total costs and expenses	497.7			508.8			485.9			524.0
Operating income	67.3			68.9			69.5			76.0
Interest and debt expense, net	(5.9		)	(6.0		)	(6.0		)	(6.0		)
Other income, net	0.8			3.4			(2.1		)	(1.7		)
Income before income taxes	62.2			66.3			61.4			68.3
Provision for income taxes (b)	18.5			18.3			13.1			12.8
Net income	43.7			48.0			48.3			55.5
Noncontrolling interest	—			0.3			—			—
Net income attributable to Teledyne	$	43.7		$	48.3		$	48.3		$	55.5

Basic earnings per common share	$	1.22		$	1.37		$	1.37		$	1.59

Diluted earnings per common share	$	1.20		$	1.34		$	1.34		$	1.57



a) Fiscal year 2015 was a 53-week year, each quarter contained 13 weeks except the fourth quarter which contained 14 weeks.
b) Includes $0.2 million in net discrete income tax expense in the first quarter of 2015, $1.3 million in net discrete income tax benefits in the second quarter, $7.4 million in net discrete income tax benefits in the third quarter and $1.3 million in net discrete income tax benefits in the fourth quarter.



Fiscal Year 2015 (in millions)	1^st Quarter			2^nd Quarter			3^rd Quarter			4^th Quarter
Net Sales:
Instrumentation	$	270.3		$	271.3		$	243.2		$	266.3
Digital Imaging	90.4			90.8			95.7			102.1
Aerospace & Defense Electronics	141.2			147.0			151.3			153.9
Engineered Systems	63.1			68.6			65.2			77.7
Total net sales	$	565.0		$	577.7		$	555.4		$	600.0

Operating income:
Instrumentation	$	42.1		$	45.7		$	38.6		$	44.6
Digital Imaging	9.3			8.8			10.4			11.5
Aerospace & Defense Electronics	19.4			20.6			23.5			21.3
Engineered Systems	6.7			4.8			5.9			8.7
Corporate expense	(10.2		)	(11.0		)	(8.9		)	(10.1		)
Total operating income	$	67.3		$	68.9		$	69.5		$	76.0



Fiscal Year 2015 (a) (in millions, except per-share amounts)	1^st Quarter			2^nd Quarter			3^rd Quarter			4^th Quarter
Net Sales	$	565.0		$	577.7		$	555.4		$	600.0
Costs and expenses
Cost of sales	345.9			357.7			345.8			378.4
Selling, general and administrative expenses	151.8			151.1			140.1			145.6
Total costs and expenses	497.7			508.8			485.9			524.0
Operating income	67.3			68.9			69.5			76.0
Interest and debt expense, net	(5.9		)	(6.0		)	(6.0		)	(6.0		)
Other income, net	0.8			3.4			(2.1		)	(1.7		)
Income before income taxes	62.2			66.3			61.4			68.3
Provision for income taxes (b)	18.5			18.3			13.1			12.8
Net income	43.7			48.0			48.3			55.5
Noncontrolling interest	—			0.3			—			—
Net income attributable to Teledyne	$	43.7		$	48.3		$	48.3		$	55.5

Basic earnings per common share	$	1.22		$	1.37		$	1.37		$	1.59

Diluted earnings per common share	$	1.20		$	1.34		$	1.34		$	1.57



a) Fiscal year 2015 was a 53-week year, each quarter contained 13 weeks except the fourth quarter which contained 14 weeks.
b) Includes $0.2 million in net discrete income tax expense in the first quarter of 2015, $1.3 million in net discrete income tax benefits in the second quarter, $7.4 million in net discrete income tax benefits in the third quarter and $1.3 million in net discrete income tax benefits in the fourth quarter.