Segment Information (Tables)

6 Months Ended

Jul. 01, 2018

Segment Reporting [Abstract]

Industry Segment Disclosures

The following table presents Teledyne’s segment disclosures (dollars in millions):

	Second Quarter						%		Six Months						%
	2018			2017			Change		2018			2017			Change
Net sales(a):
Instrumentation	$	262.6		$	233.8		12.3	%	$	501.6		$	466.6		7.5	%
Digital Imaging	225.3			200.2			12.5	%	436.3			314.0			38.9	%
Aerospace and Defense Electronics	173.5			161.1			7.7	%	347.1			313.0			10.9	%
Engineered Systems	71.1			76.0			(6.4	)%	143.1			143.6			(0.3	)%
Total net sales	$	732.5		$	671.1		9.1	%	$	1,428.1		$	1,237.2		15.4	%
Operating income:
Instrumentation	$	40.9		$	30.5		34.1	%	$	68.7		$	60.7		13.2	%
Digital Imaging (b)	43.3			28.0			54.6	%	77.9			43.1			80.7	%
Aerospace and Defense Electronics	33.7			29.2			15.4	%	65.4			54.0			21.1	%
Engineered Systems	7.4			7.7			(3.9	)%	14.6			15.1			(3.3	)%
Corporate expense (b)	(13.8		)	(12.6		)	9.5	%	(26.7		)	(35.3		)	(24.4	)%
Operating income	$	111.5		$	82.8		34.7	%	$	199.9		$	137.6		45.3	%

(a)

Net sales excludes inter-segment sales of $5.5 million and $10.7 million for the second quarter and first six months of 2018, respectively, and $7.5 million and $11.4 million for the second quarter and six months of 2017, respectively.

(b)

The second quarter of 2017 included pretax charges of $4.0 million in acquisition transaction costs related to the acquisition of e2v, of which, $3.7 million was recorded in the Digital Imaging segment and $0.3 million was recorded in the Aerospace and Defense Electronics segment. The first six months of 2017 includes pretax charges of $16.9 million in acquisition transaction costs related to the acquisition of e2v, of which $6.2 million was recorded in the Digital Imaging segment, $0.3 million was recorded in the Aerospace and Defense Electronics segment and $10.4 million was recorded in Corporate expense.

Corporate assets primarily consist of cash, deferred taxes, net pension assets/liabilities and other assets (in millions):

Identifiable assets:	July 1, 2018		December 31, 2017
Instrumentation	$	1,387.1	$	1,413.6
Digital Imaging	1,593.6		1,606.5
Aerospace and Defense Electronics	519.7		495.4
Engineered Systems	119.3		107.0
Corporate	263.2		223.9
Total identifiable assets	$	3,882.9	$	3,846.4

Summary of the sales by product line

The following tables provide a summary of the net sales by product line for the Instrumentation segment (in millions):

	Second Quarter				Six Months
Instrumentation	2018		2017		2018		2017
Marine Instrumentation	$	118.7	$	107.0	$	222.9	$	216.5
Environmental Instrumentation	85.7		77.0		166.9		152.5
Test and Measurement Instrumentation	58.2		49.8		111.8		97.6
Total	$	262.6	$	233.8	$	501.6	$	466.6

Disaggregation of Revenue

	Second Quarter Ended July 1, 2018						First Six Months Ended July 1, 2018
	Customer Type						Customer Type
(in millions)	US Government (a)		Commercial		Total		US Government (a)		Commercial		Total
Net Sales:
Instrumentation	$	15.8	$	246.8	$	262.6	$	28.6	$	473.0	$	501.6
Digital Imaging	22.5		202.8		225.3		44.9		391.4		436.3
Aerospace and Defense Electronics	66.5		107.0		173.5		131.8		215.3		347.1
Engineered Systems	57.2		13.9		71.1		116.2		26.9		143.1
	$	162.0	$	570.5	$	732.5	$	321.5	$	1,106.6	$	1,428.1

a) Includes sales as a prime contractor or subcontractor.

	Second Quarter Ended July 1, 2018						First Six Months Ended July 1, 2018
	Contract Type						Contract Type
(in millions)	Fixed Price		Cost Type		Total		Fixed Price		Cost Type		Total
Net Sales:
Instrumentation	$	258.5	$	4.1	$	262.6	$	492.6	$	9.0	$	501.6
Digital Imaging	203.5		21.8		225.3		394.7		41.6		436.3
Aerospace and Defense Electronics	173.0		0.5		173.5		346.4		0.7		347.1
Engineered Systems	23.4		47.7		71.1		46.6		96.5		143.1
	$	658.4	$	74.1	$	732.5	$	1,280.3	$	147.8	$	1,428.1

	Second Quarter Ended July 1, 2018								First Six Months Ended July 1, 2018
	Geographic Region (a)								Geographic Region (a)
(in millions)	United States		Europe		All other		Total		United States		Europe		All other		Total
Net sales:
Instrumentation	$	206.5	$	45.4	$	10.7	$	262.6	$	397.5	$	84.8	$	19.3	$	501.6
Digital Imaging	59.4		76.0		89.9		225.3		116.2		143.0		177.1		436.3
Aerospace and Defense Electronics	157.0		15.9		0.6		173.5		311.1		34.7		1.3		347.1
Engineered Systems	68.9		2.2		—		71.1		139.1		4.0		—		143.1
	$	491.8	$	139.5	$	101.2	$	732.5	$	963.9	$	266.5	$	197.7	$	1,428.1

a) Net sales by geographic region of origin.