Segment Information (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Industry Segment Disclosures

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

Identifiable assets:	September 30, 2018		December 31, 2017
Instrumentation	$	1,378.0	$	1,413.6
Digital Imaging	1,613.8		1,606.5
Aerospace and Defense Electronics	527.9		495.4
Engineered Systems	118.2		107.0
Corporate	275.3		223.9
Total identifiable assets	$	3,913.2	$	3,846.4

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

	Third Quarter						%		Nine Months						%
	2018			2017			Change		2018			2017			Change
Net sales(a):
Instrumentation	$	256.2		$	232.5		10.2	%	$	757.8		$	699.1		8.4	%
Digital Imaging	223.0			197.0			13.2	%	659.3			511.0			29.0	%
Aerospace and Defense Electronics	171.1			159.6			7.2	%	518.2			472.6			9.6	%
Engineered Systems	75.0			73.1			2.6	%	218.1			216.7			0.6	%
Total net sales	$	725.3		$	662.2		9.5	%	$	2,153.4		$	1,899.4		13.4	%
Operating income:
Instrumentation	$	35.7		$	34.6		3.2	%	$	104.4		$	95.3		9.5	%
Digital Imaging (b)	42.3			31.4			34.7	%	120.2			74.5			61.3	%
Aerospace and Defense Electronics	33.3			28.2			18.1	%	98.7			82.2			20.1	%
Engineered Systems	9.3			8.6			8.1	%	23.9			23.7			0.8	%
Corporate expense (b)	(15.1		)	(13.3		)	13.5	%	(41.8		)	(48.6		)	(14.0	)%
Operating income	$	105.5		$	89.5		17.9	%	$	305.4		$	227.1		34.5	%

(a)

Net sales excludes inter-segment sales of $6.2 million and $16.9 million for the third quarter and first nine months of 2018, respectively, and $6.4 million and $17.8 million for the third quarter and nine months of 2017, respectively.

(b)

The third quarter of 2017 included pretax charges of $2.9 million related to the acquisition of e2v which was recorded in the Digital Imaging segment. The first nine months of 2017 included pretax charges of $19.8 million related to the acquisition of e2v, of which $9.1 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.

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):

	Third Quarter				Nine Months
Instrumentation	2018		2017		2018		2017
Marine Instrumentation	$	106.2	$	101.8	$	329.1	$	318.3
Environmental Instrumentation	85.5		77.7		252.4		230.2
Test and Measurement Instrumentation	64.5		53.0		176.3		150.6
Total	$	256.2	$	232.5	$	757.8	$	699.1

Disaggregation of Revenue

	Third Quarter Ended September 30, 2018						Nine Months Ended September 30, 2018
	Customer Type						Customer Type
(in millions)	United States Government (a)		Other, Primarily Commercial		Total		United States Government (a)		Other, Primarily Commercial		Total
Net Sales:
Instrumentation	$	15.4	$	240.8	$	256.2	$	44.0	$	713.8	$	757.8
Digital Imaging	23.9		199.1		223.0		68.9		590.4		659.3
Aerospace and Defense Electronics	57.9		113.2		171.1		189.6		328.6		518.2
Engineered Systems	61.9		13.1		75.0		178.1		40.0		218.1
	$	159.1	$	566.2	$	725.3	$	480.6	$	1,672.8	$	2,153.4

a) Includes sales as a prime contractor or subcontractor.

	Third Quarter Ended September 30, 2018						Nine Months Ended September 30, 2018
	Contract Type						Contract Type
(in millions)	Fixed Price		Cost Type		Total		Fixed Price		Cost Type		Total
Net Sales:
Instrumentation	$	252.6	$	3.6	$	256.2	$	745.2	$	12.6	$	757.8
Digital Imaging	206.0		17.0		223.0		600.7		58.6		659.3
Aerospace and Defense Electronics	170.0		1.1		171.1		516.4		1.8		518.2
Engineered Systems	24.3		50.7		75.0		70.9		147.2		218.1
	$	652.9	$	72.4	$	725.3	$	1,933.2	$	220.2	$	2,153.4

	Third Quarter Ended September 30, 2018								Nine Months Ended September 30, 2018
	Geographic Region (a)								Geographic Region (a)
(in millions)	United States		Europe		All other		Total		United States		Europe		All other		Total
Net sales:
Instrumentation	$	215.4	$	31.3	$	9.5	$	256.2	$	612.9	$	116.1	$	28.8	$	757.8
Digital Imaging	62.6		78.1		82.3		223.0		178.8		221.1		259.4		659.3
Aerospace and Defense Electronics	154.6		15.4		1.1		171.1		465.7		50.1		2.4		518.2
Engineered Systems	71.8		3.2		—		75.0		210.9		7.2		—		218.1
	$	504.4	$	128.0	$	92.9	$	725.3	$	1,468.3	$	394.5	$	290.6	$	2,153.4

a) Net sales by geographic region of origin.