Segment Information (Tables)

9 Months Ended

Sep. 29, 2019

Segment Reporting [Abstract]

Industry Segment Disclosures

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

	Third Quarter				%		Nine Months				%
	2019		2018		Change		2019		2018		Change
Net sales(a):
Instrumentation	$	282.9	$	256.2	10.4	%	$	803.5	$	757.8	6.0	%
Digital Imaging (b)	244.0		220.7		10.6	%	724.8		652.0		11.2	%
Aerospace and Defense Electronics (b)	177.1		160.3		10.5	%	519.7		474.2		9.6	%
Engineered Systems (b)	98.2		88.1		11.5	%	281.4		269.4		4.5	%
Total net sales	$	802.2	$	725.3	10.6	%	$	2,329.4	$	2,153.4	8.2	%
Operating income:
Instrumentation	$	52.0	$	35.7	45.7	%	$	140.9	$	104.4	35.0	%
Digital Imaging (b)	41.2		42.3		(2.6)	%	129.4		119.2		8.6	%
Aerospace and Defense Electronics (b)	39.5		33.0		19.7	%	110.6		96.4		14.7	%
Engineered Systems (b)	10.6		9.6		10.4	%	26.0		27.2		(4.4)	%
Corporate expense	(14.6)		(15.1)		(3.3)	%	(49.0)		(41.8)		17.2	%
Operating income	$	128.7	$	105.5	22.0	%	$	357.9	$	305.4	17.2	%

(a)

Net sales excludes inter-segment sales of $8.2 million and $22.2 million for the third quarter and first nine months of 2019, respectively, and $8.2 million and $18.8 million for the third quarter and first nine months of 2018.

(b)

The 2018 periods have been adjusted to reflect the realignment of the reporting structure for certain business units, primarily related to certain refinements of our management reporting structure.  This change primarily related to moving certain electronic manufacturing services products from the Aerospace and Defense Electronics segment to the Engineered Systems segment. Other immaterial changes included moving certain United Kingdom (U.K.) microwave product lines (previously within the Digital Imaging segment) and certain U.K. manufactured composite parts (previously within the Engineered Systems segment) into the Aerospace and Defense Electronics segment.

Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash, deferred taxes, net pension assets/liabilities and other assets (in millions):

Identifiable assets:	September 29, 2019		December 30, 2018
Instrumentation	$	1,668.0	$	1,392.7
Digital Imaging	1,815.6		1,577.5
Aerospace and Defense Electronics	618.0		509.9
Engineered Systems	159.4		151.5
Corporate	218.6		177.7
Total identifiable assets	$	4,479.6	$	3,809.3

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	2019		2018		2019		2018
Marine Instrumentation	$	114.4	$	106.2	$	331.0	$	329.1
Environmental Instrumentation	102.6		85.5		276.4		252.4
Test and Measurement Instrumentation	65.9		64.5		196.1		176.3
Total	$	282.9	$	256.2	$	803.5	$	757.8

Disaggregation of Revenue

We also disaggregate our revenue from contracts with customers by customer type, contract-type and geographic region for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

	Third Quarter Ended September 29, 2019						Nine Months Ended September 29, 2019
	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	$	20.1	$	262.8	$	282.9	$	52.9	$	750.6	$	803.5
Digital Imaging	29.1		214.9		244.0		81.5		643.3		724.8
Aerospace and Defense Electronics	58.6		118.5		177.1		166.6		353.1		519.7
Engineered Systems	90.5		7.7		98.2		254.3		27.1		281.4
	$	198.3	$	603.9	$	802.2	$	555.3	$	1,774.1	$	2,329.4

a) Includes sales as a prime contractor or subcontractor.

	Third Quarter Ended September 29, 2019						Nine Months Ended September 29, 2019
	Contract Type						Contract Type
(in millions)	Fixed Price		Cost Type		Total		Fixed Price		Cost Type		Total
Net Sales:
Instrumentation	$	280.8	$	2.1	$	282.9	$	797.5	$	6.0	$	803.5
Digital Imaging	220.4		23.6		244.0		657.7		67.1		724.8
Aerospace and Defense Electronics	175.9		1.2		177.1		517.8		1.9		519.7
Engineered Systems	46.0		52.2		98.2		120.6		160.8		281.4
	$	723.1	$	79.1	$	802.2	$	2,093.6	$	235.8	$	2,329.4

	Third Quarter Ended September 29, 2019								Nine Months Ended September 29, 2019
	Geographic Region (a)								Geographic Region (a)
(in millions)	United States		Europe		All other		Total		United States		Europe		All other		Total
Net sales:
Instrumentation	$	229.9	$	42.7	$	10.3	$	282.9	$	666.1	$	107.1	$	30.3	$	803.5
Digital Imaging	83.4		71.2		89.4		244.0		236.1		213.0		275.7		724.8
Aerospace and Defense Electronics	149.2		27.7		0.2		177.1		447.4		71.5		0.8		519.7
Engineered Systems	98.2		—		—		98.2		281.4		—		—		281.4
	$	560.7	$	141.6	$	99.9	$	802.2	$	1,631.0	$	391.6	$	306.8	$	2,329.4

a) Net sales by geographic region of origin.

	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		196.8		220.7		68.9		583.1		652.0
Aerospace and Defense Electronics	41.8		118.5		160.3		131.6		342.6		474.2
Engineered Systems	78.0		10.1		88.1		236.1		33.3		269.4
	$	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	203.7		17.0		220.7		593.3		58.7		652.0
Aerospace and Defense Electronics	159.3		1.0		160.3		472.5		1.7		474.2
Engineered Systems	37.3		50.8		88.1		122.2		147.2		269.4
	$	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		75.8		82.3		220.7		178.8		213.8		259.4		652.0
Aerospace and Defense Electronics	138.3		20.9		1.1		160.3		407.3		64.5		2.4		474.2
Engineered Systems	88.1		—		—		88.1		269.3		0.1		—		269.4
	$	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.