Segment Information (Tables)

3 Months Ended

Apr. 04, 2021

Segment Reporting [Abstract]

Summary of Industry Segment Disclosures

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

	First Quarter				%
	2021		2020		Change
Net sales(a):
Instrumentation	$	286.5	$	285.1	0.5	%
Digital Imaging	263.3		246.7		6.7	%
Aerospace and Defense Electronics	151.2		156.3		(3.3)	%
Engineered Systems	104.7		96.5		8.5	%
Total net sales	$	805.7	$	784.6	2.7	%
Operating income:
Instrumentation	$	59.4	$	50.8	16.9	%
Digital Imaging	52.0		43.8		18.7	%
Aerospace and Defense Electronics	28.3		13.4		111.2	%
Engineered Systems	14.9		11.4		30.7	%
Corporate expense	(19.4)		(15.4)		26.0	%
Operating income	$	135.2	$	104.0	30.0	%
(a) Net sales excludes inter-segment sales of $4.2 million and $6.9 million for the first quarter 2021 and 2020, respectively.

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 (in millions):

Identifiable assets:	April 4, 2021		January 3, 2021
Instrumentation	$	1,663.3	$	1,676.2
Digital Imaging	1,984.4		2,000.8
Aerospace and Defense Electronics	540.9		567.6
Engineered Systems	163.1		175.1
Corporate (a)	3,266.7		665.1
Total identifiable assets	$	7,618.4	$	5,084.8

(a) The increase from January 3, 2021 was primarily due to higher cash and cash equivalents which included the proceeds of debt incurred to partially fund the pending acquisition of FLIR.

Summary of Sales by Product Line

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

	First Quarter
Instrumentation	2021		2020
Marine Instrumentation	102.0		$	109.3
Environmental Instrumentation	114.8		109.3
Test and Measurement Instrumentation	69.7		66.5
Total	$	286.5	$	285.1

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.

	First Quarter Ended April 4, 2021						First Quarter Ended March 29, 2020
	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	$	22.6	$	263.9	$	286.5	$	41.5	$	243.6	$	285.1
Digital Imaging	32.1		231.2		263.3		29.3		217.4		246.7
Aerospace and Defense Electronics	53.7		97.5		151.2		53.8		102.5		156.3
Engineered Systems	99.2		5.5		104.7		88.3		8.2		96.5
	$	207.6	$	598.1	$	805.7	$	212.9	$	571.7	$	784.6
a) Includes sales as a prime contractor or subcontractor.

	First Quarter Ended April 4, 2021						First Quarter Ended March 29, 2020
	Contract Type						Contract Type
(in millions)	Fixed Price		Cost Type		Total		Fixed Price		Cost Type		Total
Net Sales:
Instrumentation	$	282.8	$	3.7	$	286.5	$	281.5	$	3.6	$	285.1
Digital Imaging	240.1		23.2		263.3		213.4		33.3		246.7
Aerospace and Defense Electronics	151.1		0.1		151.2		156.1		0.2		156.3
Engineered Systems	51.0		53.7		104.7		50.3		46.2		96.5
	$	725.0	$	80.7	$	805.7	$	701.3	$	83.3	$	784.6

	First Quarter Ended April 4, 2021								First Quarter Ended March 29, 2020
	Geographic Region (a)								Geographic Region (a)
(in millions)	United States		Europe		All other		Total		United States		Europe		All other		Total
Net sales:
Instrumentation	$	213.4	$	58.6	$	14.5	$	286.5	$	217.8	$	54.9	$	12.4	$	285.1
Digital Imaging	80.2		72.2		110.9		263.3		77.6		68.8		100.3		246.7
Aerospace and Defense Electronics	125.5		25.7		—		151.2		131.9		24.2		0.2		156.3
Engineered Systems	104.7		—		—		104.7		96.5		—		—		96.5
	$	523.8	$	156.5	$	125.4	$	805.7	$	523.8	$	147.9	$	112.9	$	784.6
a) Net sales by geographic region of origin.