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Segment Information
 6 Months Ended
Jul. 03, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Our customers include government agencies, aerospace prime contractors, energy exploration and production companies, major industrial companies and airlines. The Company has four reportable segments: Digital Imaging; Instrumentation; Aerospace and Defense Electronics; and Engineered Systems.
Segment results include net sales and operating income by segment but exclude non-service retirement benefit income, equity income or loss, unusual non-recurring legal matter settlements, interest income and expense, gains and losses on the disposition of assets, sublease rental income and non-revenue licensing and royalty income, domestic and foreign income taxes and corporate office expenses. Corporate expense includes various administrative expenses relating to the corporate office and certain non-operating expenses, including certain acquisition-related transaction costs, not allocated to our segments.
On May 14, 2021, the Company completed the acquisition of FLIR. The financial results of FLIR have been included since the date of the acquisition and are part of the Digital Imaging segment. See Note 2 to these Notes to Condensed Consolidated Financial Statements for information regarding the FLIR acquisition.
The following table presents Teledyne’s segment disclosures (dollars in millions):
Second Quarter%Six Months%
20222021Change20222021Change
Net sales(a):
Digital Imaging (b)$775.8 $579.5 33.9 %$1,526.3 $842.8 81.1 %
Instrumentation 312.5 291.1 7.4 %621.4 577.6 7.6 %
Aerospace and Defense Electronics168.8 152.4 10.8 %335.0 303.6 10.3 %
Engineered Systems98.7 98.0 0.7 %194.1 202.7 (4.2)%
Total net sales$1,355.8 $1,121.0 20.9 %$2,676.8 $1,926.7 38.9 %
Operating income:
Digital Imaging (b)$117.9 $84.6 39.4 %$233.6 $136.6 71.0 %
Instrumentation73.6 64.6 13.9 %145.2 124.0 17.1 %
Aerospace and Defense Electronics44.1 28.4 55.3 %87.0 56.7 53.4 %
Engineered Systems8.6 11.0 (21.8)%18.0 25.9 (30.5)%
Corporate expense (c)(14.7)(84.2)(82.5)%(30.8)(103.6)(70.3)%
Operating income$229.5 $104.4 119.8 %$453.0 $239.6 89.1 %
(a) Net sales excludes inter-segment sales of $5.1 million and $10.6 million for the second quarter and first six months of 2022, respectively, and $5.1 million and $9.3 million for the second quarter and first six months of 2021, respectively.
(b) On May 14, 2021, the Company completed the acquisition of FLIR, and the financial results of FLIR have been included since the date of the acquisition. The second quarter and first six months of 2022 includes $167.6 million and $620.2 million in incremental net sales from FLIR, respectively.
(c) Corporate expense for the second quarter and first six months of 2021 includes $70.5 million and $76.4 million , respectively, in acquisition-related transaction and purchase accounting expenses related to the FLIR acquisition.
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:July 3, 2022January 2, 2022
Digital Imaging$11,308.9 $11,756.8 
Instrumentation1,609.7 1,640.3 
Aerospace and Defense Electronics530.1 536.3 
Engineered Systems190.6 179.2 
Corporate408.2 317.7 
Total identifiable assets$14,047.5 $14,430.3 
Product Lines
The Instrumentation segment includes three product lines: Environmental Instrumentation, Marine Instrumentation and Test and Measurement Instrumentation. Teledyne’s other three segments each contain one product line.
The following table provides a summary of the net sales by product line for the Instrumentation segment (in millions):
Second QuarterSix Months
Instrumentation2022202120222021
Environmental Instrumentation$115.5 $112.8 $229.5 $227.6 
Marine Instrumentation115.3 104.9 227.2 206.9 
Test and Measurement Instrumentation81.7 73.4 164.7 143.1 
Total$312.5 $291.1 $621.4 $577.6 
We also disaggregate our revenue from contracts with customers by customer 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. With the exception of the Engineered Systems segment, net sales in our segments is primarily derived from fixed price contracts. Net sales in the Engineered Systems segment is typically between 45% and 55% fixed price contracts in a given reporting period, with the balance of net sales derived from cost type contracts. For the six months ended July 3, 2022, approximately 45% of net sales in the Engineered Systems segment were derived from fixed price contracts.
Second Quarter Ended July 3, 2022
Six Months Ended July 3, 2022
Customer TypeCustomer Type
(in millions)United States Government (a)Other, Primarily CommercialTotalUnited States Government (a)Other, Primarily CommercialTotal
Net Sales:
Digital Imaging$165.6 $610.2 $775.8 $307.1 $1,219.2 $1,526.3 
Instrumentation27.2 285.3 312.5 49.6 571.8 621.4 
Aerospace and Defense Electronics61.6 107.2 168.8 121.5 213.5 335.0 
Engineered Systems88.9 9.8 98.7 175.3 18.8 194.1 
$343.3 $1,012.5 $1,355.8 $653.5 $2,023.3 $2,676.8 
(a) Includes sales as a prime contractor or subcontractor.

Second Quarter Ended July 3, 2022
Six Months Ended July 3, 2022
Geographic Region (a)Geographic Region (a)
(in millions)United StatesEuropeAll otherTotalUnited StatesEuropeAll otherTotal
Net sales:
Digital Imaging$375.7 $204.9 $195.2 $775.8 $736.8 $405.3 $384.2 $1,526.3 
Instrumentation243.9 54.4 14.2 312.5 473.6 111.7 36.1 621.4 
Aerospace and Defense Electronics143.0 25.8 — 168.8 285.2 49.8 — 335.0 
Engineered Systems98.7 — — 98.7 194.1 — — 194.1 
$861.3 $285.1 $209.4 $1,355.8 $1,689.7 $566.8 $420.3 $2,676.8 
(a) Net sales by geographic region of origin.
Second Quarter Ended July 4, 2021Six Months Ended July 4, 2021
Customer TypeCustomer Type
(in millions)United States Government (a)Other, Primarily CommercialTotalUnited States Government (a)Other, Primarily CommercialTotal
Net Sales:
Digital Imaging$112.8 $466.7 $579.5 $144.9 $697.9 842.8 
Instrumentation20.8 270.3 291.1 43.4 534.2 577.6 
Aerospace and Defense Electronics54.9 97.5 152.4 108.6 195.0 $303.6 
Engineered Systems88.4 9.6 98.0 187.6 15.1 202.7 
$276.9 $844.1 $1,121.0 $484.5 $1,442.2 $1,926.7 
(a) Includes sales as a prime contractor or subcontractor.


Second Quarter Ended July 4, 2021Six Months Ended July 4, 2021
Geographic Region (a)Geographic Region (a)
(in millions)United StatesEuropeAll otherTotalUnited StatesEuropeAll otherTotal
Net sales:
Digital Imaging$265.8 $163.1 $150.6 $579.5 $346.0 $235.3 $261.5 $842.8 
Instrumentation218.4 60.5 12.2 291.1 431.8 119.1 26.7 577.6 
Aerospace and Defense Electronics126.9 25.5 — 152.4 252.4 51.2 — 303.6 
Engineered Systems98.0 — — 98.0 202.7 — — 202.7 
$709.1 $249.1 $162.8 $1,121.0 $1,232.9 $405.6 $288.2 $1,926.7 
(a) Net sales by geographic region of origin.