Segment Information (Tables)

6 Months Ended

Jul. 03, 2022

Schedule of Industry Segment Disclosures

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


	Second Quarter				%		Six Months				%
	2022		2021		Change		2022		2021		Change
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 Electronics	168.8		152.4		10.8	%	335.0		303.6		10.3	%
Engineered Systems	98.7		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	%
Instrumentation	73.6		64.6		13.9	%	145.2		124.0		17.1	%

Aerospace and Defense Electronics	44.1		28.4		55.3	%	87.0		56.7		53.4	%
Engineered Systems	8.6		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, 2022		January 2, 2022
Digital Imaging	$	11,308.9	$	11,756.8
Instrumentation	1,609.7		1,640.3

Aerospace and Defense Electronics	530.1		536.3
Engineered Systems	190.6		179.2
Corporate	408.2		317.7
Total identifiable assets	$	14,047.5	$	14,430.3

Schedule of Sales by Product Line

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


	Second Quarter				Six Months
Instrumentation	2022		2021		2022		2021

Environmental Instrumentation	$	115.5	$	112.8	$	229.5	$	227.6
Marine Instrumentation	115.3		104.9		227.2		206.9
Test and Measurement Instrumentation	81.7		73.4		164.7		143.1
Total	$	312.5	$	291.1	$	621.4	$	577.6

Schedule of Disaggregation of Revenue

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 Type						Customer Type
(in millions)	United States Government (a)		Other, Primarily Commercial		Total		United States Government (a)		Other, Primarily Commercial		Total
Net Sales:
Digital Imaging	$	165.6	$	610.2	$	775.8	$	307.1	$	1,219.2	$	1,526.3
Instrumentation	27.2		285.3		312.5		49.6		571.8		621.4

Aerospace and Defense Electronics	61.6		107.2		168.8		121.5		213.5		335.0
Engineered Systems	88.9		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 States		Europe		All other		Total		United States		Europe		All other		Total
Net sales:
Digital Imaging	$	375.7	$	204.9	$	195.2	$	775.8	$	736.8	$	405.3	$	384.2	$	1,526.3
Instrumentation	243.9		54.4		14.2		312.5		473.6		111.7		36.1		621.4

Aerospace and Defense Electronics	143.0		25.8		—		168.8		285.2		49.8		—		335.0
Engineered Systems	98.7		—		—		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, 2021						Six Months Ended July 4, 2021
	Customer Type						Customer Type
(in millions)	United States Government (a)		Other, Primarily Commercial		Total		United States Government (a)		Other, Primarily Commercial		Total
Net Sales:
Digital Imaging	$	112.8	$	466.7	$	579.5	$	144.9	$	697.9	842.8
Instrumentation	20.8		270.3		291.1		43.4		534.2		577.6
Aerospace and Defense Electronics	54.9		97.5		152.4		108.6		195.0		$	303.6
Engineered Systems	88.4		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, 2021								Six Months Ended July 4, 2021
	Geographic Region (a)								Geographic Region (a)
(in millions)	United States		Europe		All other		Total		United States		Europe		All other		Total
Net sales:
Digital Imaging	$	265.8	$	163.1	$	150.6	$	579.5	$	346.0	$	235.3	$	261.5	$	842.8
Instrumentation	218.4		60.5		12.2		291.1		431.8		119.1		26.7		577.6
Aerospace and Defense Electronics	126.9		25.5		—		152.4		252.4		51.2		—		303.6
Engineered Systems	98.0		—		—		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.