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Business Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments Business Segments
Teledyne’s businesses are aligned in four reportable segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics and Engineered Systems. The Company manages, evaluates and aggregates its operating segments for segment reporting purposes primarily on the basis of product and service type, production process, distribution methods, type of customer, management organization, sales growth potential and long-term profitability. The Digital Imaging segment includes high-performance sensors, cameras and systems, within the visible, infrared and X-ray spectra for use in industrial, government and medical applications, as well as MEMS and high-performance, high-reliability semiconductors including analog-to-digital and digital-to-analog converters. It also includes the customer- and Company-sponsored applied research center which benefits government programs and commercial businesses. The Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, electronic test and measurement equipment and harsh environment interconnect products. The Aerospace and Defense Electronics segment provides sophisticated electronic components and subsystems and communications products, including defense electronics, harsh environment interconnects, data acquisition and communications equipment for aircraft and components and subsystems for wireless and satellite communications, as well as general aviation batteries. The Engineered Systems segment provides innovative systems engineering and integration, advanced technology application, software development and manufacturing solutions for defense, space, environmental and energy applications.
Business segment results include net sales and operating income by segment but excludes corporate office expenses. Corporate expense primarily includes various administrative expenses relating to the corporate office not allocated to our segments.
Information on the Company’s business segments was as follows (in millions):
Net sales (a):202320222021
Digital Imaging$3,144.1 $3,110.9 $2,412.9 
Instrumentation1,326.2 1,254.0 1,166.9 
Aerospace and Defense Electronics726.5 682.4 628.7 
Engineered Systems438.7 411.3 405.8 
Total net sales$5,635.5 $5,458.6 $4,614.3 
Operating income (loss):202320222021
Digital Imaging$517.4 $519.3 $325.6 
Instrumentation338.3 295.3 253.7 
Aerospace and Defense Electronics199.6 184.1 133.2 
Engineered Systems44.7 39.2 48.6 
Corporate expense(65.6)(65.9)(136.8)
Total operating income (loss)$1,034.4 $972.0 $624.3 
(a) Net sales excludes inter-segment sales of $29.4 million, $25.3 million and $20.2 million for fiscal years 2023, 2022 and 2021, respectively.
Depreciation and amortization (in millions):202320222021
Digital Imaging (a)$268.9 $279.0 $309.2 
Instrumentation27.7 32.6 38.1 
Aerospace and Defense Electronics11.5 12.4 13.2 
Engineered Systems4.4 4.4 7.2 
Corporate3.9 3.8 4.1 
Total depreciation and amortization$316.4 $332.2 $371.8 
(a) The fiscal year 2023 and 2022 amounts included $164.0 million and $167.6 million of acquired asset intangible amortization related to FLIR. The fiscal year 2021 amount included $106.4 million of acquired inventory step-up expense and $110.3 million of acquired asset intangible amortization related to FLIR.
 
Capital expenditures (in millions):202320222021
Digital Imaging$78.2 $63.9 $64.2 
Instrumentation14.0 9.3 13.3 
Aerospace and Defense Electronics10.9 8.0 8.4 
Engineered Systems3.4 5.3 12.9 
Corporate8.4 6.1 2.8 
Total capital expenditures$114.9 $92.6 $101.6 
Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, pension assets and other assets.
Identifiable assets (in millions):202320222021
Digital Imaging$11,382.2 $11,432.3 $11,756.8 
Instrumentation1,692.3 1,626.4 1,640.3 
Aerospace and Defense Electronics569.1 540.1 536.3 
Engineered Systems184.8 200.3 179.2 
Corporate699.5 554.9 317.7 
Total identifiable assets$14,527.9 $14,354.0 $14,430.3 
 
Net sales by geographic region (in millions):202320222021
United States$2,895.4 $2,872.6 $2,466.4 
Europe1,332.7 1,157.3 958.5 
Asia946.8 971.5 807.9 
All other regions460.6 457.2 381.5 
Total net sales$5,635.5 $5,458.6 $4,614.3 
 
Long-lived assets (in millions):202320222021
United States$7,798.0 $7,873.1 $9,446.3 
Canada1,174.0 1,169.7 763.5 
United Kingdom852.8 825.8 622.4 
France434.0 427.4 463.7 
All other countries1,275.2 1,225.4 679.3 
Total long-lived assets$11,534.0 $11,521.4 $11,975.2
Long-lived assets consist of property, plant and equipment, goodwill, acquired intangible assets, prepaid pension assets and other long-term assets including deferred compensation assets but excluding any deferred tax assets. In 2021, provisional amounts for goodwill and intangible assets were primarily included in the United States as the FLIR acquisition was provisional at that time. The all other countries category primarily consists of Teledyne’s other operations in Europe, primarily in Sweden, Norway, Belgium and Estonia.
Product Lines
The Instrumentation segment includes three product lines: Marine Instrumentation, Environmental Instrumentation and Test and Measurement Instrumentation. All other segments each contain one product line.
The tables below provide a summary of the net sales by product line for the Instrumentation segment (in millions):
Instrumentation:202320222021
Marine Instrumentation$529.7 $460.7 $424.1 
Environmental Instrumentation458.1 465.0 446.3 
Test and Measurement Instrumentation338.4 328.3 296.5 
Total$1,326.2 $1,254.0 $1,166.9 
Severance and Facility Consolidation Costs
As part of a continuing effort to reduce costs and improve operating performance, the Company may take and has taken actions to consolidate and relocate certain facilities and reduce headcount across various businesses, reducing its exposure to weaker end markets. For 2023, 2022 and 2021, the Company recorded $12.0 million of costs, $0.5 million of benefits and $26.4 million of costs, respectively, related to these actions, with the majority of the costs included within selling, general and administrative expense and within the Digital Imaging segment. At December 31, 2023, $2.9 million remains to be paid related to actions taken in 2023. In 2022, the Company, recorded a net benefit of $0.5 million, which related to $3.5 million of costs related to headcount or facility consolidation costs, partially offset by $4.0 million of income related to the favorable resolution of a facility consolidation charge within the Digital Imaging segment.