v3.25.2
Business Segments
 6 Months Ended
Jun. 29, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. The Company’s 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 corporate expenses. Corporate expense primarily includes administrative expenses relating to the corporate office not allocated to the segments.
In the first quarter of 2025, the Company completed two acquisitions, and the financial results of these acquisitions have been included since the date of the acquisition and are part of the Aerospace and Defense Electronics segment. In 2024, the Company completed two acquisitions, and the financial results of these acquisitions have been included since the date of the acquisition and are part of the Digital Imaging and Instrumentation segments. See Note 2 to these condensed consolidated financial statements for information regarding these 2025 and 2024 acquisitions.
The following table presents net sales, operating expenses and operating income by segment (dollars in millions):
Second Quarter%Six Months%
Net Sales (a):
20252024Change20252024Change
Digital Imaging$771.0 $739.4 4.3 %$1,528.0 $1,480.2 3.2 %
Instrumentation 367.6 333.5 10.2 %710.9 663.9 7.1 %
Aerospace and Defense Electronics264.8 194.4 36.2 %507.3 380.1 33.5 %
Engineered Systems110.3 106.8 3.3 %217.4 200.0 8.7 %
Total net sales$1,513.7 $1,374.1 10.2 %$2,963.6 $2,724.2 8.8 %
(a) Net sales exclude inter-segment sales of $7.2 million and $11.0 million for the second quarter and first six months of 2025, respectively, and $8.5 million and $13.3 million for the second quarter and first six months of 2024, respectively.
Second Quarter%Six Months%
Cost of sales:
20252024Change20252024Change
Digital Imaging$436.6 $411.2 6.2 %$859.1 $819.8 4.8 %
Instrumentation186.7 170.0 9.8 %360.2 341.2 5.6 %
Aerospace and Defense Electronics154.2 107.5 43.4 %298.4 215.4 38.5 %
Engineered Systems91.6 92.8 (1.3)%181.8 175.3 3.7 %
Total cost of sales
$869.1 $781.5 11.2 %$1,699.5 $1,551.7 9.5 %
Second Quarter%Six Months%
Selling, general and administrative:
20252024Change20252024Change
Digital Imaging$120.3 $126.3 (4.8)%$243.0 $250.0 (2.8)%
Instrumentation50.3 50.3 — %100.0 97.3 2.8 %
Aerospace and Defense Electronics30.8 23.5 31.1 %64.0 44.5 43.8 %
Engineered Systems6.3 6.4 (1.6)%12.4 14.3 (13.3)%
Total selling, general and administrative
$207.7 $206.5 0.6 %$419.4 $406.1 3.3 %
Second Quarter%Six Months%
Research and development:
20252024Change20252024Change
Digital Imaging$48.2 $43.1 11.8 %$92.3 $92.0 0.3 %
Instrumentation25.7 22.4 14.7 %49.9 45.2 10.4 %
Aerospace and Defense Electronics8.2 6.1 34.4 %14.2 10.8 31.5 %
Engineered Systems0.3 0.1 200.0 %0.3 0.2 50.0 %
Total research and development
$82.4 $71.7 14.9 %$156.7 $148.2 5.7 %
Second Quarter%Six Months%
Acquired intangible asset amortization:
20252024Change20252024Change
Digital Imaging$46.3 $45.3 2.2 %$91.7 $91.1 0.7 %
Instrumentation3.3 3.6 (8.3)%6.5 7.0 (7.1)%
Aerospace and Defense Electronics5.0 0.2 *8.4 0.4 *
Total acquired intangible asset amortization
$54.6 $49.1 11.2 %$106.6 $98.5 8.2 %
* Not meaningful
Second Quarter%Six Months%
Operating income (loss):
20252024Change20252024Change
Digital Imaging$119.6 $113.5 5.4 %$241.9 $227.3 6.4 %
Instrumentation101.6 87.2 16.5 %194.3 173.2 12.2 %
Aerospace and Defense Electronics66.6 57.1 16.6 %122.3 109.0 12.2 %
Engineered Systems12.1 7.5 61.3 %22.9 10.2 124.5 %
Corporate expense(21.7)(18.3)18.6 %(43.9)(38.4)14.3 %
Operating income (loss)
$278.2 $247.0 12.6 %$537.5 $481.3 11.7 %
Product Lines
The Instrumentation segment includes three product lines: Marine Instrumentation, Environmental Instrumentation and Test and Measurement Instrumentation. The Company’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
Instrumentation2025202420252024
Marine Instrumentation$171.5 $147.8 $333.3 $295.6 
Environmental Instrumentation119.9 113.5 228.8 224.6 
Test and Measurement Instrumentation76.2 72.2 148.8 143.7 
Total$367.6 $333.5 $710.9 $663.9 
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:June 29, 2025December 29, 2024
Digital Imaging$11,095.1 $10,942.4 
Instrumentation1,794.7 1,750.9 
Aerospace and Defense Electronics1,525.0 576.2 
Engineered Systems204.2 180.3 
Corporate516.2 750.7 
Total identifiable assets$15,135.2 $14,200.5