v3.26.1
Business Segments
 6 Months Ended
Jun. 28, 2026
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 2026, the Company completed one acquisition, and the financial results of this acquisition have been included since the date of the acquisition and is part of the Instrumentation segment. In 2025, the Company completed four 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 Aerospace and Defense Electronics segments. See Note 2 to these condensed consolidated financial statements for information regarding these 2026 and 2025 acquisitions.
Information for the Company’s business segments was as follows (in millions):
 Second Quarter Ended June 28, 2026
Digital ImagingInstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Net sales (a)$868.7 $387.8 $286.4 $119.6 $1,662.5 
Costs and expenses
Cost of sales459.3 199.5 168.0 97.6 924.4 
Selling, general and administrative134.1 57.2 33.0 6.4 230.7 
Research and development57.7 26.3 5.7 0.5 90.2 
Acquired intangible asset amortization47.4 3.4 5.2 — 56.0 
Segment Operating income (loss)
$170.2 $101.4 $74.5 $15.1 $361.2 
Reconciliation to Income (loss) before income taxes
Corporate expense(28.0)
Interest and debt expense, net(13.6)
Non-service retirement benefit income2.6 
Other income (expense), net(0.9)
Income (loss) before income taxes
$321.3 
(a) Net sales exclude inter-segment sales of $18.0 million for the second quarter of 2026.
 Six Months Ended June 28, 2026
Digital ImagingInstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Net sales (a)$1,685.6 $749.2 $563.9 $223.9 $3,222.6 
Costs and expenses
Cost of sales906.9 389.7 330.7 183.4 1,810.7 
Selling, general and administrative261.3 111.4 63.4 13.0 449.1 
Research and development110.1 51.4 12.6 0.7 174.8 
Acquired intangible asset amortization95.4 6.9 11.3 — 113.6 
Segment Operating income (loss)
$311.9 $189.8 $145.9 $26.8 $674.4 
Reconciliation to Income (loss) before income taxes
Corporate expense(47.0)
Interest and debt expense, net(25.9)
Non-service retirement benefit income5.3 
Other income (expense), net(6.8)
Income (loss) before income taxes
$600.0 
(a) Net sales exclude inter-segment sales of $23.3 million for the first six months of 2026.
 Second Quarter Ended June 29, 2025
Digital ImagingInstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Net sales (a)$771.0 $367.6 $264.8 $110.3 $1,513.7 
Costs and expenses
Cost of sales436.6 186.7 154.2 91.6 869.1 
Selling, general and administrative120.3 50.3 30.8 6.3 207.7 
Research and development48.2 25.7 8.2 0.3 82.4 
Acquired intangible asset amortization46.3 3.3 5.0 — 54.6 
Segment Operating income (loss)
$119.6 $101.6 $66.6 $12.1 $299.9 
Reconciliation to Income (loss) before income taxes
Corporate expense(21.7)
Interest and debt expense, net(17.6)
Non-service retirement benefit income2.7 
Other income (expense), net(2.7)
Income (loss) before income taxes
$260.6 
(a) Net sales exclude inter-segment sales of $7.2 million for the second quarter of 2025.
 Six Months Ended June 29, 2025
Digital ImagingInstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Net sales (a)$1,528.0 $710.9 $507.3 $217.4 $2,963.6 
Costs and expenses
Cost of sales859.1 360.2 298.4 181.8 1,699.5 
Selling, general and administrative243.0 100.0 64.0 12.4 419.4 
Research and development92.3 49.9 14.2 0.3 156.7 
Acquired intangible asset amortization91.7 6.5 8.4 — 106.6 
Segment Operating income (loss)
$241.9 $194.3 $122.3 $22.9 $581.4 
Reconciliation to Income (loss) before income taxes
Corporate expense(43.9)
Interest and debt expense, net(34.9)
Non-service retirement benefit income5.5 
Other income (expense), net(8.6)
Income (loss) before income taxes
$499.5 
(a) Net sales exclude inter-segment sales of $11.0 million for the first six months of 2025.
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 table below provides a summary of the net sales by product line for the Instrumentation segment (in millions):
Second QuarterSix Months
Instrumentation2026202520262025
Marine Instrumentation$181.2 $171.5 $356.5 $333.3 
Environmental Instrumentation127.1 119.9 243.3 228.8 
Test and Measurement Instrumentation79.5 76.2 149.4 148.8 
Total$387.8 $367.6 $749.2 $710.9 
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 for the Company’s business segments was as follows (in millions):
Identifiable assets:June 28, 2026December 28, 2025
Digital Imaging$11,282.4 $11,303.3 
Instrumentation1,859.1 1,794.3 
Aerospace and Defense Electronics1,512.8 1,498.2 
Engineered Systems205.2 184.1 
Total segment identifiable assets14,859.5 14,779.9 
Corporate420.9 505.4 
Total Teledyne identifiable assets$15,280.4 $15,285.3