v3.26.3
Business Segments
 9 Months Ended
Sep. 27, 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):
 Third Quarter Ended September 27, 2026
Digital ImagingInstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Net sales (a)$903.0 $370.5 $287.4 $124.0 $1,684.9 
Costs and expenses
Cost of sales481.5 190.2 169.7 104.1 945.5 
Selling, general and administrative139.7 54.0 32.2 6.6 232.5 
Research and development52.2 23.7 2.4 0.3 78.6 
Acquired intangible asset amortization46.9 3.0 5.3 — 55.2 
Segment Operating income (loss)
$182.7 $99.6 $77.8 $13.0 $373.1 
Reconciliation to Income (loss) before income taxes
Corporate expense(25.9)
Interest and debt income (expense), net(10.5)
Non-service retirement benefit income (expense), net2.6 
Other income (expense), net7.5 
Income (loss) before income taxes
$346.8 
(a) Net sales exclude inter-segment sales of $13.1 million for the third quarter of 2026.
 Nine Months Ended September 27, 2026
Digital ImagingInstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Net sales (a)$2,588.6 $1,119.7 $851.3 $347.9 $4,907.5 
Costs and expenses
Cost of sales1,388.4 579.9 500.4 287.5 2,756.2 
Selling, general and administrative401.0 165.4 95.6 19.6 681.6 
Research and development162.3 75.1 15.0 1.0 253.4 
Acquired intangible asset amortization142.3 9.9 16.6 — 168.8 
Segment Operating income (loss)
$494.6 $289.4 $223.7 $39.8 $1,047.5 
Reconciliation to Income (loss) before income taxes
Corporate expense(72.9)
Interest and debt income (expense), net(36.4)
Non-service retirement benefit income (expense), net7.9 
Other income (expense), net0.7 
Income (loss) before income taxes
$946.8 
(a) Net sales exclude inter-segment sales of $36.4 million for the first nine months of 2026.
 Third Quarter Ended September 28, 2025
Digital ImagingInstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Net sales (a)$785.4 $363.6 $275.5 $115.0 $1,539.5 
Costs and expenses
Cost of sales435.1 186.2 162.5 96.2 880.0 
Selling, general and administrative129.4 50.9 29.4 6.5 216.2 
Research and development50.7 24.4 8.2 0.1 83.4 
Acquired intangible asset amortization46.8 3.3 5.0 — 55.1 
Segment Operating income (loss)
$123.4 $98.8 $70.4 $12.2 $304.8 
Reconciliation to Income (loss) before income taxes
Corporate expense(22.0)
Interest and debt income (expense), net(12.6)
Non-service retirement benefit income (expense), net2.7 
Other income (expense), net0.9 
Income (loss) before income taxes
$273.8 
(a) Net sales exclude inter-segment sales of $6.6 million for the third quarter of 2025.
 Nine Months Ended September 28, 2025
Digital ImagingInstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Net sales (a)$2,313.4 $1,074.5 $782.8 $332.4 $4,503.1 
Costs and expenses
Cost of sales1,294.2 546.4 460.9 278.0 2,579.5 
Selling, general and administrative372.4 150.9 93.4 18.9 635.6 
Research and development143.0 74.3 22.4 0.4 240.1 
Acquired intangible asset amortization138.5 9.8 13.4 — 161.7 
Segment Operating income (loss)
$365.3 $293.1 $192.7 $35.1 $886.2 
Reconciliation to Income (loss) before income taxes
Corporate expense(65.9)
Interest and debt income (expense), net(47.5)
Non-service retirement benefit income (expense), net8.2 
Other income (expense), net(7.7)
Income (loss) before income taxes
$773.3 
(a) Net sales exclude inter-segment sales of $17.5 million for the first nine 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):
Third QuarterNine Months
Instrumentation2026202520262025
Marine Instrumentation$173.1 $169.7 $529.6 $503.0 
Environmental Instrumentation125.4 117.1 368.7 345.9 
Test and Measurement Instrumentation72.0 76.8 221.4 225.6 
Total$370.5 $363.6 $1,119.7 $1,074.5 
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:September 27, 2026December 28, 2025
Digital Imaging$11,286.8 $11,303.3 
Instrumentation1,884.5 1,794.3 
Aerospace and Defense Electronics1,536.7 1,498.2 
Engineered Systems201.9 184.1 
Total segment identifiable assets14,909.9 14,779.9 
Corporate655.1 505.4 
Total Teledyne identifiable assets$15,565.0 $15,285.3