TELEDYNE TECHNOLOGIES INCTDY
TELEDYNE TECHNOLOGIES INC Segments Disclosure
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 Company’s Executive Chairman, who has been identified as the Chief Operating Decision Maker, uses operating income (loss) as the measure of profit or loss to assess the performance of each segment by comparing actual results to the budget and prior year, and to allocate resources.
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. 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 the segments and is included within SG&A expense.
Information for the Company’s business segments was as follows (in millions):
Fiscal Year Ended December 28, 2025 | |||||||||||||||||||||||||||||
Digital Imaging | Instrumentation | Aerospace and Defense Electronics | Engineered Systems | Total | |||||||||||||||||||||||||
Net sales (a) | $ | 3,163.9 | $ | 1,457.1 | $ | 1,058.7 | $ | 435.7 | $ | 6,115.4 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Cost of sales | 1,771.4 | 742.5 | 624.6 | 362.1 | 3,500.6 | ||||||||||||||||||||||||
| Selling, general and administrative | 491.5 | 201.9 | 123.8 | 26.4 | 843.6 | ||||||||||||||||||||||||
| Research and development | 187.5 | 99.4 | 29.8 | 0.6 | 317.3 | ||||||||||||||||||||||||
| Acquired intangible asset amortization | 185.3 | 12.9 | 18.4 | — | 216.6 | ||||||||||||||||||||||||
Segment Operating income (loss) | $ | 528.2 | $ | 400.4 | $ | 262.1 | $ | 46.6 | $ | 1,237.3 | |||||||||||||||||||
Reconciliation to Income (loss) before income taxes | |||||||||||||||||||||||||||||
Corporate expense | (87.5) | ||||||||||||||||||||||||||||
| Interest and debt expense, net | (59.6) | ||||||||||||||||||||||||||||
| Non-service retirement benefit income | 10.9 | ||||||||||||||||||||||||||||
| Gain (loss) on debt extinguishment | 15.0 | ||||||||||||||||||||||||||||
| Other income (expense), net | (21.6) | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 1,094.5 | |||||||||||||||||||||||||||
(a) Net sales exclude inter-segment sales of $23.3 million for the fiscal year ended 2025.
Fiscal Year Ended December 29, 2024 | |||||||||||||||||||||||||||||
Digital Imaging | Instrumentation | Aerospace and Defense Electronics | Engineered Systems | Total | |||||||||||||||||||||||||
Net sales (a) | $ | 3,070.8 | $ | 1,382.6 | $ | 776.8 | $ | 439.8 | $ | 5,670.0 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Cost of sales | 1,708.0 | 706.4 | 441.3 | 379.5 | 3,235.2 | ||||||||||||||||||||||||
| Selling, general and administrative | 510.7 | 196.4 | 91.2 | 26.5 | 824.8 | ||||||||||||||||||||||||
| Research and development | 177.3 | 92.6 | 21.8 | 0.9 | 292.6 | ||||||||||||||||||||||||
| Acquired intangible asset amortization | 183.3 | 13.9 | 0.8 | — | 198.0 | ||||||||||||||||||||||||
| Impairment of acquired intangible assets | 49.5 | 3.0 | — | — | 52.5 | ||||||||||||||||||||||||
Segment Operating income (loss) | $ | 442.0 | $ | 370.3 | $ | 221.7 | $ | 32.9 | $ | 1,066.9 | |||||||||||||||||||
Reconciliation to Income (loss) before income taxes | |||||||||||||||||||||||||||||
Corporate expense | (77.8) | ||||||||||||||||||||||||||||
| Interest and debt expense, net | (57.9) | ||||||||||||||||||||||||||||
| Non-service retirement benefit income | 10.8 | ||||||||||||||||||||||||||||
| Other income (expense), net | (4.1) | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 937.9 | |||||||||||||||||||||||||||
(a) Net sales exclude inter-segment sales of $24.6 million for the fiscal year ended 2024.
Fiscal Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
Digital Imaging | Instrumentation | Aerospace and Defense Electronics | Engineered Systems | Total | |||||||||||||||||||||||||
| Net sales (a) | $ | 3,144.1 | $ | 1,326.2 | $ | 726.5 | $ | 438.7 | $ | 5,635.5 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Cost of sales | 1,711.4 | 692.6 | 424.6 | 367.5 | 3,196.1 | ||||||||||||||||||||||||
| Selling, general and administrative | 489.6 | 188.2 | 83.7 | 24.9 | 786.4 | ||||||||||||||||||||||||
| Research and development | 244.0 | 92.9 | 17.8 | 1.6 | 356.3 | ||||||||||||||||||||||||
| Acquired intangible asset amortization | 181.7 | 14.2 | 0.8 | — | 196.7 | ||||||||||||||||||||||||
Segment Operating income (loss) | $ | 517.4 | $ | 338.3 | $ | 199.6 | $ | 44.7 | $ | 1,100.0 | |||||||||||||||||||
Reconciliation to Income (loss) before income taxes | |||||||||||||||||||||||||||||
Corporate expense | (65.6) | ||||||||||||||||||||||||||||
| Interest and debt expense, net | (77.3) | ||||||||||||||||||||||||||||
| Non-service retirement benefit income | 12.4 | ||||||||||||||||||||||||||||
| Gain (loss) on debt extinguishment | 1.6 | ||||||||||||||||||||||||||||
| Other income (expense), net | (12.2) | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 958.9 | |||||||||||||||||||||||||||
(a) Net sales exclude inter-segment sales of $29.4 million for the fiscal year ended 2023.
Depreciation and amortization for the Company’s business segments was as follows (in millions):
| 2025 | 2024 | 2023 | |||||||||||||||
| Digital Imaging | $ | 262.5 | $ | 261.2 | $ | 268.9 | |||||||||||
| Instrumentation | 27.7 | 29.2 | 27.7 | ||||||||||||||
| Aerospace and Defense Electronics | 35.9 | 10.5 | 11.5 | ||||||||||||||
| Engineered Systems | 4.6 | 4.6 | 4.4 | ||||||||||||||
Total segment depreciation and amortization | 330.7 | 305.5 | 312.5 | ||||||||||||||
| Corporate | 5.6 | 4.4 | 3.9 | ||||||||||||||
Total Teledyne depreciation and amortization | $ | 336.3 | $ | 309.9 | $ | 316.4 | |||||||||||
Capital expenditures for the Company’s business segments was as follows (in millions):
| 2025 | 2024 | 2023 | |||||||||||||||
| Digital Imaging | $ | 67.7 | $ | 54.7 | $ | 78.2 | |||||||||||
| Instrumentation | 15.1 | 15.0 | 14.0 | ||||||||||||||
| Aerospace and Defense Electronics | 19.4 | 7.2 | 10.9 | ||||||||||||||
| Engineered Systems | 4.7 | 2.4 | 3.4 | ||||||||||||||
Total segment capital expenditures | 106.9 | 79.3 | 106.5 | ||||||||||||||
| Corporate | 10.4 | 4.4 | 8.4 | ||||||||||||||
Total Teledyne capital expenditures | $ | 117.3 | $ | 83.7 | $ | 114.9 | |||||||||||
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):
| 2025 | 2024 | 2023 | |||||||||||||||
| Digital Imaging | $ | 11,303.3 | $ | 10,942.4 | $ | 11,382.2 | |||||||||||
| Instrumentation | 1,794.3 | 1,750.9 | 1,692.3 | ||||||||||||||
| Aerospace and Defense Electronics | 1,498.2 | 576.2 | 569.1 | ||||||||||||||
| Engineered Systems | 184.1 | 180.3 | 184.8 | ||||||||||||||
Total segment identifiable assets | 14,779.9 | 13,449.8 | 13,828.4 | ||||||||||||||
| Corporate | 505.4 | 750.7 | 699.5 | ||||||||||||||
Total Teledyne identifiable assets | $ | 15,285.3 | $ | 14,200.5 | $ | 14,527.9 | |||||||||||
Long-lived assets consist of property, plant and equipment. The all other countries category primarily consists of Teledyne’s other operations in Europe, primarily in Sweden, Estonia, Spain and the Netherlands.
Long-lived assets for the Company’s business segments was as follows (in millions):
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 527.3 | $ | 492.4 | $ | 503.4 | |||||||||||
United Kingdom | 121.5 | 84.3 | 86.0 | ||||||||||||||
| Canada | 83.9 | 74.2 | 86.2 | ||||||||||||||
Sweden | 27.6 | 25.5 | 29.8 | ||||||||||||||
| France | 25.1 | 22.4 | 27.2 | ||||||||||||||
| All other countries | 53.7 | 46.4 | 44.4 | ||||||||||||||
| Total long-lived assets | $ | 839.1 | $ | 745.2 | $ | 777.0 | |||||||||||
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):
| 2025 | 2024 | 2023 | |||||||||||||||
| Marine Instrumentation | $ | 680.1 | $ | 631.5 | $ | 529.7 | |||||||||||
| Environmental Instrumentation | 466.6 | 447.4 | 458.1 | ||||||||||||||
| Test and Measurement Instrumentation | 310.4 | 303.7 | 338.4 | ||||||||||||||
| Total | $ | 1,457.1 | $ | 1,382.6 | $ | 1,326.2 | |||||||||||
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 2025, 2024 and 2023, the Company recorded costs of $18.6 million, $15.6 million and $12.0 million, respectively, related to these actions, with the majority of the costs included within and within the Digital Imaging segment. At December 28, 2025, $2.7 million remains to be paid related to actions taken in 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 25, 2022 | |
| 2021 | Feb 26, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Mar 1, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.