Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 58

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 the acquisition date, and a more detailed breakout of the major classes of assets and liabilities acquired for these acquisitions have not been presented because the effects of these acquisitions both individually and in the aggregate were not material to the Company's financial results.  The significant factors that resulted in recognition of goodwill for the 2025 and 2024 acquisitions included the acquired businesses’ market positions, growth opportunities in the markets in which they operate, their experienced work force and established operating infrastructures.  The results of these acquisitions have been included in Teledyne’s results since the dates of their respective acquisition.

Note 3. Business Segments

Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems.  Our 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 our segments.

8

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.  See Note 2 to these Notes to Condensed Consolidated Financial Statements for information regarding these 2025 acquisitions.The following table presents net sales, operating expenses and operating income by segment (dollars in millions):First Quarter%Net Sales (a):20252024ChangeDigital Imaging$757.0 $740.8 2.2 %Instrumentation 343.3 330.4 3.9 %Aerospace and Defense Electronics242.5 185.7 30.6 %Engineered Systems107.1 93.2 14.9 %Total net sales$1,449.9 $1,350.1 7.4 %(a) Net sales exclude inter-segment sales of $3.8 million and $4.8 million for the first quarter of 2025 and 2024, respectively.First Quarter%Cost of sales:20252024ChangeDigital Imaging$422.5 $408.6 3.4 %Instrumentation173.5 171.2 1.3 %Aerospace and Defense Electronics144.2 107.9 33