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Business Segments
 6 Months Ended
Jun. 30, 2024
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. 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 excludes corporate expenses. Corporate expense primarily includes administrative expenses relating to the corporate office not allocated to our segments.
The following table presents net sales and operating income by segment (dollars in millions):
Second Quarter%Six Months%
20242023Change20242023Change
Net sales (a):
Digital Imaging$739.4 $793.3 (6.8)%$1,480.2 $1,565.8 (5.5)%
Instrumentation 333.5 328.4 1.6 %663.9 661.9 0.3 %
Aerospace and Defense Electronics194.4 186.0 4.5 %380.1 359.2 5.8 %
Engineered Systems106.8 117.0 (8.7)%200.0 221.1 (9.5)%
Total net sales$1,374.1 $1,424.7 (3.6)%$2,724.2 $2,808.0 (3.0)%
Operating income:
Digital Imaging$113.5 $124.6 (8.9)%$227.3 $246.8 (7.9)%
Instrumentation87.2 81.4 7.1 %173.2 162.1 6.8 %
Aerospace and Defense Electronics57.1 53.2 7.3 %109.0 100.2 8.8 %
Engineered Systems7.5 11.5 (34.8)%10.2 21.5 (52.6)%
Corporate expense(18.3)(14.6)25.3 %(38.4)(32.0)20.0 %
Operating income$247.0 $256.1 (3.6)%$481.3 $498.6 (3.5)%
(a) Net sales exclude inter-segment sales of $8.5 million and $13.3 million for the second quarter and first six months of 2024, respectively, and $8.1 million and $14.3 million for the second quarter and first six months of 2023, respectively.
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 30, 2024December 31, 2023
Digital Imaging$11,236.1 $11,382.2 
Instrumentation1,734.6 1,692.3 
Aerospace and Defense Electronics560.4 569.1 
Engineered Systems208.3 184.8 
Corporate481.7 699.5 
Total identifiable assets$14,221.1 $14,527.9 
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
Instrumentation2024202320242023
Marine Instrumentation$147.8 $127.4 $295.6 $255.6 
Environmental Instrumentation113.5 115.3 224.6 233.2 
Test and Measurement Instrumentation72.2 85.7 143.7 173.1 
Total$333.5 $328.4 $663.9 $661.9