TELEDYNE TECHNOLOGIES INCORPORATED SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020 (Unaudited - in millions) |
||||||||||||||||||||||
|
|
Third
|
|
Third
|
|
%
|
|
Nine
|
|
Nine
|
|
%
|
||||||||||
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
||||||||||||
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Digital Imaging |
|
$ |
760.6 |
|
|
$ |
239.7 |
|
|
217.3 |
% |
|
$ |
1,603.4 |
|
|
$ |
724.0 |
|
|
121.5 |
% |
Instrumentation |
|
287.1 |
|
|
263.5 |
|
|
9.0 |
% |
|
864.7 |
|
|
811.7 |
|
|
6.5 |
% |
||||
Aerospace and Defense Electronics |
|
161.8 |
|
|
144.8 |
|
|
11.7 |
% |
|
465.4 |
|
|
444.2 |
|
|
4.8 |
% |
||||
| Engineered Systems |
|
102.4 |
|
|
101.0 |
|
|
1.4 |
% |
|
305.1 |
|
|
297.0 |
|
|
2.7 |
% |
||||
| Total net sales |
|
$ |
1,311.9 |
|
|
$ |
749.0 |
|
|
75.2 |
% |
|
$ |
3,238.6 |
|
|
$ |
2,276.9 |
|
|
42.2 |
% |
| Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Digital Imaging (a) |
|
$ |
94.9 |
|
|
$ |
45.5 |
|
|
108.6 |
% |
|
$ |
231.5 |
|
|
$ |
136.1 |
|
|
70.1 |
% |
| Instrumentation |
|
63.0 |
|
|
50.7 |
|
|
24.3 |
% |
|
187.0 |
|
|
150.0 |
|
|
24.7 |
% |
||||
| Aerospace and Defense Electronics |
|
35.9 |
|
|
26.7 |
|
|
34.5 |
% |
|
92.6 |
|
|
57.6 |
|
|
60.8 |
% |
||||
| Engineered Systems |
|
11.5 |
|
|
12.5 |
|
|
(8.0 |
)% |
|
37.4 |
|
|
34.7 |
|
|
7.8 |
% |
||||
| Corporate expense (a) |
|
(15.7 |
) |
|
(12.9 |
) |
|
21.7 |
% |
|
(119.3 |
) |
|
(42.1 |
) |
|
183.4 |
% |
||||
| Operating income |
|
189.6 |
|
|
122.5 |
|
|
54.8 |
% |
|
429.2 |
|
|
336.3 |
|
|
27.6 |
% |
||||
| Interest and debt expense, net (a) |
|
(23.8 |
) |
|
(4.1 |
) |
|
480.5 |
% |
|
(80.7 |
) |
|
(11.9 |
) |
|
578.2 |
% |
||||
| Non-service retirement benefit income |
|
2.8 |
|
|
3.2 |
|
|
(12.5 |
)% |
|
8.4 |
|
|
8.9 |
|
|
(5.6 |
)% |
||||
| Other income (expense), net |
|
(0.7 |
) |
|
(1.9 |
) |
|
(63.2 |
)% |
|
4.4 |
|
|
(4.7 |
) |
|
* |
|||||
| Income before income taxes |
|
167.9 |
|
|
119.7 |
|
|
40.3 |
% |
|
361.3 |
|
|
328.6 |
|
|
10.0 |
% |
||||
| Provision for income taxes (b) |
|
33.8 |
|
|
25.8 |
|
|
31.0 |
% |
|
77.8 |
|
|
58.8 |
|
|
32.3 |
% |
||||
| Net income |
|
$ |
134.1 |
|
|
$ |
93.9 |
|
|
42.8 |
% |
|
$ |
283.5 |
|
|
$ |
269.8 |
|
|
5.1 |
% |
| * not meaningful |
||||||||||||||||||||||
| a) |
|
The third quarter of 2021 includes pretax charges of $82.6 million related to the acquisition of FLIR, of which, $82.3 million was recorded in the Digital Imaging segment and $0.3 million was recorded to corporate expense. The first nine months of 2021 includes pretax charges of $259.8 million related to the acquisition of FLIR, of which, $152.5 million was recorded in the Digital Imaging segment, $76.7 million was recorded to corporate expense and $30.6 million was recorded to interest and debt expense. |
| b) |
|
The third quarter and first nine months of 2021 includes net discrete income tax benefits of $6.3 million and $8.5 million, respectively. The third quarter and first nine months of 2020 includes net discrete tax benefits of $1.2 million and $15.8 million, respectively. |
