TELEDYNE TECHNOLOGIES INCORPORATED SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED (a) JANUARY 2, 2022 AND JANUARY 3, 2021 (Unaudited - in millions) |
||||||||||||||||||||||
|
Fourth
|
Fourth
|
%
|
Twelve
|
Twelve
|
%
|
||||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
||||||||||||||||||
Net sales: |
|
|
|
|
|
|
||||||||||||||||
Digital Imaging |
$ |
809.5 |
|
$ |
262.0 |
|
209.0 |
% |
$ |
2,412.9 |
|
$ |
986.0 |
|
144.7 |
% |
||||||
Instrumentation |
|
302.2 |
|
|
282.8 |
|
6.9 |
% |
|
1,166.9 |
|
|
1,094.5 |
|
6.6 |
% |
||||||
Aerospace and Defense Electronics |
|
163.3 |
|
|
145.2 |
|
12.5 |
% |
|
628.7 |
|
|
589.4 |
|
6.7 |
% |
||||||
Engineered Systems |
|
100.7 |
|
|
119.3 |
|
(15.6 |
) % |
|
405.8 |
|
|
416.3 |
|
(2.5 |
) % |
||||||
| Total net sales |
$ |
1,375.7 |
|
$ |
809.3 |
|
70.0 |
% |
$ |
4,614.3 |
|
$ |
3,086.2 |
|
49.5 |
% |
||||||
| Operating income: |
|
|
|
|
|
|
||||||||||||||||
| Digital Imaging (b) |
$ |
94.1 |
|
$ |
56.7 |
|
66.0 |
% |
$ |
325.6 |
|
$ |
192.8 |
|
68.9 |
% |
||||||
| Instrumentation |
|
66.7 |
|
|
63.2 |
|
5.5 |
% |
|
253.7 |
|
|
213.2 |
|
19.0 |
% |
||||||
| Aerospace and Defense Electronics |
|
40.6 |
|
|
23.2 |
|
75.0 |
% |
|
133.2 |
|
|
80.8 |
|
64.9 |
% |
||||||
| Engineered Systems |
|
11.2 |
|
|
15.4 |
|
(27.3 |
) % |
|
48.6 |
|
|
50.1 |
|
(3.0 |
) % |
||||||
| Corporate expense (b) |
|
(17.5 |
) |
|
(14.7 |
) |
19.0 |
% |
|
(136.8 |
) |
|
(56.8 |
) |
140.8 |
% |
||||||
| Operating income |
|
195.1 |
|
|
143.8 |
|
35.7 |
% |
|
624.3 |
|
|
480.1 |
|
30.0 |
% |
||||||
| Interest and debt expense, net (b) |
|
(23.5 |
) |
|
(3.4 |
) |
591.2 |
% |
|
(104.2 |
) |
|
(15.3 |
) |
581.0 |
% |
||||||
| Non-service retirement benefit income |
|
2.8 |
|
|
3.2 |
|
(12.5 |
) % |
|
11.2 |
|
|
12.1 |
|
(7.4 |
) % |
||||||
| Other income (expense), net |
|
(1.9 |
) |
|
(2.5 |
) |
(24.0 |
) % |
|
2.5 |
|
|
(7.2 |
) |
* |
|||||||
| Income before income taxes |
|
172.5 |
|
|
141.1 |
|
22.3 |
% |
|
533.8 |
|
|
469.7 |
|
13.6 |
% |
||||||
| Provision for income taxes (c) |
|
10.7 |
|
|
9.0 |
|
18.9 |
% |
|
88.5 |
|
|
67.8 |
|
30.5 |
% |
||||||
| Net income |
$ |
161.8 |
|
$ |
132.1 |
|
22.5 |
% |
$ |
445.3 |
|
$ |
401.9 |
|
10.8 |
% |
||||||
| * not meaningful |
||||||||||||||||||||||
| a) |
Fiscal year 2021 contained 52 weeks and fiscal year 2020 contained 53 weeks. The fourth quarter of 2021 contained 13 weeks and the fourth quarter of 2020 contained 14 weeks. |
| b) |
The fourth quarter of 2021 includes pretax charges of $90.5 million related to the acquisition of FLIR, of which, $90.1 million was recorded in the Digital Imaging segment and $0.4 million was recorded to corporate expense. Total year 2021 includes pretax charges of $350.3 million related to the acquisition of FLIR, of which, $242.6 million was recorded in the Digital Imaging segment, $77.1 million was recorded to corporate expense and $30.6 million was recorded to interest and debt expense. |
| c) |
The fourth quarter and total year 2021 includes net discrete income tax benefits of $26.2 million and $34.7 million, respectively. Of these amounts, $19.8 million and $10.6 million, for the fourth quarter and total year 2021, respectively related to the acquisition of FLIR. The fourth quarter and total year 2020 includes net discrete tax benefits of $18.8 million and $34.6 million, respectively. |
