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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Teledyne Technologies Inc | NYSE:TDY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.04 | -0.26% | 402.485 | 404.64 | 399.68 | 404.64 | 54,686 | 17:28:45 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
|
25-1843385
|
(State or other jurisdiction of
incorporation or organization)
|
|
|
(I.R.S. Employer
Identification Number)
|
1049 Camino Dos Rios
|
|
||
Thousand Oaks
|
California
|
|
91360-2362
|
(Address of principal executive offices)
|
|
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value
|
TDY
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
|
|
|
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
|
|
Emerging growth company
|
☐
|
|
|
|
|
PAGE
|
Part I
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
Condensed Consolidated Statements of Stockholders' Equity
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Part II
|
||
|
|
|
|
Item 1. Legal Proceedings
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
782.0
|
|
|
$
|
732.5
|
|
|
$
|
1,527.2
|
|
|
$
|
1,428.1
|
|
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
463.6
|
|
|
447.0
|
|
|
927.5
|
|
|
885.2
|
|
||||
Selling, general and administrative expenses
|
186.5
|
|
|
174.0
|
|
|
370.5
|
|
|
343.0
|
|
||||
Total costs and expenses
|
650.1
|
|
|
621.0
|
|
|
1,298.0
|
|
|
1,228.2
|
|
||||
Operating income
|
131.9
|
|
|
111.5
|
|
|
229.2
|
|
|
199.9
|
|
||||
Interest and debt expense, net
|
(5.4
|
)
|
|
(6.7
|
)
|
|
(10.8
|
)
|
|
(13.8
|
)
|
||||
Non-service retirement benefit income
|
2.0
|
|
|
3.3
|
|
|
4.2
|
|
|
6.7
|
|
||||
Other expense, net
|
(0.6
|
)
|
|
(3.7
|
)
|
|
(1.8
|
)
|
|
(6.2
|
)
|
||||
Income before income taxes
|
127.9
|
|
|
104.4
|
|
|
220.8
|
|
|
186.6
|
|
||||
Provision for income taxes
|
23.3
|
|
|
18.5
|
|
|
40.9
|
|
|
34.2
|
|
||||
Net income
|
$
|
104.6
|
|
|
$
|
85.9
|
|
|
$
|
179.9
|
|
|
$
|
152.4
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
2.89
|
|
|
$
|
2.40
|
|
|
$
|
4.97
|
|
|
$
|
4.27
|
|
Weighted average common shares outstanding
|
36.2
|
|
|
35.8
|
|
|
36.2
|
|
|
35.7
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share
|
$
|
2.80
|
|
|
$
|
2.32
|
|
|
$
|
4.82
|
|
|
$
|
4.13
|
|
Weighted average diluted common shares outstanding
|
37.4
|
|
|
37.0
|
|
|
37.3
|
|
|
36.9
|
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
104.6
|
|
|
$
|
85.9
|
|
|
$
|
179.9
|
|
|
$
|
152.4
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign exchange translation adjustment
|
(4.6
|
)
|
|
(59.3
|
)
|
|
12.4
|
|
|
(42.1
|
)
|
||||
Hedge activity, net of tax
|
1.3
|
|
|
(2.9
|
)
|
|
3.1
|
|
|
(4.5
|
)
|
||||
Pension and postretirement benefit adjustments, net of tax
|
4.9
|
|
|
5.1
|
|
|
9.5
|
|
|
9.4
|
|
||||
Other comprehensive income (loss)
|
1.6
|
|
|
(57.1
|
)
|
|
25.0
|
|
|
(37.2
|
)
|
||||
Comprehensive income
|
$
|
106.2
|
|
|
$
|
28.8
|
|
|
$
|
204.9
|
|
|
$
|
115.2
|
|
|
June 30, 2019
|
|
December 30, 2018
|
||||
Assets
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash
|
$
|
108.1
|
|
|
$
|
142.5
|
|
Accounts receivable, net
|
432.3
|
|
|
416.5
|
|
||
Unbilled receivables, net
|
176.5
|
|
|
145.3
|
|
||
Inventories, net
|
390.4
|
|
|
364.3
|
|
||
Prepaid expenses and other current assets
|
53.7
|
|
|
45.8
|
|
||
Total current assets
|
1,161.0
|
|
|
1,114.4
|
|
||
Property, plant and equipment, net of accumulated depreciation and amortization of $595.4 at June 30, 2019 and $566.0 at December 30, 2018
|
450.9
|
|
|
442.6
|
|
||
Goodwill
|
1,888.0
|
|
|
1,735.2
|
|
||
Acquired intangibles, net
|
379.9
|
|
|
344.3
|
|
||
Prepaid pension assets
|
101.4
|
|
|
88.2
|
|
||
Operating lease right-of-use assets
|
129.6
|
|
|
—
|
|
||
Other assets, net
|
89.4
|
|
|
84.6
|
|
||
Total Assets
|
$
|
4,200.2
|
|
|
$
|
3,809.3
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
221.7
|
|
|
$
|
227.8
|
|
Accrued liabilities
|
353.8
|
|
|
355.6
|
|
||
Current portion of long-term debt and other debt
|
135.5
|
|
|
137.4
|
|
||
Total current liabilities
|
711.0
|
|
|
720.8
|
|
||
Long-term debt
|
656.2
|
|
|
610.1
|
|
||
Long-term operating lease liabilities
|
121.9
|
|
|
—
|
|
||
Other long-term liabilities
|
238.1
|
|
|
248.7
|
|
||
Total Liabilities
|
1,727.2
|
|
|
1,579.6
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders’ Equity
|
|
|
|
||||
Preferred stock, $0.01 par value; outstanding shares - none
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; authorized 125,000,000 shares; issued shares: 37,697,865 at June 30, 2019 and December 30, 2018; outstanding shares: 36,376,376 at June 30, 2019 and 36,087,297 at December 30, 2018
|
0.4
|
|
|
0.4
|
|
||
Additional paid-in capital
|
352.4
|
|
|
343.7
|
|
||
Retained earnings
|
2,703.6
|
|
|
2,523.7
|
|
||
Treasury stock, 1,321,489 shares at June 30, 2019 and 1,610,568 shares at December 30, 2018
|
(115.2
|
)
|
|
(144.9
|
)
|
||
Accumulated other comprehensive loss
|
(468.2
|
)
|
|
(493.2
|
)
|
||
Total Stockholders’ Equity
|
2,473.0
|
|
|
2,229.7
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
4,200.2
|
|
|
$
|
3,809.3
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Treasury Stock
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
|
||||||||||||
Balance, December 30, 2018
|
$
|
0.4
|
|
|
$
|
343.7
|
|
|
$
|
(144.9
|
)
|
|
$
|
2,523.7
|
|
|
$
|
(493.2
|
)
|
|
$
|
2,229.7
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
75.3
|
|
|
—
|
|
|
75.3
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23.4
|
|
|
23.4
|
|
||||||
Treasury stock issued
|
—
|
|
|
(15.0
|
)
|
|
15.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
|
10.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.9
|
|
||||||
Exercise of stock options and other
|
—
|
|
|
10.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.2
|
|
||||||
Balance, March 31, 2019
|
0.4
|
|
|
349.8
|
|
|
(129.9
|
)
|
|
2,599.0
|
|
|
(469.8
|
)
|
|
2,349.5
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
104.6
|
|
|
—
|
|
|
104.6
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
1.6
|
|
||||||
Treasury stock issued
|
—
|
|
|
(14.7
|
)
|
|
14.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
|
6.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.8
|
|
||||||
Exercise of stock options and other
|
—
|
|
|
10.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.5
|
|
||||||
Balance, June 30, 2019
|
$
|
0.4
|
|
|
$
|
352.4
|
|
|
$
|
(115.2
|
)
|
|
$
|
2,703.6
|
|
|
$
|
(468.2
|
)
|
|
$
|
2,473.0
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Treasury Stock
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
|
||||||||||||
Balance, December 31, 2017
|
$
|
0.4
|
|
|
$
|
337.3
|
|
|
$
|
(200.7
|
)
|
|
$
|
2,139.6
|
|
|
$
|
(329.3
|
)
|
|
$
|
1,947.3
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
66.5
|
|
|
—
|
|
|
66.5
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19.9
|
|
|
19.9
|
|
||||||
Treasury stock issued
|
—
|
|
|
(20.4
|
)
|
|
20.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
|
6.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.6
|
|
||||||
Exercise of stock options and other
|
—
|
|
|
12.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.3
|
|
||||||
Cumulative effect of new accounting standards
|
—
|
|
|
—
|
|
|
—
|
|
|
50.9
|
|
|
(47.6
|
)
|
|
3.3
|
|
||||||
Balance, April 1, 2018
|
0.4
|
|
|
335.8
|
|
|
(180.3
|
)
|
|
2,257.0
|
|
|
(357.0
|
)
|
|
2,055.9
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
85.9
|
|
|
—
|
|
|
85.9
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57.1
|
)
|
|
(57.1
|
)
|
||||||
Treasury stock issued
|
—
|
|
|
(17.2
|
)
|
|
17.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
|
6.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.5
|
|
||||||
Exercise of stock options and other
|
—
|
|
|
11.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.6
|
|
||||||
Balance, July 1, 2018
|
$
|
0.4
|
|
|
$
|
336.7
|
|
|
$
|
(163.1
|
)
|
|
$
|
2,342.9
|
|
|
$
|
(414.1
|
)
|
|
$
|
2,102.8
|
|
|
Six Months
|
||||||
|
2019
|
|
2018
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
179.9
|
|
|
$
|
152.4
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
54.7
|
|
|
56.4
|
|
||
Stock-based compensation
|
17.7
|
|
|
13.1
|
|
||
Changes in operating assets and liabilities excluding the effect of business acquired:
|
|
|
|
||||
Accounts receivable
|
(36.6
|
)
|
|
(38.5
|
)
|
||
Inventories
|
(10.1
|
)
|
|
(12.2
|
)
|
||
Prepaid expenses and other assets
|
(4.3
|
)
|
|
(1.3
|
)
|
||
Accounts payable
|
(7.8
|
)
|
|
25.9
|
|
||
Accrued liabilities
|
(22.8
|
)
|
|
(15.7
|
)
|
||
Deferred and income taxes receivable/payable, net
|
(4.5
|
)
|
|
(1.0
|
)
|
||
Long-term assets
|
(11.7
|
)
|
|
(8.3
|
)
|
||
Other long-term liabilities
|
8.1
|
|
|
(1.6
|
)
|
||
Other operating, net
|
0.7
|
|
|
10.3
|
|
||
Net cash provided by operating activities
|
163.3
|
|
|
179.5
|
|
||
Investing Activities
|
|
|
|
||||
Purchases of property, plant and equipment
|
(39.4
|
)
|
|
(47.2
|
)
|
||
Purchase of businesses, net of cash acquired
|
(222.5
|
)
|
|
—
|
|
||
Other investing, net
|
0.3
|
|
|
0.7
|
|
||
Net cash used in investing activities
|
(261.6
|
)
|
|
(46.5
|
)
|
||
Financing Activities
|
|
|
|
||||
Net proceeds from (payments on) credit facility
|
47.5
|
|
|
(115.0
|
)
|
||
Net proceeds from (payments on) other debt
|
(2.2
|
)
|
|
2.3
|
|
||
Proceeds from exercise of stock options
|
20.7
|
|
|
23.8
|
|
||
Other financing, net
|
(1.4
|
)
|
|
(2.0
|
)
|
||
Net cash provided by (used in) financing activities
|
64.6
|
|
|
(90.9
|
)
|
||
Effect of exchange rate changes on cash
|
(0.7
|
)
|
|
(11.6
|
)
|
||
Change in cash
|
(34.4
|
)
|
|
30.5
|
|
||
Cash—beginning of period
|
142.5
|
|
|
70.9
|
|
||
Cash—end of period
|
$
|
108.1
|
|
|
$
|
101.4
|
|
Remainder of 2019
|
$
|
11.5
|
|
2020
|
22.3
|
|
|
2021
|
20.5
|
|
|
2022
|
18.2
|
|
|
2023
|
16.7
|
|
|
Thereafter
|
84.7
|
|
|
Total minimum lease payments
|
173.9
|
|
|
Less:
|
|
||
Imputed interest
|
(34.1
|
)
|
|
Current portion
|
(17.9
|
)
|
|
Present value of minimum lease payments, net of current portion
|
$
|
121.9
|
|
|
As of December 30, 2018
|
||
2019
|
$
|
23.2
|
|
2020
|
20.6
|
|
|
2021
|
18.4
|
|
|
2022
|
18.4
|
|
|
2023
|
11.8
|
|
|
Thereafter
|
48.2
|
|
|
Total minimum lease payments
|
$
|
140.6
|
|
|
Foreign Currency Translation
|
|
Cash Flow Hedges and Other
|
|
Pension and Postretirement Benefits
|
|
Total
|
||||||||
Balance as of March 31, 2019
|
$
|
(164.5
|
)
|
|
$
|
(3.1
|
)
|
|
$
|
(302.2
|
)
|
|
$
|
(469.8
|
)
|
Other comprehensive income/(loss) before reclassifications
|
(4.6
|
)
|
|
0.5
|
|
|
—
|
|
|
(4.1
|
)
|
||||
Amounts reclassified from AOCI
|
—
|
|
|
0.8
|
|
|
4.9
|
|
|
5.7
|
|
||||
Net other comprehensive income/(loss)
|
(4.6
|
)
|
|
1.3
|
|
|
4.9
|
|
|
1.6
|
|
||||
Balance as of June 30, 2019
|
$
|
(169.1
|
)
|
|
$
|
(1.8
|
)
|
|
$
|
(297.3
|
)
|
|
$
|
(468.2
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
Foreign Currency Translation
|
|
Cash Flow Hedges and Other
|
|
Pension and Postretirement Benefits
|
|
Total
|
||||||||
Balance as of April 1, 2018
|
$
|
(84.8
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(271.1
|
)
|
|
$
|
(357.0
|
)
|
Other comprehensive income/(loss) before reclassifications
|
(59.3
|
)
|
|
2.6
|
|
|
—
|
|
|
(56.7
|
)
|
||||
Amounts reclassified from AOCI
|
—
|
|
|
(5.5
|
)
|
|
5.1
|
|
|
(0.4
|
)
|
||||
Net other comprehensive income/(loss)
|
(59.3
|
)
|
|
(2.9
|
)
|
|
5.1
|
|
|
(57.1
|
)
|
||||
Balance as of July 1, 2018
|
$
|
(144.1
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
(266.0
|
)
|
|
$
|
(414.1
|
)
|
|
Foreign Currency Translation
|
|
Cash Flow Hedges and Other
|
|
Pension and Postretirement Benefits
|
|
Total
|
||||||||
Balance as of December 30, 2018
|
$
|
(181.5
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
(306.8
|
)
|
|
$
|
(493.2
|
)
|
Other comprehensive income before reclassifications
|
12.4
|
|
|
3.7
|
|
|
—
|
|
|
16.1
|
|
||||
Amounts reclassified from AOCI
|
—
|
|
|
(0.6
|
)
|
|
9.5
|
|
|
8.9
|
|
||||
Net other comprehensive income
|
12.4
|
|
|
3.1
|
|
|
9.5
|
|
|
25.0
|
|
||||
Balance as of June 30, 2019
|
$
|
(169.1
|
)
|
|
$
|
(1.8
|
)
|
|
$
|
(297.3
|
)
|
|
$
|
(468.2
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
Foreign Currency Translation
|
|
Cash Flow Hedges and Other
|
|
Pension and Postretirement Benefits
|
|
Total
|
||||||||
Balance as of December 31, 2017
|
(102.0
|
)
|
|
0.5
|
|
|
(227.8
|
)
|
|
(329.3
|
)
|
||||
Other comprehensive loss before reclassifications
|
(42.1
|
)
|
|
—
|
|
|
—
|
|
|
(42.1
|
)
|
||||
Amounts reclassified from AOCI
|
—
|
|
|
(4.5
|
)
|
|
9.4
|
|
|
4.9
|
|
||||
Net other comprehensive income/(loss)
|
(42.1
|
)
|
|
(4.5
|
)
|
|
9.4
|
|
|
(37.2
|
)
|
||||
Reclassification of income tax effects for ASU 2018-02
|
—
|
|
|
—
|
|
|
(47.6
|
)
|
|
(47.6
|
)
|
||||
Balance as of July 1, 2018
|
(144.1
|
)
|
|
(4.0
|
)
|
|
(266.0
|
)
|
|
(414.1
|
)
|
|
Amount Reclassified from AOCI for the Three Months Ended
|
|
Amount Reclassified from AOCI for the Three Months Ended
|
Statement of Income
|
||||
|
June 30, 2019
|
|
July 1, 2018
|
Presentation
|
||||
(Gain) loss on cash flow hedges:
|
|
|
|
|
||||
(Gain) loss recognized in income on derivatives
|
$
|
1.1
|
|
|
$
|
(7.4
|
)
|
See Note 4
|
Income tax impact
|
(0.3
|
)
|
|
1.9
|
|
Provision for income taxes
|
||
Total
|
$
|
0.8
|
|
|
$
|
(5.5
|
)
|
|
|
|
|
|
|
||||
Amortization of defined benefit pension and postretirement plan items:
|
|
|
|
|
||||
Amortization of prior service cost
|
$
|
(1.5
|
)
|
|
$
|
(1.5
|
)
|
Costs and expenses
|
Amortization of net actuarial loss
|
7.9
|
|
|
8.1
|
|
Costs and expenses
|
||
Total before tax
|
6.4
|
|
|
6.6
|
|
|
||
Income tax impact
|
(1.5
|
)
|
|
(1.5
|
)
|
Provision for income taxes
|
||
Total
|
$
|
4.9
|
|
|
$
|
5.1
|
|
|
|
Amount Reclassified from AOCI Six Months Ended
|
|
Amount Reclassified from AOCI Six Months Ended
|
Statement of Income
|
||||
|
June 30, 2019
|
|
July 1, 2018
|
Presentation
|
||||
Gain on cash flow hedges:
|
|
|
|
|
||||
Gain recognized in income on derivatives
|
$
|
(0.9
|
)
|
|
$
|
(6.1
|
)
|
See Note 4
|
Income tax impact
|
0.3
|
|
|
1.6
|
|
Provision for income taxes
|
||
Total
|
$
|
(0.6
|
)
|
|
$
|
(4.5
|
)
|
|
|
|
|
|
|
||||
Amortization of defined benefit pension and postretirement plan items:
|
|
|
|
|
||||
Amortization of prior service cost
|
(3.0
|
)
|
|
(3.0
|
)
|
Costs and expenses
|
||
Amortization of net actuarial loss
|
15.5
|
|
|
15.4
|
|
Costs and expenses
|
||
Total before tax
|
12.5
|
|
|
12.4
|
|
|
||
Income tax impact
|
$
|
(3.0
|
)
|
|
$
|
(3.0
|
)
|
Provision for income taxes
|
Total
|
$
|
9.5
|
|
|
$
|
9.4
|
|
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net gain (loss) recognized in AOCI (a)
|
$
|
0.7
|
|
|
$
|
3.6
|
|
|
$
|
5.0
|
|
|
$
|
(0.1
|
)
|
Net gain (loss) reclassified from AOCI into revenue (a)
|
$
|
(0.6
|
)
|
|
$
|
0.8
|
|
|
$
|
(1.2
|
)
|
|
$
|
2.0
|
|
Net gain reclassified from AOCI into interest expense (a)
|
$
|
0.7
|
|
|
$
|
0.6
|
|
|
$
|
1.5
|
|
|
$
|
1.1
|
|
Net gain (loss) reclassified from AOCI into other income and expense, net (b)
|
$
|
(1.2
|
)
|
|
$
|
6.0
|
|
|
$
|
0.6
|
|
|
$
|
3.0
|
|
Net foreign exchange gain (loss) recognized in other income, net (c)
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.2
|
)
|
Contracts to Buy
|
|
Contracts to Sell
|
||||||
Currency
|
Amount
|
|
Currency
|
Amount
|
||||
Canadian Dollars
|
C$
|
23.2
|
|
|
U.S. Dollars
|
US$
|
18.0
|
|
Canadian Dollars
|
C$
|
15.4
|
|
|
Euros
|
€
|
10.3
|
|
Great Britain Pounds
|
£
|
1.2
|
|
|
Australian Dollars
|
A$
|
2.1
|
|
Great Britain Pounds
|
£
|
33.3
|
|
|
U.S. Dollars
|
US$
|
42.4
|
|
Singapore Dollars
|
S$
|
2.3
|
|
|
U.S. Dollars
|
US$
|
1.7
|
|
Euros
|
€
|
35.4
|
|
|
U.S. Dollars
|
US$
|
40.4
|
|
U.S. Dollars
|
US$
|
1.9
|
|
|
Japanese Yen
|
¥
|
200.0
|
|
Danish Krone
|
DKR
|
60.2
|
|
|
U.S. Dollars
|
US$
|
9.2
|
|
Great Britain Pounds
|
£
|
4.9
|
|
|
Euros
|
€
|
5.5
|
|
Great Britain Pounds
|
£
|
2.5
|
|
|
Hong Kong Dollars
|
HK$
|
24.8
|
|
Asset/(Liability) Derivatives
|
Balance sheet location
|
|
June 30, 2019
|
|
December 30, 2018
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||
Cash flow forward contracts
|
Other assets
|
|
$
|
0.8
|
|
|
$
|
—
|
|
Cash flow cross currency swap
|
Accrued liabilities
|
|
(5.8
|
)
|
|
(6.3
|
)
|
||
Cash flow forward contracts
|
Accrued liabilities
|
|
(0.9
|
)
|
|
(4.2
|
)
|
||
Total derivatives designated as hedging instruments
|
|
|
(5.9
|
)
|
|
(10.5
|
)
|
||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Non-designated forward contracts
|
Other current assets
|
|
0.1
|
|
|
—
|
|
||
Non-designated forward contracts
|
Accrued liabilities
|
|
(0.4
|
)
|
|
(0.6
|
)
|
||
Total derivatives not designated as hedging instruments
|
|
|
(0.3
|
)
|
|
(0.6
|
)
|
||
Total liability derivatives, net
|
|
|
$
|
(6.2
|
)
|
|
$
|
(11.1
|
)
|
|
Second Quarter
|
|
Six Months
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Weighted average basic common shares outstanding
|
36.2
|
|
|
35.8
|
|
|
36.2
|
|
|
35.7
|
|
Effect of dilutive securities (primarily stock options)
|
1.2
|
|
|
1.2
|
|
|
1.1
|
|
|
1.2
|
|
Weighted average diluted common shares outstanding
|
37.4
|
|
|
37.0
|
|
|
37.3
|
|
|
36.9
|
|
|
2019
|
Expected volatility
|
26.7%
|
Risk-free interest rate range
|
2.47% to 2.70%
|
Expected life in years
|
6.6
|
Expected dividend yield
|
—
|
|
Shares
|
|
Weighted average fair value per share
|
|||
Balance, December 30, 2018
|
74,220
|
|
|
$
|
108.05
|
|
Granted
|
17,522
|
|
|
$
|
200.00
|
|
Vested
|
(35,330
|
)
|
|
$
|
72.91
|
|
Balance, June 30, 2019
|
56,412
|
|
|
$
|
158.62
|
|
|
Balance at
|
||||||
Inventories (in millions):
|
June 30, 2019
|
|
December 30, 2018
|
||||
Raw materials and supplies
|
$
|
221.5
|
|
|
$
|
205.6
|
|
Work in process
|
124.6
|
|
|
117.5
|
|
||
Finished goods
|
53.3
|
|
|
50.5
|
|
||
|
399.4
|
|
|
373.6
|
|
||
Reduction to LIFO cost basis
|
(9.0
|
)
|
|
(9.3
|
)
|
||
Total inventories, net
|
$
|
390.4
|
|
|
$
|
364.3
|
|
|
Six Months
|
||||||
Warranty Reserve (in millions):
|
2019
|
|
2018
|
||||
Balance at beginning of year
|
$
|
21.0
|
|
|
$
|
21.1
|
|
Accruals for product warranties charged to expense
|
5.1
|
|
|
4.4
|
|
||
Cost of product warranty claims
|
(4.6
|
)
|
|
(3.9
|
)
|
||
Acquisition
|
0.3
|
|
|
—
|
|
||
Balance at end of period
|
$
|
21.8
|
|
|
$
|
21.6
|
|
|
Balance at
|
||||||
Long-Term Debt (in millions):
|
June 30, 2019
|
|
December 30, 2018
|
||||
$750.0 million credit facility due March 2024, weighted average rate of 4.15% at June 30, 2019 and 5.50% at December 30, 2018
|
$
|
76.5
|
|
|
$
|
29.0
|
|
Term loan due October 2019, variable rate of 3.53% at June 30, 2019 and 3.63% at December 30, 2018, swapped to a Euro fixed rate of 0.7055%
|
100.0
|
|
|
100.0
|
|
||
2.61% Fixed Rate Senior Notes due December 2019
|
30.0
|
|
|
30.0
|
|
||
5.30% Fixed Rate Senior Notes due September 2020
|
75.0
|
|
|
75.0
|
|
||
2.81% Fixed Rate Senior Notes due November 2020
|
25.0
|
|
|
25.0
|
|
||
3.09% Fixed Rate Senior Notes due December 2021
|
95.0
|
|
|
95.0
|
|
||
3.28% Fixed Rate Senior Notes due November 2022
|
100.0
|
|
|
100.0
|
|
||
0.70%
€
50 Million Fixed Rate Senior Notes due April 2022
|
56.9
|
|
|
57.2
|
|
||
0.92%
€
100 Million Fixed Rate Senior Notes due April 2023
|
113.7
|
|
|
114.4
|
|
||
1.09%
€
100 Million Fixed Rate Senior Notes due April 2024
|
113.7
|
|
|
114.4
|
|
||
Other debt
|
6.9
|
|
|
8.8
|
|
||
Total debt
|
792.7
|
|
|
748.8
|
|
||
Less: current portion of long-term debt and debt issuance costs
|
(136.5
|
)
|
|
(138.7
|
)
|
||
Total long-term debt
|
$
|
656.2
|
|
|
$
|
610.1
|
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service cost — benefits earned during the period (in millions)
|
$
|
2.3
|
|
|
$
|
2.7
|
|
|
$
|
4.7
|
|
|
$
|
5.4
|
|
|
|
|
|
|
|
|
|
||||||||
Pension non-service income (in millions):
|
|
|
|
|
|
|
|
||||||||
Interest cost on benefit obligation
|
$
|
8.4
|
|
|
$
|
8.2
|
|
|
$
|
16.8
|
|
|
$
|
16.3
|
|
Expected return on plan assets
|
(16.6
|
)
|
|
(17.9
|
)
|
|
(33.1
|
)
|
|
(35.8
|
)
|
||||
Amortization of prior service cost
|
(1.5
|
)
|
|
(1.5
|
)
|
|
(3.0
|
)
|
|
(3.0
|
)
|
||||
Amortization of net actuarial loss
|
7.8
|
|
|
7.9
|
|
|
15.5
|
|
|
15.8
|
|
||||
Curtailment/settlements
|
(0.1
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
||||
Pension non-service income
|
$
|
(2.0
|
)
|
|
$
|
(3.3
|
)
|
|
$
|
(4.2
|
)
|
|
$
|
(6.7
|
)
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
Postretirement benefits non-service (income)/expense (in millions):
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest cost on benefit obligation
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
Amortization of net actuarial gain
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.2
|
)
|
||||
Postretirement benefits non-service (income)/expense
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
Second Quarter
|
|
%
|
|
Six Months
|
|
%
|
||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||
Net sales(a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Instrumentation
|
$
|
264.1
|
|
|
$
|
262.6
|
|
|
0.6
|
%
|
|
$
|
520.6
|
|
|
$
|
501.6
|
|
|
3.8
|
%
|
Digital Imaging
|
251.3
|
|
|
225.3
|
|
|
11.5
|
%
|
|
486.6
|
|
|
436.3
|
|
|
11.5
|
%
|
||||
Aerospace and Defense Electronics
|
191.0
|
|
|
173.5
|
|
|
10.1
|
%
|
|
371.4
|
|
|
347.1
|
|
|
7.0
|
%
|
||||
Engineered Systems
|
75.6
|
|
|
71.1
|
|
|
6.3
|
%
|
|
148.6
|
|
|
143.1
|
|
|
3.8
|
%
|
||||
Total net sales
|
$
|
782.0
|
|
|
$
|
732.5
|
|
|
6.8
|
%
|
|
$
|
1,527.2
|
|
|
$
|
1,428.1
|
|
|
6.9
|
%
|
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Instrumentation
|
$
|
49.0
|
|
|
$
|
40.9
|
|
|
19.8
|
%
|
|
$
|
88.9
|
|
|
$
|
68.7
|
|
|
29.4
|
%
|
Digital Imaging
|
52.5
|
|
|
43.3
|
|
|
21.2
|
%
|
|
89.5
|
|
|
77.9
|
|
|
14.9
|
%
|
||||
Aerospace and Defense Electronics
|
39.4
|
|
|
33.7
|
|
|
16.9
|
%
|
|
73.2
|
|
|
65.4
|
|
|
11.9
|
%
|
||||
Engineered Systems
|
7.3
|
|
|
7.4
|
|
|
(1.4
|
)%
|
|
12.0
|
|
|
14.6
|
|
|
(17.8
|
)%
|
||||
Corporate expense
|
(16.3
|
)
|
|
(13.8
|
)
|
|
18.1
|
%
|
|
(34.4
|
)
|
|
(26.7
|
)
|
|
28.8
|
%
|
||||
Operating income
|
$
|
131.9
|
|
|
$
|
111.5
|
|
|
18.3
|
%
|
|
$
|
229.2
|
|
|
$
|
199.9
|
|
|
14.7
|
%
|
(a)
|
Net sales excludes inter-segment sales of $4.0 million and $10.4 million for the second quarter and first six months of 2019, respectively, and $5.5 million and $10.7 million for the second quarter and first six months of 2018.
|
Identifiable assets:
|
|
June 30, 2019
|
|
December 30, 2018
|
||||
Instrumentation
|
|
$
|
1,410.2
|
|
|
$
|
1,392.7
|
|
Digital Imaging
|
|
1,843.6
|
|
|
1,600.9
|
|
||
Aerospace and Defense Electronics
|
|
616.0
|
|
|
521.4
|
|
||
Engineered Systems
|
|
123.3
|
|
|
116.6
|
|
||
Corporate
|
|
207.1
|
|
|
177.7
|
|
||
Total identifiable assets
|
|
$
|
4,200.2
|
|
|
$
|
3,809.3
|
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
Instrumentation
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Marine Instrumentation
|
$
|
111.4
|
|
|
$
|
118.7
|
|
|
$
|
216.6
|
|
|
$
|
222.9
|
|
Environmental Instrumentation
|
87.4
|
|
|
85.7
|
|
|
173.8
|
|
|
166.9
|
|
||||
Test and Measurement Instrumentation
|
65.3
|
|
|
58.2
|
|
|
130.2
|
|
|
111.8
|
|
||||
Total
|
$
|
264.1
|
|
|
$
|
262.6
|
|
|
$
|
520.6
|
|
|
$
|
501.6
|
|
|
|
Second Quarter Ended
June 30, 2019
|
|
Six Months Ended
June 30, 2019
|
||||||||||||||||||||
|
|
Customer Type
|
|
|
|
Customer Type
|
|
|
||||||||||||||||
(in millions)
|
|
United States Government (a)
|
|
Other, Primarily Commercial
|
|
Total
|
|
United States Government (a)
|
|
Other, Primarily Commercial
|
|
Total
|
||||||||||||
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Instrumentation
|
|
$
|
18.6
|
|
|
$
|
245.5
|
|
|
$
|
264.1
|
|
|
$
|
32.8
|
|
|
$
|
487.8
|
|
|
$
|
520.6
|
|
Digital Imaging
|
|
26.2
|
|
|
225.1
|
|
|
251.3
|
|
|
52.4
|
|
|
434.2
|
|
|
486.6
|
|
||||||
Aerospace and Defense Electronics
|
|
78.5
|
|
|
112.5
|
|
|
191.0
|
|
|
146.5
|
|
|
224.9
|
|
|
371.4
|
|
||||||
Engineered Systems
|
|
63.7
|
|
|
11.9
|
|
|
75.6
|
|
|
125.2
|
|
|
23.4
|
|
|
148.6
|
|
||||||
|
|
$
|
187.0
|
|
|
$
|
595.0
|
|
|
$
|
782.0
|
|
|
$
|
356.9
|
|
|
$
|
1,170.3
|
|
|
$
|
1,527.2
|
|
|
|
Second Quarter Ended
June 30, 2019
|
|
Six Months Ended
June 30, 2019
|
||||||||||||||||||||
|
|
Contract Type
|
|
|
|
Contract Type
|
|
|
||||||||||||||||
(in millions)
|
|
Fixed Price
|
|
Cost Type
|
|
Total
|
|
Fixed Price
|
|
Cost Type
|
|
Total
|
||||||||||||
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Instrumentation
|
|
$
|
253.7
|
|
|
$
|
10.4
|
|
|
$
|
264.1
|
|
|
$
|
504.7
|
|
|
$
|
15.9
|
|
|
$
|
520.6
|
|
Digital Imaging
|
|
229.8
|
|
|
21.5
|
|
|
251.3
|
|
|
443.1
|
|
|
43.5
|
|
|
486.6
|
|
||||||
Aerospace and Defense Electronics
|
|
190.5
|
|
|
0.5
|
|
|
191.0
|
|
|
370.6
|
|
|
0.8
|
|
|
371.4
|
|
||||||
Engineered Systems
|
|
21.8
|
|
|
53.8
|
|
|
75.6
|
|
|
40.0
|
|
|
108.6
|
|
|
148.6
|
|
||||||
|
|
$
|
695.8
|
|
|
$
|
86.2
|
|
|
$
|
782.0
|
|
|
$
|
1,358.4
|
|
|
$
|
168.8
|
|
|
$
|
1,527.2
|
|
|
|
Second Quarter Ended
June 30, 2019
|
|
|
|
Six Months Ended
June 30, 2019
|
|
|
||||||||||||||||||||||||
|
|
Geographic Region (a)
|
|
|
|
Geographic Region (a)
|
|
|
||||||||||||||||||||||||
(in millions)
|
|
United States
|
|
Europe
|
|
All other
|
|
Total
|
|
United States
|
|
Europe
|
|
All other
|
|
Total
|
||||||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Instrumentation
|
|
$
|
225.1
|
|
|
$
|
30.8
|
|
|
$
|
8.2
|
|
|
$
|
264.1
|
|
|
$
|
436.2
|
|
|
$
|
64.4
|
|
|
$
|
20.0
|
|
|
$
|
520.6
|
|
Digital Imaging
|
|
80.3
|
|
|
77.3
|
|
|
93.7
|
|
|
251.3
|
|
|
152.7
|
|
|
147.6
|
|
|
186.3
|
|
|
486.6
|
|
||||||||
Aerospace and Defense Electronics
|
|
171.7
|
|
|
18.9
|
|
|
0.4
|
|
|
191.0
|
|
|
336.8
|
|
|
34.0
|
|
|
0.6
|
|
|
371.4
|
|
||||||||
Engineered Systems
|
|
73.4
|
|
|
2.2
|
|
|
—
|
|
|
75.6
|
|
|
144.6
|
|
|
4.0
|
|
|
—
|
|
|
148.6
|
|
||||||||
|
|
$
|
550.5
|
|
|
$
|
129.2
|
|
|
$
|
102.3
|
|
|
$
|
782.0
|
|
|
$
|
1,070.3
|
|
|
$
|
250.0
|
|
|
$
|
206.9
|
|
|
$
|
1,527.2
|
|
|
|
Second Quarter Ended
July 1, 2018
|
|
Six Months Ended
July 1, 2018
|
||||||||||||||||||||
|
|
Customer Type
|
|
|
|
Customer Type
|
|
|
||||||||||||||||
(in millions)
|
|
United States Government (a)
|
|
Other, Primarily Commercial
|
|
Total
|
|
United States Government (a)
|
|
Other, Primarily Commercial
|
|
Total
|
||||||||||||
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Instrumentation
|
|
$
|
15.8
|
|
|
$
|
246.8
|
|
|
$
|
262.6
|
|
|
$
|
28.6
|
|
|
$
|
473.0
|
|
|
$
|
501.6
|
|
Digital Imaging
|
|
22.5
|
|
|
202.8
|
|
|
225.3
|
|
|
44.9
|
|
|
391.4
|
|
|
436.3
|
|
||||||
Aerospace and Defense Electronics
|
|
66.5
|
|
|
107.0
|
|
|
173.5
|
|
|
131.8
|
|
|
215.3
|
|
|
347.1
|
|
||||||
Engineered Systems
|
|
57.2
|
|
|
13.9
|
|
|
71.1
|
|
|
116.2
|
|
|
26.9
|
|
|
143.1
|
|
||||||
|
|
$
|
162.0
|
|
|
$
|
570.5
|
|
|
$
|
732.5
|
|
|
$
|
321.5
|
|
|
$
|
1,106.6
|
|
|
$
|
1,428.1
|
|
|
|
Second Quarter Ended
July 1, 2018
|
|
Six Months Ended
July 1, 2018
|
||||||||||||||||||||
|
|
Contract Type
|
|
|
|
Contract Type
|
|
|
||||||||||||||||
(in millions)
|
|
Fixed Price
|
|
Cost Type
|
|
Total
|
|
Fixed Price
|
|
Cost Type
|
|
Total
|
||||||||||||
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Instrumentation
|
|
$
|
258.5
|
|
|
$
|
4.1
|
|
|
$
|
262.6
|
|
|
$
|
492.6
|
|
|
$
|
9.0
|
|
|
$
|
501.6
|
|
Digital Imaging
|
|
203.5
|
|
|
21.8
|
|
|
225.3
|
|
|
394.7
|
|
|
41.6
|
|
|
436.3
|
|
||||||
Aerospace and Defense Electronics
|
|
173.0
|
|
|
0.5
|
|
|
173.5
|
|
|
346.4
|
|
|
0.7
|
|
|
347.1
|
|
||||||
Engineered Systems
|
|
23.4
|
|
|
47.7
|
|
|
71.1
|
|
|
46.6
|
|
|
96.5
|
|
|
143.1
|
|
||||||
|
|
$
|
658.4
|
|
|
$
|
74.1
|
|
|
$
|
732.5
|
|
|
$
|
1,280.3
|
|
|
$
|
147.8
|
|
|
$
|
1,428.1
|
|
|
|
Second Quarter Ended
July 1, 2018
|
|
|
|
Six Months Ended
July 1, 2018
|
|
|
||||||||||||||||||||||||
|
|
Geographic Region (a)
|
|
|
|
Geographic Region (a)
|
|
|
||||||||||||||||||||||||
(in millions)
|
|
United States
|
|
Europe
|
|
All other
|
|
Total
|
|
United States
|
|
Europe
|
|
All other
|
|
Total
|
||||||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Instrumentation
|
|
$
|
206.5
|
|
|
$
|
45.4
|
|
|
$
|
10.7
|
|
|
$
|
262.6
|
|
|
$
|
397.5
|
|
|
$
|
84.8
|
|
|
$
|
19.3
|
|
|
$
|
501.6
|
|
Digital Imaging
|
|
59.4
|
|
|
76.0
|
|
|
89.9
|
|
|
225.3
|
|
|
116.2
|
|
|
143.0
|
|
|
177.1
|
|
|
436.3
|
|
||||||||
Aerospace and Defense Electronics
|
|
157.0
|
|
|
15.9
|
|
|
0.6
|
|
|
173.5
|
|
|
311.1
|
|
|
34.7
|
|
|
1.3
|
|
|
347.1
|
|
||||||||
Engineered Systems
|
|
68.9
|
|
|
2.2
|
|
|
—
|
|
|
71.1
|
|
|
139.1
|
|
|
4.0
|
|
|
—
|
|
|
143.1
|
|
||||||||
|
|
$
|
491.8
|
|
|
$
|
139.5
|
|
|
$
|
101.2
|
|
|
$
|
732.5
|
|
|
$
|
963.9
|
|
|
$
|
266.5
|
|
|
$
|
197.7
|
|
|
$
|
1,428.1
|
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
782.0
|
|
|
$
|
732.5
|
|
|
$
|
1,527.2
|
|
|
$
|
1,428.1
|
|
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
463.6
|
|
|
447.0
|
|
|
927.5
|
|
|
885.2
|
|
||||
Selling, general and administrative expenses
|
186.5
|
|
|
174.0
|
|
|
370.5
|
|
|
343.0
|
|
||||
Total costs and expenses
|
650.1
|
|
|
621.0
|
|
|
1,298.0
|
|
|
1,228.2
|
|
||||
Operating income
|
131.9
|
|
|
111.5
|
|
|
229.2
|
|
|
199.9
|
|
||||
Interest expense, net
|
(5.4
|
)
|
|
(6.7
|
)
|
|
(10.8
|
)
|
|
(13.8
|
)
|
||||
Non-service retirement benefit income
|
2.0
|
|
|
3.3
|
|
|
4.2
|
|
|
6.7
|
|
||||
Other expense, net
|
(0.6
|
)
|
|
(3.7
|
)
|
|
(1.8
|
)
|
|
(6.2
|
)
|
||||
Income before income taxes
|
127.9
|
|
|
104.4
|
|
|
220.8
|
|
|
186.6
|
|
||||
Provision for income taxes
|
23.3
|
|
|
18.5
|
|
|
40.9
|
|
|
34.2
|
|
||||
Net income
|
$
|
104.6
|
|
|
$
|
85.9
|
|
|
$
|
179.9
|
|
|
$
|
152.4
|
|
|
Second Quarter
|
|
%
|
|
Six Months
|
|
%
|
||||||||||||||
(dollars in millions)
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||
Net sales(a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Instrumentation
|
$
|
264.1
|
|
|
$
|
262.6
|
|
|
0.6
|
%
|
|
$
|
520.6
|
|
|
$
|
501.6
|
|
|
3.8
|
%
|
Digital Imaging
|
251.3
|
|
|
225.3
|
|
|
11.5
|
%
|
|
486.6
|
|
|
436.3
|
|
|
11.5
|
%
|
||||
Aerospace and Defense Electronics
|
191.0
|
|
|
173.5
|
|
|
10.1
|
%
|
|
371.4
|
|
|
347.1
|
|
|
7.0
|
%
|
||||
Engineered Systems
|
75.6
|
|
|
71.1
|
|
|
6.3
|
%
|
|
148.6
|
|
|
143.1
|
|
|
3.8
|
%
|
||||
Total net sales
|
$
|
782.0
|
|
|
$
|
732.5
|
|
|
6.8
|
%
|
|
$
|
1,527.2
|
|
|
$
|
1,428.1
|
|
|
6.9
|
%
|
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Instrumentation
|
$
|
49.0
|
|
|
$
|
40.9
|
|
|
19.8
|
%
|
|
$
|
88.9
|
|
|
$
|
68.7
|
|
|
29.4
|
%
|
Digital Imaging
|
52.5
|
|
|
43.3
|
|
|
21.2
|
%
|
|
89.5
|
|
|
77.9
|
|
|
14.9
|
%
|
||||
Aerospace and Defense Electronics
|
39.4
|
|
|
33.7
|
|
|
16.9
|
%
|
|
73.2
|
|
|
65.4
|
|
|
11.9
|
%
|
||||
Engineered Systems
|
7.3
|
|
|
7.4
|
|
|
(1.4
|
)%
|
|
12.0
|
|
|
14.6
|
|
|
(17.8
|
)%
|
||||
Corporate expense
|
(16.3
|
)
|
|
(13.8
|
)
|
|
18.1
|
%
|
|
(34.4
|
)
|
|
(26.7
|
)
|
|
28.8
|
%
|
||||
Total operating income
|
$
|
131.9
|
|
|
$
|
111.5
|
|
|
18.3
|
%
|
|
$
|
229.2
|
|
|
$
|
199.9
|
|
|
14.7
|
%
|
(a)
|
Net sales excludes inter-segment sales of $4.0 million and $10.4 million for the second quarter and first six months of 2019, respectively, and $5.5 million and $10.7 million for the second quarter and first six months of 2018.
|
|
|
Second Quarter
|
|
|
Six Months
|
||||||||||||
(dollars in millions)
|
|
2019
|
|
2018
|
|
|
2019
|
|
2018
|
||||||||
Instrumentation
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
264.1
|
|
|
$
|
262.6
|
|
|
|
$
|
520.6
|
|
|
$
|
501.6
|
|
Cost of sales
|
|
$
|
146.6
|
|
|
$
|
145.4
|
|
|
|
$
|
293.6
|
|
|
$
|
284.7
|
|
Cost of sales as a % of net sales
|
|
55.5
|
%
|
|
55.3
|
%
|
|
|
56.4
|
%
|
|
56.8
|
%
|
||||
Digital Imaging
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
251.3
|
|
|
$
|
225.3
|
|
|
|
$
|
486.6
|
|
|
$
|
436.3
|
|
Cost of sales
|
|
$
|
138.3
|
|
|
$
|
133.7
|
|
|
|
$
|
280.1
|
|
|
$
|
261.8
|
|
Cost of sales as a % of net sales
|
|
55.0
|
%
|
|
59.4
|
%
|
|
|
57.6
|
%
|
|
60.0
|
%
|
||||
Aerospace and Defense Electronics
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
191.0
|
|
|
$
|
173.5
|
|
|
|
$
|
371.4
|
|
|
$
|
347.1
|
|
Cost of sales
|
|
$
|
117.1
|
|
|
$
|
110.0
|
|
|
|
$
|
230.0
|
|
|
$
|
222.1
|
|
Cost of sales as a % of net sales
|
|
61.3
|
%
|
|
63.4
|
%
|
|
|
61.9
|
%
|
|
64.0
|
%
|
||||
Engineered Systems
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
75.6
|
|
|
$
|
71.1
|
|
|
|
$
|
148.6
|
|
|
$
|
143.1
|
|
Costs of sales
|
|
$
|
61.6
|
|
|
$
|
57.9
|
|
|
|
$
|
123.8
|
|
|
$
|
116.6
|
|
Cost of sales as a % of net sales
|
|
81.5
|
%
|
|
81.4
|
%
|
|
|
83.3
|
%
|
|
81.5
|
%
|
||||
Total Company
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
782.0
|
|
|
$
|
732.5
|
|
|
|
$
|
1,527.2
|
|
|
$
|
1,428.1
|
|
Costs of sales
|
|
$
|
463.6
|
|
|
$
|
447.0
|
|
|
|
$
|
927.5
|
|
|
$
|
885.2
|
|
Cost of sales as a % of net sales
|
|
59.3
|
%
|
|
61.0
|
%
|
|
|
60.7
|
%
|
|
62.0
|
%
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
(dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
264.1
|
|
|
$
|
262.6
|
|
|
$
|
520.6
|
|
|
$
|
501.6
|
|
Cost of sales
|
$
|
146.6
|
|
|
$
|
145.4
|
|
|
$
|
293.6
|
|
|
$
|
284.7
|
|
Selling, general and administrative expenses
|
$
|
68.5
|
|
|
$
|
76.3
|
|
|
$
|
138.1
|
|
|
$
|
148.2
|
|
Operating income
|
$
|
49.0
|
|
|
$
|
40.9
|
|
|
$
|
88.9
|
|
|
$
|
68.7
|
|
Cost of sales as a % of net sales
|
55.5
|
%
|
|
55.3
|
%
|
|
56.4
|
%
|
|
56.8
|
%
|
||||
Selling, general and administrative expenses % of sales
|
25.9
|
%
|
|
29.1
|
%
|
|
26.5
|
%
|
|
29.5
|
%
|
||||
Operating income as a % of net sales
|
18.6
|
%
|
|
15.6
|
%
|
|
17.1
|
%
|
|
13.7
|
%
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
(dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
251.3
|
|
|
$
|
225.3
|
|
|
$
|
486.6
|
|
|
$
|
436.3
|
|
Cost of sales
|
$
|
138.3
|
|
|
$
|
133.7
|
|
|
$
|
280.1
|
|
|
$
|
261.8
|
|
Selling, general and administrative expenses
|
$
|
60.5
|
|
|
$
|
48.3
|
|
|
$
|
117.0
|
|
|
$
|
96.6
|
|
Operating income
|
$
|
52.5
|
|
|
$
|
43.3
|
|
|
$
|
89.5
|
|
|
$
|
77.9
|
|
Cost of sales as a % of net sales
|
55.0
|
%
|
|
59.4
|
%
|
|
57.6
|
%
|
|
60.0
|
%
|
||||
Selling, general and administrative expenses % of sales
|
24.1
|
%
|
|
21.4
|
%
|
|
24.0
|
%
|
|
22.1
|
%
|
||||
Operating income as a % of net sales
|
20.9
|
%
|
|
19.2
|
%
|
|
18.4
|
%
|
|
17.9
|
%
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
(dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
191.0
|
|
|
$
|
173.5
|
|
|
$
|
371.4
|
|
|
$
|
347.1
|
|
Cost of sales
|
$
|
117.1
|
|
|
$
|
110.0
|
|
|
$
|
230.0
|
|
|
$
|
222.1
|
|
Selling, general and administrative expenses
|
$
|
34.5
|
|
|
$
|
29.8
|
|
|
$
|
68.2
|
|
|
$
|
59.6
|
|
Operating income
|
$
|
39.4
|
|
|
$
|
33.7
|
|
|
$
|
73.2
|
|
|
$
|
65.4
|
|
Cost of sales as a % of net sales
|
61.3
|
%
|
|
63.4
|
%
|
|
61.9
|
%
|
|
64.0
|
%
|
||||
Selling, general and administrative expenses % of sales
|
18.1
|
%
|
|
17.2
|
%
|
|
18.4
|
%
|
|
17.2
|
%
|
||||
Operating income as a % of net sales
|
20.6
|
%
|
|
19.4
|
%
|
|
19.7
|
%
|
|
18.8
|
%
|
|
Second Quarter
|
|
Six Months
|
||||||||||||
(dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
75.6
|
|
|
$
|
71.1
|
|
|
$
|
148.6
|
|
|
$
|
143.1
|
|
Cost of sales
|
$
|
61.6
|
|
|
$
|
57.9
|
|
|
$
|
123.8
|
|
|
$
|
116.6
|
|
Selling, general and administrative expenses
|
$
|
6.7
|
|
|
$
|
5.8
|
|
|
$
|
12.8
|
|
|
$
|
11.9
|
|
Operating income
|
$
|
7.3
|
|
|
$
|
7.4
|
|
|
$
|
12.0
|
|
|
$
|
14.6
|
|
Cost of sales as a % of net sales
|
81.5
|
%
|
|
81.4
|
%
|
|
83.3
|
%
|
|
81.5
|
%
|
||||
Selling, general and administrative expenses % of sales
|
8.8
|
%
|
|
8.2
|
%
|
|
8.6
|
%
|
|
8.3
|
%
|
||||
Operating income as a % of net sales
|
9.7
|
%
|
|
10.4
|
%
|
|
8.1
|
%
|
|
10.2
|
%
|
a)
|
The Consolidated Leverage Ratio is equal to Net Debt/EBITDA as defined in our private placement note purchase agreement and our $750.0 million credit agreement.
|
b)
|
The Consolidated Interest Coverage Ratio is equal to EBITDA/Interest as defined in our private placement note purchase agreement and our $750.0 million credit agreement.
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 6.
|
Exhibits
|
|
TELEDYNE TECHNOLOGIES INCORPORATED
|
||
|
|
|
|
|
|
|
|
|
|
|
|
DATE: July 26, 2019
|
By:
|
|
/s/ Susan L. Main
|
|
|
|
Susan L. Main, Senior Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer and Authorized Officer)
|
|
|
Exhibit Number
|
Description
|
|
|
|
|
Exhibit 31.1
|
|
|
|
Exhibit 31.2
|
|
|
|
Exhibit 32.1
|
|
|
|
Exhibit 32.2
|
|
|
|
Exhibit 101 (INS)
|
XBRL Instance Document
|
|
|
Exhibit 101 (SCH)
|
XBRL Schema Document
|
|
|
Exhibit 101 (CAL)
|
XBRL Calculation Linkbase Document
|
|
|
Exhibit 101 (DEF)
|
XBRL Definition Linkbase Document XBRL Schema Document
|
|
|
Exhibit 101 (LAB)
|
XBRL Label Linkbase Document XBRL Schema Document
|
|
|
Exhibit 101 (PRE)
|
XBRL Presentation Linkbase Document XBRL Schema Document
|
|
|
1 Year Teledyne Technologies Chart |
1 Month Teledyne Technologies Chart |
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