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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
FORM 10-Q
_____________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 29, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File Number: 1-15295
_____________________________________
TELEDYNE TECHNOLOGIES INCORPORATED
(Exact name of registrant as specified in its charter)
_____________________________________
Delaware 25-1843385
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
1049 Camino Dos Rios
Thousand Oaks
California91360-2362
(Address of principal executive offices) (Zip Code)
805 373-4545
(Registrant’s telephone number, including area code)
____________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueTDYNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): 
Yes  ☐    No  ☒
There were 46,602,321 shares of common stock, $.01 par value per share, outstanding as of October 18, 2024.

TELEDYNE TECHNOLOGIES INCORPORATED
TABLE OF CONTENTS


1
PART I FINANCIAL INFORMATION
Item 1.    Financial Statements
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 29, 2024 AND OCTOBER 1, 2023
(Unaudited - Amounts in millions, except per share amounts)
Third QuarterNine Months
 2024202320242023
Net sales$1,443.5 $1,402.5 $4,167.7 $4,210.5 
Costs and expenses
Cost of sales823.9 797.2 2,375.6 2,394.2 
Selling, general and administrative299.1 291.9 891.8 905.3 
Acquired intangible asset amortization 49.8 49.1 148.3 148.1 
Total costs and expenses1,172.8 1,138.2 3,415.7 3,447.6 
Operating income (loss)
270.7 264.3 752.0 762.9 
Interest and debt income (expense), net(15.7)(18.4)(44.2)(61.7)
Gain (loss) on debt extinguishment— — — 1.6 
Non-service retirement benefit income (expense), net2.8 3.1 8.2 9.3 
Other income (expense), net(2.7)(2.9)(3.7)(7.4)
Income (loss) before income taxes
255.1 246.1 712.3 704.7 
Provision (benefit) for income taxes(7.1)47.3 90.7 141.6 
Net income (loss) including noncontrolling interest262.2 198.8 $621.6 $563.1 
Less: Net income (loss) attributable to noncontrolling interest0.2 0.2 0.9 0.5 
Net income (loss) attributable to Teledyne$262.0 $198.6 $620.7 $562.6 
Basic earnings per common share$5.61 $4.22 $13.18 $11.97 
Weighted average common shares outstanding46.7 47.1 47.1 47.0 
Diluted earnings per common share$5.54 $4.15 $13.01 $11.75 
Weighted average diluted common shares outstanding47.3 47.9 47.7 47.9 
The accompanying notes are an integral part of these condensed consolidated financial statements.


2
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 29, 2024 AND OCTOBER 1, 2023
(Unaudited - Amounts in millions)
 Third QuarterNine Months
 2024202320242023
Net income (loss) including noncontrolling interest$262.2 $198.8 $621.6 $563.1 
Other comprehensive income (loss):
Foreign exchange translation adjustment136.2 (76.6)41.6 (68.6)
Hedge activity, net of tax— (1.1)(6.5)3.0 
Pension and postretirement benefit adjustments, net of tax1.5 1.8 5.7 4.2 
Other comprehensive income (loss)137.7 (75.9)40.8 (61.4)
Comprehensive income (loss) including noncontrolling interest399.9 122.9 662.4 501.7 
Less: Comprehensive income (loss) attributable to noncontrolling interest0.2 0.2 0.9 0.5 
Comprehensive income (loss) attributable to Teledyne$399.7 $122.7 $661.5 $501.2 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - Amounts in millions, except share amounts)
September 29, 2024December 31, 2023
Assets
Current Assets
Cash and cash equivalents$561.0 $648.3 
Accounts receivable, net933.8 899.7 
Unbilled receivables, net327.3 302.4 
Inventories, net964.8 917.7 
Prepaid expenses and other current assets203.3 213.3 
Total current assets2,990.2 2,981.4 
Property, plant and equipment, net of accumulated depreciation and amortization of $1,015.0 at September 29, 2024 and $947.1 at December 31, 2023
758.3 777.0 
Goodwill8,121.3 8,002.8 
Acquired intangibles, net2,158.0 2,278.1 
Prepaid pension assets215.6 203.3 
Other assets, net287.5 285.3 
Total Assets$14,530.9 $14,527.9 
Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity
Current Liabilities
Accounts payable$445.7 $384.7 
Accrued liabilities900.6 781.3 
Current portion of long-term debt150.1 600.1 
Total current liabilities1,496.4 1,766.1 
Long-term debt, net of current portion2,647.9 2,644.8 
Long-term deferred tax liabilities388.9 415.4 
Other long-term liabilities398.0 475.8 
Total Liabilities4,931.2 5,302.1 
Commitments and contingencies
Redeemable Noncontrolling Interest5.5 4.6 
Stockholders’ Equity
Preferred stock, $0.01 par value; outstanding shares - none
— — 
Common stock, $0.01 par value; issued shares: 47,432,888 at September 29, 2024 and 47,331,845 at December 31, 2023; outstanding shares: 46,624,244 at September 29, 2024 and 47,331,845 at December 31, 2023
0.5 0.5 
Additional paid-in capital4,440.4 4,407.3 
Retained earnings6,068.2 5,447.5 
Treasury stock, 808,644 shares at September 29, 2024 and none at December 31, 2023
(321.6)— 
Accumulated other comprehensive income (loss)(593.3)(634.1)
Total Stockholders’ Equity9,594.2 9,221.2 
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity$14,530.9 $14,527.9 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited - Amounts in millions)
Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance, December 31, 2023$0.5 $4,407.3 $— $5,447.5 $(634.1)$9,221.2 
Net income (loss)— — — 178.5 — 178.5 
Other comprehensive income (loss), net of tax— — — — (90.9)(90.9)
Stock-based compensation— 12.0 — — — 12.0 
Exercise of stock options and other— 7.2 — — — 7.2 
Balance, March 31, 20240.5 4,426.5 — 5,626.0 (725.0)9,328.0 
Net income (loss)— — — 180.2 — 180.2 
Other comprehensive income (loss), net of tax— — — — (6.0)(6.0)
Treasury stock issued— (1.9)1.9 — — — 
Treasury stock repurchased— — (193.8)— — (193.8)
Stock-based compensation— 9.3 — — — 9.3 
Exercise of stock options and other— 2.0 — — — 2.0 
Balance, June 30, 20240.5 4,435.9 (191.9)5,806.2 (731.0)9,319.7 
Net income (loss)— — — 262.0 — 262.0 
Other comprehensive income (loss), net of tax— — — — 137.7 137.7 
Treasury stock issued— (9.1)9.1 — — — 
Treasury stock repurchased— — (138.8)— — (138.8)
Stock-based compensation— 8.7 — — — 8.7 
Exercise of stock options— 4.9 — — — 4.9 
Balance, September 29, 2024$0.5 $4,440.4 $(321.6)$6,068.2 $(593.3)$9,594.2 
5
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
(Unaudited - Amounts in millions)
Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance, January 1, 2023$0.5 $4,353.4 $(20.0)$4,561.8 $(726.5)$8,169.2 
Net income (loss)— — — 178.7 — 178.7 
Other comprehensive income (loss), net of tax— — — — (0.3)(0.3)
Treasury stock issued— (10.6)10.6 — — — 
Stock-based compensation— 7.9 — — — 7.9 
Exercise of stock options and other— 10.2 — — — 10.2 
Balance, April 2, 20230.5 4,360.9 (9.4)4,740.5 (726.8)8,365.7 
Net income (loss)— — — 185.3 — 185.3 
Other comprehensive income (loss), net of tax— — — — 14.8 14.8 
Treasury stock issued— (2.9)2.9 — — — 
Stock-based compensation— 8.4 — — — 8.4 
Exercise of stock options— 4.8 — — — 4.8 
Balance, July 2, 20230.5 4,371.2 (6.5)4,925.8 (712.0)8,579.0 
Net income (loss)— — — 198.6 — 198.6 
Other comprehensive income (loss), net of tax— — — — (75.9)(75.9)
Treasury stock issued— (5.7)5.7 — — — 
Stock-based compensation— 8.0 — — — 8.0 
Exercise of stock options— 12.2 — — — 12.2 
Balance, October 1, 2023$0.5 $4,385.7 $(0.8)$5,124.4 $(787.9)$8,721.9 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 29, 2024 AND OCTOBER 1, 2023
(Unaudited - Amounts in millions)
 Nine Months
 20242023
Operating Activities
Net income (loss) including noncontrolling interest$621.6 $563.1 
Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by (used in) operating activities:
Depreciation and amortization232.7 239.0 
Stock-based compensation30.0 24.3 
Debt extinguishment (income) expense— (1.6)
Changes in operating assets and liabilities excluding the effect of business acquired:
Accounts receivable and unbilled receivables(45.9)(31.1)
Inventories(33.0)(77.2)
Accounts payable55.2 (47.4)
Deferred taxes and income taxes receivable (payable), net(63.1)41.0 
Prepaid expenses and other assets(16.7)(26.3)
Accrued expenses and other liabilities69.1 (13.4)
  Other operating, net9.6 1.3 
Net cash provided by (used in) operating activities859.5 671.7 
Investing Activities
Purchases of property, plant and equipment(54.7)(74.7)
Purchases of businesses, net of cash acquired(123.7)(53.5)
Other investing, net0.2 0.9 
Net cash provided by (used in) investing activities(178.2)(127.3)
Financing Activities
Proceeds from (payments on) fixed rate senior notes(450.0)(308.4)
Net borrowings from (repayments made to) credit facility— (125.0)
Proceeds from (payments on) other debt(0.2)(245.3)
Proceeds from exercise of stock options16.5 27.2 
Purchases of treasury stock(332.6)— 
Liquidation (maturity) of cross currency swap— (13.5)
Other financing, net(6.1)(0.7)
Net cash provided by (used in) financing activities(772.4)(665.7)
Effects of exchange rate changes on cash3.8 (8.2)
Change in cash and cash equivalents (87.3)(129.5)
Cash and cash equivalents—beginning of period648.3 638.1 
Cash and cash equivalents—end of period$561.0 $508.6 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7
TELEDYNE TECHNOLOGIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
September 29, 2024
Note 1. General
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (“Teledyne” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with generally accepted accounting principles in the United States (“GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”).
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne’s consolidated financial position as of September 29, 2024 and the consolidated results of operations, consolidated comprehensive income (loss) and consolidated cash flows for the third quarter and nine months ended September 29, 2024. The results of operations and cash flows for the periods ended September 29, 2024 and cash flows for the nine months ended September 29, 2024 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year.
Recent Accounting Standards
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires a public entity to disclose significant segment expenses and other segment items on an interim and annual basis. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”). The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.
Note 2. Business Acquisitions
2024 Acquisitions
During the second quarter of 2024, the Company acquired Adimec Holding B.V. and its subsidiaries (“Adimec”) for $88.1 million in cash, net of cash acquired, and subject to certain adjustments. Adimec, founded in 1992 and headquartered in Eindhoven, Netherlands, develops customized high-performance industrial and scientific cameras. Adimec is part of the Digital Imaging segment. Goodwill resulting from the Adimec acquisition will not be deductible for tax purposes.
During the second quarter of 2024, the Company acquired Valeport Holdings 2019 Limited and its affiliates ("Valeport") for $35.5 million in cash, net of cash acquired, subject to certain adjustments. Approximately 10% of the purchase price is payable in fiscal year 2025. Valeport, founded in 1969 and headquartered in Totnes, United Kingdom, designs and manufactures underwater sensors for environmental, energy, construction and defense applications. Valeport is part of the Marine Instrumentation product line within the Instrumentation segment. Goodwill resulting from the Valeport acquisition will not be deductible for tax purposes.
2023 Acquisitions
Xena Networks
During the fourth quarter of 2023, the Company acquired Xena Networks ApS and affiliates (“Xena Networks”) for $24.2 million in cash, net of cash acquired, and subject to certain adjustments. Xena Networks, headquartered in Denmark, is a leading provider of high-speed terabit ethernet validation, quality assurance, and production test solutions. Xena Networks is part of the Test and Measurement Instrumentation product line within the Instrumentation segment. Goodwill resulting from the Xena Networks acquisition will not be deductible for tax purposes.
8

ChartWorld
During the first quarter of 2023, the Company acquired ChartWorld International Limited and affiliates ("ChartWorld") for $53.5 million in cash, net of cash acquired, and subject to certain adjustments. ChartWorld, headquartered in Cyprus, with additional locations in Germany, Singapore, Canada and Japan, is a provider of digital marine navigation hardware and software provided through an affordable subscription-based model. ChartWorld is part of the Digital Imaging segment. Goodwill resulting from the ChartWorld acquisition will not be deductible for tax purposes.
The following tables show the purchase price (net of cash acquired), goodwill acquired, and acquired intangible assets for these acquisitions (in millions):
2024
AcquisitionsAcquisition DateConsideration Transferred (a)Goodwill AcquiredAcquired Intangible Assets
AdimecJune 4, 2024$88.7 $64.7 $17.9 
ValeportApril 10, 202435.0 23.0 7.8 
$123.7 $87.7 $25.7 
(a) Net of cash acquired; approximately 10% of the Valeport purchase price is payable in 2025 and included in the amount above
2023
AcquisitionsAcquisition DateConsideration Transferred (a)Goodwill AcquiredAcquired Intangible Assets
Xena NetworksOctober 13, 2023$24.2 $21.1 $4.8 
ChartWorldJanuary 3, 202353.5 55.5 11.3 
Total$77.7 $76.6 $16.1 
(a) Net of cash acquired
The Company’s cost to acquire these acquisitions was allocated to the assets acquired and liabilities assumed based upon their respective fair values as of the date of the completion of the acquisition. The differences between the fair value of the consideration paid and the estimated fair value of the assets and liabilities acquired was recorded as goodwill. The fair value of the acquired identifiable assets and liabilities for the Adimec, Valeport and Xena Networks acquisition is provisional pending finalization of the Company’s acquisition accounting, including the measurement of tax basis in certain jurisdictions and the resulting deferred taxes that might arise from book and tax basis differences, if any. Pro forma results of operations, the revenue and net income subsequent to 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, 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 2023 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 excludes corporate expenses. Corporate expense primarily includes administrative expenses relating to the corporate office not allocated to our segments.
9

The following table presents net sales and operating income by segment (dollars in millions):
Third Quarter%Nine Months%
20242023Change20242023Change
Net sales (a):
Digital Imaging$768.4 $775.8 (1.0)%$2,248.6 $2,341.6 (4.0)%
Instrumentation 349.8 329.1 6.3 %1,013.7 991.0 2.3 %
Aerospace and Defense Electronics200.2 183.3 9.2 %580.3 542.5 7.0 %
Engineered Systems125.1 114.3 9.4 %325.1 335.4 (3.1)%
Total net sales$1,443.5 $1,402.5 2.9 %$4,167.7 $4,210.5 (1.0)%
Operating income:
Digital Imaging$123.9 $136.3 (9.1)%$351.2 $383.1 (8.3)%
Instrumentation96.3 85.5 12.6 %269.5 247.6 8.8 %
Aerospace and Defense Electronics56.3 49.4 14.0 %165.3 149.6 10.5 %
Engineered Systems12.9 10.9 18.3 %23.1 32.4 (28.7)%
Corporate expense(18.7)(17.8)5.1 %(57.1)(49.8)14.7 %
Operating income$270.7 $264.3 2.4 %$752.0 $762.9 (1.4)%
(a) Net sales exclude inter-segment sales of $5.9 million and $19.2 million for the third quarter and first nine months of 2024, respectively, and $7.2 million and $21.5 million for the third quarter and first nine months of 2023, respectively.

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):
Third QuarterNine Months
Instrumentation2024202320242023
Marine Instrumentation$164.4 $132.5 $460.0 $388.1 
Environmental Instrumentation109.0 113.0 333.6 346.2 
Test and Measurement Instrumentation76.4 83.6 220.1 256.7 
Total$349.8 $329.1 $1,013.7 $991.0 
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:September 29, 2024December 31, 2023
Digital Imaging$11,322.9 $11,382.2 
Instrumentation1,800.8 1,692.3 
Aerospace and Defense Electronics577.1 569.1 
Engineered Systems202.0 184.8 
Corporate628.1 699.5 
Total identifiable assets$14,530.9 $14,527.9 
Note 4. Revenue Recognition and Contract Balances
Approximately 70% of the Company's net sales are recognized at a point in time, with the remaining 30% of net sales recognized over time. The Company disaggregates its revenue from contracts with customers by customer type and geographic region for each segment, as management believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors.
10

Third Quarter Ended
September 29, 2024
Third Quarter Ended
September 29, 2024
Customer TypeGeographic Region (c)
(in millions)U.S. Govt. (a)Other (b)TotalUnited StatesEuropeAsiaAll otherTotal
Net sales:
Digital Imaging$146.8 $621.6 $768.4 $361.2 $208.4 $131.7 $67.1 $768.4 
Instrumentation29.6 320.2 349.8 155.0 98.0 65.1 31.7 349.8 
Aerospace and Defense Electronics69.3 130.9 200.2 135.2 35.4 20.5 9.1 200.2 
Engineered Systems113.7 11.4 125.1 123.6 — 0.7 0.8 125.1 
Total$359.4 $1,084.1 $1,443.5 $775.0 $341.8 $218.0 $108.7 $1,443.5 
(a) U.S. Government sales include sales as a prime contractor or subcontractor.
(b) Primarily commercial sales
(c) Geographic region by destination
Nine Months Ended
September 29, 2024
Nine Months Ended
September 29, 2024
Customer TypeGeographic Region (c)
(in millions)U.S. Govt. (a)Other (b)TotalUnited StatesEuropeAsiaAll otherTotal
Net sales:
Digital Imaging$399.8 $1,848.8 $2,248.6 $1,020.2 $610.4 $402.4 $215.6 $2,248.6 
Instrumentation92.3 921.4 1,013.7 453.0 277.5 187.1 96.1 1,013.7 
Aerospace and Defense Electronics188.9 391.4 580.3 391.8 103.0 59.2 26.3 580.3 
Engineered Systems289.2 35.9 325.1 322.4 — 1.1 1.6 325.1 
Total$970.2 $3,197.5 $4,167.7 $2,187.4 $990.9 $649.8 $339.6 $4,167.7 
(a) U.S. Government sales include sales as a prime contractor or subcontractor.
(b) Primarily commercial sales
(c) Geographic region by destination

Third Quarter Ended
October 1, 2023
Third Quarter Ended
October 1, 2023
Customer TypeGeographic Region (c)
(in millions)U.S. Govt. (a)Other (b)TotalUnited StatesEuropeAsiaAll otherTotal
Net sales:
Digital Imaging$151.5 $624.3 $775.8 $358.6 $196.6 $150.0 $70.6 $775.8 
Instrumentation27.0 302.1 329.1 142.5 93.7 64.1 28.8 329.1 
Aerospace and Defense Electronics69.8 113.5 183.3 123.7 35.1 17.0 7.5 183.3 
Engineered Systems102.5 11.8 114.3 112.6 — 0.8 0.9 114.3 
Total$350.8 $1,051.7 $1,402.5 $737.4 $325.4 $231.9 $107.8 $1,402.5 
(a) U.S. Government sales include sales as a prime contractor or subcontractor.
(b) Primarily commercial sales
(c) Geographic region by destination
11

Nine Months Ended
October 1, 2023
Nine Months Ended
October 1, 2023
Customer TypeGeographic Region (c)
(in millions)U.S. Govt. (a)Other (b)TotalUnited StatesEuropeAsiaAll otherTotal
Net sales:
Digital Imaging$413.1 $1,928.5 $2,341.6 $1,049.4 $601.2 $460.8 $230.2 $2,341.6 
Instrumentation71.3 919.7 $991.0 419.9 286.1 196.2 88.8 991.0 
Aerospace and Defense Electronics205.9 336.6 $542.5 369.8 100.8 49.5 22.4 542.5 
Engineered Systems299.0 36.4 $335.4 330.3 — 1.4 3.7 335.4 
Total$989.3 $3,221.2 $4,210.5 $2,169.4 $988.1 $707.9 $345.1 $4,210.5 
(a) U.S. Government sales include sales as a prime contractor or subcontractor.
(b) Primarily commercial sales
(c) Geographic region by destination
With the exception of the Engineered Systems segment, net sales in each segment are primarily derived from fixed price contracts. Net sales in the Engineered Systems segment are typically between 45% and 55% fixed price contracts in a given reporting period, with the balance of net sales derived from cost-reimbursable type contracts. For the nine months ended September 29, 2024, approximately 51% of net sales in the Engineered Systems segment were derived from fixed price contracts.
Contract Liabilities
Balance at
Contract Liabilities by Balance Sheet Location (in millions)
September 29, 2024
December 31, 2023
Accrued liabilities$326.7 $241.1 
Other long-term liabilities29.4 25.5 
Total contract liabilities$356.1 $266.6 
The Company recognized revenue of $130.3 million during the nine months ended September 29, 2024 from contract liabilities that existed at the beginning of year.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm orders for which work has not been performed as of the period end date and exclude unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). As of September 29, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,578.4 million. The Company expects approximately 77% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 23% recognized thereafter.
Changes in Contract Estimates at Completion
For over time contracts using the cost-to-cost method, the Company has an Estimate at Completion (“EAC”) process in which management reviews the progress and execution of our performance obligations. This EAC process requires management judgment relative to assessing risks, estimating contract revenue, determining reasonably dependable cost estimates, and making assumptions for schedule and technical issues. The majority of revenue recognized over time uses an EAC process. Since certain contracts extend over a long period of time, the impact of revisions in cost and revenue estimates during the progress of work may adjust the current period earnings through a cumulative catch-up basis. This method recognizes, in the current period, the cumulative effect of the changes on current and prior quarters. Additionally, if the current contract estimate indicates a loss, a provision is made for the total anticipated loss in the period that it becomes evident. Contract cost and revenue estimates for significant contracts are generally reviewed and reassessed quarterly.
The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in the first nine months of 2024 was $5.1 million of favorable operating income compared with $1.7 million of favorable operating income in the first nine months of 2023. None of the effects of changes in estimates on any individual contract were material to the condensed consolidated statements of income (loss) for any period presented.
12

Note 5. Goodwill and Acquired Intangible Assets
Goodwill
The carrying value of goodwill by segment was as follows (in millions):

Digital Imaging InstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Balance at December 31, 2023
$6,877.0 $944.8 $163.4 $17.6 $8,002.8 
Current year acquisitions64.7 23.0 — — 87.7 
Foreign currency changes and other21.4 7.8 1.6 — 30.8 
Balance at September 29, 2024
$6,963.1 $975.6 $165.0 $17.6 $8,121.3 
Acquired intangible assets
Acquired intangible assets consisted of the following (in millions):
September 29, 2024December 31, 2023
Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Proprietary technology$1,717.3 $784.0 $933.3 $1,696.6 $663.0 $1,033.6 
Customer list/relationships617.8 250.0 367.8 609.5 219.4 390.1 
Patents0.6 0.6 — 0.6 0.6 — 
Non-compete agreements0.9 0.9 — 0.9 0.9 — 
Trademarks12.3 7.2 5.1 10.2 5.8 4.4 
Backlog16.5 16.5 — 16.4 16.4 — 
Total intangibles subject to amortization2,365.4 1,059.2 1,306.2 2,334.2 906.1 1,428.1 
Intangibles not subject to amortization:
Trademarks851.8 — 851.8 850.0 — 850.0&#