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We also supply engineered systems for defense, space, environmental and energy applications.
−Removed: We differentiate ourselves from many of our direct competitors by having a customer- and Company-sponsored applied research center that augments our product development expertise.
We believe our technological capabilities, innovation and ability to invest in the development of new and enhanced products are critical to obtaining and maintaining leadership in our markets and the industries in which we compete.
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The financial results of these acquisitions have been included since the respective date of each acquisition.
−Removed: Our 2023 acquisitions were within the Digital Imaging and Instrumentation segments, and both acquisitions in 2022 were part of the Digital Imaging segment.
−Removed: See Note 3 for additional information about our recent business acquisitions.
+Added: Our 2024 and 2023 acquisitions were within the Digital Imaging and Instrumentation segments.
+Added: See Note 3 for additional information about our 2024 and 2023 business acquisitions.
+Added: Subsequent to the end of the year, we have completed two acquisitions.
+Added: See Note 18 for additional information.
Our Business Segments
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We also produce and provide manufacturing services for micro electromechanical systems (“MEMS”) and high-performance, high-reliability semiconductors including analog-to-digital and digital-to-analog converters, as well as unmanned aerial and ground systems.
−Removed: This segment also includes our customer- and Company-sponsored applied research center.
Through this segment, we provide visible spectrum sensors and digital cameras for industrial machine vision and automated quality control, as well as for medical, research and scientific applications.
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Navy and commercial customers include acoustic modems for networked underwater communication and optical underwater cameras and LED lighting sources.
−Removed: We manufacture complete autonomous-operated underwater vehicles systems.
+Added: We manufacture complete autonomous-operated underwater vehicles systems, including underwater gliders.
Glider applications range from oceanographic research to persistent surveillance systems for the U.S.
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Our customers use our equipment in the design, development, manufacture, installation, deployment and operation of electronics equipment in a broad range of industries, including aerospace and defense, internet infrastructure, automotive, industrial, computer and semiconductor, consumer electronics mobile and power electronics.
−Removed: We develop, manufacture, sell and license high-performance oscilloscopes, high-speed protocol analyzers, and related test and measurement solutions for a wide range of industries.
+Added: We develop, manufacture, sell and license high-performance oscilloscopes, high-speed protocol analyzers, generators and emulators, and related test and measurement solutions for a wide range of industries.
Our oscilloscopes are used by designers and engineers to measure and analyze complex electronic signals to develop high-performance systems, validate high data-rate communication interfaces, qualify their electronic designs, and improve time-to-market.
We also make high-speed, high-resolution modular analog-to-digital conversion systems for applications, including test and measurement, scientific instruments, medical imaging, and distributed sensing systems.
−Removed: Design and test engineers use our protocol analysis solutions to monitor accurately and reliably high data-rate communication interfaces and diagnose operational problems in a wide range of systems and devices to ensure that they comply with industry standards, including in the areas of cloud computing, storage and networks.
+Added: Design and test engineers use our protocol analysis solutions, including traffic generators and emulators, to accurately and reliably monitor and test high data-rate communication interfaces and diagnose operational problems in a wide range of systems and devices to ensure that they comply with industry standards, including in the areas of cloud computing, data storage and networks.
Our leadership in USB and video technologies provides a unique base to service the mobile, internet of things, automotive and consumer electronics test markets.
−Removed: We also produce protocol validation and test tools for high-performance solid-state storage devices used in both enterprise-
−Removed: grade data centers and in consumer computing applications.
−Removed: Our recently introduced interposers and software options allow engineers to get a complete picture when testing the PCI Express interface standard by enabling a link between an oscilloscope and a protocol analyzer.
+Added: We also produce protocol validation and test tools for high-performance solid-state storage devices used in both enterprise-grade data centers and in consumer computing applications.
+Added: Our interposers and software options allow engineers to get a complete picture when testing the PCI Express interface standard by enabling a link between an oscilloscope and a protocol analyzer to show a synchronized view of both the physical and protocol layers.
We also manufacture torque sensors and automatic data acquisition systems that are used to test critical control valves in nuclear power and industrial plants.
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Aerospace and Defense Electronics Segment
−Removed: Our Aerospace and Defense Electronics segment provides sophisticated electronic components and subsystems, data acquisition and communications components and equipment, harsh environment interconnects, general aviation batteries and other components for a variety of commercial and defense applications that require high performance and high reliability.
+Added: Our Aerospace and Defense Electronics segment provides sophisticated electronic and optical components and subsystems, data acquisition and communications components and equipment, harsh environment interconnects, general aviation batteries and other components for a variety of commercial and defense applications that require high performance and high reliability.
Such applications include aircraft, radar, electronic countermeasures, weapon systems, space, wireless and satellite communications and terminals and test equipment.
−Removed: We provide onboard avionics systems and ground-based applications that allow civil and military aircraft software operators to access, manage and utilize their data more efficiently.
+Added: We provide onboard avionics systems and ground-based applications that allow civil and military aircraft operators to access, manage and utilize their data more efficiently.
Our products include aircraft data and connectivity solutions, hardware systems, and software applications used by commercial airlines and the U.S.
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Approximately 90% of our net sales to international customers during 2024 were made to customers in 30 foreign countries.
−Removed: In 2023, the top five countries for sales to international customers, ranked by net sales, were the United Kingdom, China, Japan, Germany and Norway and represented approximately 21% of our total net sales.
−Removed: There were no sales to individual countries outside of the United States in excess of 10% of the Company’s sales.
+Added: In 2024, the top five countries for sales to international customers, ranked by net sales, were the United Kingdom, China, Germany, Japan and France and represented approximately 19% of our total net sales.
+Added: There were no sales to individual countries outside of the United States in excess of 10% of our sales.
Information on our net sales to the U.S.
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With the exception of the Engineered Systems segment, no U.S Government program in 2024 or 2023 accounted for more than 10% of net sales for any of our segments or for the total Company.
−Removed: In 2023, the largest program with the U.S.
−Removed: Government within the Engineered Systems segment was the Marshall Operations, Systems, Services, and Integration II (“MOSSI II”) contract with the NASA Marshall Space Flight Center, which represented approximately 17% of Engineered Systems net sales.
−Removed: In 2022, the largest program with the U.S.
−Removed: Government within the Engineered Systems segment was the Mission Operations and Integration contract with the NASA Marshall Space Flight Center, which represented approximately 11% of Engineered Systems net sales.
+Added: In 2024 and 2023, the largest program with the U.S.
+Added: Government within the Engineered Systems segment was the Marshall Operations, Systems, Services, and Integration II (“MOSSI II”) contract with the NASA Marshall Space Flight Center, which represented approximately 16% and approximately 17% of Engineered Systems net sales, respectively.
As described in greater detail under Item 1A.
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Additionally, U.S.
−Removed: Government contracts are subject
−Removed: to termination by the U.S.
+Added: Government contracts are subject to termination by the U.S.
Government at its convenience, without identification of any default.
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Government did not materially impact our results of operations.
−Removed: Many of our government contracts are awarded after a competitive bidding process in which we seek to emphasize our ability to provide superior products and technical solutions.
+Added: Many of our U.S.
+Added: Government contracts are awarded after a competitive bidding process in which we seek to emphasize our ability to provide superior products and technical solutions.
Raw Materials and Suppliers
Most raw materials used in our operations are readily available.
−Removed: however, we have experienced supply chain challenges in recent years, including increased lead times, as well as cost inflation for parts and components, logistics and labor due to availability constraints and high demand.
Some raw materials are purchased from a limited set of suppliers, including international sources, due to technical capability, price, and other factors.
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In manufacturing our products, we use our own production capabilities and third-party suppliers and subcontractors, including international sources.
+Added: At times we have experienced difficulty in procuring raw materials, components, sub-assemblies and other supplies required in our manufacturing processes due to shortages and supplier-imposed allocation of components.
Our sales and marketing approach varies by segment and by products within our segments.
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Given the technical nature of our products, we conduct our marketing activities through a direct internal sales force as well as third-party sales representatives and distributors.
−Removed: Several Teledyne businesses, including across our segments, have been marketing and selling products collaboratively to similar customers.
−Removed: Because of the diversity of products sold and the number of markets we serve, we encounter a wide variety of
−Removed: competitors, none of which we believe offer the same product and service lines or serve all of the same markets as we do.
+Added: Several Teledyne businesses, including across our segments, are marketing and selling products collaboratively to certain customers.
+Added: Because of the diversity of products sold and the number of markets we serve, we encounter a wide variety of competitors, none of which we believe offer the same product and service lines or serve all of the same markets as we do.
Although we have certain advantages that we believe help us compete effectively in our markets, each of our markets is highly competitive.
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They operate around the clock, measuring greenhouse gases from space, precisely monitoring air and water quality throughout the world, and continuously profiling the Earth’s oceans.
−Removed: Applications of our instruments provide scientists information that spans
−Removed: time from the origin of the universe to providing real-time data regarding air pollution and dangerous storms, such as time-critical warning of hurricanes and tsunamis.
+Added: Applications of our instruments provide scientists information that spans time from the origin of the universe to providing real-time data regarding air pollution and dangerous storms, such as time-critical warning of hurricanes and tsunamis.
The prominence and importance of sustainability and Environmental, Social and Governance (“ESG”) initiatives have dramatically increased.
In November 2022, we published our second Corporate Social Responsibility (“CSR”) report, in which we disclose and highlight some of our most recent efforts focused on sustainability and ESG.
−Removed: We published a supplement to the CSR report in November 2023 to include updated financial information and other information in the report.
−Removed: The CSR report together with its supplement, which is not incorporated by reference in this document, is available at the Corporate Social Responsibility link on our website at www.teledyne.com under the tab “Who We Are”.
−Removed: The CSR Report and its supplement includes data on Teledyne’s combined direct emissions (“Scope 1”) and indirect emissions from purchased energy (“Scope 2”), workplace safety, water usage, waste generation and recycling and workplace demographics.
+Added: We published supplements to the CSR report in 2023 and 2024 to include updated financial information and other information in the report.
+Added: The CSR report together with its supplements, which is not incorporated by reference in this document, is available at the Corporate Social Responsibility link on our website at www.teledyne.com under the tab “Who We Are”.
+Added: The CSR Report and its supplements include data on Teledyne’s combined direct emissions (“Scope 1”) and indirect emissions from purchased energy (“Scope 2”), workplace safety, water usage, waste generation and recycling and workplace demographics.
In 2021, we compiled the first global inventory of our greenhouse gas (“GHG”) emissions (starting with fiscal year 2020) and have developed a GHG monitoring and management plan.
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More information about our carbon footprint and GHG emission reduction efforts and goals, and the contributions that Teledyne products make to carbon monitoring and environmental and climate science, can be found in our CSR report.
−Removed: Pursuant to the mandate in their respective charters, the Audit Committee of our Board of Directors (the “Board”) regularly reviews matters related to compliance with environmental laws and the health and safety of employees, and the Nominating and Governance Committee of our Board reviews and evaluates our policies and practices and monitors our efforts in areas of legal and social responsibility, diversity and sustainability, and other ESG matters.
+Added: Pursuant to the mandate in their respective charters, the Audit Committee of our Board of Directors (the “Board”) regularly reviews matters related to compliance with environmental laws and the health and safety of employees, and the Nominating and Governance Committee of our Board reviews and evaluates our policies and practices and monitors our efforts in areas of legal and social responsibility, sustainability and other ESG matters.
Human Capital
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We have a stable and long-tenured workforce.
−Removed: In 2023, our voluntary employee turnover (excluding reductions in force) was approximately 10%.
+Added: In 2024, our voluntary employee turnover was approximately 8%.
As of December 29, 2024, the average years of service of our employees was approximately 10 years.
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Our goal is to maintain a safe, hospitable and inclusive work environment in which every employee is encouraged to contribute to the success of the company.
−Removed: We are focused on attracting, developing, and retaining employees through competitive compensation and benefits, workforce and management development, diversity and inclusion initiatives, succession planning, corporate culture and leadership quality.
−Removed: Teledyne has a Corporate-led committee to oversee our diversity, equity and inclusion efforts.
−Removed: The committee focuses on activities and initiatives to increase diverse representation and progression within our company.
−Removed: Various initiatives include developing relationships with universities with higher underrepresentation, creating more diverse and larger talent pools, and increasing networking and referrals with diverse professional organizations.
−Removed: We advertise vacancies and strive to recruit the best possible candidate for each role.
−Removed: We monitor diversity metrics on a global basis.
+Added: We are focused on attracting, developing, and retaining employees through competitive compensation and benefits, workforce and management development, succession planning, corporate culture and leadership quality, in compliance with applicable regulations.
+Added: We strive to recruit the best possible candidate for each role.
The health and wellness of our employees is a critical component to the success of our business.
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We also have vacation and sick leave policies that provide employees with flexibility to take time away from work for relaxation or to recover from illness.
−Removed: The majority of our employees (including all full-time employees in the U.S., Canada and the United Kingdom) have access to our employee assistance program which includes third-party counseling and mental health services at no cost to the employee when life events impact an employee.
+Added: The majority of our employees (including all full-time employees in the United States, Canada and the United Kingdom) have access to our employee assistance program which includes third-party counseling and mental health services at no cost to the employee when life events impact an employee.
We are committed to identifying and developing the talents of our next generation of leaders.
−Removed: On an annual basis, we conduct an organization and leadership review for all segment, business unit, and function leaders, focusing on our high performing and high potential talent, diversity and succession for our most critical roles.
+Added: On an annual basis, we conduct an organization and leadership review for segment, business unit, and function leaders, focusing on our high performing and high potential talent and succession for our most critical roles.
From this review, individualized development and retention programs are implemented or revised as needed.
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We invest in employee skills development in various ways, including through educational expense reimbursement.
−Removed: Specialized training in a job-related field gives employees new skills and a strong
−Removed: foundation of knowledge that can serve them throughout their career and that may allow them to progress to more responsible positions at Teledyne.
−Removed: Our employees have access to Teledyne University, a learning platform.
−Removed: The database of courses, webinars, and certification programs has hundreds of targeted training programs on management, technical competencies, soft skills development, and compliance.
+Added: Specialized training in a job-related field gives employees new skills and a strong foundation of knowledge that can serve them throughout their career and that may allow them to progress to more responsible positions at Teledyne.
+Added: We provide courses, webinars, and certification programs and targeted training programs on management, technical competencies, soft skills development, and compliance.
+Added: Select, high-potential employees also receive strategic and operational leadership skills development through our leadership development program.
Available Information
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.