TELEDYNE
TECHNOLOGIES
Annual Report 2012
DEFENSECOMMERCIALINSTRUMENTATIONGROWTHDESIGNGROWTHADVANCEMENTADVANCE EXPLORATIONPOWERSPECTRUMEXPLORATIONX-RAYMARSSUCCESSCURIOSITYSHAREHOLDEREARNINGSELECTRONICSFLUOROSCOPY RADIOGRAPHYHUBBLECOMMERCIALLECROY BLUEVIEW OPTECHACQUIREUNCOOLEDRECORDAEROSPACEEARNINGSSPECTRUMCUSTOMERS&OILGASINFRAREDMATERIALSDIGITALIMAGINGREVENUESRECORDMARSSCIENCEMARINEINSTRUMENTATION EverywhereyoulookTM
Financial Highlights
Selected Consolidated Financial Data
(In millions, except per share data)
SummaRy FinanCial
inFORmaTiOn
Sales
$ 2,127.3
$ 1,941.9
$ 1,644.2
$ 1,652.1
$ 1,722.0
2012
2011
2010
2009
2008
Net income from
continuing operations
Income (loss) from
discontinued operations,
net of taxes
Net income attributable
to Teledyne Technologies
Diluted earnings per
common share
Continuing operations
Discontinued operations
Diluted earnings per
common share
Weighted average
common shares
outstanding
SummaRy BalanCe
SheeT DaTa
Cash and cash
equivalents
Working capital
Total assets
Long-term debt and
capital lease obligations
Total equity
161.8
2.3
142.1
113.1
119.9
115.9
116.6
0.6
(2.6)
(5.3)
164.1
255.2
120.5
113.3
111.3
4.33
0.06
4.39
3.81
3.03
6.84
3.25
0.02
3.17
(0.07)
3.20
(0.15)
3.27
3.10
3.05
37.4
37.3
36.9
36.6
36.5
2012
$45.8
337.5
2,406.4
556.2
1,203.4
2011
$ 49.4
268.5
1,826.1
311.4
984.1
2010
$ 75.1
306.8
1,557.8
265.3
787.0
2009
$ 26.1
242.6
1,421.5
251.6
2008
$ 20.4
274.8
1,534.5
332.1
667.4
506.9
See “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and the “Notes to Consolidated Financial Statements”
in the 2012 Annual Report on Form 10-K for additional information regarding Teledyne Technologies Incorporated’s financial data.
On April 19, 2011, we completed the sale of our general aviation piston engine businesses, which comprised the former Aerospace Engines and
Components segment. Accordingly, our consolidated financial statements have been restated to classify this former segment as a discontinued operation.
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Teledyne LeCroy’s award-winning 12-bit High Definition Oscilloscopes offer electronics
technicians and engineers 16 times more resolution than standard 8-bit test equipment.
SIGNALTESTMEASUREMENT ENGINEERINGINSTRUMENTATIONEXPERIENCEEXPLORATIONR&D OSCILLOSCOPESOSCILLATORLECROYLEADERSHIPGROWTHCOMMERCIAL FREQUENCY PROTOCOLGLOBALDESIGNHIGH DEFINITION LOGIC65 GHzELECTRONICS RESEARCH LEVERAGE ANALYZERGENERATORPERFORMANCE Introducing Teledyne leCroy
Fifty years ago, Walter LeCroy started a small company in New York to provide high-speed measurement solutions to a
growing community of particle physicists. That company has grown to produce the highest performance oscilloscopes
and protocol analyzers in the world. As part of Teledyne, LeCroy’s product lineup has never been broader, more
competitive, or more compelling to customers than it is today, and Teledyne is pleased to welcome LeCroy to the
Teledyne family.
Over the past three years, the company has established performance leadership at the high-end of the oscilloscope
market. In 2012, Teledyne LeCroy debuted high definition oscilloscopes (HDOs) for the mainstream market. The
improvement over traditional oscilloscopes is dramatic and the HDO has been enthusiastically received. These
instruments are essential to electronic engineering research and development in markets including telecommunication,
semiconductor and consumer electronics, automotive, military and aerospace.
Teledyne LeCroy’s growth will come from new product development and technology advances including innovations
that leverage the unique Indium Phosphide (InP) technology and ultra high frequency mixed signal design capabilities
developed at our Teledyne Scientific R&D laboratories.
Headquartered in Chestnut Ridge, NY, Teledyne LeCroy has approximately 500 employees in multiple locations
throughout the world. Teledyne LeCroy’s strong product line, R&D heritage, signal processing expertise, and international
distribution promise to broaden Teledyne’s portfolio of analytical instrumentation businesses.
With industry-leading high definition
oscilloscopes (HDO), protocol analyzers, signal
generators and multi function instruments,
Teledyne LeCroy broadens Teledyne’s
instrumentation offerings.
Teledyne LeCroy’s high performance test
and measurement products are vital tools for
electronics engineers around the world.
Teledyne LeCroy’s growth path includes
next generation products with lower noise
and higher native bandwidths using the
Indium Phosphide technology developed by
Teledyne Scientific.
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EverywhereyoulookTMSIGNALTESTMEASUREMENT ENGINEERINGINSTRUMENTATIONEXPERIENCEEXPLORATIONR&D OSCILLOSCOPESOSCILLATORLECROYLEADERSHIPGROWTHCOMMERCIAL FREQUENCY PROTOCOLGLOBALDESIGNHIGH DEFINITION LOGIC65 GHzELECTRONICS RESEARCH LEVERAGE ANALYZERGENERATORPERFORMANCE | 6
Curiosity provided a dramatic self-portrait from Gale crater on Mars.
Teledyne Technologies Incorporated Annual Report 2012NAVCAMDESCENTHAZCAMENVIRONMENT EXPLORATIONENERGYSYSTEMSSWITCHESMMRTGLIFEINNOVATIONNAVIGATEGEOPHYSICAL CURIOSITYELECTROMECHANICAL ENERGYRADIOSTOPECURRENT RESEARCH POWERLAUNCHPROFILERRELAYSIMAGINGIMAGE A martian Success Story
Teledyne Powers NASA’s Curiosity Rover
On August 6, 2012, Teledyne joined science lovers everywhere in congratulating NASA and JPL on the successful
deployment of the Mars Science Laboratory (MSL) “Curiosity” rover in Gale crater on Mars. Curiosity is the largest rover
launched by NASA to date, and its mission to determine whether Mars is, or ever has been, hospitable to microbial life
has already delivered remarkable results.
Teledyne had many reasons to applaud, not least of which were the vital contributions Teledyne companies made to the
launch, landing, and operation of the mission. Teledyne developed the radioisotope thermoelectric generator system that
provides nuclear power to the rover. We also supplied two complex radio frequency modules which were part of the
terminal descent and landing unit. Our electromechanical relays and electromechanical transfer switches are used on
the rover and the Atlas V launch vehicle, respectively. Finally, Teledyne manufactured the image sensors for Curiosity’s
navigation and hazard avoidance cameras.
Teledyne is proud to be able to contribute to a project that poses such technical challenges and holds such promise
for the advancement of science and knowledge. Teledyne is also pleased to have contributed in so many ways. From
the deepest parts of our planet’s oceans to the surface of Mars and beyond the edges of our solar system, Teledyne’s
technologies enable exploration, analysis and communication.
The Atlas V rocket that launched Curiosity
contained electromechanical transfer
switches from Teledyne Impulse.
Teledyne Microelectronics Technologies and
Teledyne Relays provided crucial components
used in the descent module.
Taken with Teledyne DALSA-built image sensors,
this photo shows Curiosity’s radioisotope
thermoelectric generator, built by Teledyne
Energy Systems.
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Teledyne’s autonomous underwater vehicles (AUVs including this GaviaTM model) offer
arrays of sensors and custom payload modules for research, monitoring or surveillance
tasks where autonomy, cost and ease of deployment matter.
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Teledyne Technologies Incorporated Annual Report 2012DOPPLERSUBSEASEABEDENVIRONMENT EXPLORATIONENERGYEXPLORATIONPLUMESUBUNDERWATERNAVIGATEGEOPHYSICAL MARINEOCEANOGRAPHYWATERPRODUCTIONCURRENT RESEARCH AQUACULTUREEPSOILGASPROFILERPIPELINEIMAGINGEXTREMESCIENCEREVENUEINSTRUMENTATION
Teledyne marine
Riding a Tide of Success and Growth
Teledyne Marine has become one of the key growth platforms of our Instrumentation segment. From its inception in
2004, Teledyne Marine has grown more than elevenfold to account for nearly 20% of Teledyne’s total revenue.
What has driven this growth? Over the last decade, the increase in offshore energy prospecting and production,
the rise in overall maritime traffic and the expanding construction of marine-based renewable energy infrastructure
have meant increased demand for hydrographic surveys, oceanographic measurements and deep sea imaging. With
our extensive range of water column, geophysical, seismic, and dynamic positioning sensors, including bathymetry,
navigation and acoustic communication instruments as well as autonomous underwater vehicles, Teledyne Marine offers
world-leading capabilities to world-class customers engaged in offshore oil & gas, oceanographic research, undersea
telecommunications and naval defense.
The applications for marine instrumentation are as expansive as the seas themselves. Teledyne sees robust growth
on the horizon as it hones its leading portfolio of underwater technologies to address challenges in extremely harsh
environments and provide solutions from surface to seafloor with its array of mobile underwater sensor platforms,
unmanned submersibles and multibeam sonar instruments.
Teledyne’s autonomous underwater
vehicles offer self-contained solutions
for bathymetry, pipeline inspections, and
environmental surveys.
Teledyne’s wide portfolio of marine sensing
solutions can be networked together.
Teledyne’s high resolution multibeam sonar
serves underwater navigation, monitoring,
survey, and detection.
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Colorized RGB point cloud of street in Toronto, Canada, collected by LIDAR imaging
using Optech’s Lynx Mobile Mapper.
Teledyne Technologies Incorporated Annual Report 2012VISIBLEINFRAREDIMAGE CAPTURE DATA FUSION LIDARX-RAYMEGAPIXELSOBSERVATIONSPECTRUMULTRAVIOLET DIGITALIMAGINGMICROBOLOMETERMULTISPECTRALIMAGE CAPTURE EARTHCCDMAPPINGINTEGRATEDGISCMOSHIGHPERFORMANCEINSPECTIONINDUSTRIALInGAsHgCdTeSENSORSSMART CAMERAS Expanding horizons
Digital Imaging from Infrared to X-ray
The growth in the Digital Imaging segment is a great example of the transformation of Teledyne’s business portfolio
towards commercial and international markets. Primarily through targeted acquisitions, the Digital Imaging segment has
increased to 20% of Teledyne’s total revenue, from 8% just two years ago.
Teledyne’s exceptional imaging solutions extend across the electromagnetic spectrum from infrared to X-ray. Our
cooled infrared image sensors define the state of the art for astronomy, which is why you’ll find them in the Mauna Kea
observatories and the Hubble and James Webb space telescopes. Our connection to space continues with the new MUSES
multi-instrument commercial earth imaging platform we’re building to install on the International Space Station (ISS).
The demand for infrared is also growing in commercial markets, where we are leveraging our MEMS
(microelectromechanical systems) fabrication capabilities to deliver uncooled microbolometer detectors to complement
the world-leading high-speed, high resolution visible spectrum imaging components we already provide for machine
vision and factory automation. Even farther up the frequency spectrum, our CMOS (complementary metal oxide
semiconductor) digital X-ray detectors, which provide better performance at lower radiation doses than any competitor,
have been extremely well received in medical and dental radiography applications.
Going forward, we see exciting opportunities to network multiple types of sensors and combine their data—infrared,
visible, ultraviolet, X-ray, and LIDAR (light detection and ranging) sensing on the ground and in the air, plus acoustic
sensing underwater—to offer advanced and integrated multispectral solutions. Across the spectrum, from sea to surface
to sky, Teledyne offers unprecedented imaging capabilities—not only everywhere you look, but every way you look.
Teledyne offers a range of infrared imagers,
both cooled and uncooled, to cover short
wave, medium wave, and long wave IR
imaging.
Teledyne and NASA entered an agreement
to develop the Multi-User System for Earth
Sensing (MUSES) Earth imaging platform for
the International Space Station.
Teledyne’s world-leading CMOS X-ray
detectors provide better images at a
lower dose for medical, dental, and
industrial imaging applications.
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Our products are used throughout the life cycle of offshore energy projects from early
seafloor and seismic surveys, through construction and operation of deepwater wells,
and for the developing market of long term reservoir monitoring.
Teledyne Technologies Incorporated Annual Report 2012 INTERFACINGEXPANSION INNOVATION DISTRIBUTIONRESEARCH SCIENCE PIPLELINEFIELD PERFORMANCE OIL &GASINSTRUMENTATIONEXPLORATIONPOWER DATA DEVELOPING MARKETS MAPPINGINTEGRATEDHARSHCONDITIONS RUGGEDIZEDRESERVES WET-MATE RELIABILITYHYDROCARBONSSYSTEMSINTERCONNECTDEEP WATER SUBSEAELECTRICALOPTICAL NETWORKING Teledyne Oil & Gas
Supplying Mission Critical Systems to the Oil & Gas Industry
Increasing global demand for oil and gas, driven primarily by developing nations such as China and India, is fueling
significant investments by oil companies in the discovery and development of subsea hydrocarbon reserves. Emerging
exploration technologies are moving the industry into deeper water where discoveries of complex reservoirs are in turn
requiring the development of new production technologies and enhanced oil recovery techniques. The deeper production
fields require subsea boosting and pumping technologies that use Teledyne Oil & Gas next generation high power
interconnect systems. Funded by the oil companies themselves, these systems are jointly developed with customers
and leverage the leading edge materials science research done at our Teledyne Scientific R&D laboratories to identify
new materials and certify performance—including operating life greater than 25 years.
Our emphasis on delivering long-term reliability is clear in the development of new subsea natural gas fields, such as
in southeast Asia. The highly caustic, pipeline-corroding substances (e.g. hydrogen sulfide) that these fields contain
make our high resolution pipeline monitoring sensors and systems very valuable to production companies. Our R&D
capabilities will be further enhanced by a 50,000 square foot Technology Development Center opening in mid-2013 at the
Teledyne Oil & Gas world headquarters in Daytona Beach, Florida.
Through our global locations and recent expansions in Brazil and Asia, Teledyne Oil & Gas delivers innovative engineered
solutions to solve sensing and high power, high bandwidth interconnection challenges both above and below the surface.
Our new 50,000 square foot research
center in Daytona Beach, Florida will house
laboratory, product design, product testing
and engineering collaboration space.
Teledyne’s wet-mate electrical and
fiber-optic interconnect systems allow
installation, maintenance, and upgrade
of subsea networks in the harshest
environments. Photo credit: UVic NEPTUNE
World-class companies use our solutions
in oil and gas exploration and production
around the world.
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EverywhereyoulookTM
Teledyne Technologies Incorporated Annual Report 2012
Letter to Stockholders
In 2012, we accelerated Teledyne’s ongoing transformation into a higher
technology company serving industrial growth markets, such as offshore
energy, high-end digital imaging and analytical and electronic test and
measurement instrumentation. Given the strength of our commercial
businesses, as well as strategic acquisitions, we were able to achieve
record sales and earnings in 2012.
Record Performance
• Sales of $2.13 billion increased 9.5%
• Earnings per share from continuing operations $4.33 increased 13.6%
Today, Teledyne has the greatest proportion of international and
commercial sales in our history. International sales in 2012 were 39% of
total revenue and exceeded U.S. commercial sales by ten percentage
points. Despite the challenging regional economic environment, our sales
to Europe increased given strong growth of marine instrumentation. We
also continued to experience growth in Asia, largely driven by increased
Robert Mehrabian
Chairman, President and Chief Executive Officer,
Teledyne Technologies Incorporated
sales of instrumentation and avionics systems. Finally, the U.S. Government accounted for only 32% of total sales, a
decrease from 47% just three years ago.
Continued Focus on expanding the Spectrum of our Capabilities
We have maintained a strategic focus on development and acquisition of product lines throughout the electromagnetic
and acoustic spectra. During 2012, we acquired complementary 3D acoustic imaging and broadband electromagnetic
instrumentation product lines, as I will describe below.
Growth in Technologies for Offshore energy and Global infrastructure
Our products are used throughout the life cycle of offshore energy projects from early seafloor and seismic surveys,
through construction and operation of deepwater wells, and for the developing market of long term reservoir
monitoring. Sales of marine instrumentation grew 12% in 2012, with international sales representing over 60% of
the total. Although the majority of our sales are for oil and gas applications, we are also seeing growth in renewable
energy, such as offshore wind farms.
TELEDYNE TECHNOLOGY: COVERING THE FREQUENCY SPECTRUM
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EverywhereyoulookTM
In July, we acquired BlueView Technologies, to expand our
capabilities in 2D and 3D sonar imaging, with growing applications
in subsea oil and gas, marine science and defense. We also
introduced a new multibeam sonar to address the value end of the
seafloor mapping, or hydrographic survey market. Then, in January
2013 we announced the pending acquisition of RESON, a leading
provider of multibeam sonar systems and specialty acoustic sensors
for hydrography, global marine infrastructure and offshore energy
operations. RESON’s products, which address the midrange and
higher performance segments of the hydrographic survey market,
are very complementary to our existing instruments.
REsON’s broad range of seafloor mapping and 3D imaging
sonars are complementary to Teledyne’s existing product lines.
expansion into Test and measurement instrumentation
We expanded our broad line of analytical instruments for environmental, process control and
laboratory markets by acquiring LeCroy Corporation, a leading manufacturer of electronic test and
measurement systems. Teledyne LeCroy is a leader in high-end oscilloscopes, including the new
LabMaster 10Zi, which features an unprecedented real-time bandwidth of 65 GHz. We anticipate
further advancements in oscilloscope performance over time as we begin to apply the very high
performance indium phosphide semiconductor technology that has been developed
at our research center to future generations of oscilloscope probes and instruments.
The LabMaster 10 Zi is the world’s
highest bandwidth real-time oscilloscope.
In the fourth quarter, Teledyne LeCroy launched the industry’s first line of high-definition oscilloscopes. These new
products are based on the market’s only true 12-bit signal acquisition technology, which provides 16 times the
measurement resolution of the 8-bit technology used by virtually all competitors. This high resolution is important for an
increasing number of customer applications, ranging from automotive electronics component development to mobile
devices.
advancements in Digital imaging
Teledyne’s broad range of digital imaging technologies includes 3D laser imaging, or LIDAR, infrared, X-ray, and ultraviolet
sensors, linescan and area array cameras, imaging software, and integrated imaging solutions. Sales of our high-
resolution, low-dose X-ray sensors for medical and dental applications grew strongly during the year as new products
reached production while we continued to perform well on major development contracts.
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Teledyne Technologies Incorporated Annual Report 2012
In April, we increased our ownership in the parent company
of Optech Incorporated from 19% to 51%. Optech is a leading
supplier of airborne and terrestrial 3D laser imaging systems
used for a wide range of survey applications. Optech’s LIDARs
have been integrated with BlueView and RESON sonars. Using
imaging fusion software, the integrated systems can capture 3D
images of offshore oil platforms, bridges and other structures
above and below the waterline and produce a composite 3D
image with precise dimensional measurements.
Our digital imaging solutions span the range from airborne to
subsea, and increasingly feature multisensor 3D image fusion.
In partnership with NASA, we have embarked on an exciting
new project to add digital imaging technology to the International
Space Station. Anticipated to be operational in 2015, the Multi-
User System for Earth Science (MUSES) will enable remote space
sensing for scientific and humanitarian purposes and will enable
Teledyne to address the commercial market for Earth imagery.
Our digital imaging solutions span the range from airborne to
subsea, and increasingly feature multisensor 3D image fusion.
Stabilizing aerospace and Defense Products and Services
Sales of avionics systems for commercial air transport
applications reached record levels in 2012. Our leading position
The MUsEs system will provide Earth imagery for scientific,
humanitarian and commercial applications.
in end-to-end solutions for airline data management continued to attract new customers and expanded business
with existing customers. Facing a weak market for defense electronic products and government systems, we are
consolidating operations to drive down our cost structure. Despite the defense spending downturn, there are some
bright spots in this market including production of autonomous underwater glider vehicles and sensors for the
U.S. Navy, development of the Shallow Water Combat Submersible vehicle that will be used to transport Special
Operations Forces, and a major contract to develop and construct the test framework for all the missile defense
system elements. We also supply microwave power amplifiers and other subsystems for UAV data links and for both
government and commercial satellite communication systems.
ELECTROMAGNETIC SPECTRUM
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• Trace element
spectrometers (ultraviolet)
• Package inspection systems
(X-Ray)
• High performance image
sensors and cameras for
ultraviolet, visible and infrared
• Environmental gas analyzers
FREQUENCY(Hz)
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EverywhereyoulookTM
looking ahead
Despite the continued economic and government funding uncertainty, we entered 2013 with the strength of our balanced
business portfolio and now we have the greatest proportion of commercial and international sales in our history. While we
expect continued contraction in government sales, these represent a smaller percentage of our revenue and an even lower
proportion of our earnings. Our customers in the offshore oil and gas industry are forecasting strong growth in coming years
as it becomes increasingly necessary to move operations to deeper waters where Teledyne has a technical advantage,
propelled by our strong capabilities in materials research, product engineering and manufacturing. We also anticipate
strength in commercial avionics, given high multiyear backlogs at Airbus and Boeing. There is greater uncertainty about other
commercial markets that are tied to world economic conditions, but we expect that our continued company and customer
funded investments in research and development will put us in a strong competitive position.
I wish to express my thanks to all of our employees and to our Board of Directors for their hard work and continued
commitment to making Teledyne a stronger company.
Finally, all of us at Teledyne are deeply saddened by the passing of Dr. George A. Roberts on February 15, 2013. George
Roberts entered the United States Naval Academy in 1935, where he and his roommate, Henry Singleton, first met. George
later attended the Carnegie Institute of Technology (now Carnegie Mellon University) where he studied metallurgical science
and received a D.Sc. in 1942. While friends over the years, George and Henry reunited in 1966, when our predecessor,
Teledyne, Inc., founded by Henry, merged with Vasco Metals Corporation, where George had become President and
Chairman of the Board.
Following the merger of Teledyne and Vasco, Henry became Chairman and Chief Executive Officer, and George was made
President. Over the next 27 years, with George as President and later Chief Executive Officer, Teledyne grew immensely.
Some of the original businesses of Teledyne, Inc. continue to reside in our operations.
George’s passing, along with Henry’s on August 31, 1999, closes a significant chapter in Teledyne’s history. We are privileged
to be the standard bearer of the Teledyne name and will continue their heritage of putting our stockholders’ interests first.
Sincerely,
Robert Mehrabian
Chairman, President and Chief Executive Officer
February 26, 2013
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Microwave
• High power microwave
amplifiers for satellite
communication uplinks
• Frequency synthesizers
Radio
• Radio frequency microwave
relays and switches
• Radio frequency and
microwave cables
17 |
Teledyne Board of Directors
Left to Right:
ChaRleS CROCkeR (2)(3)
Chairman and CEO,
Crocker Capital
Retired Chairman and CEO,
BEI Technologies, Inc.
FRank V. CahOueT (1)(2)
Retired Chairman and CEO,
Mellon Financial Corporation
WeSley W. VOn SChaCk (2)(3)
Chairman,
AEGIS Insurance Company
Former Chairman, President and CEO,
Energy East Corporation
ROBeRT mehRaBian
Chairman, President and
CEO, Teledyne Technologies
Incorporated
Paul D. milleR (1)(2)
Retired Chairman and CEO
Alliant Techsystems, Inc.
kenneTh C. DahlBeRG (1)(3)
Retired Chairman and CEO,
Science Applications International
Corporation (SAIC)
miChael T. SmiTh (1)(2)
Retired Chairman and CEO,
Hughes Electronics Corporation
RuTh e. BRuCh (1)(3)
Retired Senior Vice President and Chief
Information Officer of Kellogg Company
ROxanne S. auSTin (2)(3)
President, Austin Investment Advisors
Former President and Chief Operating
Officer of DIRECTV, Inc.
SimOn m. lORne (1)(2)
Vice Chairman and Chief Legal Officer,
Millennium Management LLC
Co-director of Stanford Law School’s
Directors’ College
(1) Audit Committee
(2) Nominating and Governance Committee
(3) Personnel and Compensation Committee
| 18
Teledyne Technologies Incorporated Annual Report 2012
Corporate Management
ROBeRT mehRaBian*
Chairman, President and
Chief Executive Officer
melanie S. CiBik*
Senior Vice President,
General Counsel and Secretary
SuSan l. main*
Senior Vice President and
Chief Financial Officer
CynThia y. Belak
Vice President, Business Risk
Assurance
STePhen F. BlaCkWOOD
Vice President and Treasurer
GeORGe C. BOBB, iii*
Vice President, Chief Compliance Officer
and Deputy General Counsel - Litigation
WaJiD ali*
Vice President and Controller
ROByn e. mCGOWan
Vice President, Administration,
Human Resources and Assistant
Secretary
PaTRiCk T. neVille
Vice President and Chief
Information Officer
ROBeRT W. STeenBeRGe
Vice President and
Chief Technology Officer
JaSOn VanWeeS
Vice President, Strategy and
Mergers & Acquisitions
Segment Executives
alDO (al) PiChelli*
Instrumentation and
Aerospace and
Defense Electronics
Segments
Rex D. GeVeDen*
Engineered Systems
Segment
and Teledyne Scientific &
Imaging, LLC
Stockholder Information
BRian C. DOODy
Teledyne DALSA, Inc.
ThOmaS h. ReSleWiC
Teledyne LeCroy, Inc.
CORPORaTe OFFiCeS
Teledyne Technologies Incorporated
1049 Camino Dos Rios
Thousand Oaks, CA 91360
Telephone: (805) 373-4545
Fax: (805) 373-4775
www.teledyne.com
TRanSFeR aGenT anD ReGiSTRaR
Computershare
480 Washington Boulevard
Jersey City, NJ 07310
Customer Service: 1-888-540-9867
www.computershare.com
* Section 16 Officer
STOCkhOlDeR PuBliCaTiOnS -
FORm 10-k
Annual reports (including Form 10-K)
and proxy statements are mailed to all
stockholders of record. Copies of our SEC
periodic reports, corporate governance
guidelines, code of ethics and committee
charters are also available on our web site at
www.teledyne.com. For additional informa-
tion, contact Corporate Communications or
Investor Relations.
STOCk exChanGe liSTinG
The common stock of Teledyne Technologies
Incorporated is traded on the New York Stock
Exchange (symbol TDY).
annual meeTinG
The annual meeting of stockholders will be
held on Wednesday, April 24, 2013, at 9:00
a.m. PDT, at Teledyne Technologies Incor-
porated, 1049 Camino Dos Rios, Thousand
Oaks, CA 91360.
inDePenDenT auDiTORS
Ernst & Young LLP
Los Angeles, California
CuRRenT neWS anD
GeneRal inFORmaTiOn
Information about Teledyne is
available at www.teledyne.com.
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EverywhereyoulookTM
Forward-Looking Statements Cautionary Notice
From time to time the Company makes, and this Annual Report, may contain, forward-looking statements, as defined
in the Private Securities Litigation Reform Act of 1995, directly and indirectly relating to earnings, growth opportunities,
product sales, capital expenditures, pension matters, stock option compensation expense, the credit facility, interest
expense, severance and relocation costs, taxes and strategic plans. All statements made in this Annual Report that are not
historical in nature should be considered forward-looking. Actual results could differ materially from these forward-looking
statements. Many factors could change the anticipated results: including disruptions in the global economy; changes in
demand for products sold to the defense electronics, instrumentation, digital imaging, energy exploration and production,
commercial aviation, semiconductor and communications markets; funding, continuation and award of government
programs; cuts to defense spending resulting from future deficit reduction measures, including potential automatic cuts to
defense spending that have been triggered by the Budget Control Act of 2011. Increasing fuel costs could negatively affect
the markets of our commercial aviation businesses. Lower oil and natural gas prices, as well as instability in the Middle East
or other oil producing regions, and new regulations or restrictions relating to energy production, including with respect to
hydraulic fracturing could negatively affect our businesses that supply the oil and gas industry. In addition, financial market
fluctuations affect the value of our pension assets.
Changes in the policies of U.S. and foreign governments could result, over time, in reductions and realignment in defense or
other government spending and further changes in programs in which the Company participates.
While Teledyne’s growth strategy includes possible acquisitions, we cannot provide any assurance as to when, if or on
what terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to
integrate acquired businesses, retain customers and achieve identified financial and operating synergies. There are additional
risks associated with acquiring, owning and operating businesses outside of the United States, including those arising from
U.S. and foreign government policy changes or actions and exchange rate fluctuations.
The Company continues to take action to assure compliance with the internal controls, disclosure controls and other
requirements of the Sarbanes-Oxley Act of 2002. While we believe our control systems are effective, there are inherent
limitations in all control systems, and misstatements due to error or fraud may occur and may not be detected. Additional
information concerning factors that could cause actual results to differ materially from those projected in the forward-looking
statements is contained in Teledyne Technologies’ periodic filings with the Securities and Exchange Commission, including
its 2012 Annual Report on Form 10-K. Forward-looking statements are generally accompanied by words such as “estimate”,
“project”, “predict”, “believes” or “expect”, that convey the uncertainty of future events or outcomes. The Company assumes
no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or
otherwise.
Copyright © 2013 Teledyne Technologies Incorporated. All Rights Reserved.
Editors: Patrick Myles & Neil Humphrey | Designer: Laura Fama | Printed in Canada.
TELEDYNE
TECHNOLOGIES
www.teledyne.com
1049 Camino Dos Rios, Thousand Oaks, California 91360 • 805.373.4545 • fax: 805.373.4775
DEFENSECOMMERCIALINSTRUMENTATIONGROWTHDESIGNGROWTHADVANCEMENTADVANCE EXPLORATIONPOWERSPECTRUMEXPLORATIONX-RAYMARSSUCCESSCURIOSITYSHAREHOLDEREARNINGSELECTRONICSFLUOROSCOPY RADIOGRAPHYHUBBLECOMMERCIALLECROY BLUEVIEW OPTECHACQUIREUNCOOLEDRECORDAEROSPACEEARNINGSSPECTRUMCUSTOMERS&OILGASINFRAREDMATERIALSDIGITALIMAGINGREVENUESRECORDMARSSCIENCEMARINEINSTRUMENTATION