Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 29, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'TELEDYNE TECHNOLOGIES INC | ' |
Entity Central Index Key | '0001094285 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 37,519,937 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Sales | $571.60 | $547.40 | $1,742 | $1,559.90 |
Costs and expenses | ' | ' | ' | ' |
Cost of sales | 369 | 349 | 1,118 | 1,020.10 |
Selling, general and administrative expenses | 149.6 | 138.1 | 447.2 | 364.3 |
Total costs and expenses | 518.6 | 487.1 | 1,565.20 | 1,384.40 |
Income before other income/(expense) and income taxes | 53 | 60.3 | 176.8 | 175.5 |
Other income/(expense), net | -0.7 | 1.2 | -1.2 | 2.2 |
Interest and debt expense, net | -5.1 | -4.5 | -15.6 | -12.6 |
Income before income taxes | 47.2 | 57 | 160 | 165.1 |
Provision for income taxes | 0.3 | 13.9 | 30 | 46.8 |
Net income | 46.9 | 43.1 | 130 | 118.3 |
Noncontrolling interest | -0.1 | -0.4 | 0.1 | -0.4 |
Net income attributable to Teledyne | $46.80 | $42.70 | $130.10 | $117.90 |
Basic earnings per common share (in USD per share) | $1.25 | $1.16 | $3.49 | $3.22 |
Weighted average common shares outstanding (in shares) | 37.3 | 36.7 | 37.3 | 36.6 |
Diluted earnings per common share (in USD per share) | $1.23 | $1.14 | $3.42 | $3.16 |
Weighted average diluted common shares outstanding (in shares) | 38.1 | 37.4 | 38 | 37.3 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Net income | $46.90 | $43.10 | $130 | $118.30 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign exchange translation adjustment | 21.7 | 16.2 | -7.7 | 18.6 |
Hedge activity and interest rate swap | 1.5 | 2.1 | -0.3 | 1.7 |
Pension and postretirement benefit adjustments | 5.2 | 3.4 | 16.3 | 9.8 |
Other comprehensive income, net of tax | 28.4 | 21.7 | 8.3 | 30.1 |
Comprehensive income | 75.3 | 64.8 | 138.3 | 148.4 |
Less amounts attributable to noncontrolling interest, net of tax: | ' | ' | ' | ' |
Net loss (income) | 0.1 | -0.4 | -0.1 | -0.4 |
Foreign exchange translation adjustment | -3.6 | 0 | -6.2 | 0 |
Other comprehensive income, net of tax | -3.5 | -0.4 | -6.3 | -0.4 |
Comprehensive income attributable to Teledyne | $71.80 | $64.40 | $132 | $148 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $88.70 | $45.80 |
Accounts receivable, net | 368.9 | 350.3 |
Inventories, net | 304 | 281.2 |
Deferred income taxes, net | 30.1 | 39.8 |
Prepaid expenses and other current assets | 51.2 | 27.7 |
Total current assets | 842.9 | 744.8 |
Property, plant and equipment, at cost, net of accumulated depreciation and amortization of $357.5 at September 29, 2013 and $327.9 at December 30, 2012 | 361 | 349.5 |
Goodwill, net | 1,030.30 | 990.2 |
Acquired intangibles, net | 274.2 | 265.7 |
Other assets, net | 112.3 | 56.2 |
Total Assets | 2,620.70 | 2,406.40 |
Current Liabilities | ' | ' |
Accounts payable | 160 | 148.6 |
Accrued liabilities | 242.1 | 256.7 |
Current portion of long-term debt and capital leases | 4.5 | 2 |
Total current liabilities | 406.6 | 407.3 |
Long-term debt and capital leases | 638.6 | 556.2 |
Accrued pension obligation | 10.7 | 57 |
Accrued postretirement benefits | 12.4 | 12.8 |
Other long-term liabilities | 192.8 | 169.7 |
Total Liabilities | 1,261.10 | 1,203 |
Stockholders’ Equity | ' | ' |
Preferred stock, $0.01 par value; outstanding shares-none | ' | ' |
Common stock, $0.01 par value; authorized 125 million shares; issued and outstanding shares; 37,490,566 at September 29, 2013 and 37,162,697 at December 30, 2012 | 0.4 | 0.4 |
Additional paid-in capital | 322.1 | 297.8 |
Retained earnings | 1,253 | 1,123 |
Accumulated other comprehensive loss | -265.1 | -273.4 |
Total Teledyne Stockholders’ Equity | 1,310.40 | 1,147.80 |
Noncontrolling interest | 49.2 | 55.6 |
Total Stockholders’ Equity | 1,359.60 | 1,203.40 |
Total Liabilities and Stockholders’ Equity | $2,620.70 | $2,406.40 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Accumulated depreciation and amortization | $357.50 | $327.90 |
Preferred stock, par value (in USD per share) | $0.01 | $0.01 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in USD per share) | $0.01 | $0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares outstanding | 37,490,566 | 37,162,697 |
Common stock, shares issued | 37,490,566 | 37,162,697 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $130 | $118.30 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 67.1 | 56.4 |
Deferred income taxes | 33.2 | -1.8 |
Stock option expense | 7.6 | 5.9 |
Excess income tax benefits from stock options exercised | -3.8 | -4.7 |
Changes in operating assets and liabilities, excluding the effect of businesses acquired: | ' | ' |
Accounts receivable | -0.1 | -27.1 |
Inventories | -10.2 | -12.9 |
Prepaid expenses and other assets | 0.9 | -2.6 |
Accounts payable | 2.2 | 26 |
Accrued liabilities | -16 | -35 |
Income taxes payable, net | -22.2 | 23.7 |
Long-term assets | -8.2 | -2.3 |
Other long-term liabilities | 4.9 | 11 |
Accrued pension obligation | -80.7 | -88.7 |
Accrued postretirement benefits | -0.5 | -0.8 |
Other operating, net | 1.4 | 2.2 |
Net cash provided by operating activities | 105.6 | 67.6 |
Investing Activities | ' | ' |
Purchases of property, plant and equipment | -54 | -43 |
Purchase of businesses and other investments | -106.4 | -389.2 |
Proceeds from the disposal of fixed assets | 0.2 | 1 |
Net cash used in investing activities | -160.2 | -431.2 |
Financing Activities | ' | ' |
Net proceeds from debt | 84 | 318.2 |
Proceeds from exercise of stock options | 10 | 12.2 |
Excess income tax benefits from stock options exercised | 3.8 | 4.7 |
Issuance of cash flow hedges | -0.3 | 3.3 |
Net cash provided by financing activities | 97.5 | 338.4 |
Increase (decrease) in cash and cash equivalents | 42.9 | -25.2 |
Cash and cash equivalents—beginning of period | 45.8 | 49.4 |
Cash and cash equivalents—end of period | $88.70 | $24.20 |
General
General | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||
General | ' | ||||||||||||||||
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 accounting principles generally accepted in the United States as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 30, 2012 (“2012 Form 10-K”). | |||||||||||||||||
In the opinion of Teledyne’s 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, 2013 and the consolidated results of operations, consolidated comprehensive income third quarter and nine months then ended and consolidated cash flows for the nine months then ended. The results of operations and cash flows for the period ended September 29, 2013 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 Pronouncements | |||||||||||||||||
Effective December 31, 2012, the Company adopted accounting guidance on the testing of indefinite-lived intangible assets for impairment. The guidance allows entities to first perform a qualitative assessment to determine the likelihood of an impairment for an indefinite-lived intangible asset and whether it is necessary to perform the quantitative impairment assessment currently required. The Company’s adoption of this guidance did not have any impact on Teledyne's financial position, results of operations or cash flows. | |||||||||||||||||
Effective December 31, 2012, the Company adopted accounting guidance which updates the presentation of reclassifications from comprehensive income to net income in consolidated financial statements. Under this guidance, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income (“AOCI”) either by the respective line items of net income or by cross-reference to other required disclosures. The guidance does not change the requirements for reporting net income or other comprehensive income in financial statements. As the guidance relates to presentation only, the adoption did not have any impact on Teledyne's financial position, results of operations or cash flows. | |||||||||||||||||
The changes in AOCI by component, net of tax, for the third quarter and first nine months ended September 29, 2013 are as follows (in millions): | |||||||||||||||||
Foreign Currency Translation | Cash Flow Hedges | Pension and Postretirement Benefits | Total | ||||||||||||||
Balance as of June 30, 2013 | $ | (46.6 | ) | $ | (3.7 | ) | $ | (243.2 | ) | $ | (293.5 | ) | |||||
Other comprehensive income (loss) before reclassifications | 21.7 | 0.8 | (0.2 | ) | 22.3 | ||||||||||||
Amounts reclassified from AOCI | — | 0.7 | 5.4 | 6.1 | |||||||||||||
Net other comprehensive income | 21.7 | 1.5 | 5.2 | 28.4 | |||||||||||||
Balance as of September 29, 2013 | $ | (24.9 | ) | $ | (2.2 | ) | $ | (238.0 | ) | $ | (265.1 | ) | |||||
Foreign Currency Translation | Cash Flow Hedges | Pension and Postretirement Benefits | Total | ||||||||||||||
Balance as of December 31, 2012 | $ | (17.2 | ) | $ | (1.9 | ) | $ | (254.3 | ) | $ | (273.4 | ) | |||||
Other comprehensive loss before reclassifications | (7.7 | ) | (1.3 | ) | — | (9.0 | ) | ||||||||||
Amounts reclassified from AOCI | — | 1 | 16.3 | 17.3 | |||||||||||||
Net other comprehensive income (loss) | (7.7 | ) | (0.3 | ) | 16.3 | 8.3 | |||||||||||
Balance as of September 29, 2013 | $ | (24.9 | ) | $ | (2.2 | ) | $ | (238.0 | ) | $ | (265.1 | ) | |||||
The reclassifications out of AOCI for the third quarter and first nine months of 2013 are as follows (in millions): | |||||||||||||||||
Amount Reclassified | Amount Reclassified | ||||||||||||||||
from AOCI | from AOCI | ||||||||||||||||
Third Quarter Ended | Nine Months Ended | Statement of Income | |||||||||||||||
29-Sep-13 | 29-Sep-13 | Presentation | |||||||||||||||
Loss on cash flow hedges: | |||||||||||||||||
Loss recognized in income on derivatives | $ | 0.9 | $ | 1.3 | Other expense | ||||||||||||
Income tax benefit | (0.2 | ) | (0.3 | ) | Income tax benefit | ||||||||||||
Total | $ | 0.7 | $ | 1 | |||||||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||||||||||
Amortization of prior service cost | $ | (1.3 | ) | $ | (3.9 | ) | Pension expense | ||||||||||
Amortization of net actuarial loss | 10.1 | 30.5 | Pension expense | ||||||||||||||
Total before tax | 8.8 | 26.6 | |||||||||||||||
Tax benefit | (3.4 | ) | $ | (10.3 | ) | Income tax benefit | |||||||||||
Total | $ | 5.4 | $ | 16.3 | |||||||||||||
Business_Combinations_and_Inve
Business Combinations and Investments, Goodwill and Acquired Intangible Assets | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Business Combinations and Investments, Goodwill and Acquired Intangible Assets [Abstract] | ' | ||||
Business Combinations and Investments, Goodwill and Acquired Intangible Assets | ' | ||||
Business Combinations and Investments, Goodwill and Acquired Intangible Assets | |||||
Teledyne spent $106.4 million and $389.2 million on acquisitions in the first nine months of 2013 and 2012, respectively. | |||||
On August 30, 2013, a subsidiary of Teledyne acquired the assets of SD Acquisition, Inc. d/b/a CETAC Technologies (“CETAC”) for $26.4 million. Teledyne expects to pay a $0.4 million purchase price adjustment in the fourth quarter. CETAC, headquartered in Omaha, Nebraska is a designer and manufacturer of automated sample handling and sample introduction equipment for laboratory instrumentation. CETAC had sales of $24.0 million for its fiscal year ended December 31, 2012, and is part of the Instrumentation segment. | |||||
On July 5, 2013, a subsidiary of Teledyne purchased the remaining 49% interest in Nova Research, Inc. (“Nova Sensors”) that it did not already own for $4.9 million. Nova Sensors is part of the Digital Imaging segment. In the third quarter of 2013, the Company spent $1.4 million on certain assets. | |||||
On May 8, 2013, a subsidiary of Teledyne acquired Axiom IC B.V. (“Axiom”), for an initial payment of $4.0 million, net of cash acquired, with an additional $1.3 million expected to be paid in equal installments over three years. Axiom is located in the Netherlands and is a fabless semiconductor company that develops high-performance CMOS mixed-signal integrated circuits and is part of the Digital Imaging segment. | |||||
On March 1, 2013, a subsidiary of Teledyne acquired all the outstanding shares of RESON A/S (“RESON”) for $69.7 million, net of cash acquired. RESON, headquartered in Slangerup, Denmark, provides multibeam sonar systems and specialty acoustic sensors for hydrography, global marine infrastructure and offshore energy operations. RESON had sales of €50.8 million for its fiscal year ended December 31, 2012 and is part of the Instrumentation segment. | |||||
On August 3, 2012, Teledyne acquired LeCroy Corporation (“LeCroy”) for $301.3 million, net of cash acquired. LeCroy, headquartered in Chestnut Ridge, New York is a leading supplier of oscilloscopes, protocol analyzers and signal integrity test solutions. LeCroy is part of the Instrumentation segment. | |||||
Also on August 3, 2012, a subsidiary of Teledyne acquired the parent company of PDM Neptec Limited (“PDM Neptec”) for $7.4 million in cash, net of cash acquired. PDM Neptec, located in Hampshire, United Kingdom, is part of the Instrumentation segment and operates as Teledyne Impulse-PDM Ltd. | |||||
On July 2, 2012, a subsidiary of Teledyne acquired BlueView Technologies Inc. (“BlueView”) for $16.3 million in cash, net of cash acquired. BlueView, located in Seattle, Washington, is part of the Instrumentation segment and operates as Teledyne BlueView, Inc. | |||||
On April 2, 2012, a subsidiary of Teledyne acquired a majority interest in the parent company of Optech Incorporated (“Optech”) for $27.9 million, net of $4.8 million in cash acquired. The purchase increased Teledyne’s ownership percentage to 51 percent from the original 19 percent interest purchased in the first quarter of 2011. With the April 2012 purchase, we now consolidate Optech’s financial results into Teledyne’s results with an appropriate adjustment for the minority ownership. At the time of the purchase, the value of Optech’s total equity was based on the same per share price as those shares purchased by Teledyne to obtain the majority interest in 2012 and the value of the non-controlling interest was 49.0% of Optech’s total equity and was equal to $49.8 million. The minority ownership of Optech was $49.2 million and $49.8 million at September 29, 2013 and December 30, 2012, respectively. Optech is part of the Digital Imaging segment. | |||||
On February 25, 2012, Teledyne acquired VariSystems Inc. (“VariSystems”) for $34.9 million, net of cash acquired. Teledyne paid a $1.4 million purchase price adjustment in the second quarter of 2012. VariSystems, headquartered in Calgary, Alberta, Canada, supplies custom harsh environment interconnects used in energy exploration and production. VariSystems is part of the Digital Imaging segment. | |||||
Teledyne funded the purchases primarily from borrowings under its credit facility and cash on hand. The results of these acquisitions have been included in Teledyne’s results since the dates of the respective acquisitions. | |||||
Teledyne’s goodwill was $1,030.3 million at September 29, 2013 and $990.2 million at December 30, 2012. The increase in the balance of goodwill in 2013 resulted from the CETAC, RESON and Axiom acquisitions partially offset by the impact of exchange rate changes and also reflected a $4.9 million reduction related to a purchase accounting adjustment for the LeCroy acquisition. In the second quarter of 2013, the Company identified an immaterial misstatement in purchase accounting related to the 2012 LeCroy acquisition after the allocation period had ended. The Company increased long term deferred tax assets by $4.9 million and reduced goodwill by the same amount in the second quarter of 2013. Teledyne’s net acquired intangible assets were $274.2 million at September 29, 2013 and $265.7 million at December 30, 2012. The increase in the balance of acquired intangible assets in 2013 primarily resulted from the CETAC and RESON acquisitions, partially offset by amortization and the impact of exchange rate changes. The Company’s cost to acquire CETAC, RESON and Axiom has been 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 has been recorded as goodwill. The Company has completed the process of specifically identifying the amounts assigned to assets and liabilities and acquired intangible assets and the related impact on goodwill for the RESON and Axiom acquisitions. The Company is still in the process of specifically identifying the amount to be assigned to certain liabilities and the related impact on taxes and goodwill for the CETAC acquisition. The Company made preliminary estimates as of September 29, 2013, since there was insufficient time between the acquisition date and the end of the period to finalize the analysis. | |||||
The following is a summary at the acquisition date of the estimated fair values allocated to the assets acquired and liabilities assumed for the acquisitions made in 2013, excluding the purchase of the remaining 49% interest in Nova Sensors. (in millions): | |||||
Current assets | $ | 36 | |||
Property, plant and equipment | 5.8 | ||||
Goodwill | 50.6 | ||||
Acquired intangible assets | 32.8 | ||||
Current liabilities | (18.7 | ) | |||
Long-term liabilities | (5.0 | ) | |||
Net assets acquired | $ | 101.5 | |||
Except for the CETAC acquisition, goodwill resulting from the acquisitions made in 2013 and 2012 will not be deductible for tax purposes. | |||||
The following table is a summary at the acquisition date of the acquired intangible assets and weighted average useful life in years for the acquisitions made in 2013, excluding the purchase of the remaining 49% interest in Nova Sensors (dollars in millions): | |||||
Amount | Weighted Average Useful Life in Years | ||||
Intangibles subject to amortization: | |||||
Proprietary Technology | $ | 13.6 | 9.4 | ||
Customer List/Relationships | 8.6 | 12 | |||
Backlog | 0.6 | 0.7 | |||
Total intangibles subject to amortization | 22.8 | 10.1 | |||
Intangibles not subject to amortization: | |||||
Trademarks and trade names | 10 | n/a | |||
Total intangibles not subject to amortization | 10 | ||||
Total acquired intangible assets | $ | 32.8 | |||
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Instruments | ' | |||||||||||||||
Derivative Instruments | ||||||||||||||||
Teledyne transacts business in various foreign currencies and has international sales and expenses denominated in foreign currencies, subjecting the Company to foreign currency risk. The Company’s primary foreign currency risk management objective is to protect the United States dollar value of future cash flows and minimize the volatility of reported earnings. The Company utilizes foreign currency forward contracts to reduce the volatility of cash flows primarily related to forecasted revenue and expenses denominated in Canadian dollars. These contracts are designated and qualify as cash flow hedges. | ||||||||||||||||
Cash Flow Hedging Activities | ||||||||||||||||
The effectiveness of the cash flow hedge contracts, excluding time value, is assessed prospectively and retrospectively on a monthly basis using regression analysis, as well as using other timing and probability criteria. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows on hedged transactions. The effective portion of the cash flow hedge contracts’ gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of AOCI in stockholders’ equity until the underlying hedged item is reflected in our consolidated statements of income, at which time the effective amount in AOCI is reclassified to cost of sales in our consolidated statements of income. The Company expects to reclassify a loss of approximately $0.1 million over the next 12 months based on the September 29, 2013 exchange rate. | ||||||||||||||||
In the event that the gains or losses in AOCI are deemed to be ineffective, the ineffective portion of gains or losses resulting from changes in fair value, if any, is reclassified to other income and expense. In the event that the underlying forecasted transactions do not occur, or it becomes remote that they will occur, within the defined hedge period, the gains or losses on the related cash flow hedges will be reclassified from AOCI to other income and expense. During the current reporting period, all forecasted transactions occurred and, therefore, there were no such gains or losses reclassified to other income and expense. As of September 29, 2013, Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $81.1 million and these contracts had a fair value of $0.2 million. These foreign currency forward contracts have maturities ranging from December 2013 to February 2015. | ||||||||||||||||
Non-Designated Hedging Activities | ||||||||||||||||
In addition, the Company utilizes foreign currency forward contracts to mitigate foreign exchange rate risk associated with foreign-currency-denominated monetary assets and liabilities, including intercompany receivables and payables. As of September 29, 2013, Teledyne had foreign currency contracts of this type in the following pairs (in millions): | ||||||||||||||||
Contracts to Buy | Contracts to Sell | |||||||||||||||
Currency | Amount | Currency | Amount | |||||||||||||
Canadian Dollars | C$ | 35.4 | U.S. Dollars | US$ | 34.3 | |||||||||||
Great Britain Pounds | £ | 12.7 | U.S. Dollars | US$ | 19.8 | |||||||||||
U.S. Dollars | US$ | 12.2 | Euros | € | 9.2 | |||||||||||
U.S. Dollars | US$ | 1.6 | Japanese Yen | ¥ | 158 | |||||||||||
Euros | € | 1 | Canadian Dollars | C$ | 1.4 | |||||||||||
Japanese Yen | ¥ | 86 | Canadian Dollars | C$ | 0.9 | |||||||||||
Singapore Dollars | S$ | 0.9 | U.S. Dollars | US$ | 0.7 | |||||||||||
The gains and losses on these derivatives which are not designated as hedging instruments are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings. All derivatives are recorded on the balance sheet at fair value. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. Teledyne does not use foreign currency forward contracts for speculative or trading purposes. | ||||||||||||||||
The effect of derivative instruments designated as cash flow hedges in our condensed consolidated financial statements for the third quarter and nine months ended September 29, 2013 and September 30, 2012 was as follows (in millions): | ||||||||||||||||
Third Quarter | Nine Months | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net gain (loss) recognized in AOCI (a) | $ | 1.1 | $ | 3.3 | $ | (1.6 | ) | $ | 2.6 | |||||||
Net loss reclassified from AOCI into cost of sales (a) | $ | (0.7 | ) | $ | (0.4 | ) | $ | (1.0 | ) | $ | (0.9 | ) | ||||
Net foreign exchange gain recognized in other income and expense (b) | $ | 0.2 | $ | 0.1 | $ | 0.4 | $ | 0.4 | ||||||||
(a) | Effective portion | |||||||||||||||
(b) | Amount excluded from effectiveness testing | |||||||||||||||
The effect of derivative instruments not designated as cash flow hedges recognized in other income and expense for the third quarter and nine months ended September 29, 2013 was a benefit of $1.0 million and an expense of $0.6 million respectively. The effect of derivative instruments not designated as cash flow hedges recognized in other income and expense for the third quarter and nine months ended September 30, 2012 was a benefit of $0.6 million and $0.4 million, respectively. | ||||||||||||||||
Fair Value of Derivative Financial Instruments | ||||||||||||||||
The fair values of the Company’s derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy (in millions): | ||||||||||||||||
Asset/(Liability) Derivatives | Balance sheet location | 29-Sep-13 | 30-Dec-12 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow forward contracts | Other assets | $ | 0.6 | $ | 0.8 | |||||||||||
Cash flow forward contracts | Accrued liabilities | (0.4 | ) | — | ||||||||||||
Total derivatives designated as hedging instruments | 0.2 | 0.8 | ||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Non-designated forward contracts | Other current assets | 1 | 0.1 | |||||||||||||
Non-designated forward contracts | Accrued liabilities | (0.5 | ) | (0.2 | ) | |||||||||||
Total derivatives not designated as hedging instruments | 0.5 | (0.1 | ) | |||||||||||||
Total asset derivatives | $ | 0.7 | $ | 0.7 | ||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic and diluted earnings per share were computed based on net earnings. The weighted average number of common shares outstanding during the period was used in the calculation of basic earnings per share. This number of shares was increased by contingent shares that could be issued under various compensation plans as well as by the dilutive effect of stock options based on the treasury stock method in the calculation of diluted earnings per share. | ||||||||||||||||
For the third quarter and first nine months of 2013 and 2012, no stock options were excluded in the computation of diluted earnings per share. The following table sets forth the computations of basic and diluted earnings per share (amounts in millions, except per share data): | ||||||||||||||||
Third Quarter | Nine Months | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to Teledyne | $ | 46.8 | $ | 42.7 | $ | 130.1 | $ | 117.9 | ||||||||
Basic earnings per share: | ||||||||||||||||
Weighted average common shares outstanding | 37.3 | 36.7 | 37.3 | 36.6 | ||||||||||||
Basic earnings per common share | $ | 1.25 | $ | 1.16 | $ | 3.49 | $ | 3.22 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Weighted average common shares outstanding | 37.3 | 36.7 | 37.3 | 36.6 | ||||||||||||
Dilutive effect of exercise of options outstanding | 0.8 | 0.7 | 0.7 | 0.7 | ||||||||||||
Weighted average diluted common shares outstanding | 38.1 | 37.4 | 38 | 37.3 | ||||||||||||
Diluted earnings per common share | $ | 1.23 | $ | 1.14 | $ | 3.42 | $ | 3.16 | ||||||||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 9 Months Ended | |||||||||||||
Sep. 29, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock-Based Compensation Plans | ' | |||||||||||||
Stock-Based Compensation Plans | ||||||||||||||
Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock and performance shares to certain employees. The Company also has non-employee director stock compensation plans, pursuant to which non-qualified stock options and common stock have been issued to its directors. | ||||||||||||||
Stock Incentive Plan | ||||||||||||||
The following disclosures are based on stock options granted to Teledyne’s employees and directors. The Company recorded a total of $3.0 million and $7.6 million in stock option compensation expense for the third quarter and first nine months of 2013, respectively. For the third quarter and first nine months of 2012, the company recorded a total of $2.3 million and $5.9 million, respectively. Employee stock option grants are charged to expense evenly over the three year vesting period. Director stock option grants are charged to expense evenly over the one-year vesting period. In 2013, the Company currently expects approximately $10.8 million in stock option compensation expense based on stock options already granted and current assumptions regarding the estimated fair value of stock option grants expected to be issued during the remainder of the year. However, our assessment of the estimated compensation expense will be affected by our stock price and actual stock option grants during the remainder of the year as well as assumptions regarding a number of complex and subjective variables and the related tax impact. These variables include, but are not limited to, the volatility of our stock price and employee stock option exercise behaviors. The Company issues shares of common stock upon the exercise of stock options. | ||||||||||||||
The Company uses a combination of its historical stock price volatility and the volatility of exchange traded options, if any, on the Company stock to compute the expected volatility for purposes of valuing stock options issued. The period used for the historical stock price corresponded to the expected term of the options and was seven years, three months. The period used for the exchange traded options, if any, included the longest-dated options publicly available, generally three months. The expected dividend yield is based on Teledyne’s practice of not paying dividends. The risk-free rate of return is based on the yield of U. S. Treasury Strips with terms equal to the expected life of the options as of the grant date. The expected life in years is based on historical actual stock option exercise experience. | ||||||||||||||
The following assumptions were used in the valuation of stock options granted in 2013 and 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
Expected dividend yield | — | — | ||||||||||||
Expected volatility | 31.9 | % | 34.1 | % | ||||||||||
Risk-free interest rate | 0.9 | % | 1.1 | % | ||||||||||
Expected life in years | 7.3 | 6.7 | ||||||||||||
Based on the assumptions in the table above, the grant date weighted average fair value of employee stock options granted in 2013 and 2012 was $27.17 and $23.90, respectively. | ||||||||||||||
Stock option transactions for Teledyne’s employee stock option plans for the third quarter and nine months ended September 29, 2013 are summarized as follows: | ||||||||||||||
2013 | ||||||||||||||
Third Quarter | Nine Months | |||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||
Average | Average | |||||||||||||
Exercise | Exercise | |||||||||||||
Price | Price | |||||||||||||
Beginning balance | 2,551,480 | $ | 52.95 | 2,203,005 | $ | 45.9 | ||||||||
Granted | — | $ | — | 573,724 | $ | 75.17 | ||||||||
Exercised | (67,814 | ) | $ | 38.31 | (257,463 | ) | $ | 37.87 | ||||||
Canceled or expired | — | $ | — | (35,600 | ) | $ | 55.81 | |||||||
Ending balance | 2,483,666 | $ | 53.35 | 2,483,666 | $ | 53.35 | ||||||||
Options exercisable at end of period | 1,469,655 | $ | 43.04 | 1,469,655 | $ | 43.04 | ||||||||
Stock option transactions for Teledyne’s non-employee director stock option plans for the third quarter and nine months ended September 29, 2013 are summarized as follows: | ||||||||||||||
2013 | ||||||||||||||
Third Quarter | Nine Months | |||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||
Average | Average | |||||||||||||
Exercise | Exercise | |||||||||||||
Price | Price | |||||||||||||
Beginning balance | 344,604 | $ | 43.43 | 308,908 | $ | 39.35 | ||||||||
Granted | 2,485 | $ | 51.89 | 41,914 | $ | 71.29 | ||||||||
Exercised | (4,000 | ) | $ | 46 | (7,403 | ) | $ | 29.5 | ||||||
Canceled or expired | — | $ | — | (330 | ) | $ | 40.7 | |||||||
Ending balance | 343,089 | $ | 43.46 | 343,089 | $ | 43.46 | ||||||||
Options exercisable at end of period | 300,394 | $ | 39.58 | 300,394 | $ | 39.58 | ||||||||
Performance Share Plan and Restricted Stock Award Program | ||||||||||||||
The first of three annual installments of the 2009 to 2011 Performance Share Plan was paid entirely in cash in the first quarter of 2012. For the second installment, 23,519 shares of Teledyne common stock were issued in the first quarter of 2013. Also in the first quarter of 2013, the restriction was removed for 39,687 shares of Teledyne common stock and 944 shares were forfeited related to the 2010 to 2012 Restricted Stock Award Program. In the first nine months of 2013, the Company granted 48,325 restricted stock units at a weighted average fair value of $66.65 per share. |
Cash_Equivalents
Cash Equivalents | 9 Months Ended |
Sep. 29, 2013 | |
Cash and Cash Equivalents [Abstract] | ' |
Cash Equivalents | ' |
Cash Equivalents | |
Cash equivalents consist of highly liquid money-market mutual funds and bank deposits with maturities of three months or less when purchased. Cash equivalents totaled $0.3 million at September 29, 2013 and $2.4 million at December 30, 2012. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are stated at the lower of cost or market, less progress payments. Inventories are valued under the FIFO method, LIFO method and average cost method. Inventories at cost determined on the average cost or the FIFO methods, were $241.9 million at September 29, 2013 and $214.3 million at December 30, 2012. The remainder of the inventories using the LIFO method were $89.6 million at September 29, 2013 and $91.5 million at December 30, 2012. Interim LIFO calculations are based on the Company’s estimates of expected year-end inventory levels and costs since an actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Because these are subject to many factors beyond the Company’s control, interim results are subject to the final year-end LIFO inventory valuation. Inventories consist of the following (in millions): | ||||||||
Balance at | 29-Sep-13 | 30-Dec-12 | ||||||
Raw materials and supplies | $ | 135.6 | $ | 129.4 | ||||
Work in process | 156.3 | 145.9 | ||||||
Finished goods | 39.6 | 30.5 | ||||||
331.5 | 305.8 | |||||||
Progress payments | (10.8 | ) | (7.3 | ) | ||||
LIFO reserve | (16.7 | ) | (17.3 | ) | ||||
Total inventories, net | $ | 304 | $ | 281.2 | ||||
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 9 Months Ended | |||||||||
Sep. 29, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Supplemental Balance Sheet Information | ' | |||||||||
Supplemental Balance Sheet Information | ||||||||||
The following table presents the balance of selected components of Teledyne’s balance sheet (in millions): | ||||||||||
Balance sheet items | Balance sheet location | 29-Sep-13 | 30-Dec-12 | |||||||
Deferred compensation assets | Other assets, net | $ | 41.8 | $ | 37.8 | |||||
Prepaid pension asset | Other assets, net | $ | 50.7 | $ | — | |||||
Salaries and wages | Accrued liabilities | $ | 91.4 | $ | 101.6 | |||||
Customer deposits and credits | Accrued liabilities | $ | 53.5 | $ | 66.5 | |||||
Deferred compensation liabilities | Other long-term liabilities | $ | 40.1 | $ | 36.1 | |||||
Deferred income taxes | Other long-term liabilities | $ | 51.9 | $ | 33.3 | |||||
During 2013, in an effort to reduce ongoing costs and improve operating performance the Company took actions to consolidate and relocate certain facilities and reduce headcount across various businesses. In connection with these efforts, for the first nine months of 2013, the Company incurred pretax charges totaling $18.7 million for severance and facility consolidation expense and environmental reserves. The charges were comprised of $7.0 million in severance related costs, $11.7 million in facility closure and relocation costs, which included $5.3 million of environmental reserves. The actions taken should be substantially complete by year end 2013. Total costs for these actions are expected to be $22.4 million for fiscal year 2013. At September 29, 2013, the Company has $11.1 million in short-term reserves related to these actions, which includes the $5.3 million of environmental reserves. | ||||||||||
Some of the Company’s products are subject to specified warranties and the Company provides for the estimated cost of product warranties. The adequacy of the pre-existing warranty liabilities is assessed regularly and the reserve is adjusted as necessary based on a review of historic warranty experience with respect to the applicable business or products, as well as the length and actual terms of the warranties, which are typically one year. The product warranty reserve is included in current and long term accrued liabilities on the balance sheet. Changes in the Company’s product warranty reserve during the first nine months of 2013 and 2012 are as follows (in millions): | ||||||||||
Nine Months | ||||||||||
2013 | 2012 | |||||||||
Balance at beginning of year | $ | 17.8 | $ | 13.3 | ||||||
Accruals for product warranties charged to expense | 4.7 | 7.7 | ||||||||
Cost of product warranty claims | (4.2 | ) | (4.4 | ) | ||||||
Acquisitions | 0.3 | 1.7 | ||||||||
Balance at end of period | $ | 18.6 | $ | 18.3 | ||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The income tax provision is calculated using an estimated annual effective tax rate, based upon expected annual income, permanent items, statutory rates and planned tax strategies in the various jurisdictions in which the Company operates. However, losses in certain jurisdictions and discrete items, such as the resolution of uncertain tax positions, are treated separately. | |
The Company’s effective income tax rate for the third quarter and first nine months of 2013 was 0.6% and 18.8%, respectively. The Company's effective income tax rate for the third quarter and first nine months of 2012 was 24.5% and 28.4%, respectively. The third quarter and first nine months of 2013 included net tax benefits for discrete items of $11.6 million and $15.2 million, respectively, compared with net tax benefits for discrete items of $3.1 million for the third quarter of 2012 and $4.3 million for the first nine months of 2012. The tax benefits for the third quarter and first nine months of 2013, included the remeasurement of uncertain tax positions, including expiration of statute of limitations and a favorable resolution of a tax matter. The tax benefits for the third quarter and first nine months of 2012, included the expiration of statute of limitations. Excluding net discrete tax benefits in all periods, the effective tax rates would have been 25.2% for the third quarter of 2013 and 28.3% for the first nine months of 2013 and 30.0% for the third quarter of 2012 and 31.0% for the first nine months of 2012. The decrease in the effective tax rates in both periods primarily reflected a change in the proportion of domestic and foreign income. | |
The Company has substantially concluded on all U.S. federal income tax matters for all years through 2009, California income tax matters for all years through 2006 and all material Canadian income tax matters for all years through 2010. The Company is currently under audit in California for tax years 2007 through 2009 and in Florida for tax years 2009 through 2011. The Company does not believe that the resolution of any of the audits will have a material adverse effect on the Company’s results of operations. Substantially all other material state and foreign income tax matters have been concluded for years through 2006. The Company’s intention is to indefinitely reinvest the earnings of its material non-U.S. subsidiaries. |
LongTerm_Debt_and_Capital_Leas
Long-Term Debt and Capital Leases | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt and Capital Leases | ' | |||||||
Long-Term Debt and Capital Leases | ||||||||
In March 2013, the Company amended its $550.0 million credit facility to increase the borrowing capacity to $750.0 million and extend the maturity date from February 2016 to March 1, 2018. The other material terms of the credit facility, including covenants, remain unchanged. Excluding interest and fees, no payments are due under the credit facility until it matures. In October 2012, Teledyne entered into $200.0 million of term loans that mature in October 2015. The proceeds were applied against the then $550.0 million revolving credit facility. The credit agreements require the Company to comply with various financial and operating covenants, including maintaining certain consolidated leverage and interest coverage ratios. Borrowings under our credit facility and term loans are at variable rates which are, at our option, tied to a Eurocurrency rate equal to LIBOR (London Interbank Offered Rate) plus an applicable rate or a base rate as defined in our credit agreements. Eurocurrency rate loans may be denominated in U.S. dollars or an alternative currency as defined in the agreement. Eurocurrency or LIBOR based loans under the facility typically have terms of one, two, three or six months and the interest rate for each such loan is subject to change if the loan is continued or converted following the applicable maturity date. The Company has not drawn any loans with a term longer than three months under the credit facility. Base rate loans have interest rates that primarily fluctuate with changes in the prime rate. Interest rates are also subject to change based on our consolidated leverage ratio as defined in the credit agreement. The credit agreement also provides for facility fees that vary between 0.125% and 0.30% of the credit line, depending on our consolidated leverage ratio as calculated from time to time. | ||||||||
Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $574.8 million at September 29, 2013. The credit agreement requires the Company to comply with various financial and operating covenants and at September 29, 2013, the Company was in compliance with these covenants. Teledyne also has a $5.0 million uncommitted credit line which permits credit extensions up to $5.0 million plus an incremental $2.0 million solely for standby letters of credit. No amounts were outstanding under this credit line at September 29, 2013 or December 30, 2012. This credit line is utilized, as needed, for periodic cash needs. Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The estimated fair value of Teledyne’s long-term debt at September 29, 2013 and December 30, 2012, approximated the carrying value. | ||||||||
Long-term debt consisted of the following (in millions): | ||||||||
Balance at | September 29, 2013 | December 30, 2012 | ||||||
4.04% Notes due September 2015 | $ | 75 | $ | 75 | ||||
4.74% Notes due September 2017 | 100 | 100 | ||||||
5.30% Notes due September 2020 | 75 | 75 | ||||||
Term loans due October 2015, weighted average rate of 1.43% | 200 | 200 | ||||||
Other debt at various rates due through 2018 (excluding the current portion) | 14.6 | 14.3 | ||||||
$750.0 million revolving credit facility, weighted average rate of 1.67% at September 29, 2013 and 2.82% at December 30, 2012 | 161.5 | 79.1 | ||||||
Total long-term debt | $ | 626.1 | $ | 543.4 | ||||
As September 29, 2013 the Company has $14.2 million in capital leases, of which $1.7 million is current. At December 30, 2012 the Company had $14.3 million in capital leases, of which $1.5 million was current. At September 29, 2013, Teledyne had $14.4 million in outstanding letters of credit. |
Lawsuits_Claims_Commitments_Co
Lawsuits, Claims, Commitments, Contingencies and Related Matters | 9 Months Ended |
Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Lawsuits, Claims, Commitments, Contingencies and Related Matters | ' |
Lawsuits, Claims, Commitments, Contingencies and Related Matters | |
For a further description of the Company’s commitments and contingencies, reference is made to Note 15 of the Company's financial statements as of and for the fiscal year ended December 30, 2012, included in our 2012 Form 10-K. | |
At September 29, 2013, the Company’s reserves for environmental remediation obligations totaled $8.7 million, of which $5.7 million is included in current accrued liabilities. The increase in the third quarter of 2013 includes the $5.3 million in environmental reserves recorded in connection with the facility closure and relocation costs. The Company periodically evaluates whether it may be able to recover a portion of future costs for environmental liabilities from its insurance carriers and from third parties. The timing of expenditures depends on a number of factors that vary by site, including the nature and extent of contamination, the number of potentially responsible parties, the timing of regulatory approvals, the complexity of the investigation and remediation, and the standards for remediation. The Company expects that it will expend present accruals over many years, and will complete remediation of all sites with which it has been identified in up to 30 years. | |
A number of other lawsuits, claims and proceedings have been or may be asserted against the Company, including those pertaining to product liability, acquisitions, patent infringement, commercial contracts, employment and employee benefits. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on the Company’s financial condition. The resolution in any reporting period of one or more of these matters could have a material adverse effect on the Company’s results of operations for that period. | |
In March 2009, Cold Creek Enterprises, Inc. and Bob DaSilva commenced a lawsuit against DALSA Corporation and certain related entities in the Ontario Superior Court of Justice. The claims originate from the interest of Mr. DaSilva’s company in DALSA Digital Camera Inc., a joint venture entered into in November 2004 and a discontinued business of DALSA since the third quarter of 2008. The lawsuit seeks various forms of relief, including damages in excess of CAD $20.0 million. The lawsuit is being vigorously defended, and a counterclaim has been filed against the plaintiff. |
Pension_Plans_and_Postretireme
Pension Plans and Postretirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension Plans and Postretirement Benefits | ' | |||||||||||||||
Pension Plans and Postretirement Benefits | ||||||||||||||||
Teledyne’s pension expense was $4.3 million and $13.0 million for the third quarter and first nine months of 2013, respectively, compared with pension expense of $1.7 million and $5.0 million the third quarter and first nine months of 2012, respectively. The increase in pension expense primarily reflected the impact of using a 4.4 percent discount rate to determine the benefit obligation for the domestic plan in 2013 compared with a 5.5 percent discount rate used in 2012. Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards (“CAS”) was $3.6 million and $10.8 million for the third quarter and first nine months of 2013, respectively, compared with $3.1 million and $9.0 million for the third quarter and first nine months of 2012, respectively. Pension expense determined under CAS can generally be recovered through the pricing of products and services sold to the U.S. Government. Teledyne made a voluntary cash pension contribution of $83.0 million to its domestic pension plan in the first nine months of 2013, compared with voluntary cash pension contributions totaling $92.8 million to its domestic pension plan in the first nine months of 2012. No further cash pension contributions are planned for the remainder of 2013 for the domestic pension plan. | ||||||||||||||||
The Company sponsors several postretirement defined benefit plans that provide health care and life insurance benefits for certain eligible retirees. The following tables set forth the components of net periodic pension benefit expense for Teledyne’s pension plans and postretirement benefit plans for the third quarter and first nine months of 2013 and 2012 (in millions): | ||||||||||||||||
Third Quarter | Nine Months | |||||||||||||||
Pension Benefits | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost — benefits earned during the period | $ | 3.8 | $ | 3.2 | $ | 11.4 | $ | 9.5 | ||||||||
Interest cost on benefit obligation | 9.5 | 10.3 | 28.6 | 30.9 | ||||||||||||
Expected return on plan assets | (18.0 | ) | (16.7 | ) | (54.1 | ) | (50.2 | ) | ||||||||
Amortization of prior service cost | (1.1 | ) | (1.2 | ) | (3.4 | ) | (3.5 | ) | ||||||||
Amortization of net actuarial loss | 10.1 | 6.1 | 30.5 | 18.3 | ||||||||||||
Net periodic benefit expense | $ | 4.3 | $ | 1.7 | $ | 13 | $ | 5 | ||||||||
Third Quarter | Nine Months | |||||||||||||||
Postretirement Benefits | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest cost on benefit obligation | $ | 0.2 | $ | 0.2 | 0.5 | 0.6 | ||||||||||
Amortization of prior service cost | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.3 | ) | ||||||||
Amortization of net actuarial gain | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.3 | ) | ||||||||
Net periodic benefit (income) expense | $ | — | $ | — | $ | (0.1 | ) | $ | — | |||||||
Industry_Segments
Industry Segments | 9 Months Ended | |||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Industry Segments | ' | |||||||||||||||||||||
Industry Segments | ||||||||||||||||||||||
Teledyne is a leading provider of sophisticated instrumentation, digital imaging products and software, 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. | ||||||||||||||||||||||
In the second quarter of 2013, the Company changed the reporting structure of two of its interconnect business units. The two interconnect business units were formerly reported as part of the Aerospace and Defense Electronics segment and are now reported as part of the Instrumentation segment. These business units primarily serve energy production markets and are now managed by and integrated with our other interconnect businesses within Teledyne Oil & Gas, which is part of the marine instrumentation product line. Previously reported segment data has been restated to reflect this change. Total sales for the two business units transferred to the Instrumentation segment from the Aerospace and Defense Electronics segment were $55.3 million for fiscal year 2012. | ||||||||||||||||||||||
The Company has four reportable segments: Instrumentation; Digital Imaging; Aerospace and Defense Electronics; and Engineered Systems. The Company manages, evaluates and aggregates its operating segments for segment reporting purposes primarily on the basis of product and service type, production process, distribution methods, type of customer, management organization, sales growth potential and long-term profitability. The Instrumentation segment provides monitoring and control equipment for marine, environmental, scientific, industrial and defense applications, electronic test and measurement instruments and harsh environment interconnect products. The Digital Imaging segment includes high performance sensors, cameras and systems, within the visible, infrared and X-ray spectra, for use in industrial, government and medical applications, as well as MEMS. It also includes our sponsored and centralized research laboratories benefiting government programs and businesses. The Aerospace and Defense Electronics segment provides sophisticated electronic components and subsystems and communications products, including defense electronics, harsh environment interconnects, data acquisition and communications equipment for aircraft and components and subsystems for wireless and satellite communications, as well as general aviation batteries. The Engineered Systems segment provides innovative systems engineering and integration, advanced technology application, software development and manufacturing solutions for defense, space, environmental and energy applications. The Engineered Systems segment also designs and manufactures electrochemical energy systems and small turbine engines. | ||||||||||||||||||||||
Segment operating profit includes other income and expense directly related to the segment, but excludes noncontrolling interest, interest income and expense, gains and losses on the disposition of assets, sublease rental income and non-revenue licensing and royalty income, domestic and foreign income taxes and corporate office expenses. | ||||||||||||||||||||||
The third quarter and first nine months of 2013 reflected pretax charges totaling $14.3 million and $18.7 million, respectively, for severance and facility consolidation expense and environmental reserves. For the third quarter of 2013 the charges impacted each business segment as follows: Aerospace and Defense Electronics, $8.7 million; Engineered Systems, $2.7 million; Digital Imaging, $1.9 million; and Instrumentation, $1.0 million. The first nine months of 2013 the charges impacted each business segment as follows: Aerospace and Defense Electronics, $12.2 million; Engineered Systems, $2.9 million; Digital Imaging, $2.3 million; and Instrumentation, $1.3 million. | ||||||||||||||||||||||
The following table presents Teledyne’s interim industry segment disclosures for net sales and operating profit including other segment income. The table also provides a reconciliation of segment operating profit to total net income attributable to Teledyne (dollars in millions): | ||||||||||||||||||||||
Third Quarter | Third Quarter | % | Nine Months | Nine Months | % | |||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||||
Net sales: | ||||||||||||||||||||||
Instrumentation (a) | $ | 256.6 | $ | 206.3 | 24.4 | % | $ | 747 | $ | 561.1 | 33.1 | % | ||||||||||
Digital Imaging | 105.2 | 108.1 | (2.7 | )% | 311.9 | 313.2 | (0.4 | )% | ||||||||||||||
Aerospace and Defense Electronics (a) | 143.1 | 151.7 | (5.7 | )% | 475.7 | 453.5 | 4.9 | % | ||||||||||||||
Engineered Systems | 66.7 | 81.3 | (18.0 | )% | 207.4 | 232.1 | (10.6 | )% | ||||||||||||||
Total net sales | $ | 571.6 | $ | 547.4 | 4.4 | % | $ | 1,742.00 | $ | 1,559.90 | 11.7 | % | ||||||||||
Segment operating profit: | ||||||||||||||||||||||
Instrumentation (a) | $ | 39.9 | $ | 31.8 | 25.5 | % | $ | 117.6 | $ | 98.1 | 19.9 | % | ||||||||||
Digital Imaging | 11.5 | 7.6 | 51.3 | % | 24.6 | 19.4 | 26.8 | % | ||||||||||||||
Aerospace and Defense Electronics (a) | 9.3 | 22.2 | (58.1 | )% | 50.1 | 62.9 | (20.3 | )% | ||||||||||||||
Engineered Systems | 2.7 | 8.3 | (67.5 | )% | 14.8 | 21.9 | (32.4 | )% | ||||||||||||||
Total segment operating profit | 63.4 | 69.9 | (9.3 | )% | 207.1 | 202.3 | 2.4 | % | ||||||||||||||
Corporate expense | (10.4 | ) | (9.6 | ) | 8.3 | % | (30.3 | ) | (26.8 | ) | 13.1 | % | ||||||||||
Other income/(expense), net | (0.7 | ) | 1.2 | * | (1.2 | ) | 2.2 | * | ||||||||||||||
Interest and debt expense, net | (5.1 | ) | (4.5 | ) | 13.3 | % | (15.6 | ) | (12.6 | ) | 23.8 | % | ||||||||||
Income before income taxes | 47.2 | 57 | (17.2 | )% | 160 | 165.1 | (3.1 | )% | ||||||||||||||
Provision for income taxes | 0.3 | 13.9 | (97.8 | )% | 30 | 46.8 | (35.9 | )% | ||||||||||||||
Net income | 46.9 | 43.1 | 8.8 | % | 130 | 118.3 | 9.9 | % | ||||||||||||||
Noncontrolling interest | (0.1 | ) | (0.4 | ) | (75.0 | )% | 0.1 | (0.4 | ) | * | ||||||||||||
Net income attributable to Teledyne | $ | 46.8 | $ | 42.7 | 9.6 | % | $ | 130.1 | $ | 117.9 | 10.3 | % | ||||||||||
* not meaningful | ||||||||||||||||||||||
(a) | Our previously reported 2012 segment data has been restated to reflect a revised segment reporting structure adopted in the second quarter of 2013. The change only impacted the Instrumentation and Aerospace and Defense Electronics Segment. | |||||||||||||||||||||
Product Lines | ||||||||||||||||||||||
The Instrumentation segment includes three product lines: Environmental Instrumentation, Marine Instrumentation and Test and Measurement Instrumentation. The Digital Imaging segment contains one product line as does the Aerospace and Defense Electronics segment. The Engineered Systems segment includes three product lines: Engineered Products and Services, Turbine Engines and Energy Systems. | ||||||||||||||||||||||
The tables below provide a summary of the sales by product line for the Instrumentation segment and the Engineered Systems segment (in millions): | ||||||||||||||||||||||
Third Quarter | Nine Months | |||||||||||||||||||||
Instrumentation | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Environmental Instrumentation | $ | 59.1 | $ | 57.5 | $ | 187 | $ | 187.8 | ||||||||||||||
Marine Instrumentation | 151.6 | 114.6 | 424.3 | 339.1 | ||||||||||||||||||
Test and Measurement Instrumentation | 45.9 | 34.2 | 135.7 | 34.2 | ||||||||||||||||||
Total | $ | 256.6 | $ | 206.3 | $ | 747 | $ | 561.1 | ||||||||||||||
Third Quarter | Nine Months | |||||||||||||||||||||
Engineered Systems | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Engineered Products and Services | $ | 51.1 | $ | 67.6 | $ | 163.4 | $ | 185.5 | ||||||||||||||
Turbine Engines | 6.4 | 6.3 | 21.1 | 19.2 | ||||||||||||||||||
Energy Systems | 9.2 | 7.4 | 22.9 | 27.4 | ||||||||||||||||||
Total | $ | 66.7 | $ | 81.3 | $ | 207.4 | $ | 232.1 | ||||||||||||||
Subsequent_Event_Notes
Subsequent Event (Notes) | 9 Months Ended |
Sep. 29, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
On October 22, 2013, a subsidiary of Teledyne acquired C.D. Limited for $22.5 million in cash. C.D. Limited, headquartered in Aberdeen, Scotland, is a leading supplier of subsea inertial navigation systems and motion sensors for a variety of marine applications and is part of the Instrumentation segment. |
General_Policies
General (Policies) | 9 Months Ended |
Sep. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
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 accounting principles generally accepted in the United States as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 30, 2012 (“2012 Form 10-K”). | |
In the opinion of Teledyne’s 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, 2013 and the consolidated results of operations, consolidated comprehensive income third quarter and nine months then ended and consolidated cash flows for the nine months then ended. The results of operations and cash flows for the period ended September 29, 2013 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 Pronouncements | ' |
Recent Accounting Pronouncements | |
Effective December 31, 2012, the Company adopted accounting guidance on the testing of indefinite-lived intangible assets for impairment. The guidance allows entities to first perform a qualitative assessment to determine the likelihood of an impairment for an indefinite-lived intangible asset and whether it is necessary to perform the quantitative impairment assessment currently required. The Company’s adoption of this guidance did not have any impact on Teledyne's financial position, results of operations or cash flows. | |
Effective December 31, 2012, the Company adopted accounting guidance which updates the presentation of reclassifications from comprehensive income to net income in consolidated financial statements. Under this guidance, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income (“AOCI”) either by the respective line items of net income or by cross-reference to other required disclosures. The guidance does not change the requirements for reporting net income or other comprehensive income in financial statements. As the guidance relates to presentation only, the adoption did not have any impact on Teledyne's financial position, results of operations or cash flows. |
General_Tables
General (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||
Changes in AOCI by Component | ' | ||||||||||||||||
The changes in AOCI by component, net of tax, for the third quarter and first nine months ended September 29, 2013 are as follows (in millions): | |||||||||||||||||
Foreign Currency Translation | Cash Flow Hedges | Pension and Postretirement Benefits | Total | ||||||||||||||
Balance as of June 30, 2013 | $ | (46.6 | ) | $ | (3.7 | ) | $ | (243.2 | ) | $ | (293.5 | ) | |||||
Other comprehensive income (loss) before reclassifications | 21.7 | 0.8 | (0.2 | ) | 22.3 | ||||||||||||
Amounts reclassified from AOCI | — | 0.7 | 5.4 | 6.1 | |||||||||||||
Net other comprehensive income | 21.7 | 1.5 | 5.2 | 28.4 | |||||||||||||
Balance as of September 29, 2013 | $ | (24.9 | ) | $ | (2.2 | ) | $ | (238.0 | ) | $ | (265.1 | ) | |||||
Foreign Currency Translation | Cash Flow Hedges | Pension and Postretirement Benefits | Total | ||||||||||||||
Balance as of December 31, 2012 | $ | (17.2 | ) | $ | (1.9 | ) | $ | (254.3 | ) | $ | (273.4 | ) | |||||
Other comprehensive loss before reclassifications | (7.7 | ) | (1.3 | ) | — | (9.0 | ) | ||||||||||
Amounts reclassified from AOCI | — | 1 | 16.3 | 17.3 | |||||||||||||
Net other comprehensive income (loss) | (7.7 | ) | (0.3 | ) | 16.3 | 8.3 | |||||||||||
Balance as of September 29, 2013 | $ | (24.9 | ) | $ | (2.2 | ) | $ | (238.0 | ) | $ | (265.1 | ) | |||||
The reclassifications out of AOCI for the third quarter and first nine months of 2013 are as follows (in millions): | |||||||||||||||||
Amount Reclassified | Amount Reclassified | ||||||||||||||||
from AOCI | from AOCI | ||||||||||||||||
Third Quarter Ended | Nine Months Ended | Statement of Income | |||||||||||||||
29-Sep-13 | 29-Sep-13 | Presentation | |||||||||||||||
Loss on cash flow hedges: | |||||||||||||||||
Loss recognized in income on derivatives | $ | 0.9 | $ | 1.3 | Other expense | ||||||||||||
Income tax benefit | (0.2 | ) | (0.3 | ) | Income tax benefit | ||||||||||||
Total | $ | 0.7 | $ | 1 | |||||||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||||||||||
Amortization of prior service cost | $ | (1.3 | ) | $ | (3.9 | ) | Pension expense | ||||||||||
Amortization of net actuarial loss | 10.1 | 30.5 | Pension expense | ||||||||||||||
Total before tax | 8.8 | 26.6 | |||||||||||||||
Tax benefit | (3.4 | ) | $ | (10.3 | ) | Income tax benefit | |||||||||||
Total | $ | 5.4 | $ | 16.3 | |||||||||||||
Business_Combinations_and_Inve1
Business Combinations and Investments, Goodwill and Acquired Intangible Assets (Tables) | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Business Combinations and Investments, Goodwill and Acquired Intangible Assets [Abstract] | ' | ||||
Estimated fair values of the assets acquired and liabilities | ' | ||||
The following is a summary at the acquisition date of the estimated fair values allocated to the assets acquired and liabilities assumed for the acquisitions made in 2013, excluding the purchase of the remaining 49% interest in Nova Sensors. (in millions): | |||||
Current assets | $ | 36 | |||
Property, plant and equipment | 5.8 | ||||
Goodwill | 50.6 | ||||
Acquired intangible assets | 32.8 | ||||
Current liabilities | (18.7 | ) | |||
Long-term liabilities | (5.0 | ) | |||
Net assets acquired | $ | 101.5 | |||
Acquired intangible assets | ' | ||||
The following table is a summary at the acquisition date of the acquired intangible assets and weighted average useful life in years for the acquisitions made in 2013, excluding the purchase of the remaining 49% interest in Nova Sensors (dollars in millions): | |||||
Amount | Weighted Average Useful Life in Years | ||||
Intangibles subject to amortization: | |||||
Proprietary Technology | $ | 13.6 | 9.4 | ||
Customer List/Relationships | 8.6 | 12 | |||
Backlog | 0.6 | 0.7 | |||
Total intangibles subject to amortization | 22.8 | 10.1 | |||
Intangibles not subject to amortization: | |||||
Trademarks and trade names | 10 | n/a | |||
Total intangibles not subject to amortization | 10 | ||||
Total acquired intangible assets | $ | 32.8 | |||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts | ' | |||||||||||||||
As of September 29, 2013, Teledyne had foreign currency contracts of this type in the following pairs (in millions): | ||||||||||||||||
Contracts to Buy | Contracts to Sell | |||||||||||||||
Currency | Amount | Currency | Amount | |||||||||||||
Canadian Dollars | C$ | 35.4 | U.S. Dollars | US$ | 34.3 | |||||||||||
Great Britain Pounds | £ | 12.7 | U.S. Dollars | US$ | 19.8 | |||||||||||
U.S. Dollars | US$ | 12.2 | Euros | € | 9.2 | |||||||||||
U.S. Dollars | US$ | 1.6 | Japanese Yen | ¥ | 158 | |||||||||||
Euros | € | 1 | Canadian Dollars | C$ | 1.4 | |||||||||||
Japanese Yen | ¥ | 86 | Canadian Dollars | C$ | 0.9 | |||||||||||
Singapore Dollars | S$ | 0.9 | U.S. Dollars | US$ | 0.7 | |||||||||||
Effect of Derivative Instruments Designated as Cash Flow Hedges | ' | |||||||||||||||
The effect of derivative instruments designated as cash flow hedges in our condensed consolidated financial statements for the third quarter and nine months ended September 29, 2013 and September 30, 2012 was as follows (in millions): | ||||||||||||||||
Third Quarter | Nine Months | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net gain (loss) recognized in AOCI (a) | $ | 1.1 | $ | 3.3 | $ | (1.6 | ) | $ | 2.6 | |||||||
Net loss reclassified from AOCI into cost of sales (a) | $ | (0.7 | ) | $ | (0.4 | ) | $ | (1.0 | ) | $ | (0.9 | ) | ||||
Net foreign exchange gain recognized in other income and expense (b) | $ | 0.2 | $ | 0.1 | $ | 0.4 | $ | 0.4 | ||||||||
(a) | Effective portion | |||||||||||||||
(b) | Amount excluded from effectiveness testing | |||||||||||||||
Fair Values of Derivative Financial Instruments | ' | |||||||||||||||
The fair values of the Company’s derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy (in millions): | ||||||||||||||||
Asset/(Liability) Derivatives | Balance sheet location | 29-Sep-13 | 30-Dec-12 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow forward contracts | Other assets | $ | 0.6 | $ | 0.8 | |||||||||||
Cash flow forward contracts | Accrued liabilities | (0.4 | ) | — | ||||||||||||
Total derivatives designated as hedging instruments | 0.2 | 0.8 | ||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Non-designated forward contracts | Other current assets | 1 | 0.1 | |||||||||||||
Non-designated forward contracts | Accrued liabilities | (0.5 | ) | (0.2 | ) | |||||||||||
Total derivatives not designated as hedging instruments | 0.5 | (0.1 | ) | |||||||||||||
Total asset derivatives | $ | 0.7 | $ | 0.7 | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computations of basic and diluted earnings per share | ' | |||||||||||||||
The following table sets forth the computations of basic and diluted earnings per share (amounts in millions, except per share data): | ||||||||||||||||
Third Quarter | Nine Months | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to Teledyne | $ | 46.8 | $ | 42.7 | $ | 130.1 | $ | 117.9 | ||||||||
Basic earnings per share: | ||||||||||||||||
Weighted average common shares outstanding | 37.3 | 36.7 | 37.3 | 36.6 | ||||||||||||
Basic earnings per common share | $ | 1.25 | $ | 1.16 | $ | 3.49 | $ | 3.22 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Weighted average common shares outstanding | 37.3 | 36.7 | 37.3 | 36.6 | ||||||||||||
Dilutive effect of exercise of options outstanding | 0.8 | 0.7 | 0.7 | 0.7 | ||||||||||||
Weighted average diluted common shares outstanding | 38.1 | 37.4 | 38 | 37.3 | ||||||||||||
Diluted earnings per common share | $ | 1.23 | $ | 1.14 | $ | 3.42 | $ | 3.16 | ||||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 29, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Valuation of stock options granted | ' | |||||||||||||
The following assumptions were used in the valuation of stock options granted in 2013 and 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
Expected dividend yield | — | — | ||||||||||||
Expected volatility | 31.9 | % | 34.1 | % | ||||||||||
Risk-free interest rate | 0.9 | % | 1.1 | % | ||||||||||
Expected life in years | 7.3 | 6.7 | ||||||||||||
Stock option transactions for employee stock option plans | ' | |||||||||||||
Stock option transactions for Teledyne’s employee stock option plans for the third quarter and nine months ended September 29, 2013 are summarized as follows: | ||||||||||||||
2013 | ||||||||||||||
Third Quarter | Nine Months | |||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||
Average | Average | |||||||||||||
Exercise | Exercise | |||||||||||||
Price | Price | |||||||||||||
Beginning balance | 2,551,480 | $ | 52.95 | 2,203,005 | $ | 45.9 | ||||||||
Granted | — | $ | — | 573,724 | $ | 75.17 | ||||||||
Exercised | (67,814 | ) | $ | 38.31 | (257,463 | ) | $ | 37.87 | ||||||
Canceled or expired | — | $ | — | (35,600 | ) | $ | 55.81 | |||||||
Ending balance | 2,483,666 | $ | 53.35 | 2,483,666 | $ | 53.35 | ||||||||
Options exercisable at end of period | 1,469,655 | $ | 43.04 | 1,469,655 | $ | 43.04 | ||||||||
Stock option transactions for non-employee stock option plans | ' | |||||||||||||
Stock option transactions for Teledyne’s non-employee director stock option plans for the third quarter and nine months ended September 29, 2013 are summarized as follows: | ||||||||||||||
2013 | ||||||||||||||
Third Quarter | Nine Months | |||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||
Average | Average | |||||||||||||
Exercise | Exercise | |||||||||||||
Price | Price | |||||||||||||
Beginning balance | 344,604 | $ | 43.43 | 308,908 | $ | 39.35 | ||||||||
Granted | 2,485 | $ | 51.89 | 41,914 | $ | 71.29 | ||||||||
Exercised | (4,000 | ) | $ | 46 | (7,403 | ) | $ | 29.5 | ||||||
Canceled or expired | — | $ | — | (330 | ) | $ | 40.7 | |||||||
Ending balance | 343,089 | $ | 43.46 | 343,089 | $ | 43.46 | ||||||||
Options exercisable at end of period | 300,394 | $ | 39.58 | 300,394 | $ | 39.58 | ||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consist of the following (in millions): | ||||||||
Balance at | 29-Sep-13 | 30-Dec-12 | ||||||
Raw materials and supplies | $ | 135.6 | $ | 129.4 | ||||
Work in process | 156.3 | 145.9 | ||||||
Finished goods | 39.6 | 30.5 | ||||||
331.5 | 305.8 | |||||||
Progress payments | (10.8 | ) | (7.3 | ) | ||||
LIFO reserve | (16.7 | ) | (17.3 | ) | ||||
Total inventories, net | $ | 304 | $ | 281.2 | ||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 9 Months Ended | |||||||||
Sep. 29, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Selected components of balance sheet | ' | |||||||||
The following table presents the balance of selected components of Teledyne’s balance sheet (in millions): | ||||||||||
Balance sheet items | Balance sheet location | 29-Sep-13 | 30-Dec-12 | |||||||
Deferred compensation assets | Other assets, net | $ | 41.8 | $ | 37.8 | |||||
Prepaid pension asset | Other assets, net | $ | 50.7 | $ | — | |||||
Salaries and wages | Accrued liabilities | $ | 91.4 | $ | 101.6 | |||||
Customer deposits and credits | Accrued liabilities | $ | 53.5 | $ | 66.5 | |||||
Deferred compensation liabilities | Other long-term liabilities | $ | 40.1 | $ | 36.1 | |||||
Deferred income taxes | Other long-term liabilities | $ | 51.9 | $ | 33.3 | |||||
Company's product warranty reserve | ' | |||||||||
Changes in the Company’s product warranty reserve during the first nine months of 2013 and 2012 are as follows (in millions): | ||||||||||
Nine Months | ||||||||||
2013 | 2012 | |||||||||
Balance at beginning of year | $ | 17.8 | $ | 13.3 | ||||||
Accruals for product warranties charged to expense | 4.7 | 7.7 | ||||||||
Cost of product warranty claims | (4.2 | ) | (4.4 | ) | ||||||
Acquisitions | 0.3 | 1.7 | ||||||||
Balance at end of period | $ | 18.6 | $ | 18.3 | ||||||
LongTerm_Debt_and_Capital_Leas1
Long-Term Debt and Capital Leases (Tables) | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of Long-Term Debt | ' | |||||||
Long-term debt consisted of the following (in millions): | ||||||||
Balance at | September 29, 2013 | December 30, 2012 | ||||||
4.04% Notes due September 2015 | $ | 75 | $ | 75 | ||||
4.74% Notes due September 2017 | 100 | 100 | ||||||
5.30% Notes due September 2020 | 75 | 75 | ||||||
Term loans due October 2015, weighted average rate of 1.43% | 200 | 200 | ||||||
Other debt at various rates due through 2018 (excluding the current portion) | 14.6 | 14.3 | ||||||
$750.0 million revolving credit facility, weighted average rate of 1.67% at September 29, 2013 and 2.82% at December 30, 2012 | 161.5 | 79.1 | ||||||
Total long-term debt | $ | 626.1 | $ | 543.4 | ||||
Pension_Plans_and_Postretireme1
Pension Plans and Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Defined benefit pension plans and postretirement benefit plans | ' | |||||||||||||||
The following tables set forth the components of net periodic pension benefit expense for Teledyne’s pension plans and postretirement benefit plans for the third quarter and first nine months of 2013 and 2012 (in millions): | ||||||||||||||||
Third Quarter | Nine Months | |||||||||||||||
Pension Benefits | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost — benefits earned during the period | $ | 3.8 | $ | 3.2 | $ | 11.4 | $ | 9.5 | ||||||||
Interest cost on benefit obligation | 9.5 | 10.3 | 28.6 | 30.9 | ||||||||||||
Expected return on plan assets | (18.0 | ) | (16.7 | ) | (54.1 | ) | (50.2 | ) | ||||||||
Amortization of prior service cost | (1.1 | ) | (1.2 | ) | (3.4 | ) | (3.5 | ) | ||||||||
Amortization of net actuarial loss | 10.1 | 6.1 | 30.5 | 18.3 | ||||||||||||
Net periodic benefit expense | $ | 4.3 | $ | 1.7 | $ | 13 | $ | 5 | ||||||||
Third Quarter | Nine Months | |||||||||||||||
Postretirement Benefits | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest cost on benefit obligation | $ | 0.2 | $ | 0.2 | 0.5 | 0.6 | ||||||||||
Amortization of prior service cost | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.3 | ) | ||||||||
Amortization of net actuarial gain | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.3 | ) | ||||||||
Net periodic benefit (income) expense | $ | — | $ | — | $ | (0.1 | ) | $ | — | |||||||
Industry_Segments_Tables
Industry Segments (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Industry segment disclosures for net sales and operating profit including other segment income | ' | |||||||||||||||||||||
The following table presents Teledyne’s interim industry segment disclosures for net sales and operating profit including other segment income. The table also provides a reconciliation of segment operating profit to total net income attributable to Teledyne (dollars in millions): | ||||||||||||||||||||||
Third Quarter | Third Quarter | % | Nine Months | Nine Months | % | |||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||||
Net sales: | ||||||||||||||||||||||
Instrumentation (a) | $ | 256.6 | $ | 206.3 | 24.4 | % | $ | 747 | $ | 561.1 | 33.1 | % | ||||||||||
Digital Imaging | 105.2 | 108.1 | (2.7 | )% | 311.9 | 313.2 | (0.4 | )% | ||||||||||||||
Aerospace and Defense Electronics (a) | 143.1 | 151.7 | (5.7 | )% | 475.7 | 453.5 | 4.9 | % | ||||||||||||||
Engineered Systems | 66.7 | 81.3 | (18.0 | )% | 207.4 | 232.1 | (10.6 | )% | ||||||||||||||
Total net sales | $ | 571.6 | $ | 547.4 | 4.4 | % | $ | 1,742.00 | $ | 1,559.90 | 11.7 | % | ||||||||||
Segment operating profit: | ||||||||||||||||||||||
Instrumentation (a) | $ | 39.9 | $ | 31.8 | 25.5 | % | $ | 117.6 | $ | 98.1 | 19.9 | % | ||||||||||
Digital Imaging | 11.5 | 7.6 | 51.3 | % | 24.6 | 19.4 | 26.8 | % | ||||||||||||||
Aerospace and Defense Electronics (a) | 9.3 | 22.2 | (58.1 | )% | 50.1 | 62.9 | (20.3 | )% | ||||||||||||||
Engineered Systems | 2.7 | 8.3 | (67.5 | )% | 14.8 | 21.9 | (32.4 | )% | ||||||||||||||
Total segment operating profit | 63.4 | 69.9 | (9.3 | )% | 207.1 | 202.3 | 2.4 | % | ||||||||||||||
Corporate expense | (10.4 | ) | (9.6 | ) | 8.3 | % | (30.3 | ) | (26.8 | ) | 13.1 | % | ||||||||||
Other income/(expense), net | (0.7 | ) | 1.2 | * | (1.2 | ) | 2.2 | * | ||||||||||||||
Interest and debt expense, net | (5.1 | ) | (4.5 | ) | 13.3 | % | (15.6 | ) | (12.6 | ) | 23.8 | % | ||||||||||
Income before income taxes | 47.2 | 57 | (17.2 | )% | 160 | 165.1 | (3.1 | )% | ||||||||||||||
Provision for income taxes | 0.3 | 13.9 | (97.8 | )% | 30 | 46.8 | (35.9 | )% | ||||||||||||||
Net income | 46.9 | 43.1 | 8.8 | % | 130 | 118.3 | 9.9 | % | ||||||||||||||
Noncontrolling interest | (0.1 | ) | (0.4 | ) | (75.0 | )% | 0.1 | (0.4 | ) | * | ||||||||||||
Net income attributable to Teledyne | $ | 46.8 | $ | 42.7 | 9.6 | % | $ | 130.1 | $ | 117.9 | 10.3 | % | ||||||||||
* not meaningful | ||||||||||||||||||||||
(a) | Our previously reported 2012 segment data has been restated to reflect a revised segment reporting structure adopted in the second quarter of 2013. The change only impacted the Instrumentation and Aerospace and Defense Electronics Segment. | |||||||||||||||||||||
Summary of the sales by product line | ' | |||||||||||||||||||||
The tables below provide a summary of the sales by product line for the Instrumentation segment and the Engineered Systems segment (in millions): | ||||||||||||||||||||||
Third Quarter | Nine Months | |||||||||||||||||||||
Instrumentation | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Environmental Instrumentation | $ | 59.1 | $ | 57.5 | $ | 187 | $ | 187.8 | ||||||||||||||
Marine Instrumentation | 151.6 | 114.6 | 424.3 | 339.1 | ||||||||||||||||||
Test and Measurement Instrumentation | 45.9 | 34.2 | 135.7 | 34.2 | ||||||||||||||||||
Total | $ | 256.6 | $ | 206.3 | $ | 747 | $ | 561.1 | ||||||||||||||
Third Quarter | Nine Months | |||||||||||||||||||||
Engineered Systems | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Engineered Products and Services | $ | 51.1 | $ | 67.6 | $ | 163.4 | $ | 185.5 | ||||||||||||||
Turbine Engines | 6.4 | 6.3 | 21.1 | 19.2 | ||||||||||||||||||
Energy Systems | 9.2 | 7.4 | 22.9 | 27.4 | ||||||||||||||||||
Total | $ | 66.7 | $ | 81.3 | $ | 207.4 | $ | 232.1 | ||||||||||||||
General_Changes_in_AOCI_by_Com
General (Changes in AOCI by Component) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ($293.50) | ' | ($273.40) | ' |
Other comprehensive income (loss) before reclassifications | 22.3 | ' | -9 | ' |
Amounts reclassified from AOCI | 6.1 | ' | 17.3 | ' |
Net other comprehensive income (loss) | 28.4 | 21.7 | 8.3 | 30.1 |
Balance, end | -265.1 | ' | -265.1 | ' |
Foreign Currency Translation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | -46.6 | ' | -17.2 | ' |
Other comprehensive income (loss) before reclassifications | 21.7 | ' | -7.7 | ' |
Amounts reclassified from AOCI | 0 | ' | 0 | ' |
Net other comprehensive income (loss) | 21.7 | ' | -7.7 | ' |
Balance, end | -24.9 | ' | -24.9 | ' |
Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | -3.7 | ' | -1.9 | ' |
Other comprehensive income (loss) before reclassifications | 0.8 | ' | -1.3 | ' |
Amounts reclassified from AOCI | 0.7 | ' | 1 | ' |
Net other comprehensive income (loss) | 1.5 | ' | -0.3 | ' |
Balance, end | -2.2 | ' | -2.2 | ' |
Pension and Postretirement Benefits [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | -243.2 | ' | -254.3 | ' |
Other comprehensive income (loss) before reclassifications | -0.2 | ' | 0 | ' |
Amounts reclassified from AOCI | 5.4 | ' | 16.3 | ' |
Net other comprehensive income (loss) | 5.2 | ' | 16.3 | ' |
Balance, end | ($238) | ' | ($238) | ' |
General_Reclassifications_Out_
General (Reclassifications Out of Accumulated OCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other expense | $0.70 | ($1.20) | $1.20 | ($2.20) |
Income tax benefit | 0.3 | 13.9 | 30 | 46.8 |
Net of tax | -46.8 | -42.7 | -130.1 | -117.9 |
Cash Flow Hedges [Member] | Amount Reclassified from AOCI [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other expense | 0.9 | ' | 1.3 | ' |
Income tax benefit | -0.2 | ' | -0.3 | ' |
Net of tax | 0.7 | ' | 1 | ' |
Pension and Postretirement Benefits [Member] | Amount Reclassified from AOCI [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Income tax benefit | -3.4 | ' | -10.3 | ' |
Amortization of defined benefit pension and postretirement plan items: | ' | ' | ' | ' |
Amortization of prior service cost | -1.3 | ' | -3.9 | ' |
Amortization of net actuarial loss | 10.1 | ' | 30.5 | ' |
Total before tax | 8.8 | ' | 26.6 | ' |
Total | $5.40 | ' | $16.30 | ' |
Business_Combinations_and_Inve2
Business Combinations and Investments, Goodwill and Acquired Intangible Assets (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 | Aug. 30, 2013 | Dec. 30, 2012 | Jul. 05, 2013 | 8-May-13 | Mar. 01, 2013 | Dec. 30, 2012 | Aug. 03, 2012 | Sep. 29, 2013 | Aug. 03, 2012 | Jul. 03, 2013 | Apr. 03, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Feb. 25, 2012 | Jul. 01, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CETAC [Member] | CETAC [Member] | Nova Research, Inc [Member] | Axiom [Member] | RESON A/S [Member] | RESON A/S [Member] | Le Croy Corporation [Member] | Le Croy Corporation [Member] | PDM Neptec [Member] | BlueView [Member] | Optech [Member] | Optech [Member] | Optech [Member] | VariSystems Inc [Member] | VariSystems Inc [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of businesses and other investments | ' | ' | $106.40 | $389.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire businesses, net of cash acquired | ' | ' | ' | ' | ' | 26.4 | ' | ' | 4 | 69.7 | ' | 301.3 | ' | 7.4 | 16.3 | 27.9 | ' | ' | 34.9 | ' |
Purchase price adjustment | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional payment | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional payment term | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales reported by acquired entity for last annual period | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ' | 50.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire businesses, gross | 1.4 | ' | ' | ' | ' | ' | ' | 4.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash acquired from acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.8 | ' | ' | ' | ' |
Increase in ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' |
Percentage of interests acquired | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | 19.00% | ' | ' | ' | ' |
Noncontrolling interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' |
Total equity in acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.8 | ' | ' | ' | ' |
Minority ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.2 | 49.8 | ' | ' |
Purchase price adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 |
Goodwill, net | 1,030.30 | ' | 1,030.30 | ' | 990.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.9 | ' | ' | ' | ' | ' | ' | ' |
Increase in deferred tax asset | ' | 4.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net acquired intangible assets | $274.20 | ' | $274.20 | ' | $265.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_and_Inve3
Business Combinations and Investments, Goodwill and Acquired Intangible Assets (Estimated Fair Values) (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill, net | $1,030.30 | $990.20 |
RESON and Axiom [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets | 36 | ' |
Property, plant and equipment | 5.8 | ' |
Goodwill, net | 50.6 | ' |
Acquired intangible assets | 32.8 | ' |
Current liabilities | -18.7 | ' |
Long-term liabilities | -5 | ' |
Net assets acquired | $101.50 | ' |
Business_Combinations_and_Inve4
Business Combinations and Investments, Goodwill and Acquired Intangible Assets (Acquired Intangible Assets) (Details) (RESON and Axiom [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 |
Schedule of Acquired Intangible Asset by Major Class [Line Items] | ' |
Intangibles subject to amortization | $22.80 |
Intangibles not subject to amortization | 10 |
Total acquired intangible assets | 32.8 |
Weighted average useful life in years | '10 years 1 month 6 days |
Proprietary Technology [Member] | ' |
Schedule of Acquired Intangible Asset by Major Class [Line Items] | ' |
Intangibles subject to amortization | 13.6 |
Weighted average useful life in years | '9 years 4 months 24 days |
Customer List/Relationships [Member] | ' |
Schedule of Acquired Intangible Asset by Major Class [Line Items] | ' |
Intangibles subject to amortization | 8.6 |
Weighted average useful life in years | '12 years |
Backlog [Member] | ' |
Schedule of Acquired Intangible Asset by Major Class [Line Items] | ' |
Intangibles subject to amortization | 0.6 |
Weighted average useful life in years | '8 months 12 days |
Trademarks and Trade Names [Member] | ' |
Schedule of Acquired Intangible Asset by Major Class [Line Items] | ' |
Intangibles not subject to amortization | $10 |
Derivative_Instruments_Foreign
Derivative Instruments (Foreign Currency Contracts) (Details) | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
In Millions, unless otherwise specified | USD ($) | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | ||
Sell US Dollars and Buy Canadian Dollars [Member] | Sell US Dollars and Buy Great Britain Pounds [Member] | Sell Euros and Buy US Dollars [Member] | Sell Japanese Yen and Buy US Dollars [Member] | Sell Canadian Dollars and Buy Euros [Member] | Sell Canadian Dollars and Buy Japanese Yen [Member] | Sell US Dollars and Buy Singapore Dollars [Member] | Sell US Dollars and Buy Canadian Dollars [Member] | Sell US Dollars and Buy Great Britain Pounds [Member] | Sell Euros and Buy US Dollars [Member] | Sell Japanese Yen and Buy US Dollars [Member] | Sell Canadian Dollars and Buy Euros [Member] | Sell Canadian Dollars and Buy Japanese Yen [Member] | Sell US Dollars and Buy Singapore Dollars [Member] | |||||||
CAD | GBP (£) | USD ($) | USD ($) | EUR (€) | JPY (¥) | SGD | USD ($) | USD ($) | EUR (€) | JPY (¥) | CAD | CAD | USD ($) | |||||||
Derivative Instruments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected reclassification of gain (loss) over the next 12 months | ($0.10) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of foreign currency contract | ' | 81.1 | ' | ' | ' | ' | 35.4 | 12.7 | 12.2 | 1.6 | 1 | 86 | 0.9 | 34.3 | 19.8 | 9.2 | 158 | 1.4 | 0.9 | 0.7 |
Fair value of foreign currency contract designated as cash flow hedge | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of derivative instruments not designated as cash flow hedges recognized in other income and expense | ' | ' | $1 | $0.60 | ($0.60) | $0.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Effect_
Derivative Instruments (Effect of Derivative Instruments) (Details) (Cash Flow Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | ||||
Cash Flow Hedging [Member] | ' | ' | ' | ' | ||||
Effect of derivative instruments designated as cash flow hedges | ' | ' | ' | ' | ||||
Net gain (loss) recognized in AOCI (a) | $1.10 | [1] | $3.30 | [1] | ($1.60) | [1] | $2.60 | [1] |
Net loss reclassified from AOCI into cost of sales (a) | -0.7 | [1] | -0.4 | [1] | -1 | [1] | -0.9 | [1] |
Net foreign exchange gain recognized in other income and expense (b) | $0.20 | [2] | $0.10 | [2] | $0.40 | [2] | $0.40 | [2] |
[1] | Effective portion | |||||||
[2] | Amount excluded from effectiveness testing |
Derivative_Instruments_Fair_Va
Derivative Instruments (Fair Values of Instruments) (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Fair values of derivative financial instruments | ' | ' |
Total asset/(liability) derivatives | $0.70 | $0.70 |
Designated as Hedging Instrument [Member] | ' | ' |
Fair values of derivative financial instruments | ' | ' |
Total asset/(liability) derivatives | 0.2 | 0.8 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Fair values of derivative financial instruments | ' | ' |
Total asset/(liability) derivatives | 0.5 | -0.1 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | ' | ' |
Fair values of derivative financial instruments | ' | ' |
Total asset/(liability) derivatives | 0.6 | 0.8 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ' | ' |
Fair values of derivative financial instruments | ' | ' |
Total asset/(liability) derivatives | -0.4 | 0 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ' | ' |
Fair values of derivative financial instruments | ' | ' |
Total asset/(liability) derivatives | -0.5 | -0.2 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' |
Fair values of derivative financial instruments | ' | ' |
Total asset/(liability) derivatives | $1 | $0.10 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Stock option excluded in computation of diluted (in shares) | 0 | 0 | 0 | 0 |
Computation of Basic and Diluted Earnings Per Share | ' | ' | ' | ' |
Net income attributable to Teledyne | $46.80 | $42.70 | $130.10 | $117.90 |
Basic earnings per share: | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | 37,300,000 | 36,700,000 | 37,300,000 | 36,600,000 |
Basic earnings per common share (in USD per share) | $1.25 | $1.16 | $3.49 | $3.22 |
Diluted earnings per share: | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | 37,300,000 | 36,700,000 | 37,300,000 | 36,600,000 |
Dilutive effect of exercise of options outstanding (in shares) | 800,000 | 700,000 | 700,000 | 700,000 |
Weighted average diluted common shares outstanding (in shares) | 38,100,000 | 37,400,000 | 38,000,000 | 37,300,000 |
Diluted earnings per common share (in USD per share) | $1.23 | $1.14 | $3.42 | $3.16 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock option compensation expense | $3 | $2.30 | $7.60 | $5.90 |
Vesting period over which employee stock option grants are evenly expensed | ' | ' | '3 years | ' |
Expected stock option compensation expense | ' | ' | $10.80 | ' |
Period of historical stock price corresponded to the expected term of the option | ' | ' | '7 years 3 months | ' |
Period used for the exchange traded option included the longest dated options | ' | ' | '3 months | ' |
Grant date fair value of stock options granted | ' | ' | $27.17 | $23.90 |
Removal of restrictions from stock of restricted stock performance period | ' | ' | 39,687 | ' |
Forfeited shares related to restricted stock performance period | ' | ' | 944 | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of annual installments | 3 | ' | 3 | ' |
Performance shares issued | ' | ' | 23,519 | ' |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Grants in period | ' | ' | 48,325 | ' |
Weighted average fair value | ' | ' | $66.65 | ' |
Director [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period over which employee stock option grants are evenly expensed | ' | ' | '1 year | ' |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Fair Value Assumptions) (Details) (Stock Options [Member]) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ' | ' |
Valuation of stock options granted | ' | ' |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 31.90% | 34.10% |
Risk-free interest rate | 0.90% | 1.10% |
Expected life in years | '7 years 3 months 0 days | '6 years 8 months 12 days |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Options Plans) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 29, 2013 | Sep. 29, 2013 | |
Stock Options [Member] | ' | ' |
Shares | ' | ' |
Beginning balance, Shares | 2,551,480 | 2,203,005 |
Granted, Shares | 0 | 573,724 |
Exercised, Shares | -67,814 | -257,463 |
Canceled or expired, Shares | 0 | -35,600 |
Ending balance, Shares | 2,483,666 | 2,483,666 |
Options exercisable at end of period, Shares | 1,469,655 | 1,469,655 |
Weighted Average Exercise Price | ' | ' |
Weighted Average Exercise Price, Beginning balance (in USD per share) | $52.95 | $45.90 |
Weighted Average Exercise Price, Granted (in USD per share) | $0 | $75.17 |
Weighted Average Exercise Price, Exercised (in USD per share) | $38.31 | $37.87 |
Weighted Average Exercise Price, Canceled or expired (in USD per share) | $0 | $55.81 |
Weighted Average Exercise Price, Ending Balance (in USD per share) | $53.35 | $53.35 |
Weighted Average Exercise Price, Options exercisable at end of period (in USD per share) | $43.04 | $43.04 |
Non-Employee Stock Option Plan [Member] | ' | ' |
Shares | ' | ' |
Beginning balance, Shares | 344,604 | 308,908 |
Granted, Shares | 2,485 | 41,914 |
Exercised, Shares | -4,000 | -7,403 |
Canceled or expired, Shares | 0 | -330 |
Ending balance, Shares | 343,089 | 343,089 |
Options exercisable at end of period, Shares | 300,394 | 300,394 |
Weighted Average Exercise Price | ' | ' |
Weighted Average Exercise Price, Beginning balance (in USD per share) | $43.43 | $39.35 |
Weighted Average Exercise Price, Granted (in USD per share) | $51.89 | $71.29 |
Weighted Average Exercise Price, Exercised (in USD per share) | $46 | $29.50 |
Weighted Average Exercise Price, Canceled or expired (in USD per share) | $0 | $40.70 |
Weighted Average Exercise Price, Ending Balance (in USD per share) | $43.46 | $43.46 |
Weighted Average Exercise Price, Options exercisable at end of period (in USD per share) | $39.58 | $39.58 |
Cash_Equivalents_Details_Textu
Cash Equivalents (Details Textual) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 |
Cash and Cash Equivalents [Abstract] | ' | ' |
Maximum maturity of money market mutual funds and bank deposits | '3 months | ' |
Cash equivalents | $0.30 | $2.40 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Inventories at average cost or FIFO methods | $241.90 | $214.30 |
Inventories at cost as per LIFO | $89.60 | $91.50 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials and supplies | $135.60 | $129.40 |
Work in process | 156.3 | 145.9 |
Finished goods | 39.6 | 30.5 |
Total inventories, gross | 331.5 | 305.8 |
Progress payments | -10.8 | -7.3 |
LIFO reserve | -16.7 | -17.3 |
Total inventories, net | $304 | $281.20 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Balance Sheet Components) (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Other Assets [Member] | ' | ' |
Selected Components of Balance Sheet | ' | ' |
Deferred compensation assets | $41.80 | $37.80 |
Prepaid pension asset | 50.7 | 0 |
Accrued Liabilities [Member] | ' | ' |
Selected Components of Balance Sheet | ' | ' |
Salaries and wages | 91.4 | 101.6 |
Customer deposits and credits | 53.5 | 66.5 |
Other Long-Term Liabilities [Member] | ' | ' |
Selected Components of Balance Sheet | ' | ' |
Deferred compensation liabilities | 40.1 | 36.1 |
Deferred income taxes | $51.90 | $33.30 |
Supplemental_Balance_Sheet_Inf3
Supplemental Balance Sheet Information (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Restructuring charges | $14.30 | $18.70 |
Severance costs | ' | 7 |
Facility closure costs | ' | 11.7 |
Environmental reserve | 5.3 | 5.3 |
Expected cost remaining | ' | 22.4 |
Restructuring reserve, current | $11.10 | $11.10 |
Supplemental_Balance_Sheet_Inf4
Supplemental Balance Sheet Information (Product Warranty) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Period for product warranty | '1 year | ' |
Company's product warranty reserve | ' | ' |
Balance at beginning of year | $17.80 | $13.30 |
Accruals for product warranties charged to expense | 4.7 | 7.7 |
Cost of product warranty claims | -4.2 | -4.4 |
Acquisitions | 0.3 | 1.7 |
Balance at end of period | $18.60 | $18.30 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Income Taxes (Textual) [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 0.60% | 24.50% | 18.80% | 28.40% |
Net tax benefits | $11.60 | $3.10 | $15.20 | $4.30 |
Effective income tax rate reconciliation, excluding tax credits | 25.20% | 30.00% | 28.30% | 31.00% |
LongTerm_Debt_and_Capital_Leas2
Long-Term Debt and Capital Leases (Narrative) (Details) (USD $) | 9 Months Ended | |||||||
Sep. 29, 2013 | Mar. 01, 2013 | Feb. 28, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Oct. 22, 2012 | |
Letter of Credit [Member] | Term loans due October 2015, weighted average rate of 1.43% [Member] | Term loans due October 2015, weighted average rate of 1.43% [Member] | Term loans due October 2015, weighted average rate of 1.43% [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | $750,000,000 | $750,000,000 | $550,000,000 | ' | ' | ' | ' | ' |
Long-term debt | 626,100,000 | ' | ' | 543,400,000 | ' | 200,000,000 | 200,000,000 | 200,000,000 |
Maximum credit facility term drawn to date | '3 months | ' | ' | ' | ' | ' | ' | ' |
Credit agreement provides for facility fees, minimum | 0.13% | ' | ' | ' | ' | ' | ' | ' |
Credit agreement provides for facility fees, maximum | 0.30% | ' | ' | ' | ' | ' | ' | ' |
Available borrowings capacity under letters of credit | 574,800,000 | ' | ' | ' | ' | ' | ' | ' |
Uncommitted credit line permits extensions for standby letters of credit | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Incremental line of credit for standby letters of credit | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Uncommitted credit line facility amount outstanding | 0 | ' | ' | 0 | ' | ' | ' | ' |
Total capital leases | 14,200,000 | ' | ' | 14,300,000 | ' | ' | ' | ' |
Capital leases, current | 1,700,000 | ' | ' | 1,500,000 | ' | ' | ' | ' |
Letter of credit, outstanding | ' | ' | ' | ' | $14,400,000 | ' | ' | ' |
LongTerm_Debt_and_Capital_Leas3
Long-Term Debt and Capital Leases (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Oct. 22, 2012 |
Summary of Long-Term Debt | ' | ' | ' |
Total long-term debt | $626,100,000 | $543,400,000 | ' |
4.04% Notes due September 2015 [Member] | ' | ' | ' |
Summary of Long-Term Debt | ' | ' | ' |
Total long-term debt | 75,000,000 | 75,000,000 | ' |
Stated interest rate | 4.04% | ' | ' |
4.74% Notes due September 2017 [Member] | ' | ' | ' |
Summary of Long-Term Debt | ' | ' | ' |
Total long-term debt | 100,000,000 | 100,000,000 | ' |
Stated interest rate | 4.74% | ' | ' |
5.30% Notes due September 2020 [Member] | ' | ' | ' |
Summary of Long-Term Debt | ' | ' | ' |
Total long-term debt | 75,000,000 | 75,000,000 | ' |
Stated interest rate | 5.30% | ' | ' |
Term loans due October 2015, weighted average rate of 1.43% [Member] | ' | ' | ' |
Summary of Long-Term Debt | ' | ' | ' |
Total long-term debt | 200,000,000 | 200,000,000 | 200,000,000 |
Weighted average rate under credit facility | 1.43% | ' | ' |
Other debt at various rates due through 2018 (excluding the current portion) [Member] | ' | ' | ' |
Summary of Long-Term Debt | ' | ' | ' |
Total long-term debt | 14,600,000 | 14,300,000 | ' |
$750.0 million revolving credit facility, weighted average rate of 1.67% at September 29, 2013 and 2.82% at December 30, 2012 [Member] | ' | ' | ' |
Summary of Long-Term Debt | ' | ' | ' |
Total long-term debt | $161,500,000 | $79,100,000 | ' |
Weighted average rate under credit facility | 1.67% | 2.82% | ' |
Lawsuits_Claims_Commitments_Co1
Lawsuits, Claims, Commitments, Contingencies and Related Matters (Details) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||
Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | |
USD ($) | USD ($) | CAD | USD ($) | Environmental Reserves [Member] | Maximum [Member] | |
USD ($) | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Reserves for environmental remediation obligations | $8,700,000 | $8,700,000 | ' | ' | ' | ' |
Portion of reserves included in current accrued liabilities | 242,100,000 | 242,100,000 | ' | 256,700,000 | 5,700,000 | ' |
Environmental reserve | 5,300,000 | 5,300,000 | ' | ' | ' | ' |
Estimated duration of remediation | ' | ' | ' | ' | ' | '30 years |
Lawsuit relief including damages (in excess of $20.0 million CAD) | ' | ' | 20,000,000 | ' | ' | ' |
Pension_Plans_and_Postretireme2
Pension Plans and Postretirement Benefits (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits - U.S. Plans [Member] | Pension Benefits - U.S. Plans [Member] | U.S. Government Cost Accounting Standards [Member] | U.S. Government Cost Accounting Standards [Member] | U.S. Government Cost Accounting Standards [Member] | U.S. Government Cost Accounting Standards [Member] | |||
Pension Plans and Postretirement Benefits (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net periodic pension expense | ' | ' | $4.30 | $1.70 | $13 | $5 | ' | ' | ' | ' | ' | ' |
Discount rate used to determine the benefit obligation | ' | ' | ' | ' | ' | ' | 4.40% | 5.50% | ' | ' | ' | ' |
Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards | ' | ' | ' | ' | ' | ' | ' | ' | 3.6 | 3.1 | 10.8 | 9 |
Pretax voluntary contribution | $83 | $92.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_Plans_and_Postretireme3
Pension Plans and Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | ' | ' | ' | ' |
Components of net period pension benefit expense | ' | ' | ' | ' |
Service cost — benefits earned during the period | $3.80 | $3.20 | $11.40 | $9.50 |
Interest cost on benefit obligation | 9.5 | 10.3 | 28.6 | 30.9 |
Expected return on plan assets | -18 | -16.7 | -54.1 | -50.2 |
Amortization of prior service cost | -1.1 | -1.2 | -3.4 | -3.5 |
Amortization of net actuarial loss (gain) | 10.1 | 6.1 | 30.5 | 18.3 |
Net periodic benefit (income) expense | 4.3 | 1.7 | 13 | 5 |
Postretirement Plans [Member] | ' | ' | ' | ' |
Components of net period pension benefit expense | ' | ' | ' | ' |
Interest cost on benefit obligation | 0.2 | 0.2 | 0.5 | 0.6 |
Amortization of prior service cost | -0.1 | -0.1 | -0.4 | -0.3 |
Amortization of net actuarial loss (gain) | -0.1 | -0.1 | -0.2 | -0.3 |
Net periodic benefit (income) expense | $0 | $0 | ($0.10) | $0 |
Industry_Segments_Narrative_De
Industry Segments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | ||||||||
business_unit | segment | Aerospace and Defense Electronics [Member] | Aerospace and Defense Electronics [Member] | Aerospace and Defense Electronics [Member] | Aerospace and Defense Electronics [Member] | Instrumentation [Member] | Instrumentation [Member] | Instrumentation [Member] | Instrumentation [Member] | Instrumentation [Member] | Engineered Systems [Member] | Engineered Systems [Member] | Engineered Systems [Member] | Engineered Systems [Member] | Digital Imaging [Member] | Digital Imaging [Member] | Digital Imaging [Member] | Digital Imaging [Member] | ||||||||||||
product_line | product_line | product_line | product_line | product_line | product_line | product_line | product_line | |||||||||||||||||||||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of business units that changed | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring charges | $14.30 | ' | ' | $18.70 | ' | $8.70 | ' | $12.20 | ' | $1 | ' | $1.30 | ' | ' | $2.70 | ' | $2.90 | ' | $1.90 | ' | $2.30 | ' | ||||||||
Net sales | $571.60 | ' | $547.40 | $1,742 | $1,559.90 | $143.10 | [1] | $151.70 | [1] | $475.70 | [1] | $453.50 | [1] | $256.60 | [1] | $206.30 | [1] | $747 | [1] | $561.10 | [1] | $55.30 | $66.70 | $81.30 | $207.40 | $232.10 | $105.20 | $108.10 | $311.90 | $313.20 |
Number of reportable segments | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of product lines | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | 3 | ' | 3 | ' | ' | 3 | ' | 3 | ' | 1 | ' | 1 | ' | ||||||||
[1] | Our previously reported 2012 segment data has been restated to reflect a revised segment reporting structure adopted in the second quarter of 2013. The change only impacted the Instrumentation and Aerospace and Defense Electronics Segment. |
Industry_Segments_Details
Industry Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 | ||||
Net sales: | ' | ' | ' | ' | ' | ||||
Net sales | $571.60 | $547.40 | $1,742 | $1,559.90 | ' | ||||
Net sales, percentage change | 4.40% | ' | 11.70% | ' | ' | ||||
Segment operating profit: | ' | ' | ' | ' | ' | ||||
Total segment operating profit | 53 | 60.3 | 176.8 | 175.5 | ' | ||||
Total segment operating profit, percentage change | -9.30% | ' | 2.40% | ' | ' | ||||
Other income/(expense), net | -0.7 | 1.2 | -1.2 | 2.2 | ' | ||||
Interest and debt expense, net | -5.1 | -4.5 | -15.6 | -12.6 | ' | ||||
Income before income taxes | 47.2 | 57 | 160 | 165.1 | ' | ||||
Income before income taxes, percentage change | -17.20% | ' | -3.10% | ' | ' | ||||
Provision for income taxes | 0.3 | 13.9 | 30 | 46.8 | ' | ||||
Provision for income taxes, percentage change | -97.80% | ' | -35.90% | ' | ' | ||||
Net income | 46.9 | 43.1 | 130 | 118.3 | ' | ||||
Net income, percentage change | 8.80% | ' | 9.90% | ' | ' | ||||
Noncontrolling interest | -0.1 | -0.4 | 0.1 | -0.4 | ' | ||||
Noncontrolling interest, percentage change | -75.00% | ' | ' | ' | ' | ||||
Net income attributable to Teledyne | 46.8 | 42.7 | 130.1 | 117.9 | ' | ||||
Net income attributable to Teledyne, percentage change | 9.60% | ' | 10.30% | ' | ' | ||||
Operating Segments [Member] | ' | ' | ' | ' | ' | ||||
Segment operating profit: | ' | ' | ' | ' | ' | ||||
Total segment operating profit | 63.4 | 69.9 | 207.1 | 202.3 | ' | ||||
Instrumentation [Member] | ' | ' | ' | ' | ' | ||||
Net sales: | ' | ' | ' | ' | ' | ||||
Net sales | 256.6 | [1] | 206.3 | [1] | 747 | [1] | 561.1 | [1] | 55.3 |
Net sales, percentage change | 24.40% | [1] | ' | 33.10% | [1] | ' | ' | ||
Segment operating profit: | ' | ' | ' | ' | ' | ||||
Total segment operating profit | 39.9 | [1] | 31.8 | [1] | 117.6 | [1] | 98.1 | [1] | ' |
Total segment operating profit, percentage change | 25.50% | [1] | ' | 19.90% | [1] | ' | ' | ||
Digital Imaging [Member] | ' | ' | ' | ' | ' | ||||
Net sales: | ' | ' | ' | ' | ' | ||||
Net sales | 105.2 | 108.1 | 311.9 | 313.2 | ' | ||||
Net sales, percentage change | -2.70% | ' | -0.40% | ' | ' | ||||
Segment operating profit: | ' | ' | ' | ' | ' | ||||
Total segment operating profit | 11.5 | 7.6 | 24.6 | 19.4 | ' | ||||
Total segment operating profit, percentage change | 51.30% | ' | 26.80% | ' | ' | ||||
Aerospace and Defense Electronics [Member] | ' | ' | ' | ' | ' | ||||
Net sales: | ' | ' | ' | ' | ' | ||||
Net sales | 143.1 | [1] | 151.7 | [1] | 475.7 | [1] | 453.5 | [1] | ' |
Net sales, percentage change | -5.70% | [1] | ' | 4.90% | [1] | ' | ' | ||
Segment operating profit: | ' | ' | ' | ' | ' | ||||
Total segment operating profit | 9.3 | [1] | 22.2 | [1] | 50.1 | [1] | 62.9 | [1] | ' |
Total segment operating profit, percentage change | -58.10% | [1] | ' | -20.30% | [1] | ' | ' | ||
Engineered Systems [Member] | ' | ' | ' | ' | ' | ||||
Net sales: | ' | ' | ' | ' | ' | ||||
Net sales | 66.7 | 81.3 | 207.4 | 232.1 | ' | ||||
Net sales, percentage change | -18.00% | ' | -10.60% | ' | ' | ||||
Segment operating profit: | ' | ' | ' | ' | ' | ||||
Total segment operating profit | 2.7 | 8.3 | 14.8 | 21.9 | ' | ||||
Total segment operating profit, percentage change | -67.50% | ' | -32.40% | ' | ' | ||||
Corporate and Other [Member] | ' | ' | ' | ' | ' | ||||
Segment operating profit: | ' | ' | ' | ' | ' | ||||
Corporate expense | -10.4 | -9.6 | -30.3 | -26.8 | ' | ||||
Corporate expense, percentage change | 8.30% | ' | 13.10% | ' | ' | ||||
Other income/(expense), net | -0.7 | 1.2 | -1.2 | 2.2 | ' | ||||
Interest and debt expense, net | ($5.10) | ($4.50) | ($15.60) | ($12.60) | ' | ||||
Interest and debt expense, net, percentage change | 13.30% | ' | 23.80% | ' | ' | ||||
[1] | Our previously reported 2012 segment data has been restated to reflect a revised segment reporting structure adopted in the second quarter of 2013. The change only impacted the Instrumentation and Aerospace and Defense Electronics Segment. |
Industry_Segments_Sales_Detail
Industry Segments (Sales) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | $571.60 | $547.40 | $1,742 | $1,559.90 | ' | ||||
Instrumentation [Member] | ' | ' | ' | ' | ' | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 256.6 | [1] | 206.3 | [1] | 747 | [1] | 561.1 | [1] | 55.3 |
Instrumentation [Member] | Environmental Instrumentation [Member] | ' | ' | ' | ' | ' | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 59.1 | 57.5 | 187 | 187.8 | ' | ||||
Instrumentation [Member] | Marine Instrumentation [Member] | ' | ' | ' | ' | ' | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 151.6 | 114.6 | 424.3 | 339.1 | ' | ||||
Instrumentation [Member] | Test and Measurement Instrumentation [Member] | ' | ' | ' | ' | ' | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 45.9 | 34.2 | 135.7 | 34.2 | ' | ||||
Engineered Systems [Member] | ' | ' | ' | ' | ' | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 66.7 | 81.3 | 207.4 | 232.1 | ' | ||||
Engineered Systems [Member] | Engineered Products and Services [Member] | ' | ' | ' | ' | ' | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 51.1 | 67.6 | 163.4 | 185.5 | ' | ||||
Engineered Systems [Member] | Turbine Engines [Member] | ' | ' | ' | ' | ' | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 6.4 | 6.3 | 21.1 | 19.2 | ' | ||||
Engineered Systems [Member] | Energy Systems [Member] | ' | ' | ' | ' | ' | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | $9.20 | $7.40 | $22.90 | $27.40 | ' | ||||
[1] | Our previously reported 2012 segment data has been restated to reflect a revised segment reporting structure adopted in the second quarter of 2013. The change only impacted the Instrumentation and Aerospace and Defense Electronics Segment. |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 | Oct. 22, 2013 |
C.D. Limited [Member] | ||
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Payments to acquire businesses, gross | $1.40 | $22.50 |