Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 30, 2012 | Feb. 21, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'TELEDYNE TECHNOLOGIES INC | ' | ' |
Entity Central Index Key | '0001094285 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 29-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 37,639,870 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2.80 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net Sales | $2,338.60 | $2,127.30 | $1,941.90 |
Costs and expenses | ' | ' | ' |
Cost of sales | 1,500 | 1,379.10 | 1,290.70 |
Selling, general and administrative expenses | 598.3 | 505.1 | 424 |
Total costs and expenses | 2,098.30 | 1,884.20 | 1,714.70 |
Income before other income and income taxes | 240.3 | 243.1 | 227.2 |
Other income, net | 4.1 | 2.9 | 0.6 |
Interest and debt expense, net | -20.4 | -17.8 | -16.2 |
Income from continuing operations before income taxes | 224 | 228.2 | 211.6 |
Provision for income taxes | 39.5 | 65.4 | 69.5 |
Net income from continuing operations including noncontrolling interest | 184.5 | 162.8 | 142.1 |
Discontinued operations, net of income taxes | 0 | 2.3 | 113.1 |
Net income | 184.5 | 165.1 | 255.2 |
Noncontrolling interest | -0.5 | 1 | 0 |
Net income attributable to Teledyne | 185 | 164.1 | 255.2 |
Net income from continuing operations | 185 | 161.8 | 142.1 |
Net income attributable to Teledyne | $185 | $164.10 | $255.20 |
Basic earnings per common share: | ' | ' | ' |
Continuing operations (in USD per share) | $4.96 | $4.41 | $3.88 |
Discontinued operations (in USD per share) | $0 | $0.06 | $3.09 |
Basic earnings per common share (in USD per share) | $4.96 | $4.47 | $6.97 |
Weighted average common shares outstanding (in shares) | 37.3 | 36.7 | 36.6 |
Diluted earnings per common share: | ' | ' | ' |
Continuing operations (in USD per share) | $4.87 | $4.33 | $3.81 |
Discontinued operations (in USD per share) | $0 | $0.06 | $3.03 |
Diluted earnings per common share (in USD per share) | $4.87 | $4.39 | $6.84 |
Weighted average diluted common shares outstanding (in shares) | 38 | 37.4 | 37.3 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |||
Net income | $184.50 | $165.10 | $255.20 | |||
Other comprehensive income (loss), net of tax: | ' | ' | ' | |||
Foreign exchange translation adjustment | -15.2 | 14.3 | -9.3 | |||
Hedge activity and interest rate swap | -1.4 | 2.8 | -4.1 | |||
Pension and postretirement benefit adjustments | 124.5 | -49.4 | -42.1 | |||
Other comprehensive income (loss), net of tax (a) | 107.9 | [1] | -32.3 | [1] | -55.5 | [1] |
Noncontrolling interest loss (income) | -0.5 | 1 | 0 | |||
Comprehensive income attributable to Teledyne, net of tax | 292.9 | 131.8 | 199.7 | |||
Other comprehensive income (loss), income tax expense (benefit) | $81.10 | ($30.20) | ($24.20) | |||
[1] | Net of income tax expense of $81.1 million in 2013 and income tax benefits of $30.2 million for 2012 and $24.2 million for 2011. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $66 | $45.80 |
Accounts receivable, net | 378 | 350.3 |
Inventories, net | 294.3 | 281.2 |
Prepaid expenses and other current assets | 60.8 | 67.5 |
Total current assets | 799.1 | 744.8 |
Property, plant and equipment, net | 357.7 | 349.5 |
Goodwill, net | 1,037.80 | 990.2 |
Acquired intangibles, net | 270.9 | 265.7 |
Prepaid pension assets | 222 | 0 |
Other assets, net | 63.6 | 56.2 |
Total Assets | 2,751.10 | 2,406.40 |
Current Liabilities | ' | ' |
Accounts payable | 147.5 | 148.6 |
Accrued liabilities | 267.1 | 256.7 |
Current portion of long-term debt and capital leases | 3.5 | 2 |
Total current liabilities | 418.1 | 407.3 |
Long-term debt and capital leases | 549 | 556.2 |
Other long-term liabilities | 265.3 | 239.5 |
Total Liabilities | 1,232.40 | 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; 37,571,182 at December 29, 2013 and 37,162,697 at December 30, 2012 | 0.4 | 0.4 |
Additional paid-in capital | 328.8 | 297.8 |
Retained earnings | 1,308 | 1,123 |
Accumulated other comprehensive loss | -165.5 | -273.4 |
Total Teledyne Stockholders’ Equity | 1,471.70 | 1,147.80 |
Noncontrolling interest | 47 | 55.6 |
Total Stockholders’ Equity | 1,518.70 | 1,203.40 |
Total Liabilities and Stockholders’ Equity | $2,751.10 | $2,406.40 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
Preferred stock, par value (USD per share) | $0.01 | $0.01 |
Preferred stocks outstanding | ' | ' |
Common stock, par value (USD per share) | $0.01 | $0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 37,571,182 | 37,162,697 |
Common stock, shares outstanding | 37,571,182 | 37,162,697 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Teledyne Technologies Incorporated Stockholders' Equity [Member] | Noncontrolling Interest [Member] | |
In Millions, unless otherwise specified | |||||||||
Beginning balance at Jan. 02, 2011 | $787 | $0.40 | $267.50 | $0 | $703.70 | ($185.60) | $786 | $1 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 255.2 | ' | ' | ' | 255.2 | ' | 255.2 | ' | |
Other comprehensive loss, net of tax | -55.5 | [1] | ' | ' | ' | ' | -55.5 | -55.5 | ' |
Treasury stock purchase, net | -34.9 | ' | ' | -34.9 | ' | ' | -34.9 | ' | |
Treasury stock issuance | 3 | ' | -1.3 | 4.3 | ' | ' | 3 | ' | |
Noncontrolling interest | 4.8 | ' | ' | ' | ' | ' | ' | 4.8 | |
Purchase of noncontrolling interest | -4.2 | ' | -3.2 | ' | ' | ' | -3.2 | -1 | |
Stock option compensation expense | 5.8 | ' | 5.8 | ' | ' | ' | 5.8 | ' | |
Exercise of stock options and other, net | 22.9 | ' | 22.9 | ' | ' | ' | 22.9 | ' | |
Ending balance at Jan. 01, 2012 | 984.1 | 0.4 | 291.7 | -30.6 | 958.9 | -241.1 | 979.3 | 4.8 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 165.1 | ' | ' | ' | 164.1 | ' | 164.1 | 1 | |
Other comprehensive loss, net of tax | -32.3 | [1] | ' | ' | ' | ' | -32.3 | -32.3 | ' |
Treasury stock issuance | 16.6 | ' | -14 | 30.6 | ' | ' | 16.6 | ' | |
Noncontrolling interest | 49.8 | ' | ' | ' | ' | ' | ' | 49.8 | |
Stock option compensation expense | 8 | ' | 8 | ' | ' | ' | 8 | ' | |
Exercise of stock options and other, net | 12.1 | ' | 12.1 | ' | ' | ' | 12.1 | ' | |
Ending balance at Dec. 30, 2012 | 1,203.40 | 0.4 | 297.8 | 0 | 1,123 | -273.4 | 1,147.80 | 55.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 184.5 | ' | ' | ' | 185 | ' | 185 | -0.5 | |
Other comprehensive loss, net of tax | 107.9 | [1] | ' | ' | ' | ' | 107.9 | 107.9 | 0 |
Purchase of noncontrolling interest | -4.6 | ' | ' | ' | ' | ' | ' | -4.6 | |
Foreign currency translation adjustment - noncontrolling interest | -3.5 | ' | ' | ' | ' | ' | ' | -3.5 | |
Stock option compensation expense | 10.7 | ' | 10.7 | ' | ' | ' | 10.7 | ' | |
Exercise of stock options and other, net | 20.3 | ' | 20.3 | ' | ' | ' | 20.3 | ' | |
Ending balance at Dec. 29, 2013 | $1,518.70 | $0.40 | $328.80 | $0 | $1,308 | ($165.50) | $1,471.70 | $47 | |
[1] | Net of income tax expense of $81.1 million in 2013 and income tax benefits of $30.2 million for 2012 and $24.2 million for 2011. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Operating Activities | ' | ' | ' |
Net income | $184.50 | $165.10 | $255.20 |
Discontinued operations, net of income taxes | 0 | -2.3 | -113.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 91.1 | 78.3 | 64.2 |
Deferred income taxes | 17.4 | -17.9 | 28.1 |
Stock option expense | 10.7 | 8 | 5.8 |
Noncontrolling interest | -0.5 | 1 | 0 |
Excess income tax benefits from stock options exercised | -5.4 | -8.4 | -7.2 |
Changes in operating assets and liabilities, excluding the effect of businesses acquired: | ' | ' | ' |
Accounts receivable | -7.1 | -28.5 | 23 |
Inventories | 0.6 | -6.8 | -10.9 |
Prepaid expenses and other assets | 1.3 | 0.1 | -1.6 |
Accounts payable | -11.8 | 22.3 | -11.1 |
Accrued liabilities | 5.1 | -22.1 | 33.1 |
Income taxes payable, net | 2.2 | 47.3 | 22.8 |
Long-term assets | -9.7 | -4.7 | -11.3 |
Other long-term liabilities | 3.3 | 14 | -0.7 |
Accrued pension obligation | -75.8 | -58.6 | -64.5 |
Accrued postretirement benefits | -2.4 | -0.4 | 2.1 |
Other operating, net | 0.6 | 3.1 | 5.6 |
Net cash provided by operating activities from continuing operations | 204.1 | 189.5 | 219.5 |
Net cash used in discontinued operations | 0 | 0 | -2.9 |
Net cash provided by operating activities | 204.1 | 189.5 | 216.6 |
Investing Activities | ' | ' | ' |
Purchases of property, plant and equipment | -72.6 | -65.3 | -41.7 |
Purchase of businesses and other investments | -128.2 | -389.2 | -366.7 |
Proceeds from the sale of businesses and disposal of fixed assets | 5.8 | 1.1 | 137 |
Net cash used in investing activities from continuing operations | -195 | -453.4 | -271.4 |
Net cash used in discontinued operations | 0 | 0 | -0.5 |
Net cash used in investing activities | -195 | -453.4 | -271.9 |
Financing Activities | ' | ' | ' |
Net proceeds (payments) - long-term debt | -5 | 229.2 | 46.6 |
Purchase of treasury stock | 0 | 0 | -34.9 |
Proceeds from stock options exercised | 12.1 | 19.9 | 14.8 |
Income tax benefits from stock options exercised | 5.4 | 8.4 | 7.2 |
Other financing, net | -1.4 | 2.8 | -4.1 |
Net cash provided by financing activities | 11.1 | 260.3 | 29.6 |
Increase (decrease) in cash and cash equivalents | 20.2 | -3.6 | -25.7 |
Cash and cash equivalents—beginning of period | 45.8 | 49.4 | 75.1 |
Cash and cash equivalents—end of period | $66 | $45.80 | $49.40 |
Description_of_Business
Description of Business | 12 Months Ended |
Dec. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Teledyne Technologies Incorporated (“Teledyne” or the “Company”) became an independent, public company effective November 29, 1999. Teledyne provides enabling technologies for industrial growth markets that require advanced technology and high reliability. These markets include deepwater oil and gas exploration and production, oceanographic research, air and water quality environmental monitoring, electronics design and development, factory automation and medical imaging. The products include monitoring and control instrumentation for marine and environmental applications, harsh environment interconnects, electronic test and measurement equipment, digital imaging sensors and cameras, aircraft information management systems, and defense electronic and satellite communication subsystems. Teledyne also supplies engineered systems for defense, space, environmental and energy applications. Teledyne differentiates itself from many of its direct competitors by having a customer and company sponsored applied research center that augments our product development expertise. | |
Teledyne consists of the Instrumentation segment with principal operations in the United States, the United Kingdom and Denmark; the Digital Imaging segment with principal operations in the United States, Canada and the Netherlands: the Aerospace and Defense Electronics segment with principal operations in the United States and the United Kingdom; and the Engineered Systems segment with principal operations in the United States and the United Kingdom. | |
On April 19, 2011, Teledyne completed the sale of its general aviation piston engine businesses, which comprised the former Aerospace Engines and Components segment. Accordingly, our consolidated financial statements reflect the Aerospace Engines and Components segment as a discontinued operation. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||
Principles of Consolidation | ||||||||||||||||
The consolidated financial statements include the accounts of Teledyne and all wholly-owned and majority-owned domestic and foreign subsidiaries. Intercompany accounts and transactions have been eliminated. | ||||||||||||||||
Fiscal Year | ||||||||||||||||
The Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December 31. Fiscal year 2013 was a 52-week fiscal year and ended on December 29, 2013. Fiscal year 2012 was a 52-week fiscal year and ended on December 30, 2012. Fiscal year 2011 was a 52-week fiscal year and ended on January 1, 2012. References to the years 2013, 2012 and 2011 are intended to refer to the respective fiscal year unless otherwise noted. | ||||||||||||||||
Estimates | ||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to product returns and replacements, allowance for doubtful accounts, inventories, intangible assets, asset valuations, income taxes, warranty obligations, pension and other postretirement benefits, long-term contracts, environmental, workers’ compensation and general liability, employee dental and medical benefits and other contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at the time, the results of which form the basis for making its judgments. Actual results may differ materially from these estimates under different assumptions or conditions. Management believes that the estimates are reasonable. | ||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the year ended December 29, 2013: | ||||||||||||||||
Foreign Currency Translation | Cash Flow Hedges and other | Pension and Postretirement Benefits | Total | |||||||||||||
Balances as of December 30, 2012 | $ | (17.2 | ) | $ | (1.9 | ) | $ | (254.3 | ) | $ | (273.4 | ) | ||||
Other comprehensive income (loss) before reclassifications | (15.2 | ) | (2.7 | ) | — | (17.9 | ) | |||||||||
Amounts reclassified from AOCI | — | 1.3 | 124.5 | 125.8 | ||||||||||||
Net other comprehensive income | (15.2 | ) | (1.4 | ) | 124.5 | 107.9 | ||||||||||
Balance as of December 29, 2013 | $ | (32.4 | ) | $ | (3.3 | ) | $ | (129.8 | ) | $ | (165.5 | ) | ||||
The reclassification out of AOCI for the year ended December 29, 2013 are as follows: | ||||||||||||||||
Amount reclassified from AOCI | Financial Statement Presentation | |||||||||||||||
Loss on cash hedges: | ||||||||||||||||
Loss recognized in income on derivatives | $ | 1.7 | Other expense | |||||||||||||
Income tax impact | (0.4 | ) | Income tax benefit | |||||||||||||
Total | $ | 1.3 | ||||||||||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||||||||||||
Amortization prior service cost | $ | (5.1 | ) | See Note 12 | ||||||||||||
Amortization of net actuarial loss | 40.4 | See Note 12 | ||||||||||||||
Pension adjustments | 170.3 | See Note 12 | ||||||||||||||
Total before tax | 205.6 | |||||||||||||||
Tax effect | (81.1 | ) | ||||||||||||||
Net of tax | $ | 124.5 | ||||||||||||||
Revenue Recognition | ||||||||||||||||
Commercial sales and revenue from U.S. Government fixed-price type contracts generally are recorded as shipments are made, as services are rendered or in some cases, on a percentage-of-completion basis. Sales under cost-reimbursement contracts are recorded as work is performed. A small percentage of our revenues involve multiple deliverables which require us to determine the fair value of each deliverable and then allocate the total arrangement consideration among the separate deliverables based on the relative fair value percentages. Also, extended or non-customary warranties do not represent a significant portion of our revenue, however when our revenue arrangements include an extended or non-customary warranty provision the revenue is deferred and recognized over the extended warranty coverage period | ||||||||||||||||
Occasionally, for certain fixed-price type contracts that require substantial performance over a long time period (generally one or more years), revenues are recorded under the percentage-of-completion (“POC”) method. Teledyne measures the extent of progress toward completion using the units-of-delivery method, cost-to-cost method or based upon attainment of scheduled performance milestones which could be time, event or expense driven. Occasionally, invoices are submitted to be paid by the customer under a contractual agreement which has a different time schedule than the related revenue recognition. Since certain contracts extend over a long period of time, all revisions in cost and revenue estimates during the progress of work have the effect of adjusting the current period earnings on a cumulative catch-up basis. If the current contract estimate indicates a loss, provision is made for the total anticipated loss in the period that it becomes evident. Sales under cost-reimbursement contracts are recorded as allowable costs are incurred and fees are earned. For revenues recorded on contracts that require the Company to warehouse certain goods, all risks of loss is borne by the customer. Changes in estimates related to contracts accounted for under the POC method are recorded using the cumulative catch-up method of accounting. The net effect of these favorable and unfavorable changes in estimates were expense of $1.8 million in 2013 and $1.2 million in 2012 and $0.3 million of income 2011. The aggregate effects of these favorable and unfavorable changes in estimates in 2013, 2012 and 2011 were $21.4 million, $18.0 million and $4.7 million of favorable operating income and $23.2 million, $19.2 million and $4.4 million of unfavorable operating income, respectively. We do not believe that any discrete event or adjustments to an individual contract within the aggregate changes in contract estimates for 2013, 2012 or 2011 was material to the consolidated statements of income for such annual periods. | ||||||||||||||||
Shipping and Handling | ||||||||||||||||
Shipping and handling fees charged to customers are classified as revenue while shipping and handling costs retained by Teledyne are classified as cost of sales in the accompanying consolidated statements of income. | ||||||||||||||||
Product Warranty and Replacement Costs | ||||||||||||||||
Some of the Company’s products are subject to specified warranties and the Company reserves for the estimated cost of product warranties on a product-specific basis. Facts and circumstances related to a product warranty matter and cost estimates to return, repair and/or replace the product are considered when establishing a product warranty reserve. The adequacy of the preexisting 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 accrued liabilities and long-term liabilities on the balance sheet. Changes in the Company’s product warranty reserve are as follows (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Balance at beginning of year | $ | 17.8 | $ | 13.3 | $ | 13 | ||||||||||
Accruals for product warranties charged to expense | 4.4 | 9.6 | 5.1 | |||||||||||||
Cost of product warranty claims | (5.2 | ) | (6.9 | ) | (5.9 | ) | ||||||||||
Acquisitions | 0.3 | 1.8 | 1.1 | |||||||||||||
Balance at end of period | $ | 17.3 | $ | 17.8 | $ | 13.3 | ||||||||||
Research and Development | ||||||||||||||||
Selling, general and administrative expenses include company-funded research and development and bid and proposal costs which are expensed as incurred and were $167.0 million in 2013, $131.6 million in 2012 and $101.9 million in 2011. Costs related to customer-funded research and development contracts were $221.2 million in 2013, $232.6 million in 2012 and $213.8 million in 2011 and are charged to cost of sales as the related sales are recorded. A portion of the costs incurred for company-funded research and development is recoverable through overhead cost allocations on government contracts. | ||||||||||||||||
Income Taxes | ||||||||||||||||
Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amount in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and incorporate assumptions about the amount of future state, federal and foreign pretax operating income adjusted for items that do not have tax consequences. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. | ||||||||||||||||
Income tax positions must meet a more-likely-than-not recognition in order to be recognized in the financial statements. We recognize potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. As new information becomes available, the assessment of the recognition threshold and the measurement of the associated tax benefit of uncertain tax positions may result in financial statement recognition or derecognition. | ||||||||||||||||
Net Income Per Common 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. | ||||||||||||||||
The following table sets forth the computations of basic and diluted earnings per share (amounts in millions, except per share data): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Net income from continuing operations including noncontrolling interest | $ | 184.5 | $ | 162.8 | $ | 142.1 | ||||||||||
Noncontrolling interest | 0.5 | (1.0 | ) | — | ||||||||||||
Discontinued operations, net of income taxes | — | 2.3 | 113.1 | |||||||||||||
Net income attributable to Teledyne | $ | 185 | $ | 164.1 | $ | 255.2 | ||||||||||
Basic earnings per common share: | ||||||||||||||||
Weighted average common shares outstanding | 37.3 | 36.7 | 36.6 | |||||||||||||
Basic earnings per common share | ||||||||||||||||
Continuing operations | $ | 4.96 | $ | 4.41 | $ | 3.88 | ||||||||||
Discontinued operations | — | 0.06 | 3.09 | |||||||||||||
Basic earnings per common share | $ | 4.96 | $ | 4.47 | $ | 6.97 | ||||||||||
Diluted earnings per share: | ||||||||||||||||
Weighted average common shares outstanding | 37.3 | 36.7 | 36.6 | |||||||||||||
Dilutive effect of exercise of options outstanding | 0.7 | 0.7 | 0.7 | |||||||||||||
Weighted average diluted common shares outstanding | 38 | 37.4 | 37.3 | |||||||||||||
Diluted earnings per common share | ||||||||||||||||
Continuing operations | $ | 4.87 | $ | 4.33 | $ | 3.81 | ||||||||||
Discontinued operations | — | 0.06 | 3.03 | |||||||||||||
Diluted earnings per common share | $ | 4.87 | $ | 4.39 | $ | 6.84 | ||||||||||
For 2013, 2012 and 2011, 9,000, 513,340 and 388,660 stock options were excluded in the computation of diluted earnings per share because they had exercise prices that were greater than the average market price of the Company’s common stock during the respective periods. | ||||||||||||||||
For 2013, 2012 and 2011, stock options to purchase 2.7 million, 2.0 million and 2.3 million shares of common stock, respectively, had exercise prices that were less than the average market price of the Company’s common stock during the respective periods and are included in the computation of diluted earnings per share. | ||||||||||||||||
In addition 4,996 contingent shares of the Company’s common stock under a compensation plan were excluded from fully diluted shares outstanding for 2011, respectively, since performance and other conditions for issuance were not met. No shares were excluded for 2013 and 2012. | ||||||||||||||||
Accounts Receivable | ||||||||||||||||
Receivables are presented net of a reserve for doubtful accounts of $5.2 million at December 29, 2013, and $4.7 million at December 30, 2012. Expense recorded for the reserve for doubtful accounts was $0.9 million, $0.7 million, and $0.7 million for 2013, 2012, and 2011, respectively. An allowance for doubtful accounts is established for losses expected to be incurred on accounts receivable balances. Judgment is required in the estimation of the allowance and is based upon specific identification, collection history and creditworthiness of the debtor. The Company markets its products and services principally throughout the United States, Europe, Japan and Canada to commercial customers and agencies of, and prime contractors to, the U.S. Government. Trade credit is extended based upon evaluations of each customer’s ability to perform its obligations, which are updated periodically. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and cash equivalents totaled $66.0 million at December 29, 2013 of which $55.2 million was held by foreign subsidiaries of Teledyne. 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 December 29, 2013 and $2.4 million at December 30, 2012. | ||||||||||||||||
Inventories | ||||||||||||||||
Inventories are stated at the lower of cost or market, less progress payments. The majority of inventory values are principally valued on an average cost, or first-in, first-out method, while the remainder are stated at cost based on the last-in, first-out method. Costs include direct material, direct labor, applicable manufacturing and engineering overhead, and other direct costs. | ||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment is capitalized at cost. Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are determined using a combination of accelerated and straight-line methods over the estimated useful lives of the various asset classes. Buildings and building improvements are depreciated over periods not exceeding 45 years, equipment over 5 to 18 years, computer hardware and software over 3 to 7 years and leasehold improvements over the shorter of the estimated remaining lives or lease terms. Significant improvements are capitalized while maintenance and repairs are charged to expense as incurred. Depreciation expense on property, plant and equipment, including assets under capital leases, was $59.6 million in 2013, $48.9 million in 2012 and $39.6 million in 2011. | ||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||
Goodwill and intangible assets with indefinite lives are not amortized, but tested at least annually for impairment. The Company performs an annual impairment test for goodwill and other intangible assets in the fourth quarter of each year, or more often as circumstances require. The two-step impairment test is used to first identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any. When it is determined that an impairment has occurred, an appropriate charge to operations is recorded. Based on the annual impairment test completed in the fourth quarter of 2013, the Company recorded a $1.2 million asset impairment related to acquired intangible assets. No impairment of goodwill was indicated. | ||||||||||||||||
Business acquisitions are accounted for under the purchase method by assigning the purchase price to tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Purchased intangible assets with finite lives are amortized over their estimated useful lives. | ||||||||||||||||
Other Long-Lived Assets | ||||||||||||||||
The carrying value of long-lived assets is periodically evaluated in relation to the operating performance and sum of undiscounted future cash flows of the underlying businesses. An impairment loss is recognized when the sum of expected undiscounted future net cash flows is less than book value. | ||||||||||||||||
Environmental | ||||||||||||||||
Costs that mitigate or prevent future environmental contamination or extend the life, increase the capacity or improve the safety or efficiency of property utilized in current operations are capitalized. Other costs that relate to current operations or an existing condition caused by past operations are expensed. Environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable, but generally not later than the completion of the feasibility study or the Company’s recommendation of a remedy or commitment to an appropriate plan of action. The accruals are reviewed periodically and, as investigations and remediations proceed, adjustments are made as necessary. Accruals for losses from environmental remediation obligations do not consider the effects of inflation, and anticipated expenditures are not discounted to their present value. The accruals are not reduced by possible recoveries from insurance carriers or other third parties, but do reflect anticipated allocations among potentially responsible parties at federal Superfund sites or similar state-managed sites and an assessment of the likelihood that such parties will fulfill their obligations at such sites. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations, and current technology. Such estimates take into consideration the Company's prior experience in site investigation and remediation, the data concerning cleanup costs available from other companies and regulatory authorities, and the professional judgment of the Company’s environmental personnel in consultation with outside environmental specialists, when necessary. | ||||||||||||||||
Foreign Currency Translation | ||||||||||||||||
The Company’s foreign entities’ accounts are generally measured using local currency as the functional currency. Assets and liabilities of these entities are translated at the exchange rate in effect at year-end. Revenues and expenses are translated at average month end rates of exchange prevailing during the year. Unrealized translation gains and losses arising from differences in exchange rates from period to period are included as a component of accumulated other comprehensive loss in stockholders’ equity. A majority of the Company’s sales are denominated in U.S. dollars which mitigates the effect of exchange rate changes. | ||||||||||||||||
Hedging Activities/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 objective is to protect the United States dollar value of future cash flows and minimize the volatility of reported earnings. Following the acquisition of DALSA, the Company began to utilize 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. | ||||||||||||||||
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 accumulated other comprehensive income in stockholders’ equity until the underlying hedged item is reflected in our consolidated statements of income, at which time the effective amount in accumulated other comprehensive income is reclassified to cost of sales in our consolidated statements of income. The Company expects to reclassify a loss of approximately $1.4 million over the next 12 months based on the year end 2013 exchange rate. | ||||||||||||||||
In the event that the gains or losses in accumulated other comprehensive income (“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 December 29, 2013, Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $70.7 million and these contracts had a fair value of $1.2 million. These foreign currency forward contracts have maturities ranging from March 2014 to February 2015. | ||||||||||||||||
In addition, the Company utilizes foreign currency forward contracts to mitigate foreign exchange rate risk associated with foreign-currency-denominated monetary assets and liabilities, including intercompany receivables and payables. As of December 29, 2013, Teledyne had foreign currency contracts of this type in the following pairs (in millions): | ||||||||||||||||
Contracts to Buy | Contracts to Sell | |||||||||||||||
Currency | Amount | Currency | Amount | |||||||||||||
Euros | € | 1.7 | Canadian Dollar | C$ | 2.5 | |||||||||||
Canadian Dollar | C$ | 29.3 | U.S. Dollars | $ | 28.2 | |||||||||||
Great Britain Pounds | £ | 10.9 | U.S. Dollars | $ | 17.8 | |||||||||||
U.S. Dollars | $ | 11.2 | Euros | € | 8.2 | |||||||||||
U.S. Dollars | $ | 1.5 | Japanese Yen | ¥ | 160 | |||||||||||
Singapore Dollar | S$ | 0.9 | U.S. Dollar | $ | 0.8 | |||||||||||
Japanese Yen | ¥ | 67 | Canadian Dollar | C$ | 0.7 | |||||||||||
The gains and losses on these derivatives which are not designated as hedging instruments under ASC 815, Derivatives and Hedging (“ASC 815”), 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 for 2013 and 2012 was as follows (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Net gain (loss) recognized in AOCI (a) | $ | (3.7 | ) | $ | 2 | |||||||||||
Net loss reclassified from AOCI into cost of sales (a) | $ | (1.8 | ) | $ | (0.9 | ) | ||||||||||
Net foreign exchange gain recognized in other income and expense (b) | $ | 0.5 | $ | 0.5 | ||||||||||||
(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 2013 and 2012 was a loss of $1.1 million and $0.1 million, respectively. | ||||||||||||||||
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-Dec-13 | December 30, 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow forward contracts | Other current assets | $ | — | $ | 0.8 | |||||||||||
Cash flow forward contracts | Accrued liabilities | (1.2 | ) | — | ||||||||||||
Total derivatives designated as hedging instruments | (1.2 | ) | 0.8 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Non-designated forward contracts | Other current assets | 0.2 | 0.1 | |||||||||||||
Non-designated forward contracts | Accrued liabilities | (0.9 | ) | (0.2 | ) | |||||||||||
Total derivatives not designated as hedging instruments | (0.7 | ) | (0.1 | ) | ||||||||||||
Total asset/(liability) derivatives | $ | (1.9 | ) | $ | 0.7 | |||||||||||
Supplemental Cash Flow Information | ||||||||||||||||
Cash payments for federal, foreign and state income taxes were $32.8 million for 2013. Tax refunds received in 2013 totaled $3.3 million. Cash payments for federal, foreign and state income taxes were $15.0 million for 2012. Tax refunds received in 2012 totaled $1.9 million. Cash payments for federal, foreign and state income taxes were $21.9 million for 2011. This amount does not include $51.3 million in income taxes paid on the gain on the sale of discontinued operations. Tax refunds received in 2011 totaled $11.1 million. Cash payments for interest and credit facility fees totaled $19.7 million, $16.2 million and $15.7 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The Company uses the following three levels of inputs in determining the fair value of the Company’s assets and liabilities, focusing on the most observable inputs when available: | ||||||||||||||||
• | Level 1-Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2-Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||
• | Level 3-Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. | |||||||||||||||
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||
In July 2012, the Financial Accounting Standards Board (“FASB”) issued 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. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Teledyne’s adoption of these provisions, effective December 31, 2012, did not have an impact on our financial position or results of operations. | ||||||||||||||||
In July 2013, the FASB issued accounting guidance related to the presentation of an unrecognized tax benefit when a net operating loss carryforward (“NOL”), a similar tax loss or a tax credit carryforward exists. Under the guidance an entity will be required to present an unrecognized tax benefit as a reduction of a deferred tax asset for a NOL or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. An entity is required to apply the amendments prospectively for annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the guidance, but does not anticipate that the implementation of this guidance will have a material impact on its consolidated financial statements. |
Business_Acquisitions_Goodwill
Business Acquisitions, Goodwill and Acquired Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Business Combinations and Investments, Goodwill and Acquired Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Business Acquisitions, Goodwill and Acquired Intangible Assets | ' | ||||||||||||||||||||||||
Business Acquisitions, Goodwill and Acquired Intangible Assets | |||||||||||||||||||||||||
The Company spent $128.2 million, $389.2 million and $366.7 million on acquisitions in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
On October 22, 2013, a subsidiary of Teledyne acquired C.D. Limited for $21.8 million in cash, net of cash acquired. C.D. Limited (“CDL”), headquartered in Aberdeen, Scotland, is a leading supplier of subsea inertial navigation systems and motion sensors for a variety of marine applications. CDL had sales of £9.9 million for its fiscal year ended December 31, 2012 and is part of the Instrumentation segment. | |||||||||||||||||||||||||
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 paid 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 8, 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 produces compact short-wave and mid-wave infrared cameras and operates within the Digital Imaging segment. | |||||||||||||||||||||||||
On May 8, 2013, a subsidiary of Teledyne acquired 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 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. Also in 2013, the Company spent $1.4 million on certain assets. | |||||||||||||||||||||||||
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 had sales of $178.1 million for its fiscal year ended June 30, 2011 and is part of the Instrumentation segment. | |||||||||||||||||||||||||
In addition to the acquisition of LeCroy in 2012, the Company completed the acquisition of four other businesses in 2012 for $87.9 million in cash, net of cash acquired. The additional businesses acquired expanded our portfolio of rugged interconnect solutions, increased our instrumentation content on AUVs and ROVs used in oil and gas and marine survey applications, added 3D imaging capability to our portfolio of visible, X-ray and ultraviolet sensors, cameras, added bathymetric LIDAR systems used for coastal mapping and shallow water profiling and expanded our line of harsh environmental marine connectors. The aggregate annual sales of the five businesses acquired at the time of their respective acquisitions, in each case based on the acquired company’s revenues for its last completed fiscal year prior to the acquisition, were approximately $98.7 million. | |||||||||||||||||||||||||
On April 2, 2012, Teledyne acquired a majority interest in the parent company of Optech for $27.9 million, net of cash acquired. The purchase increased Teledyne’s ownership percentage to 51% from the original 19% 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% of Optech’s total equity and was equal to $49.8 million. The minority ownership of Optech was $47.3 million and $49.8 million at December 29, 2013 and December 30, 2012, respectively. Optech had sales of CAD $54.7 million for its fiscal year ended March 30, 2012 and is reported as part of the Digital Imaging segment. | |||||||||||||||||||||||||
On February 12, 2011, the Company acquired the stock of DALSA Corporation (“DALSA”) for an aggregate purchase price of $339.5 million. DALSA designs and manufactures digital image capture products, primarily consisting of high performance sensors, cameras and software for use in industrial, scientific, medical and professional applications products, as well as specialty semiconductors and micro electro mechanical systems (“MEMS”). DALSA had sales of CAD $212.3 million for its fiscal year ended December 2010 and operates within the Digital Imaging segment. | |||||||||||||||||||||||||
In addition to the acquisition of DALSA in 2011, the Company spent $27.2 million on three acquisitions and the purchase of the remaining minority interest in Energy Systems. The acquisitions provided the Company with compact short-wave and mid-wave infrared cameras and laser-based survey and digital imaging. | |||||||||||||||||||||||||
The results of these acquisitions have been included in Teledyne’s results since the dates of their respective acquisition. | |||||||||||||||||||||||||
The primary reasons for the above acquisitions were to strengthen and expand our core businesses through adding complementary product and service offerings, allowing greater integrated products and services, enhancing our technical capabilities or increasing our addressable markets. The significant factors that resulted in recognition of goodwill were: (a) the purchase price was based on cash flow and return on capital projections assuming integration with our businesses and (b) the calculation of the fair value of tangible and intangible assets acquired that qualified for recognition. Teledyne funded the purchases primarily from borrowings under its credit facility and cash on hand. | |||||||||||||||||||||||||
The unaudited pro forma financial information below assumes that DALSA had been acquired at the beginning of the 2011 fiscal year and includes the effect of estimated amortization of acquired identifiable intangible assets and increased interest expense on net acquisition debt, as well as the impact of purchase accounting adjustments for certain liabilities and inventory valuation adjustments. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have resulted had the acquisition been in effect at the beginning of the period presented. In addition, the unaudited pro forma financial results are not intended to be a projection of future results and do not reflect any operating efficiencies or cost savings that might be achievable. | |||||||||||||||||||||||||
Fiscal Year (a) | |||||||||||||||||||||||||
(unaudited, in millions, except per-share amounts) | 2011 | ||||||||||||||||||||||||
Net sales | $ | 1,966.00 | |||||||||||||||||||||||
Net income from continuing operations | $ | 133.5 | |||||||||||||||||||||||
Net income attributable to Teledyne | $ | 246.6 | |||||||||||||||||||||||
Basic earnings per common share – continuing operations | $ | 3.65 | |||||||||||||||||||||||
Basic earnings per common share – attributable to Teledyne | $ | 6.74 | |||||||||||||||||||||||
Diluted earnings per common share – continuing operations | $ | 3.58 | |||||||||||||||||||||||
Diluted earnings per common share – attributable to Teledyne | $ | 6.61 | |||||||||||||||||||||||
(a) | The above unaudited proforma information is presented for the DALSA acquisition as it is considered a material acquisition. | ||||||||||||||||||||||||
Teledyne’s goodwill was $1,037.8 million at December 29, 2013 and $990.2 million at December 30, 2012. The increase in the balance of goodwill in 2013 resulted from current year 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 $270.9 million at December 29, 2013 and $265.7 million at December 30, 2012. The increase in the balance of acquired intangible assets in 2013 resulted from current year acquisitions, partially offset by amortization and the impact of exchange rate changes. The Company’s cost to acquire RESON, Axiom, CETAC and CDL 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 2013 acquisitions, except for the CDL acquisition. 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 CDL acquisition. The Company made preliminary estimates as of December 29, 2013, since there was insufficient time between the acquisition date and the end of the period to finalize the analysis. | |||||||||||||||||||||||||
The following tables show the purchase price (net of cash acquired), goodwill acquired and intangible assets acquired for the acquisitions made in 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Fiscal year 2013 | |||||||||||||||||||||||||
Name | Acquisition Date | Purchase | Goodwill | Acquired | |||||||||||||||||||||
Price | Acquired | Intangible | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
RESON | 1-Mar-13 | $ | 69.7 | $ | 35.1 | $ | 25.5 | ||||||||||||||||||
Axiom | 8-May-13 | 4 | 3.4 | 0.3 | |||||||||||||||||||||
CETAC | 30-Aug-13 | 26.4 | 11.1 | 6.7 | |||||||||||||||||||||
CDL | 22-Oct-13 | 21.8 | 11.9 | 7.8 | |||||||||||||||||||||
Purchase of remaining interest of Nova Sensors | 8-Jul-13 | 4.9 | — | — | |||||||||||||||||||||
Other investments | 1.4 | 1 | 0.3 | ||||||||||||||||||||||
$ | 128.2 | $ | 62.5 | $ | 40.6 | ||||||||||||||||||||
Fiscal year 2012 | |||||||||||||||||||||||||
Name | Acquisition Date | Purchase | Goodwill | Acquired | |||||||||||||||||||||
Price | Acquired | Intangible | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
LeCroy | 3-Aug-12 | $ | 301.3 | $ | 174.4 | $ | 67.6 | ||||||||||||||||||
PDM Neptec | 3-Aug-12 | 7.4 | 3.3 | 1.3 | |||||||||||||||||||||
Blue View | 2-Jul-12 | 16.3 | 10.8 | 4.8 | |||||||||||||||||||||
Optech (a) | 2-Apr-12 | 27.9 | 62.4 | 23.4 | |||||||||||||||||||||
VariSystems | 25-Feb-12 | 36.3 | 14.2 | 11.9 | |||||||||||||||||||||
$ | 389.2 | $ | 265.1 | $ | 109 | ||||||||||||||||||||
(a) | In April 2012, Teledyne acquired a majority interest in the parent company of Optech for $27.9 million, net of cash acquired. The purchase increased Teledyne’s ownership percentage to 51% from the original 19% interest purchased in 2011. With the April 2012 purchase, we now consolidate 100% of Optech’s balance sheet and financial results into Teledyne’s results with an appropriate adjustment for the minority ownership. The goodwill and acquired intangible assets are based on 100% of Optech’s balance sheet, while the purchase price represents the additional purchase of the 32% interest. | ||||||||||||||||||||||||
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 and 2012 (in millions): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Current assets, excluding cash acquired | $ | 40.1 | $ | 116.2 | |||||||||||||||||||||
Property, plant and equipment | 8.3 | 79.1 | |||||||||||||||||||||||
Goodwill | 62.5 | 265.1 | |||||||||||||||||||||||
Other acquired intangible assets | 40.6 | 109 | |||||||||||||||||||||||
Other long-term assets | — | 5.3 | |||||||||||||||||||||||
Total assets acquired | 151.5 | 574.7 | |||||||||||||||||||||||
Current liabilities | (21.4 | ) | (61.8 | ) | |||||||||||||||||||||
Long-term liabilities | (6.8 | ) | (73.9 | ) | |||||||||||||||||||||
Total liabilities assumed | (28.2 | ) | (135.7 | ) | |||||||||||||||||||||
Noncontrolling interests (a) | 4.9 | (49.8 | ) | ||||||||||||||||||||||
Purchase price, net of cash acquired | $ | 128.2 | $ | 389.2 | |||||||||||||||||||||
(a) The 2012 amount relates to the purchase of the 32% interest in Optech. The 2013 amount relates to the purchase of the remaining interest in Nova Sensors. | |||||||||||||||||||||||||
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 and 2012 (dollars in millions): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Intangibles subject to amortization: | Intangible Assets | Weighted average useful life in years | Intangible Assets | Weighted average useful life in years | |||||||||||||||||||||
Proprietary technology | $ | 17.5 | 10 | $ | 50.4 | 9.5 | |||||||||||||||||||
Customer list/relationships | 11.1 | 9.7 | 21.4 | 10.2 | |||||||||||||||||||||
Backlog | 0.7 | 0.6 | 1.1 | 0.4 | |||||||||||||||||||||
Trademarks | — | — | 0.1 | 1 | |||||||||||||||||||||
Total intangibles subject to amortization | 29.3 | 9.6 | 73 | 9.5 | |||||||||||||||||||||
Intangibles not subject to amortization: | |||||||||||||||||||||||||
Trademarks | 11.3 | n/a | 36 | n/a | |||||||||||||||||||||
Total intangibles not subject to amortization | 11.3 | n/a | 36 | n/a | |||||||||||||||||||||
Total acquired intangible assets | $ | 40.6 | n/a | $ | 109 | n/a | |||||||||||||||||||
Goodwill | $ | 62.5 | n/a | $ | 265.1 | n/a | |||||||||||||||||||
Except for the CETAC acquisition, goodwill resulting from the acquisitions made in fiscal 2013 and 2012 will not be deductible for tax purposes. | |||||||||||||||||||||||||
The following table summarizes the changes in the carrying value of goodwill (in millions): | |||||||||||||||||||||||||
Instrumentation | Digital Imaging | Aerospace and Defense Electronics | Engineered Systems | Total | |||||||||||||||||||||
Balance at January 1, 2012 | $ | 288.4 | $ | 261.2 | $ | 144.5 | $ | 23.7 | $ | 717.8 | |||||||||||||||
Current year acquisitions | 202.7 | 62.4 | — | — | 265.1 | ||||||||||||||||||||
Foreign currency changes | 2.7 | 3.5 | 0.7 | 0.4 | 7.3 | ||||||||||||||||||||
Balance at December 30, 2012 | 493.8 | 327.1 | 145.2 | 24.1 | 990.2 | ||||||||||||||||||||
Current year acquisitions | 58.1 | 4.4 | — | — | 62.5 | ||||||||||||||||||||
Foreign currency changes and other | (2.4 | ) | (13.0 | ) | 0.4 | 0.1 | (14.9 | ) | |||||||||||||||||
Balance at December 29, 2013 | $ | 549.5 | $ | 318.5 | $ | 145.6 | $ | 24.2 | $ | 1,037.80 | |||||||||||||||
The following table summarizes the carrying value of other acquired intangible assets (in millions): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||||
Other acquired intangible assets: | |||||||||||||||||||||||||
Proprietary technology | $ | 191.3 | $ | 82.5 | $ | 108.8 | $ | 176.3 | $ | 63.9 | $ | 112.4 | |||||||||||||
Customer list/relationships | 100.5 | 42.7 | 57.8 | 91.1 | 33.9 | 57.2 | |||||||||||||||||||
Patents | 0.7 | 0.6 | 0.1 | 0.7 | 0.6 | 0.1 | |||||||||||||||||||
Non-compete agreements | 0.9 | 0.9 | — | 0.9 | 0.9 | — | |||||||||||||||||||
Trademarks | 3.3 | 1.7 | 1.6 | 3.3 | 1.4 | 1.9 | |||||||||||||||||||
Backlog | 12.9 | 12.8 | 0.1 | 12.3 | 12.2 | 0.1 | |||||||||||||||||||
Other acquired intangible assets subject to amortization | 309.6 | 141.2 | 168.4 | 284.6 | 112.9 | 171.7 | |||||||||||||||||||
Other acquired intangible assets not subject to amortization | |||||||||||||||||||||||||
Trademarks | 102.5 | — | 102.5 | 94 | — | 94 | |||||||||||||||||||
Total other acquired intangible assets: | $ | 412.1 | $ | 141.2 | $ | 270.9 | $ | 378.6 | $ | 112.9 | $ | 265.7 | |||||||||||||
Amortizable other intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from one to 15 years. Consistent with Teledyne’s growth strategy, we seek to acquire companies in markets characterized by high barriers to entry and that include specialized products not likely to be commoditized. Given our markets and highly engineered nature of our products, the rates of new technology development and customer acquisition and/or attrition are often not volatile. As such, we believe the value of acquired intangible assets decline in a linear, as opposed to an accelerated fashion, and we believe amortization on a straight-line basis is appropriate. | |||||||||||||||||||||||||
The Company recorded $31.5 million, $29.4 million and $24.6 million in amortization expense in 2013, 2012 and 2011, respectively, for other acquired intangible assets. The expected future amortization expense for the next five years is as follows (in millions): 2014 - $29.6; 2015 - $28.0; 2016 - $25.2; 2017 - $23.6; 2018 - $20.6. | |||||||||||||||||||||||||
The estimated remaining useful lives by asset category as of December 29, 2013, are as follows: | |||||||||||||||||||||||||
Intangibles subject to amortization | Weighted average remaining useful life in years | ||||||||||||||||||||||||
Proprietary technology | 5.3 | ||||||||||||||||||||||||
Customer list/relationships | 5.8 | ||||||||||||||||||||||||
Patents | 7.1 | ||||||||||||||||||||||||
Backlog | 0.1 | ||||||||||||||||||||||||
Trademarks | 8.5 | ||||||||||||||||||||||||
Total intangibles subject to amortization | 5.5 |
Financial_Instruments
Financial Instruments | 12 Months Ended |
Dec. 29, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Financial Instruments | ' |
Financial Instruments | |
The Company had $0.3 million and $2.4 million of cash equivalents at December 29, 2013 and December 30, 2012, respectively, which were primarily investments in money market funds. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets. The fair value of the Company’s forward currency contracts as of December 29, 2013 and December 30, 2012, are disclosed in Note 2, “Hedging Activities/Derivative Instruments,” of the Notes to the Consolidated Financial Statements below and are based on Level 2 inputs. The fair value of the Company’s senior unsecured notes as described in Note 10, “Long-Term Debt,” of the Notes to the Consolidated Financial Statements is approximately $250.0 million based upon Level 2 inputs at December 29, 2013 and December 30, 2012. The fair value of the Company’s credit facility, term loans and other debt, also described in Note 10, at December 29, 2013 and December 30, 2012 approximates the carrying value due to the variable market rate used to calculate interest payments. The Company does not have any other significant financial assets or liabilities that are measured at fair value. The carrying value of other on-balance-sheet financial instruments approximates fair value, and the cost, if any, to terminate off-balance sheet financial instruments (primarily letters of credit) is not significant. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
Accounts receivable are summarized as follows (in millions): | |||||||||
Balance at year-end | |||||||||
2013 | 2012 | ||||||||
Commercial and other receivables | $ | 329.7 | $ | 300.9 | |||||
U.S. Government and prime contractors contract receivables: | |||||||||
Billed receivables | 25.7 | 26 | |||||||
Unbilled receivables | 27.8 | 28.2 | |||||||
383.2 | 355.1 | ||||||||
Reserve for doubtful accounts | (5.2 | ) | (4.8 | ) | |||||
Total accounts receivable, net | $ | 378 | $ | 350.3 | |||||
The billed contract receivables from the U.S. Government and prime contractors contain $18.6 million and $21.0 million at December 29, 2013 and December 30, 2012, respectively, due to long-term contracts. The unbilled contract receivables from the U.S. Government and prime contractors contain $23.2 million and $23.6 million at December 29, 2013 and December 30, 2012, respectively, due to long-term contracts. | |||||||||
Unbilled contract receivables represent accumulated costs and profits earned but not yet billed to customers. The Company believes that substantially all such amounts will be billed and collected within one year. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of the following (in millions): | |||||||||
Balance at year-end | |||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 130.7 | $ | 129.4 | |||||
Work in process | 151.5 | 145.9 | |||||||
Finished goods | 41.4 | 30.5 | |||||||
323.6 | 305.8 | ||||||||
Progress payments | (12.7 | ) | (7.3 | ) | |||||
LIFO reserve | (16.6 | ) | (17.3 | ) | |||||
Total inventories, net | $ | 294.3 | $ | 281.2 | |||||
Inventories at cost determined on the LIFO method were $83.4 million at December 29, 2013 and $91.5 million at December 30, 2012. The remainder of the inventories using average cost or the FIFO methods, were $240.2 million at December 29, 2013 and $214.3 million at December 30, 2012. | |||||||||
The Company recorded $0.7 million in LIFO income in 2013. The Company recorded less than $0.1 million in LIFO income in 2012 and LIFO expense of $0.9 million in 2011. | |||||||||
Total inventories at current cost were net of reserves for excess, slow moving and obsolete inventory of $44.8 million and $42.0 million at December 29, 2013, and December 30, 2012, respectively. | |||||||||
Inventories, before progress payments, related to long-term contracts were $40.7 million and $40.8 million at December 29, 2013, and December 30, 2012, respectively. Progress payments related to long-term contracts were $0.1 million and $1.3 million at December 29, 2013 and December 30, 2012, respectively. Under the contractual arrangements by which progress payments are received, the customer has an ownership right in the inventories associated with specific contracts. |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 12 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Supplemental Balance Sheet Information | ' | |||||||||
Supplemental Balance Sheet Information | ||||||||||
Property, plant and equipment were as follows (in millions): | ||||||||||
Balance at year-end | ||||||||||
2013 | 2012 | |||||||||
Land | $ | 34 | $ | 35.9 | ||||||
Buildings | 171 | 163.8 | ||||||||
Equipment and software | 519.7 | 477.7 | ||||||||
724.7 | 677.4 | |||||||||
Accumulated depreciation and amortization | (367.0 | ) | (327.9 | ) | ||||||
Total property, plant and equipment, net | $ | 357.7 | $ | 349.5 | ||||||
The following table presents the balance of selected components of Teledyne’s balance sheet (in millions): | ||||||||||
Balance sheet items | Balance sheet location | 29-Dec-13 | 30-Dec-12 | |||||||
Deferred tax assets | Prepaid expenses and other current assets | $ | 31.9 | $ | 39.8 | |||||
Deferred compensation assets | Other assets | $ | 44.7 | $ | 37.8 | |||||
Salaries and wages | Accrued liabilities | $ | 103.2 | $ | 101.6 | |||||
Customer deposits and credits | Accrued liabilities | $ | 55.6 | $ | 66.5 | |||||
Accrued pension obligation | Other long-term liabilities | $ | 8.5 | $ | 57 | |||||
Accrued postretirement benefits | Other long-term liabilities | $ | 10.3 | $ | 12.8 | |||||
Deferred tax liabilities | Other long-term liabilities | $ | 112.3 | $ | 33.3 | |||||
Deferred compensation liabilities | Other long-term liabilities | $ | 43.1 | $ | 36.1 | |||||
Stockholders_Equity
Stockholder's Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||||||||||
Stockholder’s Equity | |||||||||||||||||||||
The following is an analysis of Teledyne’s common stock share activity: | |||||||||||||||||||||
Shares | |||||||||||||||||||||
Balance, January 2, 2011 | 36,363,372 | ||||||||||||||||||||
Stock options exercised and other | 663,643 | ||||||||||||||||||||
Balance, January 1, 2012 | 37,027,015 | ||||||||||||||||||||
Stock options exercised and other | 135,682 | ||||||||||||||||||||
Balance, December 30, 2012 | 37,162,697 | ||||||||||||||||||||
Stock options exercised and other | 408,485 | ||||||||||||||||||||
Balance, December 29, 2013 | 37,571,182 | ||||||||||||||||||||
Shares issued in all three fiscal years include stock options exercised as well as shares issued under certain compensation plans. | |||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||
Authorized preferred stock may be issued with designations, powers and preferences designated by the Board of Directors. There were no shares of preferred stock issued or outstanding in 2013, 2012 or 2011. | |||||||||||||||||||||
Treasury Stock | |||||||||||||||||||||
In October 2011, Teledyne’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 2,500,000 shares of its common stock. Shares may be repurchased from time to time in open market transactions at prevailing market prices or in privately negotiated transactions. Shares could be repurchased in a plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The repurchase program is expected to remain open continuously, and the number of shares purchased will depend on a variety of factors, such as share price, levels of cash available, alternative investment opportunities available immediately or longer-term, and other regulatory, market or economic conditions. Repurchases would be funded with cash on hand and borrowings under the Company’s credit facility. In 2011, Teledyne repurchased 658,562 shares of Teledyne common stock for $34.9 million under the program. Such repurchased shares became treasury stock. Teledyne issues shares for share-based compensation plans from treasury stock. Teledyne has no shares of treasury stock at December 29, 2013. No shares were repurchased in 2013 or 2012 under the program. In 2014, the Company began repurchasing stock under its stock repurchase program authorized in October 2011. | |||||||||||||||||||||
Stock Incentive Plan | |||||||||||||||||||||
Teledyne has long-term incentive plans which provide its Board of Directors the flexibility to grant restricted stock, restricted stock units, performance shares, non-qualified stock options, incentive stock options and stock appreciation rights to officers and employees of Teledyne. Employee stock options become exercisable in one-third increments on the first, second and third anniversary of the grant and have a maximum 10 years life. | |||||||||||||||||||||
The valuation methodologies and assumptions in estimating the fair value of stock options granted in 2013 were similar to those used in estimating the fair value of stock options granted in 2012 and 2011. Stock option compensation expense is recorded on a straight line basis over the appropriate vesting period, generally three years. The Company recorded $10.7 million, $8.0 million, and $5.8 million for stock option expense, for 2013, 2012 and 2011, respectively. 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 granted. The period used for the historical stock price corresponded to the expected term of the options. 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, 2012 and 2011: | |||||||||||||||||||||
For the year | 2013 | 2012 | 2011 | ||||||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||
Expected volatility | 31.9 | % | 34.1 | % | 36.8 | % | |||||||||||||||
Risk-free interest rate | 0.9 | % | 1.1 | % | 2.1 | % | |||||||||||||||
Expected life in years | 7.3 | 6.7 | 6.2 | ||||||||||||||||||
Based on the assumptions in the table above, the grant date weighted average fair value of stock options granted in 2013, 2012 and 2011 was $27.17, $23.90 and $18.94, respectively. | |||||||||||||||||||||
Stock option transactions for Teledyne’s employee stock option plans are summarized as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||||||
Beginning balance | 2,203,005 | $ | 45.9 | 2,322,845 | $ | 38.19 | 2,456,296 | $ | 33.07 | ||||||||||||
Granted | 573,724 | $ | 75.17 | 500,006 | $ | 64.73 | 499,038 | $ | 47.35 | ||||||||||||
Exercised | (313,265 | ) | $ | 37.1 | (542,205 | ) | $ | 29.92 | (576,575 | ) | $ | 23.89 | |||||||||
Canceled or expired | (44,092 | ) | $ | 57.68 | (77,641 | ) | $ | 48.19 | (55,914 | ) | $ | 42.94 | |||||||||
Ending balance | 2,419,372 | $ | 53.77 | 2,203,005 | $ | 45.9 | 2,322,845 | $ | 38.19 | ||||||||||||
Options exercisable at end of period | 1,414,002 | $ | 43.4 | 1,323,965 | $ | 39.07 | 1,586,480 | $ | 34.79 | ||||||||||||
The following table provides certain information with respect to stock options outstanding and stock options exercisable at December 29, 2013 under the employee stock option plans: | |||||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average Exercise Price | Remaining life in years | Shares | Weighted Average Exercise Price | ||||||||||||||||
$13.45-$20.00 | 12,898 | $ | 19.27 | 0.1 | 12,898 | $ | 19.27 | ||||||||||||||
$20.01-$30.00 | 129,512 | $ | 26.99 | 1.2 | 129,512 | $ | 26.99 | ||||||||||||||
$30.01-$40.00 | 422,789 | $ | 36.82 | 2.8 | 422,789 | $ | 36.82 | ||||||||||||||
$40.01-$50.00 | 580,202 | $ | 44.75 | 6.7 | 461,200 | $ | 44.21 | ||||||||||||||
$50.01-$60.00 | 262,156 | $ | 50.95 | 4.6 | 245,976 | $ | 50.82 | ||||||||||||||
$60.01-$70.00 | 441,841 | $ | 64.73 | 8.4 | 141,627 | $ | 64.73 | ||||||||||||||
$70.01-$77.45 | 569,974 | $ | 75.17 | 9.4 | — | $ | — | ||||||||||||||
2,419,372 | $ | 53.77 | 6.4 | 1,414,002 | $ | 43.4 | |||||||||||||||
Non-Employee Director Stock Compensation Plan | |||||||||||||||||||||
Teledyne also sponsors a stock plan for non-employee directors pursuant to which non-employee directors receive annual stock options and may receive stock or stock options in lieu of their respective retainer and meeting fees. The options become exercisable one year after issuance and have a maximum 10 years life. | |||||||||||||||||||||
Stock option transactions for Teledyne’s non-employee director stock option plans are summarized as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||||||
Beginning balance | 308,908 | $ | 39.35 | 404,692 | $ | 32.85 | 440,825 | $ | 28.15 | ||||||||||||
Granted | 42,166 | $ | 71.22 | 43,548 | $ | 59.17 | 42,759 | $ | 45.19 | ||||||||||||
Exercised | (26,363 | ) | $ | 20.86 | (139,332 | ) | $ | 26.66 | (78,892 | ) | $ | 13.31 | |||||||||
Canceled or expired | (330 | ) | $ | 40.7 | — | $ | — | — | $ | — | |||||||||||
Ending balance | 324,381 | $ | 44.99 | 308,908 | $ | 39.35 | 404,692 | $ | 32.85 | ||||||||||||
Options exercisable at end of period | 282,215 | $ | 41.07 | 265,360 | $ | 36.1 | 361,933 | $ | 31.39 | ||||||||||||
The following table provides certain information with respect to stock options outstanding and stock options exercisable at December 29, 2013 under the non-employee director stock option plan: | |||||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average Exercise Price | Remaining life in years | Shares | Weighted Average Exercise Price | ||||||||||||||||
$17.99-$20.00 | 9,006 | $ | 18.9 | 2 | 9,006 | $ | 18.9 | ||||||||||||||
$20.01-$30.00 | 62,042 | $ | 26.26 | 3.2 | 62,042 | $ | 26.26 | ||||||||||||||
$30.01-$40.00 | 67,813 | $ | 34.47 | 4.6 | 67,813 | $ | 34.47 | ||||||||||||||
$40.01-$50.00 | 84,589 | $ | 46.08 | 6.1 | 81,220 | $ | 46.12 | ||||||||||||||
$50.01-$60.00 | 30,797 | $ | 53.65 | 4.8 | 28,000 | $ | 53.76 | ||||||||||||||
$60.01-$70.00 | 34,134 | $ | 64.55 | 8.4 | 34,134 | $ | 64.55 | ||||||||||||||
$70.01-$75.13 | 36,000 | $ | 75.13 | 9.4 | — | $ | — | ||||||||||||||
324,381 | $ | 44.99 | 5.6 | 282,215 | $ | 41.07 | |||||||||||||||
The total pretax intrinsic value of options exercised during 2013 and 2012 (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) was $14.2 million and $22.3 million, respectively. At December 29, 2013, the intrinsic value of stock options outstanding was $72.2 million and the intrinsic value of stock options exercisable was $70.6 million. During 2013 and 2012, the amount of cash received from the exercise of stock options was $12.1 million and $19.9 million, respectively. | |||||||||||||||||||||
At December 29, 2013, there was $16.7 million of total unrecognized compensation cost related to non-vested stock option awards which is expected to be recognized over a weighted-average period of 1.4 years. | |||||||||||||||||||||
Performance Share Plan | |||||||||||||||||||||
Teledyne’s Performance Share Plan (“PSP”) provides grants of performance share units, which key officers and executives may earn if Teledyne meets specified performance objectives over a three-year period. Awards are payable in cash and to the extent available, shares of Teledyne common stock. Awards are generally paid to the participants in three annual installments after the end of the performance cycle so long as they remain employed by Teledyne (with exceptions for retirement, disability and death). | |||||||||||||||||||||
In January 2009, the performance cycle for the three-year period ending December 30, 2012 was set. Based on the performance over the three-year period, at December 30, 2012 109,557 shares were calculated to be issued in three equal installments during 2012, 2013 and 2014. The first installment in 2012 was paid entirely in cash based upon the then current market price of $55.58 per share multiplied by 36,531 shares that would have been issued. In 2013, the Company issued 23,519 shares for the second installment. For the third and final installment in 2014, the Company issued 19,742 shares. | |||||||||||||||||||||
The calculated expense for each plan year was based on the expected cash payout and the expected shares to be issued, valued at the share price at the inception of the performance cycle, except for the shares that can be issued based on a market comparison. The expected expense for these shares was calculated using a Monte-Carlo type simulation which takes into consideration several factors including volatility, risk free interest rates and correlation of Teledyne's stock price with the comparator, the Russell 2000 Index. No adjustment to the calculated expense for the shares issued based on a market based comparison will be made regardless of the actual performance. The Company recorded $3.2 million, $3.2 million and $3.7 million in compensation expense related to the PSP program for fiscal years 2013, 2012 and 2011, respectively. At December 29, 2013 based on the estimated performance over the three year performance period, there was $3.2 million unrecognized compensation cost related to the PSP program. | |||||||||||||||||||||
Restricted Stock Award Program | |||||||||||||||||||||
Under Teledyne’s restricted stock award program selected officers and key executives receive a grant of stock equal to a specified percentage of the participant's annual base salary at the date of grant. The restricted stock is subject to transfer and forfeiture restrictions during an applicable “restricted period”. The restrictions have both time-based and performance-based components. The restricted period expires (and the restrictions lapse) on the third anniversary of the date of grant, subject to the achievement of stated performance objectives over a specified three-year performance period. If employment is terminated (other than via death, retirement or disability) during the restricted period, stock is forfeited. At December 29, 2013, an aggregate of 129,283 shares of restricted stock were issued and outstanding. | |||||||||||||||||||||
The following table summarizes Teledyne’s restricted stock activity: | |||||||||||||||||||||
Shares | Weighted average fair value per share | ||||||||||||||||||||
Balance, January 2, 2011 | 109,002 | $ | 32.22 | ||||||||||||||||||
Granted | 43,654 | $ | 37.22 | ||||||||||||||||||
Issued | (27,913 | ) | $ | 37.89 | |||||||||||||||||
Forfeited/Canceled | (7,311 | ) | $ | 30.77 | |||||||||||||||||
Balance, January 1, 2012 | 117,432 | $ | 32.82 | ||||||||||||||||||
Granted | 37,304 | $ | 44.34 | ||||||||||||||||||
Issued | (32,610 | ) | $ | 30.97 | |||||||||||||||||
Forfeited/Canceled | (357 | ) | $ | 30.97 | |||||||||||||||||
Balance, December 30, 2012 | 121,769 | $ | 36.85 | ||||||||||||||||||
Granted | 48,325 | $ | 64.46 | ||||||||||||||||||
Issued | (39,867 | ) | $ | 29.62 | |||||||||||||||||
Forfeited/Canceled | (944 | ) | $ | 29.62 | |||||||||||||||||
Balance, December 29, 2013 | 129,283 | $ | 51.48 | ||||||||||||||||||
The calculated expense for each plan year is based on a Monte-Carlo type simulation which takes into consideration several factors including volatility, risk free interest rates and the correlation of Teledyne’s stock price with the comparator, the Russell 2000 Index. No adjustment to the calculated expense will be made regardless of actual performance. The Company recorded $2.1 million, $1.4 million and $1.4 million in compensation expense related to the restricted stock award program for fiscal years 2013, 2012 and 2011, respectively. At December 29, 2013, there was $2.5 million of total unrecognized compensation cost related to non-vested awards which is expected to be recognized over a weighted-average period of 1.3 years. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 29, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Dr. von Schack and Ms. Bruch are directors of The Bank of New York Mellon Corporation. Dr. Mehrabian was also a director of The Bank of New York Mellon Corporation until his retirement on April 12, 2011. The Bank of New York Mellon Corporation is the successor to Mellon Financial Corporation following its merger with The Bank of New York in 2007. Mr. Cahouet had served as Chairman, President and Chief Executive Officer of Mellon Financial Corporation and Mellon Bank, N.A., having retired on December 31, 1998. Mr. Cahouet ceased being a director of Mellon Financial Corporation on April 18, 2000. We maintain various arms-length banking relationships with The Bank of New York Mellon Corporation. On March 1, 2013, we entered into a $750.0 million credit facility under which The Bank of New York Mellon Corporation is one of 13 lenders, having committed to lend up to $60.0 million. The Bank of New York Mellon Corporation also provides cash management services, serves as trustee for the Teledyne Technologies Incorporated Pension Plan and, through its subsidiaries and affiliates, provides asset management and transition management services for the Pension Plan. Notwithstanding these relationships, our Board of Directors has determined that Ms. Bruch, Mr. Cahouet and Dr. von Schack are “independent,” within the meaning of the rules of the New York Stock Exchange, and are able to serve on the Audit Committee and the Nominating and Governance Committee of Teledyne’s Board of Directors, in the case of Mr. Cahouet, and on the Personnel and Compensation Committee and the Nominating and Governance Committee of Teledyne’s Board of Directors, in the case of Dr. von Schack and Ms. Bruch. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
At December 29, 2013, Teledyne had $538.1 million in long-term debt outstanding. At December 30, 2012, Teledyne had $543.4 million in long-term debt outstanding. | ||||||||
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 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 November 2013, the Company amended its $200.0 million term loan agreement to extend the maturity date from October 2015 to March 2019. The other material terms of the term loan agreement, including covenants, remain unchanged. 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. | ||||||||
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. This credit line is utilized, as needed, for periodic cash needs. There were no outstanding funding advances under the uncommitted credit line at December 29, 2013 or December 30, 2012. The Company also has $12.3 million outstanding under capital leases, of which $1.4 million is current. At year-end 2013, Teledyne had $14.6 million in outstanding letters of credit. | ||||||||
Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $662.0 million at December 29, 2013. The credit agreement and term loans requires the Company to comply with various financial and operating covenants and at December 29, 2013, the Company was in compliance with these covenants. | ||||||||
Total interest expense including credit facility fees and other bank charges was $20.4 million in 2013, $18.2 million in 2012 and $16.7 million in 2011. | ||||||||
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 Company’s long-term debt was considered a level 2 fair value hierarchy and is valued based on observable market data. The estimated fair value of Teledyne’s long-term debt at December 29, 2013 and December 30, 2012, approximated the carrying value. Long-term debt consisted of the following (in millions): | ||||||||
Balance at | December 29, 2013 | December 30, 2012 | ||||||
4.04% Senior Notes due September 2015 | $ | 75 | $ | 75 | ||||
4.74% Senior Notes due September 2017 | 100 | 100 | ||||||
5.30% Senior Notes due September 2020 | 75 | 75 | ||||||
Term Loans due through March 2019, weighted average rate of 1.29% at December 29, 2013 and 1.59% at December 30, 2012 | 200 | 200 | ||||||
Other debt at various rates due through 2031 | 16 | 14.8 | ||||||
$750.0 million revolving credit facility, weighted average rate of 1.26% at December 29, 2013 and 2.44% at December 30, 2012 | 74.2 | 79.1 | ||||||
Total debt | $ | 540.2 | $ | 543.9 | ||||
Less: current portion of long-term debt | (2.1 | ) | (0.5 | ) | ||||
Total long-term debt | $ | 538.1 | $ | 543.4 | ||||
No minimum principal payments on the $750.0 million revolving credit facility are required until March 2018. The Company will be required to make minimum principal payments on the $200.0 million term loans beginning in March 2015. Future minimum principal payments on long-term debt are as follows: 2015 - $80.6 million; 2016 - $5.6 million; 2017 - $108.1 million; 2018 - $89.4 million; 2019 and beyond - $254.4 million. The Company has no sinking fund requirements. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income from continuing operations before income taxes included income from domestic operations of $176.7 million for 2013, $195.1 million for 2012 and $180.7 million for 2011. Income before taxes included income from foreign operations of $47.3 million for 2013, $33.1 million for 2012 and $30.9 million for 2011. | |||||||||||||
Provision (benefit) for income taxes from continuing operations was as follows (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 21.6 | $ | 44.2 | $ | 29.1 | |||||||
State | 3.5 | 4.8 | 8.1 | ||||||||||
Foreign | 0.2 | 7.4 | 10 | ||||||||||
Total current | 25.3 | 56.4 | 47.2 | ||||||||||
Deferred | |||||||||||||
Federal | 18.2 | 11.8 | 28.3 | ||||||||||
State | (2.3 | ) | 4.4 | (5.1 | ) | ||||||||
Foreign | (1.7 | ) | (7.2 | ) | (0.9 | ) | |||||||
Total deferred | 14.2 | 9 | 22.3 | ||||||||||
Provision for income taxes | $ | 39.5 | $ | 65.4 | $ | 69.5 | |||||||
The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local taxes, net of federal benefit | 1.9 | 3.2 | 1.8 | ||||||||||
Research and development tax credits | (4.5 | ) | (2.4 | ) | (2.6 | ) | |||||||
Investment tax credits | (2.4 | ) | (3.4 | ) | (2.3 | ) | |||||||
Qualified production activity deduction | (1.7 | ) | (1.9 | ) | (1.4 | ) | |||||||
Foreign rate differential | (3.4 | ) | (2.6 | ) | (0.8 | ) | |||||||
Net accruals (reversals) for unrecognized tax benefits | (5.4 | ) | 0.7 | 2.3 | |||||||||
Other | (1.8 | ) | 0.1 | 0.9 | |||||||||
Effective income tax rate | 17.7 | % | 28.7 | % | 32.9 | % | |||||||
Deferred income taxes result from temporary differences in the recognition of income and expense for financial and income tax reporting purposes, and differences between the fair value of assets acquired in business combinations accounted for as purchases for financial reporting purposes and their corresponding tax bases. Deferred income taxes represent future tax benefits or costs to be recognized when those temporary differences reverse. | |||||||||||||
The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense were as follows (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Current: | |||||||||||||
Accrued liabilities | $ | 14.6 | $ | 11.8 | |||||||||
Inventory valuation | 11.2 | 11.5 | |||||||||||
Accrued vacation | 11.3 | 11.1 | |||||||||||
Deferred compensation and other benefits plans | 1 | 1 | |||||||||||
Intangible amortization | 0.7 | 5.7 | |||||||||||
Other | 0.3 | — | |||||||||||
Valuation allowance | (5.8 | ) | (0.9 | ) | |||||||||
Long-term: | |||||||||||||
Postretirement benefits other than pensions | 5.3 | 5.8 | |||||||||||
Accrued liabilities | 13 | 9.4 | |||||||||||
Deferred compensation and other benefit plans | — | 37.4 | |||||||||||
Tax credit and NOL carryforward amounts | 64.5 | 37.1 | |||||||||||
Other | 1.2 | — | |||||||||||
Valuation allowance | (20.2 | ) | (2.2 | ) | |||||||||
Total deferred income tax assets | 97.1 | 127.7 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Current: | |||||||||||||
Other items | 1.4 | 1.3 | |||||||||||
Long-term: | |||||||||||||
Property, plant and equipment differences | 28.8 | 54.6 | |||||||||||
Deferred compensation and other benefit plans | 48.2 | — | |||||||||||
Intangible amortization | 98.8 | 65.3 | |||||||||||
Other | 0.3 | — | |||||||||||
Total deferred income tax liabilities | 177.5 | 121.2 | |||||||||||
Net deferred income tax assets (liabilities) | $ | (80.4 | ) | $ | 6.5 | ||||||||
In assessing the need for a valuation allowance, we consider all positive and negative evidence, including recent financial performance, scheduled reversals of temporary differences, projected future taxable income, availability of taxable income in carryback periods and tax planning strategies. Based on a review of such information, management believes that it is possible that some portion of deferred tax assets will not be realized as a future benefit and therefore has recorded a valuation allowance. The valuation allowance for deferred tax assets increased by $22.9 million in 2013, primarily related to an acquired net operating loss carryforward and an acquired tax credit carryforward. | |||||||||||||
At December 29, 2013, the Company had approximately $79.5 million of net operating losses generated from foreign entities including Canada, Denmark and other foreign entities, of which $69.6 million has no expiration date, and $8.7 million of Canadian federal net operating losses and $1.0 million of Canadian provincial net operating losses have expiration dates ranging from 2029 through 2031. The Company had Canadian investment tax credits of $30.4 million, which have expiration dates of 2027 to 2033 and Canadian provincial tax credits of $0.8 million which have expiration dates of 2032 to 2033. In addition, the Company had domestic federal and state net operating losses of approximately $4.1 million and $135.9 million, respectively. The material federal net operating loss carry forward amounts are limited in their use by earnings of certain acquired subsidiaries, and have expiration dates ranging from 2025 to 2033 and the material state net operating loss carryforward amounts have expiration dates ranging from 2016 to 2033. Finally, the Company had a federal research and development credit carryforward in the amount of $1.2 million which will expire in 2033 and state tax credits of $5.1 million, of which $3.3 million has no expiration date and $1.9 million with expiration dates ranging from 2016 to 2027. The Company also had a foreign tax credit carryforward in the amount of $6.7 million with expiration dates ranging from 2014 to 2022. | |||||||||||||
The following presents a rollforward of our unrecognized tax benefits (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning of year | $ | 42.6 | $ | 25.8 | $ | 10.1 | |||||||
Increase in prior year tax positions (a) | 3.5 | 18.1 | 18.7 | ||||||||||
Increase for tax positions taken during the current period | 0.9 | 1.5 | 0.7 | ||||||||||
Reduction related to settlements with taxing authorities | (4.8 | ) | — | — | |||||||||
Reduction related to lapse of the statute of limitations | (6.2 | ) | (2.9 | ) | (3.5 | ) | |||||||
Impact of exchange rate changes | (0.6 | ) | 0.1 | (0.2 | ) | ||||||||
End of year | $ | 35.4 | $ | 42.6 | $ | 25.8 | |||||||
a) Includes the impact of acquisitions in all years. | |||||||||||||
We recognized tax benefits for interest and penalties related to unrecognized tax benefits of $2.2 million within the provision for income taxes in our statements of operations for 2013 compared with expense of $2.7 million for 2012. Interest and penalties in the amount of $3.4 million and $5.8 million were recognized in the 2013 and 2012 statement of financial position, respectively. As of December 29, 2013, we estimated that $30.9 million of unrecognized tax benefits, if resolved in our favor, would positively impact the effective tax rate and, therefore, be recognized as additional tax benefits in our income statement. Of the $35.4 million of unrecognized tax benefits, $4.5 million would be offset by deferred tax assets. | |||||||||||||
We file income tax returns in the United States federal jurisdiction and in various states and foreign jurisdictions. 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 Canadian income tax matters for all years through 2005. The Company is currently under audit in California for tax years 2007 through 2009. 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. An appeal filed with a state tax authority for the 2011 tax year, if resolved favorably, could have up to a $1.0 million reduction in income tax expense. Substantially all other material state, local and foreign income tax matters have been concluded for years through 2008. | |||||||||||||
The Company anticipates the total unrecognized tax benefit for various federal and state tax items may be reduced by $8.3 million due to the expiration of statutes of limitation and settlements with tax authorities for various federal, state and Canadian tax issues in the next 12 months. | |||||||||||||
We consider the earnings of material non-U.S. subsidiaries to be indefinitely invested outside the United States on the basis of estimates that future domestic cash generation will be sufficient to meet future domestic cash requirements. At December 29, 2013, the amount of undistributed foreign earnings was $128.0 million. We have not recorded a deferred tax liability of approximately $31.2 million related to the $128.0 million in undistributed foreign earnings. Should we decide to repatriate the foreign earnings, we would need to adjust our income tax provision in the period we determined that the earnings will no longer be indefinitely invested outside in the United States. |
Pension_Plans_and_Postretireme
Pension Plans and Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension Plans and Postretirement Benefits | ' | ||||||||||||||||||||||||
Pension Plans and Postretirement Benefits | |||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||
Teledyne has a defined benefit pension plan covering substantially all U.S. employees hired before January 1, 2004 or approximately 20% of Teledyne’s active employees. As of January 1, 2004, new hires participate in a defined contribution plan. The Company’s assumed discount rate on plan liabilities for the domestic plan is 5.40% for 2014 and was 4.40% for 2013. The Company’s assumed long-term rate of return on plan assets for the domestic plan is 8.25% for both 2013 and 2012. | |||||||||||||||||||||||||
In connection with the acquisition of Intelek, the Company assumed responsibility for a frozen defined benefit pension plan based in the United Kingdom covering certain employees of Intelek. The plan was closed to new members in January 2000 and ceased further service accruals to members in September 2002. In connection with the 2012 acquisition of LeCroy, the Company assumed the responsibility for a defined benefit plan based in Switzerland covering certain employees of LeCroy. In connection with the 2013 acquisition of RESON, the Company assumed the responsibility for a defined benefit plan based in the Netherlands covering certain employees of Teledyne RESON B.V. | |||||||||||||||||||||||||
Teledyne’s domestic pension expense was $16.6 million in 2013, $6.6 million in 2012 and $6.7 million in 2011. In accordance with U.S. Government Cost Accounting Standards (“CAS”), $14.5 million, $12.7 million and $12.6 million was recoverable from certain government contracts, for 2013, 2012 and 2011, respectively. Teledyne made voluntary pretax cash contributions to its domestic pension plan of $83.0 million in 2013 and $92.8 million in 2012, prior to any recovery from the U.S. Government. | |||||||||||||||||||||||||
In 2012, in an effort to reduce our future pension liability, the Company amended the domestic pension plan to change the rate at which pension benefits accrue after February 29, 2012 and offered lump sum payments to certain participants in the plan whose employment with Teledyne had terminated. In 2012, the Company made lump sum payments of approximately $32.8 million from the domestic plan assets to certain participants in the domestic plan as a result of this lump sum offer. | |||||||||||||||||||||||||
The Company’s contributions associated with 401(k) plans were $9.1 million, $8.2 million and $7.5 million, for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The following tables set forth the components of net periodic pension benefit expense for the pension plans (in millions): | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost - benefits earned during the period | $ | 14.4 | $ | 12.7 | $ | 13.1 | $ | 0.9 | $ | 0.3 | $ | — | |||||||||||||
Interest cost on benefit obligation | 36.3 | 39.6 | 42.5 | 1.9 | 1.7 | 1.7 | |||||||||||||||||||
Expected return on plan assets | (70.1 | ) | (65.5 | ) | (62.7 | ) | (2.0 | ) | (1.7 | ) | (1.7 | ) | |||||||||||||
Amortization of prior service cost | (4.6 | ) | (4.6 | ) | 0.2 | — | — | — | |||||||||||||||||
Amortization of actuarial loss | 40.6 | 24.4 | 13.6 | 0.1 | 0.1 | — | |||||||||||||||||||
Net periodic benefit expense | $ | 16.6 | $ | 6.6 | $ | 6.7 | $ | 0.9 | $ | 0.4 | $ | — | |||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the benefit obligation of the pension plans (in millions): | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | 846.9 | $ | 743.4 | $ | 50.6 | $ | 32.9 | |||||||||||||||||
Service cost - benefits earned during the year | 14.4 | 12.7 | 0.9 | 0.3 | |||||||||||||||||||||
Interest cost on projected benefit obligation | 36.3 | 39.6 | 1.9 | 1.7 | |||||||||||||||||||||
Actuarial (gain) loss | (78.4 | ) | 127.7 | 1.4 | 1.3 | ||||||||||||||||||||
Benefits paid | (50.3 | ) | (76.5 | ) | (2.8 | ) | (2.0 | ) | |||||||||||||||||
Plan amendments(a) | — | — | (0.1 | ) | — | ||||||||||||||||||||
Other - including foreign currency | — | — | 1.6 | 2.5 | |||||||||||||||||||||
Business combinations | — | — | 6.8 | 13.9 | |||||||||||||||||||||
Benefit obligation - end of year | $ | 768.9 | $ | 846.9 | $ | 60.3 | $ | 50.6 | |||||||||||||||||
Accumulated benefit obligation - end of year | $ | 767.6 | $ | 846 | $ | 58.7 | $ | 50.6 | |||||||||||||||||
(a) | impact of changing the calculation of applicable wages for the determination of the benefit obligation. | ||||||||||||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets for the pension plans (in millions): | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Changes in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets - beginning of year | $ | 793.3 | $ | 678.9 | $ | 42.3 | $ | 26.8 | |||||||||||||||||
Actual return on plan assets | 158.3 | 95.9 | 5.2 | 2 | |||||||||||||||||||||
Employer contribution - defined benefit plan | 83 | 92.8 | — | 0.4 | |||||||||||||||||||||
Employer contribution - other benefit plan | 2 | 2.2 | 1.1 | — | |||||||||||||||||||||
Foreign currency changes | — | — | 0.4 | 2 | |||||||||||||||||||||
Benefits paid | (50.3 | ) | (76.5 | ) | (2.8 | ) | (2.0 | ) | |||||||||||||||||
Other | — | — | 1.1 | 0.1 | |||||||||||||||||||||
Business combination | — | — | 4.8 | 13 | |||||||||||||||||||||
Fair value of net plan assets - end of year | $ | 986.3 | $ | 793.3 | $ | 52.1 | $ | 42.3 | |||||||||||||||||
The measurement date for the Company’s pension plans is December 31. | |||||||||||||||||||||||||
The following table sets forth the funded status and amounts recognized in the consolidated balance sheets for the pension plans at year end 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Funded status | $ | 217.4 | $ | (53.6 | ) | $ | (8.2 | ) | $ | (8.3 | ) | ||||||||||||||
Amounts recognized in the consolidated balance sheets: | |||||||||||||||||||||||||
Prepaid pension asset/(accrued pension obligation) (long-term) | $ | 222 | $ | (48.6 | ) | $ | (8.2 | ) | $ | (8.3 | ) | ||||||||||||||
Accrued pension obligation (short-term) | (1.5 | ) | (1.5 | ) | — | — | |||||||||||||||||||
Other liabilities | (3.1 | ) | (3.5 | ) | — | — | |||||||||||||||||||
Net amount recognized | $ | 217.4 | $ | (53.6 | ) | $ | (8.2 | ) | $ | (8.3 | ) | ||||||||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||||||||||||||
Unrecognized prior service cost | $ | (33.1 | ) | $ | (37.8 | ) | $ | (0.1 | ) | $ | — | ||||||||||||||
Unrecognized net loss | 243.5 | 450.7 | 3.7 | 5.7 | |||||||||||||||||||||
Net amount recognized, before tax effect | $ | 210.4 | $ | 412.9 | $ | 3.6 | $ | 5.7 | |||||||||||||||||
At year-end 2013 and 2012 the Company had a non-cash reduction to stockholders’ equity of $129.8 million and $254.3 million, respectively, related to its pension and postretirement plans. The non-cash reductions to stockholders’ equity did not affect net income and were recorded net of deferred taxes of $78.8 million in 2013 and $159.9 million in 2012. | |||||||||||||||||||||||||
At December 29, 2013, the estimated amounts of the minimum liability adjustment that are expected to be recognized as components of net periodic benefit cost during 2014 for the pension plans are: net loss $24.6 million and net prior service credit $4.6 million. | |||||||||||||||||||||||||
The following table presents the estimated future benefit payments for the pension plans (in millions): | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2014 | $ | 45.8 | $ | 2.9 | |||||||||||||||||||||
2015 | 47.7 | 2.6 | |||||||||||||||||||||||
2016 | 49 | 2.6 | |||||||||||||||||||||||
2017 | 50.7 | 2.7 | |||||||||||||||||||||||
2018 | 52 | 2.8 | |||||||||||||||||||||||
2019-2022 | 276.7 | 14.2 | |||||||||||||||||||||||
Total | $ | 521.9 | $ | 27.8 | |||||||||||||||||||||
The following table sets forth the percentage of year-end market value by asset class for the pension plans: | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
Plan Assets | Plan Assets | ||||||||||||||||||||||||
% to Total | % to Total | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Equity instruments | 61 | % | 65 | % | 61 | % | 58 | % | |||||||||||||||||
Fixed income instruments | 29 | 30 | 10 | 20 | |||||||||||||||||||||
Alternates and other | 10 | 5 | 29 | 22 | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
The Company has an active management policy for a portion of the pension assets in the domestic pension plan. The long term asset allocation target for the domestic plan consists of 70% in equity instruments including a portion in alternatives and 30% in fixed income instruments. The balance in equity instruments for the domestic plan can range from 45% to 75% before rebalancing is required under the Company’s policy. The investment policy for the plan based in the United Kingdom is set by the Company along with the trustees of the foreign plan. The current long-term asset allocation target for the plan based in the United Kingdom includes a target of 60% in equity instruments including a portion in alternatives and 40% in fixed income instruments and other. | |||||||||||||||||||||||||
The pension plan’s investments are stated at fair value. At year end 2013, a total of $535.2 million in plan investments are considered a level 1 fair value hierarchy and are valued at quoted market prices in active markets. A total of $498.9 million in plan investments are considered a level 2 fair value hierarchy and are valued based on observable market data. The pension plan has $4.3 million in investments that would be considered a level 3 fair value hierarchy. | |||||||||||||||||||||||||
The fair values of the Company’s net pension assets for both the U.S and non-U.S. pension plans as of December 31, 2013, by asset category are as follows (in millions): | |||||||||||||||||||||||||
Asset category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and cash equivalents (a) | $ | — | $ | 19 | $ | — | $ | 19 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. equity | 246.7 | 129.8 | — | 376.5 | |||||||||||||||||||||
International equity | 37.6 | 92.4 | 1.3 | 131.3 | |||||||||||||||||||||
Alternatives | — | 106.1 | 3 | 109.1 | |||||||||||||||||||||
Mutual funds (b) | 181.4 | 7.3 | — | 188.7 | |||||||||||||||||||||
U.S. government securities | 68.9 | — | — | 68.9 | |||||||||||||||||||||
U.S. government futures | 0.6 | — | — | 0.6 | |||||||||||||||||||||
Corporate bonds | — | 92 | — | 92 | |||||||||||||||||||||
Senior secured loans | — | 4 | — | 4 | |||||||||||||||||||||
Mortgage-backed securities | — | 14.6 | — | 14.6 | |||||||||||||||||||||
High yield bonds | — | 12.7 | — | 12.7 | |||||||||||||||||||||
Insurance contracts related to foreign plans | — | 21 | — | 21 | |||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ | 535.2 | $ | 498.9 | $ | 4.3 | $ | 1,038.40 | |||||||||||||||||
(a) Reflects cash and cash equivalents held in overnight cash investments. | |||||||||||||||||||||||||
(b) 44% of mutual funds invest in fixed income types of securities; 56% invest in equity securities. | |||||||||||||||||||||||||
The fair values of the Company’s net pension assets for both the U.S and non-U.S. pension plans as of December 31, 2012, by asset category are as follows (in millions): | |||||||||||||||||||||||||
Asset category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and Cash Equivalents (a) | $ | — | $ | 14.1 | $ | — | $ | 14.1 | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
U.S. Equity | 231.2 | 108.6 | — | 339.8 | |||||||||||||||||||||
International Equity | 14.6 | 90.3 | 1.3 | 106.2 | |||||||||||||||||||||
Alternatives | — | 45.2 | 1.6 | 46.8 | |||||||||||||||||||||
Mutual Funds (b) | 167.1 | 3.2 | — | 170.3 | |||||||||||||||||||||
U.S. Government Securities | 36.6 | — | — | 36.6 | |||||||||||||||||||||
U.S. Government Futures | 0.1 | — | — | 0.1 | |||||||||||||||||||||
Corporate Bonds | — | 88.9 | — | 88.9 | |||||||||||||||||||||
Taxable Municipal Bonds | — | 1.5 | — | 1.5 | |||||||||||||||||||||
Senior Secured Loans | — | 1.7 | — | 1.7 | |||||||||||||||||||||
Mortgage-Backed Securities | — | 8.9 | — | 8.9 | |||||||||||||||||||||
High Yield Bonds | — | 7.8 | — | 7.8 | |||||||||||||||||||||
Insurance contracts related to foreign pans | — | 13 | — | 13 | |||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ | 449.6 | $ | 383.2 | $ | 2.9 | $ | 835.7 | |||||||||||||||||
(a) Reflects cash and cash equivalents held in overnight cash investments. | |||||||||||||||||||||||||
(b) 47% of mutual funds invest in fixed income types of securities; 53% invest in equity securities. | |||||||||||||||||||||||||
The expected long-term rate of return on plan assets is reviewed annually, taking into consideration the Company’s asset allocation, historical returns on the types of assets held, and the current economic environment. We determined the discount rate based on a model which matches the timing and amount of expected benefit payments to maturities of quality bonds priced as of the pension plan measurement date. The yields on the bonds are used to derive a discount rate for the liability. | |||||||||||||||||||||||||
The following assumptions were used to determine the benefit obligation and the net benefit cost within each respective year: | |||||||||||||||||||||||||
Pension Plan | Weighted average discount rate | Weighted average increase in future compensation levels | Expected weighted-average long-term rate of return | ||||||||||||||||||||||
Domestic Plan - 2013 | 4.4 | % | 2.75 | % | 8.25 | % | |||||||||||||||||||
Domestic Plan - 2012 | 5.5 | % | 2.75 | % | 8.25 | % | |||||||||||||||||||
Domestic Plan - 2011 | 5.9 | % | 4.14 | % | 8.25 | % | |||||||||||||||||||
United Kingdom Based Plan 2013 | 4.2 | % | — | 5.5 | % | ||||||||||||||||||||
United Kingdom Based Plan 2012 | 4.7 | % | — | 6.4 | % | ||||||||||||||||||||
United Kingdom Based Plan 2011 | 5.4 | % | — | 6.6 | % | ||||||||||||||||||||
Swiss Based Plan 2013 | 1.8 | % | 1.75 | % | 3 | % | |||||||||||||||||||
Swiss Based Plan 2012 | 2 | % | 1.8 | % | 3 | % | |||||||||||||||||||
Netherlands Based Plan 2013 | 4.1 | % | 2.5 | % | 4.1 | % | |||||||||||||||||||
For its domestic pension plans the Company is projecting a long-term rate of return on plan assets of 8.25% in 2014. The discount rate used in determining the benefit obligations is expected to be 5.4% in 2014 and the expected weighted average increase in future compensation levels is 2.75%. For its United Kingdom based foreign pension plan the Company is projecting a long-term rate of return on plan assets of 6.4% in 2014. The discount rate used in determining the benefit obligations is expected to be 4.3% in 2014. For its Swiss based foreign pension plan the Company is projecting a long-term rate of return on plan assets of 3.0% in 2014. The discount rate used in determining the benefit obligations is expected to be 2.1% in 2014. For the Netherlands-based plan the Company is using a discount rate and long-term rate of return on plan assets of 4.1%. | |||||||||||||||||||||||||
Postretirement Plans | |||||||||||||||||||||||||
The Company sponsors several postretirement defined benefit plans covering certain salaried and hourly employees. The plans provide health care and life insurance benefits for certain eligible retirees. | |||||||||||||||||||||||||
The following table sets forth the components of net period postretirement benefit income for the postretirement benefit plans for 2013, 2012 and 2011 (in millions): | |||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | — | $ | — | |||||||||||||||||||
Interest cost on benefit obligation | 0.6 | 0.8 | 1 | ||||||||||||||||||||||
Amortization of prior service cost | (0.5 | ) | (0.5 | ) | (0.6 | ) | |||||||||||||||||||
Amortization of actuarial gain | (0.3 | ) | (0.4 | ) | (0.5 | ) | |||||||||||||||||||
Net periodic benefit income | $ | (0.2 | ) | $ | (0.1 | ) | $ | (0.1 | ) | ||||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the benefit obligation of the postretirement benefit plans (in millions): | |||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | 14.3 | $ | 14.8 | |||||||||||||||||||||
Interest cost on projected benefit obligation | 0.6 | 0.8 | |||||||||||||||||||||||
Actuarial (gain) loss | (1.7 | ) | (0.1 | ) | |||||||||||||||||||||
Benefits paid | (1.3 | ) | (2.0 | ) | |||||||||||||||||||||
Curtailment and other | — | 0.8 | |||||||||||||||||||||||
Benefit obligation - end of year | $ | 11.9 | $ | 14.3 | |||||||||||||||||||||
The measurement date for the Company’s postretirement plans is December 31. The following table presents the estimated future benefit payments for the Company’s postretirement plans (in millions): | |||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefit Plans | |||||||||||||||||||||||||
2014 | $ | 1.3 | |||||||||||||||||||||||
2015 | 1.3 | ||||||||||||||||||||||||
2016 | 1.2 | ||||||||||||||||||||||||
2017 | 1.2 | ||||||||||||||||||||||||
2018 | 1.1 | ||||||||||||||||||||||||
2019-2022 | 4.7 | ||||||||||||||||||||||||
Total | $ | 10.8 | |||||||||||||||||||||||
The following table sets forth the funded status and amounts recognized in Teledyne’s consolidated balance sheets for the postretirement plans at year end 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Funded status | $ | (11.9 | ) | $ | (14.4 | ) | |||||||||||||||||||
Unrecognized prior service cost | (0.2 | ) | (0.7 | ) | |||||||||||||||||||||
Unrecognized net gain | (5.2 | ) | (3.7 | ) | |||||||||||||||||||||
Accrued benefit cost | $ | (17.3 | ) | $ | (18.8 | ) | |||||||||||||||||||
Accrued postretirement benefits (long-term) | $ | (10.3 | ) | $ | (12.8 | ) | |||||||||||||||||||
Accrued postretirement benefits (short-term) | (1.6 | ) | (1.6 | ) | |||||||||||||||||||||
Accumulated other comprehensive income | (5.4 | ) | (4.4 | ) | |||||||||||||||||||||
Net amount recognized | $ | (17.3 | ) | $ | (18.8 | ) | |||||||||||||||||||
At December 29, 2013, the amounts in the AOCI that have not yet been recognized as components of net periodic benefit income for the retiree medical plans are: net gain $5.2 million and net prior service credit $0.2 million. At December 29, 2013, the estimated amortization from AOCI expected to be recognized as components of net periodic benefit income during 2013 for the retiree medical plans are: net gain $0.2 million and net prior service credit $0.5 million. | |||||||||||||||||||||||||
The annual assumed rate of increase in the per capita cost of covered benefits (the health care cost trend rate) for health care plans is 7.0% in 2014 and was assumed to decrease to 5.0% by the year 2018 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one percentage point increase in the assumed health care cost trend rates would result in an increase in the annual service and interest costs by less than $0.1 million for 2013 and would result in an increase in the postretirement benefit obligation by $0.4 million at December 29, 2013. A one percentage point decrease in the assumed health care cost trend rates would result in a decrease in the annual service and interest costs by less than $0.1 million for 2013 and would result in a decrease in the postretirement benefit obligation by $0.4 million at December 29, 2013. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Business Segments | ' | ||||||||||||
Business Segments | |||||||||||||
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 and $31.6 million for fiscal year 2012 and 2011, respectively. | |||||||||||||
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 instruments for marine, environmental, industrial and other applications, electronic test and measurement equipment 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. | |||||||||||||
During 2013, we incurred pretax charges totaling $24.0 million for severance and facility consolidation expense and environmental reserves. The charges were comprised of $10.4 million in severance related costs and $13.6 million in facility closure and relocation costs, which included $5.3 million of environmental reserves. The actions have been substantially completed by year end 2013. We expect to incur approximately $0.4 million in expense related to the completion of the actions in the first quarter of 2014. For 2013 the charges impacted each business segment as follows: Aerospace and Defense Electronics, $15.7 million; Digital Imaging, $3.9 million; Instrumentation, $2.5 million; and Engineered Systems, $1.9 million. The Aerospace and Defense Electronics 2012 results reflected $1.7 million for severance and facility consolidation costs. | |||||||||||||
Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, net pension assets/liabilities and other assets. | |||||||||||||
Information on the Company’s business segments was as follows (in millions): | |||||||||||||
Sales | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 1,022.80 | $ | 804.7 | $ | 648.2 | |||||||
Digital Imaging | 414.8 | 415.9 | 349.9 | ||||||||||
Aerospace and Defense Electronics | 625.1 | 605.3 | 639.2 | ||||||||||
Engineered Systems | 275.9 | 301.4 | 304.6 | ||||||||||
Total net sales | $ | 2,338.60 | $ | 2,127.30 | $ | 1,941.90 | |||||||
Income before taxes | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 162 | $ | 146 | $ | 129.3 | |||||||
Digital Imaging | 28.2 | 24.8 | 16.1 | ||||||||||
Aerospace and Defense Electronics | 65.7 | 80.5 | 87.4 | ||||||||||
Engineered Systems | 22 | 28.5 | 28.1 | ||||||||||
Total segment operating profit | 277.9 | 279.8 | 260.9 | ||||||||||
Corporate expense | (37.6 | ) | (36.7 | ) | (33.7 | ) | |||||||
Other income, net | 4.1 | 2.9 | 0.6 | ||||||||||
Interest and debt expense, net | (20.4 | ) | (17.8 | ) | (16.2 | ) | |||||||
Income before taxes | $ | 224 | $ | 228.2 | $ | 211.6 | |||||||
Depreciation and amortization | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 38.2 | $ | 26.1 | $ | 17.4 | |||||||
Digital Imaging | 30.3 | 30.5 | 26.9 | ||||||||||
Aerospace and Defense Electronics | 16.5 | 17.1 | 15.8 | ||||||||||
Engineered Systems | 4.2 | 4.4 | 4 | ||||||||||
Corporate | 1.9 | 0.2 | 0.1 | ||||||||||
Total depreciation and amortization | $ | 91.1 | $ | 78.3 | $ | 64.2 | |||||||
Capital expenditures | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 22 | $ | 14.4 | $ | 9.5 | |||||||
Digital Imaging | 20.2 | 23.5 | 13.8 | ||||||||||
Aerospace and Defense Electronics | 15.3 | 12.6 | 12.5 | ||||||||||
Engineered Systems | 3.6 | 4.2 | 5.9 | ||||||||||
Corporate | 11.5 | 10.6 | — | ||||||||||
Total capital expenditures | $ | 72.6 | $ | 65.3 | $ | 41.7 | |||||||
Identifiable assets | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 1,204.50 | $ | 1,022.50 | $ | 577.5 | |||||||
Digital Imaging | 745.1 | 778.1 | 638.8 | ||||||||||
Aerospace and Defense Electronics | 436.9 | 457.6 | 446.8 | ||||||||||
Engineered Systems | 92.3 | 102.3 | 115.1 | ||||||||||
Corporate (a) | 272.3 | 45.9 | 47.9 | ||||||||||
Total identifiable assets | $ | 2,751.10 | $ | 2,406.40 | $ | 1,826.10 | |||||||
(a) The amount for 2013 includes the $222.0 million prepaid pension asset. The Company had no prepaid pension assets in 2012 or 2011. | |||||||||||||
Information on the Company’s sales by country of origin and long-lived assets by major geographic area was as follows (in millions): | |||||||||||||
Sales | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,776.80 | $ | 1,699.50 | $ | 1,623.00 | |||||||
Canada | 221.7 | 224.4 | 165 | ||||||||||
All other countries | 340.1 | 203.4 | 153.9 | ||||||||||
Total sales | $ | 2,338.60 | $ | 2,127.30 | $ | 1,941.90 | |||||||
Long-lived assets | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,320.20 | $ | 1,068.00 | $ | 802.7 | |||||||
Canada | 354.1 | 393.4 | 282.9 | ||||||||||
All other countries | 277.7 | 200.2 | 137.7 | ||||||||||
Total long-lived assets | $ | 1,952.00 | $ | 1,661.60 | $ | 1,223.30 | |||||||
The all other countries category primarily consists of the operations in Europe. Long-lived assets consist of property, plant and equipment, goodwill, acquired intangible assets, prepaid pension assets and other long-term assets including deferred compensation assets but excluding any deferred tax assets. | |||||||||||||
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): | |||||||||||||
Instrumentation | 2013 | 2012 | 2011 | ||||||||||
Environmental Instrumentation | $ | 258 | $ | 250.2 | $ | 243.8 | |||||||
Marine Instrumentation | 580.4 | 473.7 | 404.4 | ||||||||||
Test and Measurement Instrumentation | 184.4 | 80.8 | — | ||||||||||
Total | $ | 1,022.80 | $ | 804.7 | $ | 648.2 | |||||||
Engineered Systems | 2013 | 2012 | 2011 | ||||||||||
Engineered Products and Services | $ | 217.5 | $ | 241.3 | $ | 246.2 | |||||||
Turbine Engines | 26 | 24.6 | 23.8 | ||||||||||
Energy Systems | 32.4 | 35.5 | 34.6 | ||||||||||
Total | $ | 275.9 | $ | 301.4 | $ | 304.6 | |||||||
Sales to the U.S. Government included sales to the Department of Defense of $487.9 million in 2013, $542.6 million in 2012, and $560.6 million in 2011. Total sales to international customers were $1,031.8 million in 2013, $831.7 million in 2012, and $689.9 million in 2011. Of these amounts, sales by operations in the United States to customers in other countries were $566.0 million in 2013, $492.2 million in 2012, and $424.8 million in 2011. There were no sales to individual countries outside of the United States in excess of 10 percent of the Company’s sales. Sales between business segments, which were not material, generally were priced at prevailing market prices. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Lease Commitments | ' | ||||||||
Lease Commitments | |||||||||
The Company leases buildings and equipment under capital and operating leases. The present value of the minimum capital lease payments, net of the current portion, totaled $10.9 million at December 29, 2013. Operating lease agreements, which include leases for manufacturing facilities and office space frequently include renewal options and require the Company to pay for utilities, taxes, insurance and maintenance expense. | |||||||||
At December 29, 2013, future minimum lease payments for capital leases and for operating leases with non-cancelable terms of more than one year were as follows (in millions): | |||||||||
Capital | Operating | ||||||||
2014 | $ | 2 | $ | 20.5 | |||||
2015 | 1.8 | 18.3 | |||||||
2016 | 1.7 | 13.2 | |||||||
2017 | 1.4 | 10.2 | |||||||
2018 | 1.4 | 6.1 | |||||||
Thereafter | 6.9 | 21 | |||||||
Total minimum lease payments | 15.2 | $ | 89.3 | ||||||
Less: | |||||||||
Imputed interest | (2.9 | ) | |||||||
Current portion | (1.4 | ) | |||||||
Present value of minimum capital lease payments, net of current portion | $ | 10.9 | |||||||
The 2013 property, plant and equipment accounts included $14.5 million of property leased under capital leases and $5.1 million of related accumulated depreciation. The 2012 property, plant and equipment accounts included $16.6 million of property leased under capital leases and $4.5 million of related accumulated depreciation. Rental expense under operating leases, net of sublease income, was $25.8 million in 2013, $23.6 million in 2012, and $24.1 million in 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is subject to federal, state and local environmental laws and regulations which require that it investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations, including sites at which the Company has been identified as a potentially responsible party under the federal Superfund laws and comparable state laws. | |
In accordance with the Company’s accounting policy disclosed in Note 2, environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable. In many cases, however, investigations are not yet at a stage where the Company has been able to determine whether it is liable or, if liability is probable, to reasonably estimate the loss or range of loss, or certain components thereof. Estimates of the Company’s liability are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluations and estimates of appropriate cleanup technology, methodology and cost, the extent of corrective actions that may be required, and the number and financial condition of other potentially responsible parties, as well as the extent of their responsibility for the remediation. Accordingly, as investigation and remediation of these sites proceeds, it is likely that adjustments in the Company’s accruals will be necessary to reflect new information. The amounts of any such adjustments could have a material adverse effect on the Company’s results of operations in a given period, but the amounts, and the possible range of loss in excess of the amounts accrued, are not reasonably estimable. Based on currently available information, however, management does not believe that future environmental costs in excess of those accrued with respect to sites with which the Company has been identified are likely to have a material adverse effect on the Company’s financial condition or liquidity. However, there can be no assurance that additional future developments, administrative actions or liabilities relating to environmental matters will not have a material adverse effect on the Company’s financial condition or results of operations. | |
At December 29, 2013, the Company’s reserves for environmental remediation obligations totaled $9.1 million, of which $5.6 million is included in current accrued liabilities. 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 thirty years. | |
Various claims (whether based on U.S. Government or Company audits and investigations or otherwise) may be asserted against the Company related to its U.S. Government contract work, including claims based on business practices and cost classifications and actions under the False Claims Act. Although such claims are generally resolved by detailed fact-finding and negotiation, on those occasions when they are not so resolved, civil or criminal legal or administrative proceedings may ensue. Depending on the circumstances and the outcome, such proceedings could result in fines, penalties, compensatory and treble damages or the cancellation or suspension of payments under one or more U.S. Government contracts. Under government regulations, a company, or one or more of its operating divisions or units, can also be suspended or debarred from government contracts based on the results of investigations. However, although the outcome of these matters cannot be predicted with certainty, management does not believe there is any audit, review or investigation currently pending against the Company of which management is aware that is likely to result in suspension or debarment of the Company, or that is otherwise likely to have a material adverse effect on the Company’s financial condition or liquidity, although 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. | |
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. | |
On December 20, 2013, the Superior Court of the Justice of Ontario dismissed with prejudice the previously disclosed lawsuit commenced by Cold Creek Enterprises, Inc. and Bob DaSilva against DALSA Corporation and related entities arising out of a joint venture and discontinued business of DALSA. Under a settlement agreement, the parties settled all claims and DALSA paid $5.5 million in exchange for all shares of DALSA Digital Cinema Inc. held by Cold Creek Enterprises, Inc. or to which Cold Creek Enterprises, Inc. might have been entitled. In connection with a settlement agreement, other income and expense in 2013, included $3.6 million from the reversal of reserves no longer needed. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Discontinued Operations | ' | ||||
Discontinued Operations | |||||
On April 19, 2011, Teledyne completed the sale of its general aviation piston engine businesses for a gain of $113.8 million. Sales for this discontinued segment were $39.5 million for fiscal 2011. The operating results were a net loss of $0.7 million for fiscal 2011 which was net of an income tax benefit of $0.4 million in 2011. | |||||
The calculation of the gain on the sale recorded in 2011 is as follows (in millions): | |||||
Sale Price | $ | 186 | |||
Current assets | (38.4 | ) | |||
Property, plant and equipment | (18.4 | ) | |||
Goodwill | (0.9 | ) | |||
Other long-term assets | (4.7 | ) | |||
Current liabilities | 18 | ||||
Long-term liabilities - including aircraft product liabilities | 48 | ||||
Net pension and postretirement benefit curtailment expense | (0.4 | ) | |||
Transaction related expenses paid | (1.9 | ) | |||
187.3 | |||||
Provision for income taxes | (73.5 | ) | |||
Gain on sale | $ | 113.8 | |||
In 2012, Teledyne recorded income of $2.3 million from discontinued operations related to the finalization of income tax benefits on the sale of the general aviation piston engine businesses. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||
The following is Teledyne’s quarterly information (in millions, except per-share amounts): | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Fiscal year 2013 (a) | |||||||||||||||||
Sales from continuing operations | $ | 569.4 | $ | 601 | $ | 571.6 | $ | 596.6 | |||||||||
Gross profit from continuing operations | $ | 204 | $ | 217.4 | $ | 202.6 | $ | 214.6 | |||||||||
Net income (b) | $ | 39.8 | $ | 43.3 | $ | 46.9 | $ | 54.5 | |||||||||
Noncontrolling interest | $ | 0.6 | $ | (0.4 | ) | $ | (0.1 | ) | $ | 0.4 | |||||||
Net income attributable to Teledyne (c) | $ | 40.4 | $ | 42.9 | $ | 46.8 | $ | 54.9 | |||||||||
Basic earnings per share attributable to Teledyne: | $ | 1.09 | $ | 1.15 | $ | 1.25 | $ | 1.47 | |||||||||
Diluted earnings per share attributable to Teledyne: | $ | 1.07 | $ | 1.13 | $ | 1.23 | $ | 1.44 | |||||||||
a) Fiscal year 2013 was a 52-week year, each quarter contained 13 weeks. | |||||||||||||||||
b) Includes pretax severance and facility consolidation expenses and environmental reserves of $2.2 million, $2.2 million, $14.3 million and $5.3 million in the first, second, third and fourth quarters of 2013, respectively. The fourth quarter also includes $3.6 million from the reversal of reserves no longer needed in connection with a legal settlement in the fourth quarter. | |||||||||||||||||
c) Includes net discrete tax benefits of $2.7 million, $0.9 million, $11.6 million and $6.1 million in the first, second, third and fourth quarters of 2013, respectively. | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Fiscal year 2012 (a) | |||||||||||||||||
Sales from continuing operations | $ | 494 | $ | 518.5 | $ | 547.4 | $ | 567.4 | |||||||||
Gross profit from continuing operations | $ | 165.9 | $ | 175.5 | $ | 198.4 | $ | 208.4 | |||||||||
Earnings from continuing operations (b) | $ | 35.6 | $ | 39.6 | $ | 43.1 | $ | 44.5 | |||||||||
Earnings from discontinued operations | $ | — | $ | — | $ | — | $ | 2.3 | |||||||||
Net income | $ | 35.6 | $ | 39.6 | $ | 43.1 | $ | 46.8 | |||||||||
Noncontrolling interest | $ | 0.1 | $ | (0.1 | ) | $ | (0.4 | ) | $ | (0.6 | ) | ||||||
Net income attributable to Teledyne (c) | $ | 35.7 | $ | 39.5 | $ | 42.7 | $ | 46.2 | |||||||||
Basic earnings per share attributable to Teledyne: | |||||||||||||||||
Continuing operations | $ | 0.98 | $ | 1.08 | $ | 1.17 | $ | 1.19 | |||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.06 | |||||||||
Basic earnings per share | $ | 0.98 | $ | 1.08 | $ | 1.17 | $ | 1.25 | |||||||||
Diluted earnings per share attributable to Teledyne: | |||||||||||||||||
Continuing operations | $ | 0.96 | $ | 1.06 | $ | 1.14 | $ | 1.17 | |||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.06 | |||||||||
Diluted earnings per share | $ | 0.96 | $ | 1.06 | $ | 1.14 | $ | 1.23 | |||||||||
a) Fiscal year 2012 was a 52-week year, each quarter contained 13 weeks. | |||||||||||||||||
b) The second quarter includes a gain of $0.6 million on the purchase of the minority interest in Optech. | |||||||||||||||||
c) Includes net discrete tax benefits of $1.1 million, $0.1 million, $3.1 million and $1.1 million in the first, second, third and fourth quarters of 2012, respectively. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||
Schedule II Valuation and Qualifying Accounts | ' | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||
For the Fiscal Years Ended December 29, 2013, December 30, 2012 and January 1, 2012 | ||||||||||||||||||
(In millions) | ||||||||||||||||||
Additions | ||||||||||||||||||
Description | Balance at | Charged | Acquisitions | Deductions and | Balance at end | |||||||||||||
beginning of | to costs and | other(a) | of period | |||||||||||||||
period | expenses | |||||||||||||||||
Fiscal 2013 | ||||||||||||||||||
Reserve for doubtful accounts | $ | 4.7 | 0.9 | 1.6 | (2.0 | ) | $ | 5.2 | ||||||||||
Environmental reserves | $ | 3.2 | 6.2 | — | (0.3 | ) | $ | 9.1 | ||||||||||
Fiscal 2012 | ||||||||||||||||||
Reserve for doubtful accounts | $ | 3.8 | 0.7 | 0.6 | (0.4 | ) | $ | 4.7 | ||||||||||
Environmental reserves | $ | 3.2 | 0.3 | — | (0.3 | ) | $ | 3.2 | ||||||||||
Fiscal 2011 | ||||||||||||||||||
Reserve for doubtful accounts | $ | 2.9 | 0.7 | 0.6 | (0.4 | ) | $ | 3.8 | ||||||||||
Environmental reserves | $ | 5.2 | 0.1 | 0.6 | (2.7 | ) | $ | 3.2 | ||||||||||
(a) | Environmental reserves in 2011, includes the reversal of $2.3 million in reserves determined to be no longer needed. The amounts for allowance for doubtful accounts represents uncollectible accounts written off. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Principles of Consolidation | ' | ||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the accounts of Teledyne and all wholly-owned and majority-owned domestic and foreign subsidiaries. Intercompany accounts and transactions have been eliminated. | |||||||||
Fiscal Year | ' | ||||||||
Fiscal Year | |||||||||
The Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December 31. Fiscal year 2013 was a 52-week fiscal year and ended on December 29, 2013. Fiscal year 2012 was a 52-week fiscal year and ended on December 30, 2012. Fiscal year 2011 was a 52-week fiscal year and ended on January 1, 2012. References to the years 2013, 2012 and 2011 are intended to refer to the respective fiscal year unless otherwise noted. | |||||||||
Estimates | ' | ||||||||
Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to product returns and replacements, allowance for doubtful accounts, inventories, intangible assets, asset valuations, income taxes, warranty obligations, pension and other postretirement benefits, long-term contracts, environmental, workers’ compensation and general liability, employee dental and medical benefits and other contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at the time, the results of which form the basis for making its judgments. Actual results may differ materially from these estimates under different assumptions or conditions. Management believes that the estimates are reasonable. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition | |||||||||
Commercial sales and revenue from U.S. Government fixed-price type contracts generally are recorded as shipments are made, as services are rendered or in some cases, on a percentage-of-completion basis. Sales under cost-reimbursement contracts are recorded as work is performed. A small percentage of our revenues involve multiple deliverables which require us to determine the fair value of each deliverable and then allocate the total arrangement consideration among the separate deliverables based on the relative fair value percentages. Also, extended or non-customary warranties do not represent a significant portion of our revenue, however when our revenue arrangements include an extended or non-customary warranty provision the revenue is deferred and recognized over the extended warranty coverage period | |||||||||
Occasionally, for certain fixed-price type contracts that require substantial performance over a long time period (generally one or more years), revenues are recorded under the percentage-of-completion (“POC”) method. Teledyne measures the extent of progress toward completion using the units-of-delivery method, cost-to-cost method or based upon attainment of scheduled performance milestones which could be time, event or expense driven. Occasionally, invoices are submitted to be paid by the customer under a contractual agreement which has a different time schedule than the related revenue recognition. Since certain contracts extend over a long period of time, all revisions in cost and revenue estimates during the progress of work have the effect of adjusting the current period earnings on a cumulative catch-up basis. If the current contract estimate indicates a loss, provision is made for the total anticipated loss in the period that it becomes evident. Sales under cost-reimbursement contracts are recorded as allowable costs are incurred and fees are earned. For revenues recorded on contracts that require the Company to warehouse certain goods, all risks of loss is borne by the customer. Changes in estimates related to contracts accounted for under the POC method are recorded using the cumulative catch-up method of accounting. | |||||||||
Shipping and Handling | ' | ||||||||
Shipping and Handling | |||||||||
Shipping and handling fees charged to customers are classified as revenue while shipping and handling costs retained by Teledyne are classified as cost of sales in the accompanying consolidated statements of income. | |||||||||
Product Warranty and Replacement Costs | ' | ||||||||
Product Warranty and Replacement Costs | |||||||||
Some of the Company’s products are subject to specified warranties and the Company reserves for the estimated cost of product warranties on a product-specific basis. Facts and circumstances related to a product warranty matter and cost estimates to return, repair and/or replace the product are considered when establishing a product warranty reserve. The adequacy of the preexisting 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 accrued liabilities and long-term liabilities on the balance sheet. | |||||||||
Research and Development | ' | ||||||||
Research and Development | |||||||||
Selling, general and administrative expenses include company-funded research and development and bid and proposal costs which are expensed as incurred and were $167.0 million in 2013, $131.6 million in 2012 and $101.9 million in 2011. Costs related to customer-funded research and development contracts were $221.2 million in 2013, $232.6 million in 2012 and $213.8 million in 2011 and are charged to cost of sales as the related sales are recorded. A portion of the costs incurred for company-funded research and development is recoverable through overhead cost allocations on government contracts. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amount in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and incorporate assumptions about the amount of future state, federal and foreign pretax operating income adjusted for items that do not have tax consequences. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. | |||||||||
Income tax positions must meet a more-likely-than-not recognition in order to be recognized in the financial statements. We recognize potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. As new information becomes available, the assessment of the recognition threshold and the measurement of the associated tax benefit of uncertain tax positions may result in financial statement recognition or derecognition. | |||||||||
Net Income Per Common Share | ' | ||||||||
Net Income Per Common 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. | |||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
Receivables are presented net of a reserve for doubtful accounts of $5.2 million at December 29, 2013, and $4.7 million at December 30, 2012. Expense recorded for the reserve for doubtful accounts was $0.9 million, $0.7 million, and $0.7 million for 2013, 2012, and 2011, respectively. An allowance for doubtful accounts is established for losses expected to be incurred on accounts receivable balances. Judgment is required in the estimation of the allowance and is based upon specific identification, collection history and creditworthiness of the debtor. The Company markets its products and services principally throughout the United States, Europe, Japan and Canada to commercial customers and agencies of, and prime contractors to, the U.S. Government. Trade credit is extended based upon evaluations of each customer’s ability to perform its obligations, which are updated periodically. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash Equivalents | |||||||||
Cash and cash equivalents totaled $66.0 million at December 29, 2013 of which $55.2 million was held by foreign subsidiaries of Teledyne. Cash equivalents consist of highly liquid money-market mutual funds and bank deposits with maturities of three months or less when purchased. | |||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost or market, less progress payments. The majority of inventory values are principally valued on an average cost, or first-in, first-out method, while the remainder are stated at cost based on the last-in, first-out method. Costs include direct material, direct labor, applicable manufacturing and engineering overhead, and other direct costs. | |||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment is capitalized at cost. Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are determined using a combination of accelerated and straight-line methods over the estimated useful lives of the various asset classes. Buildings and building improvements are depreciated over periods not exceeding 45 years, equipment over 5 to 18 years, computer hardware and software over 3 to 7 years and leasehold improvements over the shorter of the estimated remaining lives or lease terms. Significant improvements are capitalized while maintenance and repairs are charged to expense as incurred. | |||||||||
Goodwill and Other Intangible Assets | ' | ||||||||
Goodwill and Other Intangible Assets | |||||||||
Goodwill and intangible assets with indefinite lives are not amortized, but tested at least annually for impairment. The Company performs an annual impairment test for goodwill and other intangible assets in the fourth quarter of each year, or more often as circumstances require. The two-step impairment test is used to first identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any. When it is determined that an impairment has occurred, an appropriate charge to operations is recorded. Based on the annual impairment test completed in the fourth quarter of 2013, the Company recorded a $1.2 million asset impairment related to acquired intangible assets. No impairment of goodwill was indicated. | |||||||||
Business acquisitions are accounted for under the purchase method by assigning the purchase price to tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Purchased intangible assets with finite lives are amortized over their estimated useful lives. | |||||||||
Other Long-Lived Assets | ' | ||||||||
Other Long-Lived Assets | |||||||||
The carrying value of long-lived assets is periodically evaluated in relation to the operating performance and sum of undiscounted future cash flows of the underlying businesses. An impairment loss is recognized when the sum of expected undiscounted future net cash flows is less than book value. | |||||||||
Environmental | ' | ||||||||
Environmental | |||||||||
Costs that mitigate or prevent future environmental contamination or extend the life, increase the capacity or improve the safety or efficiency of property utilized in current operations are capitalized. Other costs that relate to current operations or an existing condition caused by past operations are expensed. Environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable, but generally not later than the completion of the feasibility study or the Company’s recommendation of a remedy or commitment to an appropriate plan of action. The accruals are reviewed periodically and, as investigations and remediations proceed, adjustments are made as necessary. Accruals for losses from environmental remediation obligations do not consider the effects of inflation, and anticipated expenditures are not discounted to their present value. The accruals are not reduced by possible recoveries from insurance carriers or other third parties, but do reflect anticipated allocations among potentially responsible parties at federal Superfund sites or similar state-managed sites and an assessment of the likelihood that such parties will fulfill their obligations at such sites. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations, and current technology. Such estimates take into consideration the Company's prior experience in site investigation and remediation, the data concerning cleanup costs available from other companies and regulatory authorities, and the professional judgment of the Company’s environmental personnel in consultation with outside environmental specialists, when necessary. | |||||||||
Foreign Currency Translation | ' | ||||||||
Foreign Currency Translation | |||||||||
The Company’s foreign entities’ accounts are generally measured using local currency as the functional currency. Assets and liabilities of these entities are translated at the exchange rate in effect at year-end. Revenues and expenses are translated at average month end rates of exchange prevailing during the year. Unrealized translation gains and losses arising from differences in exchange rates from period to period are included as a component of accumulated other comprehensive loss in stockholders’ equity. A majority of the Company’s sales are denominated in U.S. dollars which mitigates the effect of exchange rate changes. | |||||||||
Hedging Activities/Derivative Instruments | ' | ||||||||
Hedging Activities/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 objective is to protect the United States dollar value of future cash flows and minimize the volatility of reported earnings. Following the acquisition of DALSA, the Company began to utilize 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. | |||||||||
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 accumulated other comprehensive income in stockholders’ equity until the underlying hedged item is reflected in our consolidated statements of income, at which time the effective amount in accumulated other comprehensive income is reclassified to cost of sales in our consolidated statements of income. The Company expects to reclassify a loss of approximately $1.4 million over the next 12 months based on the year end 2013 exchange rate. | |||||||||
In the event that the gains or losses in accumulated other comprehensive income (“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 December 29, 2013, Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $70.7 million and these contracts had a fair value of $1.2 million. These foreign currency forward contracts have maturities ranging from March 2014 to February 2015. | |||||||||
In addition, the Company utilizes foreign currency forward contracts to mitigate foreign exchange rate risk associated with foreign-currency-denominated monetary assets and liabilities, including intercompany receivables and payables. As of December 29, 2013, Teledyne had foreign currency contracts of this type in the following pairs (in millions): | |||||||||
Contracts to Buy | Contracts to Sell | ||||||||
Currency | Amount | Currency | Amount | ||||||
Euros | € | 1.7 | Canadian Dollar | C$ | 2.5 | ||||
Canadian Dollar | C$ | 29.3 | U.S. Dollars | $ | 28.2 | ||||
Great Britain Pounds | £ | 10.9 | U.S. Dollars | $ | 17.8 | ||||
U.S. Dollars | $ | 11.2 | Euros | € | 8.2 | ||||
U.S. Dollars | $ | 1.5 | Japanese Yen | ¥ | 160 | ||||
Singapore Dollar | S$ | 0.9 | U.S. Dollar | $ | 0.8 | ||||
Japanese Yen | ¥ | 67 | Canadian Dollar | C$ | 0.7 | ||||
The gains and losses on these derivatives which are not designated as hedging instruments under ASC 815, Derivatives and Hedging (“ASC 815”), 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. | |||||||||
Fair Value Measurements | ' | ||||||||
Fair Value Measurements | |||||||||
When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The Company uses the following three levels of inputs in determining the fair value of the Company’s assets and liabilities, focusing on the most observable inputs when available: | |||||||||
• | Level 1-Quoted prices in active markets for identical assets or liabilities. | ||||||||
• | Level 2-Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||
• | Level 3-Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. | ||||||||
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
In July 2012, the Financial Accounting Standards Board (“FASB”) issued 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. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Teledyne’s adoption of these provisions, effective December 31, 2012, did not have an impact on our financial position or results of operations. | |||||||||
In July 2013, the FASB issued accounting guidance related to the presentation of an unrecognized tax benefit when a net operating loss carryforward (“NOL”), a similar tax loss or a tax credit carryforward exists. Under the guidance an entity will be required to present an unrecognized tax benefit as a reduction of a deferred tax asset for a NOL or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. An entity is required to apply the amendments prospectively for annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the guidance, but does not anticipate that the implementation of this guidance will have a material impact on its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||||||||
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the year ended December 29, 2013: | ||||||||||||||||
Foreign Currency Translation | Cash Flow Hedges and other | Pension and Postretirement Benefits | Total | |||||||||||||
Balances as of December 30, 2012 | $ | (17.2 | ) | $ | (1.9 | ) | $ | (254.3 | ) | $ | (273.4 | ) | ||||
Other comprehensive income (loss) before reclassifications | (15.2 | ) | (2.7 | ) | — | (17.9 | ) | |||||||||
Amounts reclassified from AOCI | — | 1.3 | 124.5 | 125.8 | ||||||||||||
Net other comprehensive income | (15.2 | ) | (1.4 | ) | 124.5 | 107.9 | ||||||||||
Balance as of December 29, 2013 | $ | (32.4 | ) | $ | (3.3 | ) | $ | (129.8 | ) | $ | (165.5 | ) | ||||
The reclassification out of AOCI for the year ended December 29, 2013 are as follows: | ||||||||||||||||
Amount reclassified from AOCI | Financial Statement Presentation | |||||||||||||||
Loss on cash hedges: | ||||||||||||||||
Loss recognized in income on derivatives | $ | 1.7 | Other expense | |||||||||||||
Income tax impact | (0.4 | ) | Income tax benefit | |||||||||||||
Total | $ | 1.3 | ||||||||||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||||||||||||
Amortization prior service cost | $ | (5.1 | ) | See Note 12 | ||||||||||||
Amortization of net actuarial loss | 40.4 | See Note 12 | ||||||||||||||
Pension adjustments | 170.3 | See Note 12 | ||||||||||||||
Total before tax | 205.6 | |||||||||||||||
Tax effect | (81.1 | ) | ||||||||||||||
Net of tax | $ | 124.5 | ||||||||||||||
Changes in Product Warranty Reserve | ' | |||||||||||||||
The product warranty reserve is included in current accrued liabilities and long-term liabilities on the balance sheet. Changes in the Company’s product warranty reserve are as follows (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Balance at beginning of year | $ | 17.8 | $ | 13.3 | $ | 13 | ||||||||||
Accruals for product warranties charged to expense | 4.4 | 9.6 | 5.1 | |||||||||||||
Cost of product warranty claims | (5.2 | ) | (6.9 | ) | (5.9 | ) | ||||||||||
Acquisitions | 0.3 | 1.8 | 1.1 | |||||||||||||
Balance at end of period | $ | 17.3 | $ | 17.8 | $ | 13.3 | ||||||||||
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): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Net income from continuing operations including noncontrolling interest | $ | 184.5 | $ | 162.8 | $ | 142.1 | ||||||||||
Noncontrolling interest | 0.5 | (1.0 | ) | — | ||||||||||||
Discontinued operations, net of income taxes | — | 2.3 | 113.1 | |||||||||||||
Net income attributable to Teledyne | $ | 185 | $ | 164.1 | $ | 255.2 | ||||||||||
Basic earnings per common share: | ||||||||||||||||
Weighted average common shares outstanding | 37.3 | 36.7 | 36.6 | |||||||||||||
Basic earnings per common share | ||||||||||||||||
Continuing operations | $ | 4.96 | $ | 4.41 | $ | 3.88 | ||||||||||
Discontinued operations | — | 0.06 | 3.09 | |||||||||||||
Basic earnings per common share | $ | 4.96 | $ | 4.47 | $ | 6.97 | ||||||||||
Diluted earnings per share: | ||||||||||||||||
Weighted average common shares outstanding | 37.3 | 36.7 | 36.6 | |||||||||||||
Dilutive effect of exercise of options outstanding | 0.7 | 0.7 | 0.7 | |||||||||||||
Weighted average diluted common shares outstanding | 38 | 37.4 | 37.3 | |||||||||||||
Diluted earnings per common share | ||||||||||||||||
Continuing operations | $ | 4.87 | $ | 4.33 | $ | 3.81 | ||||||||||
Discontinued operations | — | 0.06 | 3.03 | |||||||||||||
Diluted earnings per common share | $ | 4.87 | $ | 4.39 | $ | 6.84 | ||||||||||
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts | ' | |||||||||||||||
As of December 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 | |||||||||||||
Euros | € | 1.7 | Canadian Dollar | C$ | 2.5 | |||||||||||
Canadian Dollar | C$ | 29.3 | U.S. Dollars | $ | 28.2 | |||||||||||
Great Britain Pounds | £ | 10.9 | U.S. Dollars | $ | 17.8 | |||||||||||
U.S. Dollars | $ | 11.2 | Euros | € | 8.2 | |||||||||||
U.S. Dollars | $ | 1.5 | Japanese Yen | ¥ | 160 | |||||||||||
Singapore Dollar | S$ | 0.9 | U.S. Dollar | $ | 0.8 | |||||||||||
Japanese Yen | ¥ | 67 | Canadian Dollar | C$ | 0.7 | |||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||
The effect of derivative instruments designated as cash flow hedges for 2013 and 2012 was as follows (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Net gain (loss) recognized in AOCI (a) | $ | (3.7 | ) | $ | 2 | |||||||||||
Net loss reclassified from AOCI into cost of sales (a) | $ | (1.8 | ) | $ | (0.9 | ) | ||||||||||
Net foreign exchange gain recognized in other income and expense (b) | $ | 0.5 | $ | 0.5 | ||||||||||||
(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-Dec-13 | December 30, 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow forward contracts | Other current assets | $ | — | $ | 0.8 | |||||||||||
Cash flow forward contracts | Accrued liabilities | (1.2 | ) | — | ||||||||||||
Total derivatives designated as hedging instruments | (1.2 | ) | 0.8 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Non-designated forward contracts | Other current assets | 0.2 | 0.1 | |||||||||||||
Non-designated forward contracts | Accrued liabilities | (0.9 | ) | (0.2 | ) | |||||||||||
Total derivatives not designated as hedging instruments | (0.7 | ) | (0.1 | ) | ||||||||||||
Total asset/(liability) derivatives | $ | (1.9 | ) | $ | 0.7 | |||||||||||
Business_Acquisitions_Goodwill1
Business Acquisitions, Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Business Combinations and Investments, Goodwill and Acquired Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Unaudited Pro Forma Financial Information | ' | ||||||||||||||||||||||||
The unaudited pro forma financial information below assumes that DALSA had been acquired at the beginning of the 2011 fiscal year and includes the effect of estimated amortization of acquired identifiable intangible assets and increased interest expense on net acquisition debt, as well as the impact of purchase accounting adjustments for certain liabilities and inventory valuation adjustments. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have resulted had the acquisition been in effect at the beginning of the period presented. In addition, the unaudited pro forma financial results are not intended to be a projection of future results and do not reflect any operating efficiencies or cost savings that might be achievable. | |||||||||||||||||||||||||
Fiscal Year (a) | |||||||||||||||||||||||||
(unaudited, in millions, except per-share amounts) | 2011 | ||||||||||||||||||||||||
Net sales | $ | 1,966.00 | |||||||||||||||||||||||
Net income from continuing operations | $ | 133.5 | |||||||||||||||||||||||
Net income attributable to Teledyne | $ | 246.6 | |||||||||||||||||||||||
Basic earnings per common share – continuing operations | $ | 3.65 | |||||||||||||||||||||||
Basic earnings per common share – attributable to Teledyne | $ | 6.74 | |||||||||||||||||||||||
Diluted earnings per common share – continuing operations | $ | 3.58 | |||||||||||||||||||||||
Diluted earnings per common share – attributable to Teledyne | $ | 6.61 | |||||||||||||||||||||||
(a) | The above unaudited proforma information is presented for the DALSA acquisition as it is considered a material acquisition. | ||||||||||||||||||||||||
Purchase Price Goodwill Acquired and Intangible Assets Acquired for the Acquisitions | ' | ||||||||||||||||||||||||
The following tables show the purchase price (net of cash acquired), goodwill acquired and intangible assets acquired for the acquisitions made in 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Fiscal year 2013 | |||||||||||||||||||||||||
Name | Acquisition Date | Purchase | Goodwill | Acquired | |||||||||||||||||||||
Price | Acquired | Intangible | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
RESON | 1-Mar-13 | $ | 69.7 | $ | 35.1 | $ | 25.5 | ||||||||||||||||||
Axiom | 8-May-13 | 4 | 3.4 | 0.3 | |||||||||||||||||||||
CETAC | 30-Aug-13 | 26.4 | 11.1 | 6.7 | |||||||||||||||||||||
CDL | 22-Oct-13 | 21.8 | 11.9 | 7.8 | |||||||||||||||||||||
Purchase of remaining interest of Nova Sensors | 8-Jul-13 | 4.9 | — | — | |||||||||||||||||||||
Other investments | 1.4 | 1 | 0.3 | ||||||||||||||||||||||
$ | 128.2 | $ | 62.5 | $ | 40.6 | ||||||||||||||||||||
Fiscal year 2012 | |||||||||||||||||||||||||
Name | Acquisition Date | Purchase | Goodwill | Acquired | |||||||||||||||||||||
Price | Acquired | Intangible | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
LeCroy | 3-Aug-12 | $ | 301.3 | $ | 174.4 | $ | 67.6 | ||||||||||||||||||
PDM Neptec | 3-Aug-12 | 7.4 | 3.3 | 1.3 | |||||||||||||||||||||
Blue View | 2-Jul-12 | 16.3 | 10.8 | 4.8 | |||||||||||||||||||||
Optech (a) | 2-Apr-12 | 27.9 | 62.4 | 23.4 | |||||||||||||||||||||
VariSystems | 25-Feb-12 | 36.3 | 14.2 | 11.9 | |||||||||||||||||||||
$ | 389.2 | $ | 265.1 | $ | 109 | ||||||||||||||||||||
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 and 2012 (in millions): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Current assets, excluding cash acquired | $ | 40.1 | $ | 116.2 | |||||||||||||||||||||
Property, plant and equipment | 8.3 | 79.1 | |||||||||||||||||||||||
Goodwill | 62.5 | 265.1 | |||||||||||||||||||||||
Other acquired intangible assets | 40.6 | 109 | |||||||||||||||||||||||
Other long-term assets | — | 5.3 | |||||||||||||||||||||||
Total assets acquired | 151.5 | 574.7 | |||||||||||||||||||||||
Current liabilities | (21.4 | ) | (61.8 | ) | |||||||||||||||||||||
Long-term liabilities | (6.8 | ) | (73.9 | ) | |||||||||||||||||||||
Total liabilities assumed | (28.2 | ) | (135.7 | ) | |||||||||||||||||||||
Noncontrolling interests (a) | 4.9 | (49.8 | ) | ||||||||||||||||||||||
Purchase price, net of cash acquired | $ | 128.2 | $ | 389.2 | |||||||||||||||||||||
(a) The 2012 amount relates to the purchase of the 32% interest in Optech. The 2013 amount relates to the purchase of the remaining interest in Nova Sensors. | |||||||||||||||||||||||||
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 and 2012 (dollars in millions): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Intangibles subject to amortization: | Intangible Assets | Weighted average useful life in years | Intangible Assets | Weighted average useful life in years | |||||||||||||||||||||
Proprietary technology | $ | 17.5 | 10 | $ | 50.4 | 9.5 | |||||||||||||||||||
Customer list/relationships | 11.1 | 9.7 | 21.4 | 10.2 | |||||||||||||||||||||
Backlog | 0.7 | 0.6 | 1.1 | 0.4 | |||||||||||||||||||||
Trademarks | — | — | 0.1 | 1 | |||||||||||||||||||||
Total intangibles subject to amortization | 29.3 | 9.6 | 73 | 9.5 | |||||||||||||||||||||
Intangibles not subject to amortization: | |||||||||||||||||||||||||
Trademarks | 11.3 | n/a | 36 | n/a | |||||||||||||||||||||
Total intangibles not subject to amortization | 11.3 | n/a | 36 | n/a | |||||||||||||||||||||
Total acquired intangible assets | $ | 40.6 | n/a | $ | 109 | n/a | |||||||||||||||||||
Goodwill | $ | 62.5 | n/a | $ | 265.1 | n/a | |||||||||||||||||||
Summary of Changes in the Carrying Value of Goodwill | ' | ||||||||||||||||||||||||
The following table summarizes the changes in the carrying value of goodwill (in millions): | |||||||||||||||||||||||||
Instrumentation | Digital Imaging | Aerospace and Defense Electronics | Engineered Systems | Total | |||||||||||||||||||||
Balance at January 1, 2012 | $ | 288.4 | $ | 261.2 | $ | 144.5 | $ | 23.7 | $ | 717.8 | |||||||||||||||
Current year acquisitions | 202.7 | 62.4 | — | — | 265.1 | ||||||||||||||||||||
Foreign currency changes | 2.7 | 3.5 | 0.7 | 0.4 | 7.3 | ||||||||||||||||||||
Balance at December 30, 2012 | 493.8 | 327.1 | 145.2 | 24.1 | 990.2 | ||||||||||||||||||||
Current year acquisitions | 58.1 | 4.4 | — | — | 62.5 | ||||||||||||||||||||
Foreign currency changes and other | (2.4 | ) | (13.0 | ) | 0.4 | 0.1 | (14.9 | ) | |||||||||||||||||
Balance at December 29, 2013 | $ | 549.5 | $ | 318.5 | $ | 145.6 | $ | 24.2 | $ | 1,037.80 | |||||||||||||||
Summary of Carrying Value of Other Acquired Intangible Assets | ' | ||||||||||||||||||||||||
The following table summarizes the carrying value of other acquired intangible assets (in millions): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||||
Other acquired intangible assets: | |||||||||||||||||||||||||
Proprietary technology | $ | 191.3 | $ | 82.5 | $ | 108.8 | $ | 176.3 | $ | 63.9 | $ | 112.4 | |||||||||||||
Customer list/relationships | 100.5 | 42.7 | 57.8 | 91.1 | 33.9 | 57.2 | |||||||||||||||||||
Patents | 0.7 | 0.6 | 0.1 | 0.7 | 0.6 | 0.1 | |||||||||||||||||||
Non-compete agreements | 0.9 | 0.9 | — | 0.9 | 0.9 | — | |||||||||||||||||||
Trademarks | 3.3 | 1.7 | 1.6 | 3.3 | 1.4 | 1.9 | |||||||||||||||||||
Backlog | 12.9 | 12.8 | 0.1 | 12.3 | 12.2 | 0.1 | |||||||||||||||||||
Other acquired intangible assets subject to amortization | 309.6 | 141.2 | 168.4 | 284.6 | 112.9 | 171.7 | |||||||||||||||||||
Other acquired intangible assets not subject to amortization | |||||||||||||||||||||||||
Trademarks | 102.5 | — | 102.5 | 94 | — | 94 | |||||||||||||||||||
Total other acquired intangible assets: | $ | 412.1 | $ | 141.2 | $ | 270.9 | $ | 378.6 | $ | 112.9 | $ | 265.7 | |||||||||||||
Estimated Remaining Useful Lives by Asset Category | ' | ||||||||||||||||||||||||
The estimated remaining useful lives by asset category as of December 29, 2013, are as follows: | |||||||||||||||||||||||||
Intangibles subject to amortization | Weighted average remaining useful life in years | ||||||||||||||||||||||||
Proprietary technology | 5.3 | ||||||||||||||||||||||||
Customer list/relationships | 5.8 | ||||||||||||||||||||||||
Patents | 7.1 | ||||||||||||||||||||||||
Backlog | 0.1 | ||||||||||||||||||||||||
Trademarks | 8.5 | ||||||||||||||||||||||||
Total intangibles subject to amortization | 5.5 |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
Accounts receivable are summarized as follows (in millions): | |||||||||
Balance at year-end | |||||||||
2013 | 2012 | ||||||||
Commercial and other receivables | $ | 329.7 | $ | 300.9 | |||||
U.S. Government and prime contractors contract receivables: | |||||||||
Billed receivables | 25.7 | 26 | |||||||
Unbilled receivables | 27.8 | 28.2 | |||||||
383.2 | 355.1 | ||||||||
Reserve for doubtful accounts | (5.2 | ) | (4.8 | ) | |||||
Total accounts receivable, net | $ | 378 | $ | 350.3 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consist of the following (in millions): | |||||||||
Balance at year-end | |||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 130.7 | $ | 129.4 | |||||
Work in process | 151.5 | 145.9 | |||||||
Finished goods | 41.4 | 30.5 | |||||||
323.6 | 305.8 | ||||||||
Progress payments | (12.7 | ) | (7.3 | ) | |||||
LIFO reserve | (16.6 | ) | (17.3 | ) | |||||
Total inventories, net | $ | 294.3 | $ | 281.2 | |||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 12 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Property, plant and equipment were as follows (in millions): | ||||||||||
Balance at year-end | ||||||||||
2013 | 2012 | |||||||||
Land | $ | 34 | $ | 35.9 | ||||||
Buildings | 171 | 163.8 | ||||||||
Equipment and software | 519.7 | 477.7 | ||||||||
724.7 | 677.4 | |||||||||
Accumulated depreciation and amortization | (367.0 | ) | (327.9 | ) | ||||||
Total property, plant and equipment, net | $ | 357.7 | $ | 349.5 | ||||||
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-Dec-13 | 30-Dec-12 | |||||||
Deferred tax assets | Prepaid expenses and other current assets | $ | 31.9 | $ | 39.8 | |||||
Deferred compensation assets | Other assets | $ | 44.7 | $ | 37.8 | |||||
Salaries and wages | Accrued liabilities | $ | 103.2 | $ | 101.6 | |||||
Customer deposits and credits | Accrued liabilities | $ | 55.6 | $ | 66.5 | |||||
Accrued pension obligation | Other long-term liabilities | $ | 8.5 | $ | 57 | |||||
Accrued postretirement benefits | Other long-term liabilities | $ | 10.3 | $ | 12.8 | |||||
Deferred tax liabilities | Other long-term liabilities | $ | 112.3 | $ | 33.3 | |||||
Deferred compensation liabilities | Other long-term liabilities | $ | 43.1 | $ | 36.1 | |||||
Stockholders_Equity_Tables
Stockholder's Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Common Stock Share Activity | ' | ||||||||||||||||||||
The following is an analysis of Teledyne’s common stock share activity: | |||||||||||||||||||||
Shares | |||||||||||||||||||||
Balance, January 2, 2011 | 36,363,372 | ||||||||||||||||||||
Stock options exercised and other | 663,643 | ||||||||||||||||||||
Balance, January 1, 2012 | 37,027,015 | ||||||||||||||||||||
Stock options exercised and other | 135,682 | ||||||||||||||||||||
Balance, December 30, 2012 | 37,162,697 | ||||||||||||||||||||
Stock options exercised and other | 408,485 | ||||||||||||||||||||
Balance, December 29, 2013 | 37,571,182 | ||||||||||||||||||||
Valuation of Stock Options Granted | ' | ||||||||||||||||||||
he following assumptions were used in the valuation of stock options granted in 2013, 2012 and 2011: | |||||||||||||||||||||
For the year | 2013 | 2012 | 2011 | ||||||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||
Expected volatility | 31.9 | % | 34.1 | % | 36.8 | % | |||||||||||||||
Risk-free interest rate | 0.9 | % | 1.1 | % | 2.1 | % | |||||||||||||||
Expected life in years | 7.3 | 6.7 | 6.2 | ||||||||||||||||||
B | |||||||||||||||||||||
Stock Option Transactions for Employee Stock Option Plans | ' | ||||||||||||||||||||
Stock option transactions for Teledyne’s employee stock option plans are summarized as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||||||
Beginning balance | 2,203,005 | $ | 45.9 | 2,322,845 | $ | 38.19 | 2,456,296 | $ | 33.07 | ||||||||||||
Granted | 573,724 | $ | 75.17 | 500,006 | $ | 64.73 | 499,038 | $ | 47.35 | ||||||||||||
Exercised | (313,265 | ) | $ | 37.1 | (542,205 | ) | $ | 29.92 | (576,575 | ) | $ | 23.89 | |||||||||
Canceled or expired | (44,092 | ) | $ | 57.68 | (77,641 | ) | $ | 48.19 | (55,914 | ) | $ | 42.94 | |||||||||
Ending balance | 2,419,372 | $ | 53.77 | 2,203,005 | $ | 45.9 | 2,322,845 | $ | 38.19 | ||||||||||||
Options exercisable at end of period | 1,414,002 | $ | 43.4 | 1,323,965 | $ | 39.07 | 1,586,480 | $ | 34.79 | ||||||||||||
Stock Options Outstanding and Stock Options Exercisable Under Employee Stock Option Plans | ' | ||||||||||||||||||||
The following table provides certain information with respect to stock options outstanding and stock options exercisable at December 29, 2013 under the employee stock option plans: | |||||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average Exercise Price | Remaining life in years | Shares | Weighted Average Exercise Price | ||||||||||||||||
$13.45-$20.00 | 12,898 | $ | 19.27 | 0.1 | 12,898 | $ | 19.27 | ||||||||||||||
$20.01-$30.00 | 129,512 | $ | 26.99 | 1.2 | 129,512 | $ | 26.99 | ||||||||||||||
$30.01-$40.00 | 422,789 | $ | 36.82 | 2.8 | 422,789 | $ | 36.82 | ||||||||||||||
$40.01-$50.00 | 580,202 | $ | 44.75 | 6.7 | 461,200 | $ | 44.21 | ||||||||||||||
$50.01-$60.00 | 262,156 | $ | 50.95 | 4.6 | 245,976 | $ | 50.82 | ||||||||||||||
$60.01-$70.00 | 441,841 | $ | 64.73 | 8.4 | 141,627 | $ | 64.73 | ||||||||||||||
$70.01-$77.45 | 569,974 | $ | 75.17 | 9.4 | — | $ | — | ||||||||||||||
2,419,372 | $ | 53.77 | 6.4 | 1,414,002 | $ | 43.4 | |||||||||||||||
Stock Option Transactions for Non-employee Stock Option Plans | ' | ||||||||||||||||||||
Stock option transactions for Teledyne’s non-employee director stock option plans are summarized as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||||||
Beginning balance | 308,908 | $ | 39.35 | 404,692 | $ | 32.85 | 440,825 | $ | 28.15 | ||||||||||||
Granted | 42,166 | $ | 71.22 | 43,548 | $ | 59.17 | 42,759 | $ | 45.19 | ||||||||||||
Exercised | (26,363 | ) | $ | 20.86 | (139,332 | ) | $ | 26.66 | (78,892 | ) | $ | 13.31 | |||||||||
Canceled or expired | (330 | ) | $ | 40.7 | — | $ | — | — | $ | — | |||||||||||
Ending balance | 324,381 | $ | 44.99 | 308,908 | $ | 39.35 | 404,692 | $ | 32.85 | ||||||||||||
Options exercisable at end of period | 282,215 | $ | 41.07 | 265,360 | $ | 36.1 | 361,933 | $ | 31.39 | ||||||||||||
Stock Options Outstanding and Stock Exercisable Under Non Employee Director Stock Option Plan | ' | ||||||||||||||||||||
The following table provides certain information with respect to stock options outstanding and stock options exercisable at December 29, 2013 under the non-employee director stock option plan: | |||||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average Exercise Price | Remaining life in years | Shares | Weighted Average Exercise Price | ||||||||||||||||
$17.99-$20.00 | 9,006 | $ | 18.9 | 2 | 9,006 | $ | 18.9 | ||||||||||||||
$20.01-$30.00 | 62,042 | $ | 26.26 | 3.2 | 62,042 | $ | 26.26 | ||||||||||||||
$30.01-$40.00 | 67,813 | $ | 34.47 | 4.6 | 67,813 | $ | 34.47 | ||||||||||||||
$40.01-$50.00 | 84,589 | $ | 46.08 | 6.1 | 81,220 | $ | 46.12 | ||||||||||||||
$50.01-$60.00 | 30,797 | $ | 53.65 | 4.8 | 28,000 | $ | 53.76 | ||||||||||||||
$60.01-$70.00 | 34,134 | $ | 64.55 | 8.4 | 34,134 | $ | 64.55 | ||||||||||||||
$70.01-$75.13 | 36,000 | $ | 75.13 | 9.4 | — | $ | — | ||||||||||||||
324,381 | $ | 44.99 | 5.6 | 282,215 | $ | 41.07 | |||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||||||
The following table summarizes Teledyne’s restricted stock activity: | |||||||||||||||||||||
Shares | Weighted average fair value per share | ||||||||||||||||||||
Balance, January 2, 2011 | 109,002 | $ | 32.22 | ||||||||||||||||||
Granted | 43,654 | $ | 37.22 | ||||||||||||||||||
Issued | (27,913 | ) | $ | 37.89 | |||||||||||||||||
Forfeited/Canceled | (7,311 | ) | $ | 30.77 | |||||||||||||||||
Balance, January 1, 2012 | 117,432 | $ | 32.82 | ||||||||||||||||||
Granted | 37,304 | $ | 44.34 | ||||||||||||||||||
Issued | (32,610 | ) | $ | 30.97 | |||||||||||||||||
Forfeited/Canceled | (357 | ) | $ | 30.97 | |||||||||||||||||
Balance, December 30, 2012 | 121,769 | $ | 36.85 | ||||||||||||||||||
Granted | 48,325 | $ | 64.46 | ||||||||||||||||||
Issued | (39,867 | ) | $ | 29.62 | |||||||||||||||||
Forfeited/Canceled | (944 | ) | $ | 29.62 | |||||||||||||||||
Balance, December 29, 2013 | 129,283 | $ | 51.48 | ||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of Long-Term Debt | ' | |||||||
Long-term debt consisted of the following (in millions): | ||||||||
Balance at | December 29, 2013 | December 30, 2012 | ||||||
4.04% Senior Notes due September 2015 | $ | 75 | $ | 75 | ||||
4.74% Senior Notes due September 2017 | 100 | 100 | ||||||
5.30% Senior Notes due September 2020 | 75 | 75 | ||||||
Term Loans due through March 2019, weighted average rate of 1.29% at December 29, 2013 and 1.59% at December 30, 2012 | 200 | 200 | ||||||
Other debt at various rates due through 2031 | 16 | 14.8 | ||||||
$750.0 million revolving credit facility, weighted average rate of 1.26% at December 29, 2013 and 2.44% at December 30, 2012 | 74.2 | 79.1 | ||||||
Total debt | $ | 540.2 | $ | 543.9 | ||||
Less: current portion of long-term debt | (2.1 | ) | (0.5 | ) | ||||
Total long-term debt | $ | 538.1 | $ | 543.4 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income Tax Provision (Benefit) | ' | ||||||||||||
Provision (benefit) for income taxes from continuing operations was as follows (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 21.6 | $ | 44.2 | $ | 29.1 | |||||||
State | 3.5 | 4.8 | 8.1 | ||||||||||
Foreign | 0.2 | 7.4 | 10 | ||||||||||
Total current | 25.3 | 56.4 | 47.2 | ||||||||||
Deferred | |||||||||||||
Federal | 18.2 | 11.8 | 28.3 | ||||||||||
State | (2.3 | ) | 4.4 | (5.1 | ) | ||||||||
Foreign | (1.7 | ) | (7.2 | ) | (0.9 | ) | |||||||
Total deferred | 14.2 | 9 | 22.3 | ||||||||||
Provision for income taxes | $ | 39.5 | $ | 65.4 | $ | 69.5 | |||||||
Reconciliation of the Statutory Federal Income Tax Rate to the Actual Effective Income Tax Rate | ' | ||||||||||||
The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local taxes, net of federal benefit | 1.9 | 3.2 | 1.8 | ||||||||||
Research and development tax credits | (4.5 | ) | (2.4 | ) | (2.6 | ) | |||||||
Investment tax credits | (2.4 | ) | (3.4 | ) | (2.3 | ) | |||||||
Qualified production activity deduction | (1.7 | ) | (1.9 | ) | (1.4 | ) | |||||||
Foreign rate differential | (3.4 | ) | (2.6 | ) | (0.8 | ) | |||||||
Net accruals (reversals) for unrecognized tax benefits | (5.4 | ) | 0.7 | 2.3 | |||||||||
Other | (1.8 | ) | 0.1 | 0.9 | |||||||||
Effective income tax rate | 17.7 | % | 28.7 | % | 32.9 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense were as follows (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Current: | |||||||||||||
Accrued liabilities | $ | 14.6 | $ | 11.8 | |||||||||
Inventory valuation | 11.2 | 11.5 | |||||||||||
Accrued vacation | 11.3 | 11.1 | |||||||||||
Deferred compensation and other benefits plans | 1 | 1 | |||||||||||
Intangible amortization | 0.7 | 5.7 | |||||||||||
Other | 0.3 | — | |||||||||||
Valuation allowance | (5.8 | ) | (0.9 | ) | |||||||||
Long-term: | |||||||||||||
Postretirement benefits other than pensions | 5.3 | 5.8 | |||||||||||
Accrued liabilities | 13 | 9.4 | |||||||||||
Deferred compensation and other benefit plans | — | 37.4 | |||||||||||
Tax credit and NOL carryforward amounts | 64.5 | 37.1 | |||||||||||
Other | 1.2 | — | |||||||||||
Valuation allowance | (20.2 | ) | (2.2 | ) | |||||||||
Total deferred income tax assets | 97.1 | 127.7 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Current: | |||||||||||||
Other items | 1.4 | 1.3 | |||||||||||
Long-term: | |||||||||||||
Property, plant and equipment differences | 28.8 | 54.6 | |||||||||||
Deferred compensation and other benefit plans | 48.2 | — | |||||||||||
Intangible amortization | 98.8 | 65.3 | |||||||||||
Other | 0.3 | — | |||||||||||
Total deferred income tax liabilities | 177.5 | 121.2 | |||||||||||
Net deferred income tax assets (liabilities) | $ | (80.4 | ) | $ | 6.5 | ||||||||
Rollforward of our Unrecognized Tax Benefits | ' | ||||||||||||
The following presents a rollforward of our unrecognized tax benefits (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning of year | $ | 42.6 | $ | 25.8 | $ | 10.1 | |||||||
Increase in prior year tax positions (a) | 3.5 | 18.1 | 18.7 | ||||||||||
Increase for tax positions taken during the current period | 0.9 | 1.5 | 0.7 | ||||||||||
Reduction related to settlements with taxing authorities | (4.8 | ) | — | — | |||||||||
Reduction related to lapse of the statute of limitations | (6.2 | ) | (2.9 | ) | (3.5 | ) | |||||||
Impact of exchange rate changes | (0.6 | ) | 0.1 | (0.2 | ) | ||||||||
End of year | $ | 35.4 | $ | 42.6 | $ | 25.8 | |||||||
a) Includes the impact of acquisitions in all years. |
Pension_Plans_and_Postretireme1
Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Net Periodic Pension Benefit Expense for Defined Benefit Pension Plans and Postretirement Benefit Plans | ' | ||||||||||||||||||||||||
The following tables set forth the components of net periodic pension benefit expense for the pension plans (in millions): | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost - benefits earned during the period | $ | 14.4 | $ | 12.7 | $ | 13.1 | $ | 0.9 | $ | 0.3 | $ | — | |||||||||||||
Interest cost on benefit obligation | 36.3 | 39.6 | 42.5 | 1.9 | 1.7 | 1.7 | |||||||||||||||||||
Expected return on plan assets | (70.1 | ) | (65.5 | ) | (62.7 | ) | (2.0 | ) | (1.7 | ) | (1.7 | ) | |||||||||||||
Amortization of prior service cost | (4.6 | ) | (4.6 | ) | 0.2 | — | — | — | |||||||||||||||||
Amortization of actuarial loss | 40.6 | 24.4 | 13.6 | 0.1 | 0.1 | — | |||||||||||||||||||
Net periodic benefit expense | $ | 16.6 | $ | 6.6 | $ | 6.7 | $ | 0.9 | $ | 0.4 | $ | — | |||||||||||||
postretirement benefit plans for 2013, 2012 and 2011 (in millions): | |||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | — | $ | — | |||||||||||||||||||
Interest cost on benefit obligation | 0.6 | 0.8 | 1 | ||||||||||||||||||||||
Amortization of prior service cost | (0.5 | ) | (0.5 | ) | (0.6 | ) | |||||||||||||||||||
Amortization of actuarial gain | (0.3 | ) | (0.4 | ) | (0.5 | ) | |||||||||||||||||||
Net periodic benefit income | $ | (0.2 | ) | $ | (0.1 | ) | $ | (0.1 | ) | ||||||||||||||||
Reconciliation of Beginning and Ending Balances of Benefit Obligation | ' | ||||||||||||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the benefit obligation of the postretirement benefit plans (in millions): | |||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | 14.3 | $ | 14.8 | |||||||||||||||||||||
Interest cost on projected benefit obligation | 0.6 | 0.8 | |||||||||||||||||||||||
Actuarial (gain) loss | (1.7 | ) | (0.1 | ) | |||||||||||||||||||||
Benefits paid | (1.3 | ) | (2.0 | ) | |||||||||||||||||||||
Curtailment and other | — | 0.8 | |||||||||||||||||||||||
Benefit obligation - end of year | $ | 11.9 | $ | 14.3 | |||||||||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the benefit obligation of the pension plans (in millions): | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | 846.9 | $ | 743.4 | $ | 50.6 | $ | 32.9 | |||||||||||||||||
Service cost - benefits earned during the year | 14.4 | 12.7 | 0.9 | 0.3 | |||||||||||||||||||||
Interest cost on projected benefit obligation | 36.3 | 39.6 | 1.9 | 1.7 | |||||||||||||||||||||
Actuarial (gain) loss | (78.4 | ) | 127.7 | 1.4 | 1.3 | ||||||||||||||||||||
Benefits paid | (50.3 | ) | (76.5 | ) | (2.8 | ) | (2.0 | ) | |||||||||||||||||
Plan amendments(a) | — | — | (0.1 | ) | — | ||||||||||||||||||||
Other - including foreign currency | — | — | 1.6 | 2.5 | |||||||||||||||||||||
Business combinations | — | — | 6.8 | 13.9 | |||||||||||||||||||||
Benefit obligation - end of year | $ | 768.9 | $ | 846.9 | $ | 60.3 | $ | 50.6 | |||||||||||||||||
Accumulated benefit obligation - end of year | $ | 767.6 | $ | 846 | $ | 58.7 | $ | 50.6 | |||||||||||||||||
(a) | impact of changing the calculation of applicable wages for the determination of the benefit obligation. | ||||||||||||||||||||||||
Reconciliation of the Beginning and Ending Balances of the Fair Value of Plan Assets | ' | ||||||||||||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets for the pension plans (in millions): | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Changes in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets - beginning of year | $ | 793.3 | $ | 678.9 | $ | 42.3 | $ | 26.8 | |||||||||||||||||
Actual return on plan assets | 158.3 | 95.9 | 5.2 | 2 | |||||||||||||||||||||
Employer contribution - defined benefit plan | 83 | 92.8 | — | 0.4 | |||||||||||||||||||||
Employer contribution - other benefit plan | 2 | 2.2 | 1.1 | — | |||||||||||||||||||||
Foreign currency changes | — | — | 0.4 | 2 | |||||||||||||||||||||
Benefits paid | (50.3 | ) | (76.5 | ) | (2.8 | ) | (2.0 | ) | |||||||||||||||||
Other | — | — | 1.1 | 0.1 | |||||||||||||||||||||
Business combination | — | — | 4.8 | 13 | |||||||||||||||||||||
Fair value of net plan assets - end of year | $ | 986.3 | $ | 793.3 | $ | 52.1 | $ | 42.3 | |||||||||||||||||
The fair values of the Company’s net pension assets for both the U.S and non-U.S. pension plans as of December 31, 2013, by asset category are as follows (in millions): | |||||||||||||||||||||||||
Asset category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and cash equivalents (a) | $ | — | $ | 19 | $ | — | $ | 19 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. equity | 246.7 | 129.8 | — | 376.5 | |||||||||||||||||||||
International equity | 37.6 | 92.4 | 1.3 | 131.3 | |||||||||||||||||||||
Alternatives | — | 106.1 | 3 | 109.1 | |||||||||||||||||||||
Mutual funds (b) | 181.4 | 7.3 | — | 188.7 | |||||||||||||||||||||
U.S. government securities | 68.9 | — | — | 68.9 | |||||||||||||||||||||
U.S. government futures | 0.6 | — | — | 0.6 | |||||||||||||||||||||
Corporate bonds | — | 92 | — | 92 | |||||||||||||||||||||
Senior secured loans | — | 4 | — | 4 | |||||||||||||||||||||
Mortgage-backed securities | — | 14.6 | — | 14.6 | |||||||||||||||||||||
High yield bonds | — | 12.7 | — | 12.7 | |||||||||||||||||||||
Insurance contracts related to foreign plans | — | 21 | — | 21 | |||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ | 535.2 | $ | 498.9 | $ | 4.3 | $ | 1,038.40 | |||||||||||||||||
(a) Reflects cash and cash equivalents held in overnight cash investments. | |||||||||||||||||||||||||
(b) 44% of mutual funds invest in fixed income types of securities; 56% invest in equity securities. | |||||||||||||||||||||||||
The fair values of the Company’s net pension assets for both the U.S and non-U.S. pension plans as of December 31, 2012, by asset category are as follows (in millions): | |||||||||||||||||||||||||
Asset category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and Cash Equivalents (a) | $ | — | $ | 14.1 | $ | — | $ | 14.1 | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
U.S. Equity | 231.2 | 108.6 | — | 339.8 | |||||||||||||||||||||
International Equity | 14.6 | 90.3 | 1.3 | 106.2 | |||||||||||||||||||||
Alternatives | — | 45.2 | 1.6 | 46.8 | |||||||||||||||||||||
Mutual Funds (b) | 167.1 | 3.2 | — | 170.3 | |||||||||||||||||||||
U.S. Government Securities | 36.6 | — | — | 36.6 | |||||||||||||||||||||
U.S. Government Futures | 0.1 | — | — | 0.1 | |||||||||||||||||||||
Corporate Bonds | — | 88.9 | — | 88.9 | |||||||||||||||||||||
Taxable Municipal Bonds | — | 1.5 | — | 1.5 | |||||||||||||||||||||
Senior Secured Loans | — | 1.7 | — | 1.7 | |||||||||||||||||||||
Mortgage-Backed Securities | — | 8.9 | — | 8.9 | |||||||||||||||||||||
High Yield Bonds | — | 7.8 | — | 7.8 | |||||||||||||||||||||
Insurance contracts related to foreign pans | — | 13 | — | 13 | |||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ | 449.6 | $ | 383.2 | $ | 2.9 | $ | 835.7 | |||||||||||||||||
(a) Reflects cash and cash equivalents held in overnight cash investments. | |||||||||||||||||||||||||
(b) 47% of mutual funds invest in fixed income types of securities; 53% invest in equity securities | |||||||||||||||||||||||||
Schedule of Funded Status and Amounts Recognized in Balance Sheet | ' | ||||||||||||||||||||||||
consolidated balance sheets for the postretirement plans at year end 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Funded status | $ | (11.9 | ) | $ | (14.4 | ) | |||||||||||||||||||
Unrecognized prior service cost | (0.2 | ) | (0.7 | ) | |||||||||||||||||||||
Unrecognized net gain | (5.2 | ) | (3.7 | ) | |||||||||||||||||||||
Accrued benefit cost | $ | (17.3 | ) | $ | (18.8 | ) | |||||||||||||||||||
Accrued postretirement benefits (long-term) | $ | (10.3 | ) | $ | (12.8 | ) | |||||||||||||||||||
Accrued postretirement benefits (short-term) | (1.6 | ) | (1.6 | ) | |||||||||||||||||||||
Accumulated other comprehensive income | (5.4 | ) | (4.4 | ) | |||||||||||||||||||||
Net amount recognized | $ | (17.3 | ) | $ | (18.8 | ) | |||||||||||||||||||
The following table sets forth the funded status and amounts recognized in the consolidated balance sheets for the pension plans at year end 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Funded status | $ | 217.4 | $ | (53.6 | ) | $ | (8.2 | ) | $ | (8.3 | ) | ||||||||||||||
Amounts recognized in the consolidated balance sheets: | |||||||||||||||||||||||||
Prepaid pension asset/(accrued pension obligation) (long-term) | $ | 222 | $ | (48.6 | ) | $ | (8.2 | ) | $ | (8.3 | ) | ||||||||||||||
Accrued pension obligation (short-term) | (1.5 | ) | (1.5 | ) | — | — | |||||||||||||||||||
Other liabilities | (3.1 | ) | (3.5 | ) | — | — | |||||||||||||||||||
Net amount recognized | $ | 217.4 | $ | (53.6 | ) | $ | (8.2 | ) | $ | (8.3 | ) | ||||||||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||||||||||||||
Unrecognized prior service cost | $ | (33.1 | ) | $ | (37.8 | ) | $ | (0.1 | ) | $ | — | ||||||||||||||
Unrecognized net loss | 243.5 | 450.7 | 3.7 | 5.7 | |||||||||||||||||||||
Net amount recognized, before tax effect | $ | 210.4 | $ | 412.9 | $ | 3.6 | $ | 5.7 | |||||||||||||||||
Estimated Future Benefit Payments | ' | ||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefit Plans | |||||||||||||||||||||||||
2014 | $ | 1.3 | |||||||||||||||||||||||
2015 | 1.3 | ||||||||||||||||||||||||
2016 | 1.2 | ||||||||||||||||||||||||
2017 | 1.2 | ||||||||||||||||||||||||
2018 | 1.1 | ||||||||||||||||||||||||
2019-2022 | 4.7 | ||||||||||||||||||||||||
Total | $ | 10.8 | |||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
2014 | $ | 45.8 | $ | 2.9 | |||||||||||||||||||||
2015 | 47.7 | 2.6 | |||||||||||||||||||||||
2016 | 49 | 2.6 | |||||||||||||||||||||||
2017 | 50.7 | 2.7 | |||||||||||||||||||||||
2018 | 52 | 2.8 | |||||||||||||||||||||||
2019-2022 | 276.7 | 14.2 | |||||||||||||||||||||||
Total | $ | 521.9 | $ | 27.8 | |||||||||||||||||||||
Year-end Market Value by Asset Class | ' | ||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||
Plan Assets | Plan Assets | ||||||||||||||||||||||||
% to Total | % to Total | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Equity instruments | 61 | % | 65 | % | 61 | % | 58 | % | |||||||||||||||||
Fixed income instruments | 29 | 30 | 10 | 20 | |||||||||||||||||||||
Alternates and other | 10 | 5 | 29 | 22 | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||||||
The following assumptions were used to determine the benefit obligation and the net benefit cost within each respective year: | |||||||||||||||||||||||||
Pension Plan | Weighted average discount rate | Weighted average increase in future compensation levels | Expected weighted-average long-term rate of return | ||||||||||||||||||||||
Domestic Plan - 2013 | 4.4 | % | 2.75 | % | 8.25 | % | |||||||||||||||||||
Domestic Plan - 2012 | 5.5 | % | 2.75 | % | 8.25 | % | |||||||||||||||||||
Domestic Plan - 2011 | 5.9 | % | 4.14 | % | 8.25 | % | |||||||||||||||||||
United Kingdom Based Plan 2013 | 4.2 | % | — | 5.5 | % | ||||||||||||||||||||
United Kingdom Based Plan 2012 | 4.7 | % | — | 6.4 | % | ||||||||||||||||||||
United Kingdom Based Plan 2011 | 5.4 | % | — | 6.6 | % | ||||||||||||||||||||
Swiss Based Plan 2013 | 1.8 | % | 1.75 | % | 3 | % | |||||||||||||||||||
Swiss Based Plan 2012 | 2 | % | 1.8 | % | 3 | % | |||||||||||||||||||
Netherlands Based Plan 2013 | 4.1 | % | 2.5 | % | 4.1 | % |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Industry Segment Disclosures for Net Sales and Operating Profit Including Other Segment Income | ' | ||||||||||||
Information on the Company’s business segments was as follows (in millions): | |||||||||||||
Sales | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 1,022.80 | $ | 804.7 | $ | 648.2 | |||||||
Digital Imaging | 414.8 | 415.9 | 349.9 | ||||||||||
Aerospace and Defense Electronics | 625.1 | 605.3 | 639.2 | ||||||||||
Engineered Systems | 275.9 | 301.4 | 304.6 | ||||||||||
Total net sales | $ | 2,338.60 | $ | 2,127.30 | $ | 1,941.90 | |||||||
Income before taxes | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 162 | $ | 146 | $ | 129.3 | |||||||
Digital Imaging | 28.2 | 24.8 | 16.1 | ||||||||||
Aerospace and Defense Electronics | 65.7 | 80.5 | 87.4 | ||||||||||
Engineered Systems | 22 | 28.5 | 28.1 | ||||||||||
Total segment operating profit | 277.9 | 279.8 | 260.9 | ||||||||||
Corporate expense | (37.6 | ) | (36.7 | ) | (33.7 | ) | |||||||
Other income, net | 4.1 | 2.9 | 0.6 | ||||||||||
Interest and debt expense, net | (20.4 | ) | (17.8 | ) | (16.2 | ) | |||||||
Income before taxes | $ | 224 | $ | 228.2 | $ | 211.6 | |||||||
Depreciation and amortization | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 38.2 | $ | 26.1 | $ | 17.4 | |||||||
Digital Imaging | 30.3 | 30.5 | 26.9 | ||||||||||
Aerospace and Defense Electronics | 16.5 | 17.1 | 15.8 | ||||||||||
Engineered Systems | 4.2 | 4.4 | 4 | ||||||||||
Corporate | 1.9 | 0.2 | 0.1 | ||||||||||
Total depreciation and amortization | $ | 91.1 | $ | 78.3 | $ | 64.2 | |||||||
Capital expenditures | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 22 | $ | 14.4 | $ | 9.5 | |||||||
Digital Imaging | 20.2 | 23.5 | 13.8 | ||||||||||
Aerospace and Defense Electronics | 15.3 | 12.6 | 12.5 | ||||||||||
Engineered Systems | 3.6 | 4.2 | 5.9 | ||||||||||
Corporate | 11.5 | 10.6 | — | ||||||||||
Total capital expenditures | $ | 72.6 | $ | 65.3 | $ | 41.7 | |||||||
Identifiable assets | 2013 | 2012 | 2011 | ||||||||||
Instrumentation | $ | 1,204.50 | $ | 1,022.50 | $ | 577.5 | |||||||
Digital Imaging | 745.1 | 778.1 | 638.8 | ||||||||||
Aerospace and Defense Electronics | 436.9 | 457.6 | 446.8 | ||||||||||
Engineered Systems | 92.3 | 102.3 | 115.1 | ||||||||||
Corporate (a) | 272.3 | 45.9 | 47.9 | ||||||||||
Total identifiable assets | $ | 2,751.10 | $ | 2,406.40 | $ | 1,826.10 | |||||||
(a) The amount for 2013 includes the $222.0 million prepaid pension asset. The Company had no prepaid pension assets in 2012 or 2011. | |||||||||||||
Sales by Country of Origin and Long-Lived Assets by Major Geographic Area | ' | ||||||||||||
Information on the Company’s sales by country of origin and long-lived assets by major geographic area was as follows (in millions): | |||||||||||||
Sales | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,776.80 | $ | 1,699.50 | $ | 1,623.00 | |||||||
Canada | 221.7 | 224.4 | 165 | ||||||||||
All other countries | 340.1 | 203.4 | 153.9 | ||||||||||
Total sales | $ | 2,338.60 | $ | 2,127.30 | $ | 1,941.90 | |||||||
Long-lived assets | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,320.20 | $ | 1,068.00 | $ | 802.7 | |||||||
Canada | 354.1 | 393.4 | 282.9 | ||||||||||
All other countries | 277.7 | 200.2 | 137.7 | ||||||||||
Total long-lived assets | $ | 1,952.00 | $ | 1,661.60 | $ | 1,223.30 | |||||||
Summary of 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): | |||||||||||||
Instrumentation | 2013 | 2012 | 2011 | ||||||||||
Environmental Instrumentation | $ | 258 | $ | 250.2 | $ | 243.8 | |||||||
Marine Instrumentation | 580.4 | 473.7 | 404.4 | ||||||||||
Test and Measurement Instrumentation | 184.4 | 80.8 | — | ||||||||||
Total | $ | 1,022.80 | $ | 804.7 | $ | 648.2 | |||||||
Engineered Systems | 2013 | 2012 | 2011 | ||||||||||
Engineered Products and Services | $ | 217.5 | $ | 241.3 | $ | 246.2 | |||||||
Turbine Engines | 26 | 24.6 | 23.8 | ||||||||||
Energy Systems | 32.4 | 35.5 | 34.6 | ||||||||||
Total | $ | 275.9 | $ | 301.4 | $ | 304.6 | |||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Future Minimum Lease Payments for Capital Leases and for Operating Leases | ' | ||||||||
At December 29, 2013, future minimum lease payments for capital leases and for operating leases with non-cancelable terms of more than one year were as follows (in millions): | |||||||||
Capital | Operating | ||||||||
2014 | $ | 2 | $ | 20.5 | |||||
2015 | 1.8 | 18.3 | |||||||
2016 | 1.7 | 13.2 | |||||||
2017 | 1.4 | 10.2 | |||||||
2018 | 1.4 | 6.1 | |||||||
Thereafter | 6.9 | 21 | |||||||
Total minimum lease payments | 15.2 | $ | 89.3 | ||||||
Less: | |||||||||
Imputed interest | (2.9 | ) | |||||||
Current portion | (1.4 | ) | |||||||
Present value of minimum capital lease payments, net of current portion | $ | 10.9 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Calculation of Gain on Sale | ' | ||||
The calculation of the gain on the sale recorded in 2011 is as follows (in millions): | |||||
Sale Price | $ | 186 | |||
Current assets | (38.4 | ) | |||
Property, plant and equipment | (18.4 | ) | |||
Goodwill | (0.9 | ) | |||
Other long-term assets | (4.7 | ) | |||
Current liabilities | 18 | ||||
Long-term liabilities - including aircraft product liabilities | 48 | ||||
Net pension and postretirement benefit curtailment expense | (0.4 | ) | |||
Transaction related expenses paid | (1.9 | ) | |||
187.3 | |||||
Provision for income taxes | (73.5 | ) | |||
Gain on sale | $ | 113.8 | |||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||
The following is Teledyne’s quarterly information (in millions, except per-share amounts): | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Fiscal year 2013 (a) | |||||||||||||||||
Sales from continuing operations | $ | 569.4 | $ | 601 | $ | 571.6 | $ | 596.6 | |||||||||
Gross profit from continuing operations | $ | 204 | $ | 217.4 | $ | 202.6 | $ | 214.6 | |||||||||
Net income (b) | $ | 39.8 | $ | 43.3 | $ | 46.9 | $ | 54.5 | |||||||||
Noncontrolling interest | $ | 0.6 | $ | (0.4 | ) | $ | (0.1 | ) | $ | 0.4 | |||||||
Net income attributable to Teledyne (c) | $ | 40.4 | $ | 42.9 | $ | 46.8 | $ | 54.9 | |||||||||
Basic earnings per share attributable to Teledyne: | $ | 1.09 | $ | 1.15 | $ | 1.25 | $ | 1.47 | |||||||||
Diluted earnings per share attributable to Teledyne: | $ | 1.07 | $ | 1.13 | $ | 1.23 | $ | 1.44 | |||||||||
a) Fiscal year 2013 was a 52-week year, each quarter contained 13 weeks. | |||||||||||||||||
b) Includes pretax severance and facility consolidation expenses and environmental reserves of $2.2 million, $2.2 million, $14.3 million and $5.3 million in the first, second, third and fourth quarters of 2013, respectively. The fourth quarter also includes $3.6 million from the reversal of reserves no longer needed in connection with a legal settlement in the fourth quarter. | |||||||||||||||||
c) Includes net discrete tax benefits of $2.7 million, $0.9 million, $11.6 million and $6.1 million in the first, second, third and fourth quarters of 2013, respectively. | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Fiscal year 2012 (a) | |||||||||||||||||
Sales from continuing operations | $ | 494 | $ | 518.5 | $ | 547.4 | $ | 567.4 | |||||||||
Gross profit from continuing operations | $ | 165.9 | $ | 175.5 | $ | 198.4 | $ | 208.4 | |||||||||
Earnings from continuing operations (b) | $ | 35.6 | $ | 39.6 | $ | 43.1 | $ | 44.5 | |||||||||
Earnings from discontinued operations | $ | — | $ | — | $ | — | $ | 2.3 | |||||||||
Net income | $ | 35.6 | $ | 39.6 | $ | 43.1 | $ | 46.8 | |||||||||
Noncontrolling interest | $ | 0.1 | $ | (0.1 | ) | $ | (0.4 | ) | $ | (0.6 | ) | ||||||
Net income attributable to Teledyne (c) | $ | 35.7 | $ | 39.5 | $ | 42.7 | $ | 46.2 | |||||||||
Basic earnings per share attributable to Teledyne: | |||||||||||||||||
Continuing operations | $ | 0.98 | $ | 1.08 | $ | 1.17 | $ | 1.19 | |||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.06 | |||||||||
Basic earnings per share | $ | 0.98 | $ | 1.08 | $ | 1.17 | $ | 1.25 | |||||||||
Diluted earnings per share attributable to Teledyne: | |||||||||||||||||
Continuing operations | $ | 0.96 | $ | 1.06 | $ | 1.14 | $ | 1.17 | |||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.06 | |||||||||
Diluted earnings per share | $ | 0.96 | $ | 1.06 | $ | 1.14 | $ | 1.23 | |||||||||
a) Fiscal year 2012 was a 52-week year, each quarter contained 13 weeks. | |||||||||||||||||
b) The second quarter includes a gain of $0.6 million on the purchase of the minority interest in Optech. | |||||||||||||||||
c) Includes net discrete tax benefits of $1.1 million, $0.1 million, $3.1 million and $1.1 million in the first, second, third and fourth quarters of 2012, respectively. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning balance | ' | ' | ' | ($273.40) | ' | ' | ' | ' | ($273.40) | ' | ' | |||
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | -17.9 | ' | ' | |||
Amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 125.8 | ' | ' | |||
Net other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 107.9 | [1] | -32.3 | [1] | -55.5 | [1] |
Ending balance | -165.5 | ' | ' | ' | -273.4 | ' | ' | ' | -165.5 | -273.4 | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | -4.1 | -2.9 | -0.6 | |||
Income tax benefit | 6.1 | 11.6 | 0.9 | 2.7 | 1.1 | 3.1 | 0.1 | 1.1 | 39.5 | 65.4 | 69.5 | |||
Total | -54.9 | -46.8 | -42.9 | -40.4 | -46.2 | -42.7 | -39.5 | -35.7 | -185 | -164.1 | -255.2 | |||
Foreign Currency Translation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning balance | ' | ' | ' | -17.2 | ' | ' | ' | ' | -17.2 | ' | ' | |||
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | -15.2 | ' | ' | |||
Amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Net other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -15.2 | ' | ' | |||
Ending balance | -32.4 | ' | ' | ' | ' | ' | ' | ' | -32.4 | ' | ' | |||
Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning balance | ' | ' | ' | -1.9 | ' | ' | ' | ' | -1.9 | ' | ' | |||
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | -2.7 | ' | ' | |||
Amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | |||
Net other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -1.4 | ' | ' | |||
Ending balance | -3.3 | ' | ' | ' | ' | ' | ' | ' | -3.3 | ' | ' | |||
Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | ' | ' | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | ' | ' | |||
Total | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | |||
Pension and Postretirement Benefits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning balance | ' | ' | ' | -254.3 | ' | ' | ' | ' | -254.3 | ' | ' | |||
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 124.5 | ' | ' | |||
Net other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 124.5 | ' | ' | |||
Ending balance | -129.8 | ' | ' | ' | ' | ' | ' | ' | -129.8 | ' | ' | |||
Pension and Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -81.1 | ' | ' | |||
Amortization prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | -5.1 | ' | ' | |||
Amortization of net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 40.4 | ' | ' | |||
Pension adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 170.3 | ' | ' | |||
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 205.6 | ' | ' | |||
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $124.50 | ' | ' | |||
[1] | Net of income tax expense of $81.1 million in 2013 and income tax benefits of $30.2 million for 2012 and $24.2 million for 2011. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Revenue Recognition) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Change in Accounting Estimate [Line Items] | ' | ' | ' |
Favorable effect of change in accounting estimate on operating income | $21.40 | $18 | $4.70 |
Unfavorable effect of change in accounting estimate on operating income | 23.2 | 19.2 | 4.4 |
Contracts Accounted for under Percentage of Completion [Member] | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' |
Net effect of change in accounting estimate on operating income | $1.80 | $1.20 | $0.30 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Product Warranty and Replacement Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Period for product warranty | '1 year | ' | ' |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $17.80 | $13.30 | $13 |
Accruals for product warranties charged to expense | 4.4 | 9.6 | 5.1 |
Cost of product warranty claims | -5.2 | -6.9 | -5.9 |
Acquisitions | 0.3 | 1.8 | 1.1 |
Balance at end of period | $17.30 | $17.80 | $13.30 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Net Income Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Computation of Basic and Diluted Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continuing operations including noncontrolling interest | ' | ' | ' | ' | $44.50 | $43.10 | $39.60 | $35.60 | $184.50 | $162.80 | $142.10 |
Noncontrolling interest | 0.4 | -0.1 | -0.4 | 0.6 | -0.6 | -0.4 | -0.1 | 0.1 | 0.5 | -1 | 0 |
Discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2.3 | 113.1 |
Net income attributable to Teledyne | ' | ' | ' | ' | ' | ' | ' | ' | $185 | $164.10 | $255.20 |
Basic earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 37,300,000 | 36,700,000 | 36,600,000 |
Basic earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in USD per share) | ' | ' | ' | ' | $1.19 | $1.17 | $1.08 | $0.98 | $4.96 | $4.41 | $3.88 |
Discontinued operations (in USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.06 | $3.09 |
Basic earnings per common share (in USD per share) | $1.47 | $1.25 | $1.15 | $1.09 | $1.25 | $1.17 | $1.08 | $0.98 | $4.96 | $4.47 | $6.97 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 37,300,000 | 36,700,000 | 36,600,000 |
Dilutive effect of exercise of options outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 700,000 | 700,000 |
Weighted average diluted common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | 37,400,000 | 37,300,000 |
Diluted earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in USD per share) | ' | ' | ' | ' | $1.17 | $1.14 | $1.06 | $0.96 | $4.87 | $4.33 | $3.81 |
Discontinued operations (in USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.06 | $3.03 |
Diluted earnings per common share (in USD per share) | $1.44 | $1.23 | $1.13 | $1.07 | $1.23 | $1.14 | $1.06 | $0.96 | $4.87 | $4.39 | $6.84 |
Stock options excluded in computation of diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | 513,340 | 388,660 |
Stock options to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | 2,000,000 | 2,300,000 |
Contingent shares under compensation plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,996 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Hedging Activities/Derivative Instruments) (Details) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | ||
In Millions, unless otherwise specified | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | ||
USD ($) | USD ($) | Other Current Assets [Member] | Other Current Assets [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | USD ($) | USD ($) | Other Current Assets [Member] | Other Current Assets [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | USD ($) | USD ($) | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||||
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Sell Canadian Dollars and Buy Euros [Member] | Sell US Dollars and Buy Canadian Dollars [Member] | Sell US Dollars and Buy Great Britain Pounds [Member] | Sell Euros and Buy US Dollars [Member] | Sell Japanese Yen and Buy US Dollars [Member] | Sell US Dollars and Buy Singapore Dollars [Member] | Sell Canadian Dollars and Buy Japanese Yen [Member] | CAD | Sell US Dollars and Buy Canadian Dollars [Member] | Sell US Dollars and Buy Great Britain Pounds [Member] | Sell Euros and Buy US Dollars [Member] | Sell Japanese Yen and Buy US Dollars [Member] | Sell US Dollars and Buy Singapore Dollars [Member] | Sell Canadian Dollars and Buy Japanese Yen [Member] | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | CAD | GBP (£) | USD ($) | USD ($) | SGD | JPY (¥) | USD ($) | USD ($) | EUR (€) | JPY (¥) | USD ($) | CAD | ||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expected reclassification of loss over the next 12 months | $1.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amount of foreign currency contract designated as cash flow hedge | ' | ' | -70.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.7 | -29.3 | -10.9 | -11.2 | -1.5 | -0.9 | -67 | 2.5 | 28.2 | 17.8 | 8.2 | 160 | 0.8 | 0.7 | ||
Fair value of foreign currency contract designated as cash flow hedge | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Effect of derivative instruments designated as cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net gain (loss) recognized in AOCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3.7 | [1] | 2 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss reclassified from AOCI into cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.8 | [1] | -0.9 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net foreign exchange gain recognized in other income and expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | [2] | 0.5 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total asset/(liability) derivatives | ($1.90) | $0.70 | ($1.20) | $0.80 | $0 | $0.80 | $1.20 | ' | $0.70 | $0.10 | $0.20 | $0.10 | $0.90 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Effective portion | |||||||||||||||||||||||||||||||
[2] | Amount excluded from effectiveness testing |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Cash and Cash Equivalents, at Carrying Value | $66 | $66 | $45.80 | $49.40 | $75.10 |
Fiscal Year | ' | ' | ' | ' | ' |
Length of fiscal period (in weeks) | ' | 'P52W | 'P52W | 'P52W | ' |
Research and Development | ' | ' | ' | ' | ' |
Selling, general and administrative expenses include company-funded research and development | ' | 167 | 131.6 | 101.9 | ' |
Costs related to customer-funded research and development contracts | ' | 221.2 | 232.6 | 213.8 | ' |
Accounts Receivable | ' | ' | ' | ' | ' |
Reserve for doubtful accounts | 5.2 | 5.2 | 4.7 | ' | ' |
Expense of reserve for doubtful accounts | ' | 0.9 | 0.7 | 0.7 | ' |
Cash and Cash Equivalents | ' | ' | ' | ' | ' |
Maximum maturity of money market mutual funds and bank deposits | ' | '3 months | ' | ' | ' |
Cash equivalents | 0.3 | 0.3 | 2.4 | ' | ' |
Cash held in foreign bank accounts | 55.2 | 55.2 | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' | ' | ' |
Depreciation expense on property, plant and equipment, including assets under capital leases | ' | 59.6 | 48.9 | 39.6 | ' |
Goodwill and Other Intangible Assets | ' | ' | ' | ' | ' |
Impairment of intangible assets | 1.2 | ' | ' | ' | ' |
Supplemental Cash Flow Information | ' | ' | ' | ' | ' |
Cash payments for federal, foreign and state income taxes | ' | 32.8 | 15 | 21.9 | ' |
Tax refunds received totaled | ' | 3.3 | 1.9 | 11.1 | ' |
Income taxes paid on gain on sale of discontinued operations | ' | ' | 51.3 | ' | ' |
Cash payments for interest and credit facility fees totaled | ' | 19.7 | 16.2 | 15.7 | ' |
Minimum [Member] | Equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '5 years | ' | ' | ' |
Minimum [Member] | Computer Hardware and Software [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '3 years | ' | ' | ' |
Maximum [Member] | Building [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '45 years | ' | ' | ' |
Maximum [Member] | Equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '18 years | ' | ' | ' |
Maximum [Member] | Computer Hardware and Software [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '7 years | ' | ' | ' |
Contracts Accounted for under Percentage of Completion [Member] | ' | ' | ' | ' | ' |
Change in Accounting Estimate, Effect on Operating Income, Net | ' | ($1.80) | ($1.20) | ($0.30) | ' |
Business_Acquisitions_Goodwill2
Business Acquisitions, Goodwill and Acquired Intangible Assets (Narrative) (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Oct. 22, 2013 | Oct. 22, 2013 | Dec. 29, 2013 | Aug. 30, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Aug. 03, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jun. 30, 2011 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Feb. 11, 2011 | Jan. 02, 2011 | Apr. 03, 2012 | Mar. 31, 2012 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 31, 2011 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 05, 2013 | 8-May-13 | Dec. 29, 2013 | Mar. 01, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | |
USD ($) | USD ($) | USD ($) | C.D. Limited [Member] | C.D. Limited [Member] | C.D. Limited [Member] | CETAC Technologies [Member] | CETAC Technologies [Member] | CETAC Technologies [Member] | LeCroy [Member] | LeCroy [Member] | LeCroy [Member] | LeCroy [Member] | Other 2012 Acquisitions [Member] | PDM Neptec [Member] | Blue View [Member] | DALSA [Member] | DALSA [Member] | Optech Incorporated [Member] | Optech Incorporated [Member] | Optech Incorporated [Member] | Optech Incorporated [Member] | Optech Incorporated [Member] | VariSystems [Member] | Other 2011 Acquisitions [Member] | Nova Research, Inc [Member] | Axiom [Member] | Axiom [Member] | RESON [Member] | RESON [Member] | RESON [Member] | Other 2013 Acquisitions [Member] | Minimum [Member] | Maximum [Member] | ||
entity | entity | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Purchase of businesses and other investments | $128.20 | $389.20 | $366.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments to acquire businesses, net of cash acquired | ' | ' | ' | 21.8 | ' | 21.8 | 26.4 | 26.4 | ' | 301.3 | ' | 301.3 | ' | 87.9 | 7.4 | 16.3 | 339.5 | ' | 27.9 | ' | 27.9 | [1] | ' | ' | 36.3 | 27.2 | ' | 4 | 4 | 69.7 | 69.7 | ' | 1.4 | ' | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments to acquire businesses, adjustment | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales reported by acquired entity for last annual period | ' | ' | ' | ' | 9.9 | ' | ' | ' | 24 | ' | ' | ' | 178.1 | 98.7 | ' | ' | ' | 212.3 | ' | 54.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.8 | ' | ' | ' | |
Number of other businesses acquired | ' | 4 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill, net | 1,037.80 | 990.2 | 717.8 | ' | ' | 11.9 | ' | 11.1 | ' | ' | ' | 174.4 | ' | ' | 3.3 | 10.8 | ' | ' | ' | ' | 62.4 | ' | ' | 14.2 | ' | ' | ' | 3.4 | ' | 35.1 | ' | ' | ' | ' | |
Acquired intangibles, net | 270.9 | 265.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amortizable other intangible assets, useful lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '15 years | |
Amortization expense | 31.5 | 29.4 | 24.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Future amortization expense, 2014 | 29.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Future amortization expense, 2015 | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Future amortization expense, 2016 | 25.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Future amortization expense, 2017 | 23.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Future amortization expense, 2018 | 20.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 19.00% | 19.00% | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments to acquire businesses, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.9 | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments to acquire businesses, periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | |
Periodic payment, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | |
Ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity interest issued or issuable, value assigned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.8 | 47.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill, purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Valuation allowance, deferred tax asset, change in amount | $22.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Additional percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | In April 2012, Teledyne acquired a majority interest in the parent company of Optech for $27.9 million, net of cash acquired. The purchase increased Teledyne’s ownership percentage to 51% from the original 19% interest purchased in 2011. With the April 2012 purchase, we now consolidate 100% of Optech’s balance sheet and financial results into Teledyne’s results with an appropriate adjustment for the minority ownership. The goodwill and acquired intangible assets are based on 100% of Optech’s balance sheet, while the purchase price represents the additional purchase of the 32% interest. |
Business_Acquisitions_Goodwill3
Business Acquisitions, Goodwill and Acquired Intangible Assets (Pro Forma) (Details) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Jan. 01, 2012 | |
Unaudited pro forma financial information | ' | |
Net sales | $1,966 | [1] |
Net income from continuing operations | 133.5 | [1] |
Net income attributable to Teledyne | $246.60 | [1] |
Basic earnings per common share – continuing operations (in USD per share) | $3.65 | [1] |
Basic earnings per common share – attributable to Teledyne (in USD per share) | $6.74 | [1] |
Diluted earnings per common share – continuing operations (in USD per share) | $3.58 | [1] |
Diluted earnings per common share – attributable to Teledyne (in USD per share) | $6.61 | [1] |
[1] | The above unaudited proforma information is presented for the DALSA acquisition as it is considered a material acquisition. |
Business_Acquisitions_Goodwill4
Business Acquisitions, Goodwill and Acquired Intangible Assets (Purchase Price) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Mar. 01, 2013 | Dec. 29, 2013 | 8-May-13 | Dec. 29, 2013 | Aug. 30, 2013 | Dec. 29, 2013 | Oct. 22, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Aug. 03, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Apr. 03, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
In Millions, unless otherwise specified | RESON [Member] | RESON [Member] | Axiom [Member] | Axiom [Member] | CETAC Technologies [Member] | CETAC Technologies [Member] | C.D. Limited [Member] | C.D. Limited [Member] | Nova Sensors [Member] | Other Investments [Member] | LeCroy [Member] | LeCroy [Member] | PDM Neptec [Member] | Blue View [Member] | Optech [Member] | Optech [Member] | VariSystems [Member] | Acquisitions in 2013 [Member] | Acquisitions in 2012 [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Acquisition date | ' | ' | ' | ' | 1-Mar-13 | ' | 8-Mar-13 | ' | 30-Aug-13 | ' | 22-Oct-13 | 8-Jul-13 | ' | ' | 3-Aug-12 | 3-Aug-12 | 2-Jul-12 | ' | 2-Apr-12 | 25-Feb-12 | ' | ' | |
Purchase price | ' | ' | ' | $69.70 | $69.70 | $4 | $4 | $26.40 | $26.40 | $21.80 | $21.80 | $4.90 | $1.40 | $301.30 | $301.30 | $7.40 | $16.30 | $27.90 | $27.90 | [1] | $36.30 | $128.20 | $389.20 |
Goodwill, net | 1,037.80 | 990.2 | 717.8 | ' | 35.1 | ' | 3.4 | ' | 11.1 | ' | 11.9 | 0 | 1 | ' | 174.4 | 3.3 | 10.8 | ' | 62.4 | 14.2 | 62.5 | 265.1 | |
Acquired intangible assets | ' | ' | ' | ' | $25.50 | ' | $0.30 | ' | $6.70 | ' | $7.80 | $0 | $0.30 | ' | $67.60 | $1.30 | $4.80 | ' | $23.40 | $11.90 | $40.60 | $109 | |
[1] | In April 2012, Teledyne acquired a majority interest in the parent company of Optech for $27.9 million, net of cash acquired. The purchase increased Teledyne’s ownership percentage to 51% from the original 19% interest purchased in 2011. With the April 2012 purchase, we now consolidate 100% of Optech’s balance sheet and financial results into Teledyne’s results with an appropriate adjustment for the minority ownership. The goodwill and acquired intangible assets are based on 100% of Optech’s balance sheet, while the purchase price represents the additional purchase of the 32% interest. |
Business_Acquisitions_Goodwill5
Business Acquisitions, Goodwill and Acquired Intangible Assets (Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
In Millions, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | $1,037.80 | $990.20 | $717.80 |
Acquisitions in 2013 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Current assets, excluding cash acquired | 40.1 | ' | ' |
Property, plant and equipment | 8.3 | ' | ' |
Goodwill | 62.5 | ' | ' |
Other acquired intangible assets | 40.6 | ' | ' |
Other long-term assets | 0 | ' | ' |
Total assets acquired | 151.5 | ' | ' |
Current liabilities | -21.4 | ' | ' |
Long-term liabilities | -6.8 | ' | ' |
Total liabilities assumed | -28.2 | ' | ' |
Noncontrolling interests (a) | 4.9 | ' | ' |
Purchase price, net of cash acquired | 128.2 | ' | ' |
Acquisitions in 2012 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Current assets, excluding cash acquired | ' | 116.2 | ' |
Property, plant and equipment | ' | 79.1 | ' |
Goodwill | ' | 265.1 | ' |
Other acquired intangible assets | ' | 109 | ' |
Other long-term assets | ' | 5.3 | ' |
Total assets acquired | ' | 574.7 | ' |
Current liabilities | ' | -61.8 | ' |
Long-term liabilities | ' | -73.9 | ' |
Total liabilities assumed | ' | -135.7 | ' |
Noncontrolling interests (a) | ' | -49.8 | ' |
Purchase price, net of cash acquired | ' | $389.20 | ' |
Business_Acquisitions_Goodwill6
Business Acquisitions, Goodwill and Acquired Intangible Assets (Acquired Intangible Assets) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 |
Proprietary Technology [Member] | Customer List/Relationships [Member] | Backlog [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Acquisitions in 2013 [Member] | Acquisitions in 2013 [Member] | Acquisitions in 2013 [Member] | Acquisitions in 2013 [Member] | Acquisitions in 2013 [Member] | Acquisitions in 2013 [Member] | Acquisitions in 2012 [Member] | Acquisitions in 2012 [Member] | Acquisitions in 2012 [Member] | Acquisitions in 2012 [Member] | Acquisitions in 2012 [Member] | Acquisitions in 2012 [Member] | Acquisitions in 2012 [Member] | Acquisitions in 2012 [Member] | Acquisitions in 2012 [Member] | Acquisitions in 2012 [Member] | ||||
Proprietary Technology [Member] | Customer List/Relationships [Member] | Backlog [Member] | Trademarks [Member] | Trademarks [Member] | Proprietary Technology [Member] | Proprietary Technology [Member] | Customer List/Relationships [Member] | Customer List/Relationships [Member] | Backlog [Member] | Backlog [Member] | Trademarks [Member] | Trademarks [Member] | |||||||||||||
Schedule of Intangible Assets, Including Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles subject to amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29.30 | $17.50 | $11.10 | $0.70 | $0 | ' | ' | $73 | ' | $50.40 | ' | $21.40 | ' | $1.10 | $0.10 | ' |
Intangibles not subject to amortization | ' | ' | ' | ' | ' | ' | ' | 102.5 | 94 | 11.3 | ' | ' | ' | ' | 11.3 | ' | 36 | ' | ' | ' | ' | ' | ' | ' | 36 |
Total acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.6 | ' | ' | ' | ' | ' | ' | 109 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average useful life in years | '5 years 6 months | ' | ' | '5 years 3 months 18 days | '5 years 9 months 18 days | '1 month 6 days | '8 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 7 months 6 days | '9 years 6 months | '10 years | '9 years 6 months | '9 years 8 months 12 days | '10 years 2 months 12 days | '7 months 6 days | '4 months 24 days | '1 year | ' |
Goodwill | $1,037.80 | $990.20 | $717.80 | ' | ' | ' | ' | ' | ' | $62.50 | ' | ' | ' | ' | ' | ' | $265.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Acquisitions_Goodwill7
Business Acquisitions, Goodwill and Acquired Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning balance | $990.20 | $717.80 |
Current year acquisitions | 62.5 | 265.1 |
Foreign currency changes and other | -14.9 | 7.3 |
Goodwill, ending balance | 1,037.80 | 990.2 |
Instrumentation [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning balance | 493.8 | 288.4 |
Current year acquisitions | 58.1 | 202.7 |
Foreign currency changes and other | -2.4 | 2.7 |
Goodwill, ending balance | 549.5 | 493.8 |
Digital Imaging [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning balance | 327.1 | 261.2 |
Current year acquisitions | 4.4 | 62.4 |
Foreign currency changes and other | -13 | 3.5 |
Goodwill, ending balance | 318.5 | 327.1 |
Aerospace and Defense Electronics [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning balance | 145.2 | 144.5 |
Current year acquisitions | 0 | 0 |
Foreign currency changes and other | 0.4 | 0.7 |
Goodwill, ending balance | 145.6 | 145.2 |
Engineered Systems [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning balance | 24.1 | 23.7 |
Current year acquisitions | 0 | 0 |
Foreign currency changes and other | 0.1 | 0.4 |
Goodwill, ending balance | $24.20 | $24.10 |
Business_Acquisitions_Goodwill8
Business Acquisitions, Goodwill and Acquired Intangible Assets (Other Acquired Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ' | ' |
Gross carrying amount | $309.60 | $284.60 |
Accumulated amortization | 141.2 | 112.9 |
Net carrying amount | 168.4 | 171.7 |
Total other acquired intangible assets, gross carrying amount | 412.1 | 378.6 |
Total other acquired intangible assets, accumulated amortization | 141.2 | 112.9 |
Total other acquired intangible assets, net carrying amount | 270.9 | 265.7 |
Proprietary Technology [Member] | ' | ' |
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ' | ' |
Gross carrying amount | 191.3 | 176.3 |
Accumulated amortization | 82.5 | 63.9 |
Net carrying amount | 108.8 | 112.4 |
Customer List/Relationships [Member] | ' | ' |
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ' | ' |
Gross carrying amount | 100.5 | 91.1 |
Accumulated amortization | 42.7 | 33.9 |
Net carrying amount | 57.8 | 57.2 |
Patents [Member] | ' | ' |
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ' | ' |
Gross carrying amount | 0.7 | 0.7 |
Accumulated amortization | 0.6 | 0.6 |
Net carrying amount | 0.1 | 0.1 |
Noncompete Agreements [Member] | ' | ' |
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ' | ' |
Gross carrying amount | 0.9 | 0.9 |
Accumulated amortization | 0.9 | 0.9 |
Net carrying amount | 0 | 0 |
Trademarks [Member] | ' | ' |
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ' | ' |
Gross carrying amount | 3.3 | 3.3 |
Accumulated amortization | 1.7 | 1.4 |
Net carrying amount | 1.6 | 1.9 |
Backlog [Member] | ' | ' |
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ' | ' |
Gross carrying amount | 12.9 | 12.3 |
Accumulated amortization | 12.8 | 12.2 |
Net carrying amount | 0.1 | 0.1 |
Trademarks [Member] | ' | ' |
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ' | ' |
Other acquired intangible assets not subject to amortization | $102.50 | $94 |
Business_Acquisitions_Goodwill9
Business Acquisitions, Goodwill and Acquired Intangible Assets (Remaining Useful Life) (Details) | 12 Months Ended |
Dec. 29, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangibles subject to amortization, weighted average remaining useful life | '5 years 6 months |
Proprietary Technology [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangibles subject to amortization, weighted average remaining useful life | '5 years 3 months 18 days |
Customer List/Relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangibles subject to amortization, weighted average remaining useful life | '5 years 9 months 18 days |
Patents [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangibles subject to amortization, weighted average remaining useful life | '7 years 1 month 6 days |
Backlog [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangibles subject to amortization, weighted average remaining useful life | '1 month 6 days |
Trademarks [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangibles subject to amortization, weighted average remaining useful life | '8 years 6 months |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
Cash and Cash Equivalents [Line Items] | ' | ' |
Cash Equivalents, at Carrying Value | $300,000 | $2,400,000 |
Long-term debt | 538,100,000 | 543,400,000 |
Money Market Funds [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Cash Equivalents, at Carrying Value | 300,000 | 2,400,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Long-term debt | $250,000,000 | ' |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Commercial and other receivables | $329.70 | $300.90 |
Billed receivables | 25.7 | 26 |
Unbilled receivables | 27.8 | 28.2 |
Total accounts receivable, gross | 383.2 | 355.1 |
Reserve for doubtful accounts | -5.2 | -4.8 |
Total accounts receivable, net | $378 | $350.30 |
Accounts_Receivable_Details_Te
Accounts Receivable (Details Textual) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Billed contract receivables from long-term contracts | $18.60 | $21 |
Unbilled contract receivables from long-term contracts | $23.20 | $23.60 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials and supplies | $130.70 | $129.40 |
Work in process | 151.5 | 145.9 |
Finished goods | 41.4 | 30.5 |
Total inventories, Gross | 323.6 | 305.8 |
Progress payments | -12.7 | -7.3 |
LIFO reserve | -16.6 | -17.3 |
Total inventories, net | $294.30 | $281.20 |
Inventories_Details_Textual
Inventories (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Inventories (Textual) [Abstract] | ' | ' | ' |
Inventories at cost as per LIFO | $83.40 | $91.50 | ' |
Inventories at average cost or FIFO methods | 240.2 | 214.3 | ' |
Less than LIFO expense (income) | 0.7 | 0.1 | -0.9 |
Reserves for excess, slow moving and obsolete inventory | 44.8 | 42 | ' |
Inventories related to long-term contracts, before progress payments | 40.7 | 40.8 | ' |
Progress payments related to long-term contracts, noncurrent | $0.10 | $1.30 | ' |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Property, Plant and Equipment) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $724.70 | $677.40 |
Accumulated depreciation and amortization | -367 | -327.9 |
Total property, plant and equipment, net | 357.7 | 349.5 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 34 | 35.9 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 171 | 163.8 |
Equipment and Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $519.70 | $477.70 |
Supplemental_Balance_Sheet_Inf3
Supplemental Balance Sheet Information (Selected Balance Sheet) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Selected Components of Balance Sheet | ' | ' |
Deferred tax assets | ($80.40) | $6.50 |
Prepaid Expenses and Other Current Assets [Member] | ' | ' |
Selected Components of Balance Sheet | ' | ' |
Deferred tax assets | 31.9 | 39.8 |
Other Assets [Member] | ' | ' |
Selected Components of Balance Sheet | ' | ' |
Deferred compensation assets | 44.7 | 37.8 |
Accrued Liabilities [Member] | ' | ' |
Selected Components of Balance Sheet | ' | ' |
Salaries and wages | 103.2 | 101.6 |
Customer deposits and credits | 55.6 | 66.5 |
Other Long-term Liabilities [Member] | ' | ' |
Selected Components of Balance Sheet | ' | ' |
Accrued pension obligation | 8.5 | 57 |
Accrued postretirement benefits | 10.3 | 12.8 |
Deferred tax liabilities | 112.3 | 33.3 |
Deferred compensation liabilities | $43.10 | $36.10 |
Stockholders_Equity_Common_Sto
Stockholder's Equity (Common Stock Share Activity) (Details) | 12 Months Ended | |||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning Balance, Shares | 37,162,697 | 37,027,015 | 36,363,372 | 37,571,182 |
Stock options exercised and other | 408,485 | 135,682 | 663,643 | ' |
Ending Balance, Shares | 37,571,182 | 37,162,697 | ' | ' |
Stockholders_Equity_Narrative_
Stockholder's Equity (Narrative) (Details) (USD $) | 12 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Feb. 22, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 01, 2012 | Oct. 31, 2011 |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Non-Employee Stock Option [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||
installment | ||||||||||||||||
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stocks issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stocks outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized to be repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 |
Shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658,562 | ' |
Purchase of treasury stock | $0 | $0 | $34.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options maximum life | '10 years | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period over which employee stock option grants are evenly expensed | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | 10.7 | 8 | 5.8 | ' | ' | 3.2 | 3.2 | 3.7 | 2.1 | 1.4 | 1.4 | ' | ' |
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 | $18.94 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-Employee Director Stock Compensation Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period after issuance until stock options exercisable | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pretax intrinsic value of options exercised | 14.2 | 22.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options outstanding | 72.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercisable | 70.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of cash received from exercise of stock options | 12.1 | 19.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested awards | ' | ' | ' | $16.70 | ' | ' | ' | ' | $3.20 | ' | ' | $2.50 | ' | ' | ' | ' |
Weighted average period for non-vested awards expected to be recognized | ' | ' | ' | '1 year 4 months 18 days | ' | ' | ' | ' | ' | ' | ' | '1 year 3 months 18 days | ' | ' | ' | ' |
Performance Share Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance period for judging awards | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award, shares expected to be issued in three equal installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,557 | ' | ' | ' | ' | ' | ' |
Number of equal annual installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Market price of issued shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | $55.58 | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | ' | ' | ' | ' | 23,519 | ' | 36,531 | ' | ' | ' | ' | ' | ' |
Number of shares expected to be issued in 2014, maximum | ' | ' | ' | ' | ' | ' | ' | ' | 19,742 | ' | ' | ' | ' | ' | ' | ' |
Stock options proportion exercisable on first second and third year | 0.3333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock Award Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of restricted stock issued and outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,283 | ' | ' | ' | ' |
Stockholders_Equity_Stockholde
Stockholder's Equity Stockholder's Equity (Fair Value Assumptions) (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 31.90% | 34.10% | 36.80% |
Risk-free interest rate | 0.90% | 1.10% | 2.10% |
Expected life in years | '7 years 3 months 12 days | '6 years 8 months 12 days | '6 years 2 months |
Stockholders_Equity_Employee_S
Stockholder's Equity (Employee Stock Option Plans) (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Shares | ' | ' | ' |
Canceled or expired | -330 | 0 | 0 |
Weighted Average Exercise Price | ' | ' | ' |
Canceled or expired (USD per share) | $40.70 | $0 | $0 |
Stock Options [Member] | ' | ' | ' |
Shares | ' | ' | ' |
Beginning balance | 2,203,005 | 2,322,845 | 2,456,296 |
Granted | 573,724 | 500,006 | 499,038 |
Exercised | -313,265 | -542,205 | -576,575 |
Canceled or expired | -44,092 | -77,641 | -55,914 |
Ending balance | 2,419,372 | 2,203,005 | 2,322,845 |
Options exercisable at end of period | 1,414,002 | 1,323,965 | 1,586,480 |
Weighted Average Exercise Price | ' | ' | ' |
Beginning balance (USD per share) | $45.90 | $38.19 | $33.07 |
Granted (USD per share) | $75.17 | $64.73 | $47.35 |
Exercised (USD per share) | $37.10 | $29.92 | $23.89 |
Canceled or expired (USD per share) | $57.68 | $48.19 | $42.94 |
Ending Balance (USD per share) | $53.77 | $45.90 | $38.19 |
Options exercisable at end of period (USD per share) | $43.40 | $39.07 | $34.79 |
Stockholders_Equity_Exercise_P
Stockholder's Equity (Exercise Price Range, Employee) (Details) (Stock Options [Member], USD $) | 12 Months Ended |
Dec. 29, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock Options Outstanding, Shares | 2,419,372 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $53.77 |
Stock Options Outstanding, Remaining Life | '6 years 4 months 27 days |
Stock Options Exercisable, Shares | 1,414,002 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $43.40 |
$13.45-$20.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Minimum range of Exercise Prices | $13.45 |
Maximum range of Exercise Prices | $20 |
Stock Options Outstanding, Shares | 12,898 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $19.27 |
Stock Options Outstanding, Remaining Life | '1 month 24 days |
Stock Options Exercisable, Shares | 12,898 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $19.27 |
$20.01-$30.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Minimum range of Exercise Prices | $20.01 |
Maximum range of Exercise Prices | $30 |
Stock Options Outstanding, Shares | 129,512 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $26.99 |
Stock Options Outstanding, Remaining Life | '1 year 2 months 1 day |
Stock Options Exercisable, Shares | 129,512 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $26.99 |
$30.01-$40.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Minimum range of Exercise Prices | $30.01 |
Maximum range of Exercise Prices | $40 |
Stock Options Outstanding, Shares | 422,789 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $36.82 |
Stock Options Outstanding, Remaining Life | '2 years 9 months 7 days |
Stock Options Exercisable, Shares | 422,789 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $36.82 |
$40.01-$50.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Minimum range of Exercise Prices | $40.01 |
Maximum range of Exercise Prices | $50 |
Stock Options Outstanding, Shares | 580,202 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $44.75 |
Stock Options Outstanding, Remaining Life | '6 years 8 months 12 days |
Stock Options Exercisable, Shares | 461,200 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $44.21 |
$50.01-$60.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Minimum range of Exercise Prices | $50.01 |
Maximum range of Exercise Prices | $60 |
Stock Options Outstanding, Shares | 262,156 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $50.95 |
Stock Options Outstanding, Remaining Life | '4 years 7 months 2 days |
Stock Options Exercisable, Shares | 245,976 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $50.82 |
$60.01-$70.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Minimum range of Exercise Prices | $60.01 |
Maximum range of Exercise Prices | $70 |
Stock Options Outstanding, Shares | 441,841 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $64.73 |
Stock Options Outstanding, Remaining Life | '8 years 4 months 27 days |
Stock Options Exercisable, Shares | 141,627 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $64.73 |
$70.01-$77.45 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock Options Outstanding, Shares | 569,974 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $75.17 |
Stock Options Outstanding, Remaining Life | '9 years 4 months 24 days |
Stock Options Exercisable, Shares | 0 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $0 |
Stockholders_Equity_Stockholde1
Stockholder's Equity Stockholder's Equity (Non-Employee Stock Option Plans) (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Shares | ' | ' | ' |
Canceled or expired | -330 | 0 | 0 |
Weighted Average Exercise Price | ' | ' | ' |
Canceled or expired (USD per share) | $40.70 | $0 | $0 |
Non-Employee Stock Option [Member] | ' | ' | ' |
Shares | ' | ' | ' |
Beginning balance | 308,908 | 404,692 | 440,825 |
Granted | 42,166 | 43,548 | 42,759 |
Exercised | -26,363 | -139,332 | -78,892 |
Ending balance | 324,381 | 308,908 | 404,692 |
Options exercisable at end of period | 282,215 | 265,360 | 361,933 |
Weighted Average Exercise Price | ' | ' | ' |
Beginning balance (USD per share) | $39.35 | $32.85 | $28.15 |
Granted (USD per share) | $71.22 | $59.17 | $45.19 |
Exercised (USD per share) | $20.86 | $26.66 | $13.31 |
Ending Balance (USD per share) | $44.99 | $39.35 | $32.85 |
Options exercisable at end of period (USD per share) | $41.07 | $36.10 | $31.39 |
Stockholders_Equity_Stockholde2
Stockholder's Equity Stockholder's Equity (Exercise Price Range, Non-Employee) (Details) (Non-Employee Stock Option [Member], USD $) | 12 Months Ended |
Dec. 29, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock Options Outstanding, Shares | 324,381,000,000 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $44.99 |
Stock Options Outstanding, Remaining Life | '5 years 7 months 6 days |
Stock Options Exercisable, Shares | 282,215,000,000 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $41.07 |
$17.99-$20.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Minimum range of Exercise Prices | $17.99 |
Maximum range of Exercise Prices | $20 |
Stock Options Outstanding, Shares | 9,006,000,000 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $18.90 |
Stock Options Outstanding, Remaining Life | '2 years |
Stock Options Exercisable, Shares | 9,006,000,000 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $18.90 |
$20.01-$30.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Minimum range of Exercise Prices | $20.01 |
Maximum range of Exercise Prices | $30 |
Stock Options Outstanding, Shares | 62,042,000,000 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $26.26 |
Stock Options Outstanding, Remaining Life | '3 years 2 months 12 days |
Stock Options Exercisable, Shares | 62,042,000,000 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $26.26 |
$30.01-$40.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Minimum range of Exercise Prices | $30.01 |
Maximum range of Exercise Prices | $40 |
Stock Options Outstanding, Shares | 67,813,000,000 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $34.47 |
Stock Options Outstanding, Remaining Life | '4 years 7 months 6 days |
Stock Options Exercisable, Shares | 67,813,000,000 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $34.47 |
$40.01-$50.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Minimum range of Exercise Prices | $40.01 |
Maximum range of Exercise Prices | $50 |
Stock Options Outstanding, Shares | 84,589,000,000 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $46.08 |
Stock Options Outstanding, Remaining Life | '6 years 1 month 6 days |
Stock Options Exercisable, Shares | 81,220,000,000 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $46.12 |
$50.01-$60.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Minimum range of Exercise Prices | $50.01 |
Maximum range of Exercise Prices | $53.76 |
Stock Options Outstanding, Shares | 30,797,000,000 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $53.65 |
Stock Options Outstanding, Remaining Life | '4 years 9 months 18 days |
Stock Options Exercisable, Shares | 28,000,000,000 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $53.76 |
$60.01-$70.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Minimum range of Exercise Prices | $60.01 |
Maximum range of Exercise Prices | $70 |
Stock Options Outstanding, Shares | 34,134,000,000 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $64.55 |
Stock Options Outstanding, Remaining Life | '8 years 4 months 24 days |
Stock Options Exercisable, Shares | 34,134,000,000 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $64.55 |
$70.01-$75.13 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Minimum range of Exercise Prices | $70.01 |
Maximum range of Exercise Prices | $75.13 |
Stock Options Outstanding, Shares | 36,000,000,000 |
Stock Options Outstanding, Weighted Average Exercise Price (USD per share) | $75.13 |
Stock Options Outstanding, Remaining Life | '9 years 4 months 24 days |
Stock Options Exercisable, Shares | 0 |
Stock Options Exercisable, Weighted Average Exercise Price (USD per share) | $0 |
Stockholders_Equity_Restricted
Stockholder's Equity (Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Restricted Stock [Member] | ' | ' | ' |
Shares | ' | ' | ' |
Beginning Balance, Shares | 121,769 | 117,432 | 109,002 |
Granted | 48,325 | 37,304 | 43,654 |
Issued | -39,867 | -32,610 | -27,913 |
Forfeited/Canceled | -944 | -357 | -7,311 |
Ending Balance, Shares | 129,283 | 121,769 | 117,432 |
Weighted average fair value per share | ' | ' | ' |
Weighted average fair value per share, Beginning Balance (USD per share) | $36.85 | $32.82 | $32.22 |
Weighted average fair value per share, Granted (USD per share) | $64.46 | $44.34 | $37.22 |
Weighted average fair value per share, Issued (USD per share) | $29.62 | $30.97 | $37.89 |
Weighted average fair value per share, Forfeited/Canceled (USD per share) | $29.62 | $30.97 | $30.77 |
Weighted average fair value per share, Ending Balance (USD per share) | $51.48 | $36.85 | $32.82 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Mar. 01, 2013 | Feb. 28, 2013 | Feb. 25, 2011 |
Bank of New York Mellon Corporation [Member] | |||
New Credit Facility [Member] | |||
lender | |||
Line of Credit Facility [Line Items] | ' | ' | ' |
Maximum capacity under credit facility | $750,000,000 | $550,000,000 | $750,000,000 |
Number of lenders | ' | ' | 13 |
Line of credit facility, committed | ' | ' | $60,000,000 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 12 Months Ended | ||||||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Mar. 01, 2013 | Feb. 28, 2013 | Dec. 29, 2013 | Oct. 22, 2012 | |
Letter of Credit [Member] | Term Loans Due October 2015, weighted average rate of 1.59% [Member] | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $538,100,000 | $543,400,000 | ' | ' | ' | ' | $200,000,000 |
Maximum capacity under credit facility | ' | ' | ' | 750,000,000 | 550,000,000 | ' | ' |
Available capacity under credit facility | 750,000,000 | ' | ' | ' | ' | ' | ' |
Credit agreement provides for facility fees Minimum | 0.13% | ' | ' | ' | ' | ' | ' |
Credit agreement provides for facility fees Maximum | 0.30% | ' | ' | ' | ' | ' | ' |
Uncommitted credit line facility | 5,000,000 | ' | ' | ' | ' | ' | ' |
Incremental line of credit for standby letters of credit | 2,000,000 | ' | ' | ' | ' | ' | ' |
Total capital leases | 12,300,000 | ' | ' | ' | ' | ' | ' |
Letter of credit, outstanding | ' | ' | ' | ' | ' | 14,600,000 | ' |
Capital leases, current | 1,400,000 | ' | ' | ' | ' | ' | ' |
Available borrowings capacity under letters of credit | 662,000,000 | ' | ' | ' | ' | ' | ' |
Total interest expense including credit facility fees and other bank charges | 20,400,000 | 18,200,000 | 16,700,000 | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 80,600,000 | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 5,600,000 | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 108,100,000 | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 89,400,000 | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $254,400,000 | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Oct. 22, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | $540,200,000 | $543,900,000 | ' |
Less: current portion of long-term debt | -2,100,000 | -500,000 | ' |
Total long-term debt | 538,100,000 | 543,400,000 | ' |
$750.0 million revolving credit facility, weighted average rate of 1.26% at December 29, 2013 and 2.44% at December 30, 2012 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | 74,200,000 | 79,100,000 | ' |
Weighted average interest rate | 1.26% | 2.44% | ' |
4.04% Senior Notes due September 2015 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | 75,000,000 | 75,000,000 | ' |
Interest rate | 4.04% | ' | ' |
4.74% Senior Notes due September 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | 100,000,000 | 100,000,000 | ' |
Interest rate | 4.74% | ' | ' |
5.30% Senior Notes due September 2020 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | 75,000,000 | 75,000,000 | ' |
Interest rate | 5.30% | ' | ' |
Term Loans due through March 2019, weighted average rate of 1.29% at December 29, 2013 and 1.59% at December 30, 2012 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | 200,000,000 | 200,000,000 | ' |
Total long-term debt | ' | ' | 200,000,000 |
Interest rate | 1.29% | 1.59% | ' |
Other debt at various rates due through 2031 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | $16,000,000 | $14,800,000 | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Income from domestic operations included in income from continuing operations before income taxes | $176.70 | $195.10 | $180.70 | ' |
Income from foreign operations included in income before taxes | 47.3 | 33.1 | 30.9 | ' |
Valuation allowance, deferred tax asset, change in amount | 22.9 | ' | ' | ' |
Foreign tax credit carry forward | 6.7 | ' | ' | ' |
Interest related to unrecognized tax benefit | 2.2 | 2.7 | ' | ' |
Interest accrued for unrecognized tax benefits | 3.4 | 5.8 | ' | ' |
Unrecognized tax benefits that would positively impact effective tax rate | 30.9 | ' | ' | ' |
Unrecognized tax benefits | 35.4 | 42.6 | 25.8 | 10.1 |
Unrecognized tax benefits subject to offset by deferred tax assets | 4.5 | ' | ' | ' |
Expected decrease in unrecognized tax benefits over next 12 months | 8.3 | ' | ' | ' |
Undistributed foreign earnings | 128 | ' | ' | ' |
Estimated deferred tax liability, undistributed foreign earnings | 31.2 | ' | ' | ' |
Canada, Federal and Provincial, and U.K. | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | 79.5 | ' | ' | ' |
Operating loss carryforwards not subject to expiration | 69.6 | ' | ' | ' |
Canada, Federal [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards subject to expiration | 8.7 | ' | ' | ' |
Canada, Provincial [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards subject to expiration | 1 | ' | ' | ' |
Internal Revenue Service (IRS) [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards subject to expiration | 4.1 | ' | ' | ' |
State Jurisdiction [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards subject to expiration | 135.9 | ' | ' | ' |
Tax credit carryforwards subject to expiration | 1.9 | ' | ' | ' |
Tax credit carryforwards | 5.1 | ' | ' | ' |
Tax credit carryforwards not subject to expiration | 3.3 | ' | ' | ' |
Investment Tax Credit Carryforward [Member] | Canada, Federal [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Tax credit carryforwards subject to expiration | 30.4 | ' | ' | ' |
Investment Tax Credit Carryforward [Member] | Canada, Provincial [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Tax credit carryforwards subject to expiration | 0.8 | ' | ' | ' |
Research Tax Credit Carryforward [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Tax credit carryforwards subject to expiration | 1.2 | ' | ' | ' |
Maximum [Member] | Reduction in Taxes [Member] | State Jurisdiction [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Gain contingency, unrecorded Amount | $1 | ' | ' | ' |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense (Benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $21.60 | $44.20 | $29.10 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | 4.8 | 8.1 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 7.4 | 10 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 25.3 | 56.4 | 47.2 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 18.2 | 11.8 | 28.3 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -2.3 | 4.4 | -5.1 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -1.7 | -7.2 | -0.9 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | 14.2 | 9 | 22.3 |
Provision for income taxes | $6.10 | $11.60 | $0.90 | $2.70 | $1.10 | $3.10 | $0.10 | $1.10 | $39.50 | $65.40 | $69.50 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal benefit | 1.90% | 3.20% | 1.80% |
Research and development tax credits | -4.50% | -2.40% | -2.60% |
Investment tax credits | -2.40% | -3.40% | -2.30% |
Qualified production activity deduction | -1.70% | -1.90% | -1.40% |
Foreign rate differential | -3.40% | -2.60% | -0.80% |
Net accruals (reversals) for unrecognized tax benefits | -5.40% | 0.70% | 2.30% |
Other | -1.80% | 0.10% | 0.90% |
Effective income tax rate | 17.70% | 28.70% | 32.90% |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Tax) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Current: | ' | ' |
Accrued liabilities | $14.60 | $11.80 |
Inventory valuation | 11.2 | 11.5 |
Accrued vacation | 11.3 | 11.1 |
Deferred compensation and other benefits plans | 1 | 1 |
Intangible amortization | 0.7 | 5.7 |
Other | -0.3 | 0 |
Valuation allowance | -5.8 | -0.9 |
Long-term: | ' | ' |
Postretirement benefits other than pensions | 5.3 | 5.8 |
Accrued liabilities | 13 | 9.4 |
Deferred compensation and other benefit plans | 0 | 37.4 |
Tax credit and NOL carryforward amounts | 64.5 | 37.1 |
Other | 1.2 | 0 |
Valuation allowance | -20.2 | -2.2 |
Total deferred income tax assets | 97.1 | 127.7 |
Current: | ' | ' |
Other items | 1.4 | 1.3 |
Long-term: | ' | ' |
Property, plant and equipment differences | 28.8 | 54.6 |
Deferred compensation and other benefit plans | 48.2 | 0 |
Intangible amortization | 98.8 | 65.3 |
Other | 0.3 | 0 |
Total deferred income tax liabilities | 177.5 | 121.2 |
Net deferred income tax assets (liabilities) | ($80.40) | $6.50 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning of year | $42.60 | $25.80 | $10.10 |
Increase (decrease) in prior year tax positions | 3.5 | 18.1 | 18.7 |
Increase for tax positions taken during the current period | 0.9 | 1.5 | 0.7 |
Reduction related to settlements with taxing authorities | -4.8 | 0 | 0 |
Reduction related to lapse of the statute of limitations | -6.2 | -2.9 | -3.5 |
Impact of exchange rate changes | -0.6 | 0.1 | -0.2 |
End of year | $35.40 | $42.60 | $25.80 |
Pension_Plans_and_Postretireme2
Pension Plans and Postretirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic pension expense | $16.60 | $6.60 | $6.70 |
Pretax contribution | 83 | 92.8 | ' |
Employer contributions to 401(k) plans | 9.1 | 8.2 | 7.5 |
Non-cash reduction to stockholders' equity | 129.8 | 254.3 | ' |
Deferred tax on non-cash reductions to stockholders' equity | 78.8 | 159.9 | ' |
Assumed rate of increase in the per capita cost of covered benefits | 7.00% | ' | ' |
Ultimate health care cost trend rate, 2018 and thereafter | 5.00% | ' | ' |
Effect of one percentage point increase in assumed health care cost trend rates on annual service and interest costs (increase of less than $0.1 million) | 0.1 | ' | ' |
Effect of one percentage point increase in assumed health care cost trend rates on postretirement benefit obligation | 0.4 | ' | ' |
Effect of one percentage point decrease in assumed health care cost trend rates on annual service and interest costs (decrease of less than $0.1 million) | 0.1 | ' | ' |
Effect of one percentage point decrease in assumed health care cost trend rates on postretirement benefit obligation | 0.4 | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic benefit cost expected to be recognized for the pension plans, net loss | 24.6 | ' | ' |
Net periodic benefit cost expected to be recognized for the pension plans, net prior service credit | 4.6 | ' | ' |
Fair value of plan assets | 1,038.40 | 835.7 | ' |
Pension Benefits Domestic Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of employees under defined benefit pension plan | 20.00% | ' | ' |
Assumed discount rate on plan liabilities | 4.40% | ' | ' |
Projected long-term rate of return on plan assets | 8.25% | 8.25% | ' |
Net periodic pension expense | 16.6 | 6.6 | 6.7 |
Pretax contribution | 83 | 92.8 | ' |
Settlements | 32.8 | ' | ' |
Fair value of plan assets | 986.3 | 793.3 | 678.9 |
Expected weighted-average long-term rate of return | 8.25% | 8.25% | 8.25% |
Weighted average increase in future compensation levels | 2.75% | 2.75% | 4.14% |
Unrecognized net (gain) loss | -243.5 | -450.7 | ' |
Unrecognized prior service cost | 33.1 | 37.8 | ' |
Expected discount rate | 5.40% | ' | ' |
Pension Benefits Foreign Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic pension expense | 0.9 | 0.4 | 0 |
Pretax contribution | 0 | 0.4 | ' |
Fair value of plan assets | 52.1 | 42.3 | 26.8 |
Unrecognized net (gain) loss | -3.7 | -5.7 | ' |
Unrecognized prior service cost | 0.1 | 0 | ' |
Postretirement Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic pension expense | -0.2 | -0.1 | -0.1 |
Net periodic benefit cost expected to be recognized for the pension plans, net loss | -0.2 | ' | ' |
Net periodic benefit cost expected to be recognized for the pension plans, net prior service credit | 0.5 | ' | ' |
Unrecognized net (gain) loss | 5.2 | 3.7 | ' |
Unrecognized prior service cost | 0.2 | 0.7 | ' |
U.S. Government Cost Accounting Standards [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards | 14.5 | 12.7 | 12.6 |
United Kingdom Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected weighted-average long-term rate of return | 5.50% | 6.40% | 6.60% |
Expected discount rate | 4.30% | ' | ' |
Swiss Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected weighted-average long-term rate of return | 3.00% | 3.00% | ' |
Weighted average increase in future compensation levels | 1.75% | 1.80% | ' |
Expected discount rate | 2.10% | ' | ' |
Netherlands Based Plan 2013 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected weighted-average long-term rate of return | 4.10% | ' | ' |
Weighted average increase in future compensation levels | 2.50% | ' | ' |
Equity Securities [Member] | Pension Benefits Domestic Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation of plan assets | 70.00% | ' | ' |
Target allocation of plan assets, minimum | 45.00% | ' | ' |
Target allocation of plan assets, maximum | 75.00% | ' | ' |
Equity Securities [Member] | Pension Benefits Foreign Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation of plan assets | 60.00% | ' | ' |
Debt Securities [Member] | Pension Benefits Domestic Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation of plan assets | 30.00% | ' | ' |
Debt Securities and Other [Member] | Pension Benefits Foreign Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation of plan assets | 40.00% | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 535.2 | 449.6 | ' |
Fair Value, Inputs, Level 1 [Member] | Pension Benefits Domestic Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 535.2 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 498.9 | 383.2 | ' |
Fair Value, Inputs, Level 2 [Member] | Pension Benefits Domestic Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 498.9 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 4.3 | 2.9 | ' |
Fair Value, Inputs, Level 3 [Member] | Pension Benefits Domestic Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $4.30 | ' | ' |
Pension_Plans_and_Postretireme3
Pension Plans and Postretirement Benefits (Net Periodic Pension Benefit Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Components of net period pension benefit expense | ' | ' | ' |
Net periodic benefit (income) expense | $16.60 | $6.60 | $6.70 |
Pension Benefits Domestic Plans [Member] | ' | ' | ' |
Components of net period pension benefit expense | ' | ' | ' |
Service cost - benefits earned during the period | 14.4 | 12.7 | 13.1 |
Interest cost on benefit obligation | 36.3 | 39.6 | 42.5 |
Expected return on plan assets | -70.1 | -65.5 | -62.7 |
Amortization of prior service cost | -4.6 | -4.6 | 0.2 |
Amortization of net actuarial (gain) loss | 40.6 | 24.4 | 13.6 |
Net periodic benefit (income) expense | 16.6 | 6.6 | 6.7 |
Pension Benefits Foreign Plans [Member] | ' | ' | ' |
Components of net period pension benefit expense | ' | ' | ' |
Service cost - benefits earned during the period | 0.9 | 0.3 | 0 |
Interest cost on benefit obligation | 1.9 | 1.7 | 1.7 |
Expected return on plan assets | -2 | -1.7 | -1.7 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net actuarial (gain) loss | 0.1 | 0.1 | 0 |
Net periodic benefit (income) expense | 0.9 | 0.4 | 0 |
Postretirement Plans [Member] | ' | ' | ' |
Components of net period pension benefit expense | ' | ' | ' |
Service cost - benefits earned during the period | 0 | 0 | 0 |
Interest cost on benefit obligation | 0.6 | 0.8 | 1 |
Amortization of prior service cost | -0.5 | -0.5 | -0.6 |
Amortization of net actuarial (gain) loss | -0.3 | -0.4 | -0.5 |
Net periodic benefit (income) expense | ($0.20) | ($0.10) | ($0.10) |
Pension_Plans_and_Postretireme4
Pension Plans and Postretirement Benefits (Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | ||
Pension Benefits Domestic Plans [Member] | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation - beginning of year | $846.90 | $743.40 | ' | ||
Service cost - benefits earned during the year | 14.4 | 12.7 | 13.1 | ||
Interest cost on projected benefit obligation | 36.3 | 39.6 | 42.5 | ||
Actuarial (gain) loss | -78.4 | 127.7 | ' | ||
Benefits paid | -50.3 | -76.5 | ' | ||
Plan amendments | 0 | [1] | 0 | [1] | ' |
Other - including foreign currency | 0 | 0 | ' | ||
Business combinations | 0 | 0 | ' | ||
Benefit obligation - end of year | 768.9 | 846.9 | 743.4 | ||
Accumulated benefit obligation - end of year | 767.6 | 846 | ' | ||
Pension Benefits Foreign Plans [Member] | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation - beginning of year | 50.6 | 32.9 | ' | ||
Service cost - benefits earned during the year | 0.9 | 0.3 | 0 | ||
Interest cost on projected benefit obligation | 1.9 | 1.7 | 1.7 | ||
Actuarial (gain) loss | 1.4 | 1.3 | ' | ||
Benefits paid | -2.8 | -2 | ' | ||
Plan amendments | -0.1 | [1] | 0 | [1] | ' |
Other - including foreign currency | 1.6 | 2.5 | ' | ||
Business combinations | 6.8 | 13.9 | ' | ||
Benefit obligation - end of year | 60.3 | 50.6 | 32.9 | ||
Accumulated benefit obligation - end of year | 58.7 | 50.6 | ' | ||
Postretirement Plans [Member] | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation - beginning of year | 14.3 | 14.8 | ' | ||
Service cost - benefits earned during the year | 0 | 0 | 0 | ||
Interest cost on projected benefit obligation | 0.6 | 0.8 | 1 | ||
Actuarial (gain) loss | -1.7 | -0.1 | ' | ||
Benefits paid | -1.3 | -2 | ' | ||
Curtailment and other | 0 | 0.8 | ' | ||
Benefit obligation - end of year | $11.90 | $14.30 | $14.80 | ||
[1] | impact of changing the calculation of applicable wages for the determination of the benefit obligation |
Pension_Plans_and_Postretireme5
Pension Plans and Postretirement Benefits (Fair Value of Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Employer contribution - defined benefit plan | $83 | $92.80 |
Pension Benefits Domestic Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Fair value of plan assets - beginning of year | 793.3 | 678.9 |
Actual return on plan assets | 158.3 | 95.9 |
Employer contribution - defined benefit plan | 83 | 92.8 |
Employer contribution - other benefit plan | 2 | 2.2 |
Foreign currency changes | 0 | 0 |
Benefits paid | -50.3 | -76.5 |
Other | 0 | 0 |
Business combination | 0 | 0 |
Fair value of net plan assets - end of year | 986.3 | 793.3 |
Pension Benefits Foreign Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Fair value of plan assets - beginning of year | 42.3 | 26.8 |
Actual return on plan assets | 5.2 | 2 |
Employer contribution - defined benefit plan | 0 | 0.4 |
Employer contribution - other benefit plan | 1.1 | 0 |
Foreign currency changes | 0.4 | 2 |
Benefits paid | -2.8 | -2 |
Other | 1.1 | 0.1 |
Business combination | 4.8 | 13 |
Fair value of net plan assets - end of year | $52.10 | $42.30 |
Pension_Plans_and_Postretireme6
Pension Plans and Postretirement Benefits (Funded Status) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Pension Benefits Domestic Plans [Member] | ' | ' |
Amounts recognized in the consolidated balance sheets: | ' | ' |
Funded status | $217.40 | ($53.60) |
Unrecognized prior service cost | -33.1 | -37.8 |
Unrecognized net loss | 243.5 | 450.7 |
Other liabilities | 3.1 | 3.5 |
Net amount recognized | 217.4 | -53.6 |
Amounts recognized in accumulated other comprehensive loss: | ' | ' |
Accrued postretirement benefits (long-term) | 222 | -48.6 |
Accrued postretirement benefits (short-term) | -1.5 | -1.5 |
Net amount recognized | 210.4 | 412.9 |
Pension Benefits Foreign Plans [Member] | ' | ' |
Amounts recognized in the consolidated balance sheets: | ' | ' |
Funded status | -8.2 | -8.3 |
Unrecognized prior service cost | -0.1 | 0 |
Unrecognized net loss | 3.7 | 5.7 |
Other liabilities | 0 | 0 |
Net amount recognized | -8.2 | -8.3 |
Amounts recognized in accumulated other comprehensive loss: | ' | ' |
Accrued postretirement benefits (long-term) | -8.2 | -8.3 |
Accrued postretirement benefits (short-term) | 0 | 0 |
Net amount recognized | 3.6 | 5.7 |
Postretirement Plans [Member] | ' | ' |
Amounts recognized in the consolidated balance sheets: | ' | ' |
Funded status | -11.9 | -14.4 |
Unrecognized prior service cost | -0.2 | -0.7 |
Unrecognized net loss | -5.2 | -3.7 |
Accrued benefit cost | -17.3 | -18.8 |
Amounts recognized in accumulated other comprehensive loss: | ' | ' |
Accrued postretirement benefits (long-term) | -10.3 | -12.8 |
Accrued postretirement benefits (short-term) | -1.6 | -1.6 |
Accumulated other comprehensive income | -5.4 | -4.4 |
Net amount recognized | ($17.30) | ($18.80) |
Pension_Plans_and_Postretireme7
Pension Plans and Postretirement Benefits (Estimated Future Benefit Payments) (Details) (USD $) | Dec. 29, 2013 |
In Millions, unless otherwise specified | |
Pension Benefits Domestic Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $45.80 |
2015 | 47.7 |
2016 | 49 |
2017 | 50.7 |
2018 | 52 |
2019-2022 | 276.7 |
Total | 521.9 |
Pension Benefits Foreign Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 2.9 |
2015 | 2.6 |
2016 | 2.6 |
2017 | 2.7 |
2018 | 2.8 |
2019-2022 | 14.2 |
Total | 27.8 |
Postretirement Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 1.3 |
2015 | 1.3 |
2016 | 1.2 |
2017 | 1.2 |
2018 | 1.1 |
2019-2022 | 4.7 |
Total | $10.80 |
Pension_Plans_and_Postretireme8
Pension Plans and Postretirement Benefits (Percentage of Plan Assets) (Details) | Dec. 29, 2013 | Dec. 30, 2012 |
Pension Benefits Domestic Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocation | 100.00% | 100.00% |
Pension Benefits Domestic Plans [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocation | 61.00% | 65.00% |
Pension Benefits Domestic Plans [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocation | 29.00% | 30.00% |
Pension Benefits Domestic Plans [Member] | Other Plan Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocation | 10.00% | 5.00% |
Pension Benefits Foreign Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocation | 100.00% | 100.00% |
Pension Benefits Foreign Plans [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocation | 61.00% | 58.00% |
Pension Benefits Foreign Plans [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocation | 10.00% | 20.00% |
Pension Benefits Foreign Plans [Member] | Other Plan Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocation | 29.00% | 22.00% |
Pension_Plans_and_Postretireme9
Pension Plans and Postretirement Benefits (Fair Value) (Details) (Pension Benefits [Member], USD $) | Dec. 29, 2013 | Dec. 30, 2012 | ||
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | $1,038.40 | $835.70 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 535.2 | 449.6 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 498.9 | 383.2 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 4.3 | 2.9 | ||
Cash and Cash Equivalents [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 19 | [1] | 14.1 | [1] |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 19 | [1] | 14.1 | [1] |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Equity Securities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Actual asset allocation | 56.00% | 53.00% | ||
United States Equity Securities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 376.5 | 339.8 | ||
United States Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 246.7 | 231.2 | ||
United States Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 129.8 | 108.6 | ||
United States Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
International Equity Securities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 131.3 | 106.2 | ||
International Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 37.6 | 14.6 | ||
International Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 92.4 | 90.3 | ||
International Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 1.3 | 1.3 | ||
Alternatives [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 109.1 | 46.8 | ||
Alternatives [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Alternatives [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 106.1 | 45.2 | ||
Alternatives [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 3 | 1.6 | ||
Money Market Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 188.7 | [2] | 170.3 | [3] |
Actual asset allocation | 44.00% | 47.00% | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 181.4 | [2] | 167.1 | [3] |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 7.3 | [2] | 3.2 | [3] |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [3] |
US Government Securities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 68.9 | 36.6 | ||
US Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 68.9 | 36.6 | ||
US Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
US Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
United States Government Futures [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0.6 | 0.1 | ||
United States Government Futures [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0.6 | 0.1 | ||
United States Government Futures [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
United States Government Futures [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Corporate Bond Securities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 92 | 88.9 | ||
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 92 | 88.9 | ||
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Taxable Municipal Bonds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | ' | 1.5 | ||
Taxable Municipal Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | ' | 0 | ||
Taxable Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | ' | 1.5 | ||
Taxable Municipal Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | ' | 0 | ||
Senior Secured Loans [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 4 | 1.7 | ||
Senior Secured Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Senior Secured Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 4 | 1.7 | ||
Senior Secured Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Mortgage Backed Securities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 14.6 | 8.9 | ||
Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 14.6 | 8.9 | ||
Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
High Yield Bonds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 12.7 | 7.8 | ||
High Yield Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
High Yield Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 12.7 | 7.8 | ||
High Yield Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Insurance Contracts Foreign Plans [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 21 | 13 | ||
Insurance Contracts Foreign Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Insurance Contracts Foreign Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 21 | 13 | ||
Insurance Contracts Foreign Plans [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | $0 | $0 | ||
[1] | Reflects cash and cash equivalents held in overnight cash investments. | |||
[2] | 44% of mutual funds invest in fixed income types of securities; 56% invest in equity securities | |||
[3] | 47% of mutual funds invest in fixed income types of securities; 53% invest in equity securities |
Recovered_Sheet1
Pension Plans and Postretirement Benefits (Benefit Obligation and Net Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Pension Benefits Domestic Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average discount rate | 4.40% | 5.50% | 5.90% |
Weighted average increase in future compensation levels | 2.75% | 2.75% | 4.14% |
Expected weighted-average long-term rate of return | 8.25% | 8.25% | 8.25% |
United Kingdom Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average discount rate | 4.20% | 4.70% | 5.40% |
Expected weighted-average long-term rate of return | 5.50% | 6.40% | 6.60% |
Swiss Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average discount rate | 1.80% | 2.00% | ' |
Weighted average increase in future compensation levels | 1.75% | 1.80% | ' |
Expected weighted-average long-term rate of return | 3.00% | 3.00% | ' |
Netherlands Based Plan 2013 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average discount rate | 4.10% | ' | ' |
Weighted average increase in future compensation levels | 2.50% | ' | ' |
Expected weighted-average long-term rate of return | 4.10% | ' | ' |
Business_Segments_Business_Seg
Business Segments Business Segments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
segment | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $596.60 | $571.60 | $601 | $569.40 | $567.40 | $547.40 | $518.50 | $494 | $2,338.60 | $2,127.30 | $1,941.90 |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' |
Severance costs | ' | ' | ' | ' | ' | ' | ' | ' | 10.4 | ' | ' |
Facility closure and relocation costs | ' | ' | ' | ' | ' | ' | ' | ' | 13.6 | ' | ' |
Environmental reserve | 5.3 | 14.3 | 2.2 | 2.2 | ' | ' | ' | ' | 5.3 | ' | ' |
Expected cost remaining | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' |
Sales to international customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,031.80 | 831.7 | 689.9 |
Aerospace and Defense Electronics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 625.1 | 605.3 | 639.2 |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 15.7 | 1.7 | ' |
Number of product lines | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Instrumentation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.3 | 31.6 |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,022.80 | 804.7 | 648.2 |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' |
Number of product lines | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Digital Imaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 414.8 | 415.9 | 349.9 |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 3.9 | ' | ' |
Number of product lines | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Engineered Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 275.9 | 301.4 | 304.6 |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | ' | ' |
Number of product lines | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
United States Department of Defense [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 487.9 | 542.6 | 560.6 |
Domestic Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to international customers | ' | ' | ' | ' | ' | ' | ' | ' | $566 | $492.20 | $424.80 |
Business_Segments_Business_Seg1
Business Segments (Business Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 31, 2011 |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $596.60 | $571.60 | $601 | $569.40 | $567.40 | $547.40 | $518.50 | $494 | $2,338.60 | $2,127.30 | $1,941.90 | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 240.3 | 243.1 | 227.2 | ' |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | -37.6 | -36.7 | -33.7 | ' |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | 2.9 | 0.6 | ' |
Interest and debt expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -20.4 | -17.8 | -16.2 | ' |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 224 | 228.2 | 211.6 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 91.1 | 78.3 | 64.2 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 72.6 | 65.3 | 41.7 | ' |
Identifiable assets | 2,751.10 | ' | ' | ' | 2,406.40 | ' | ' | ' | 2,751.10 | 2,406.40 | 1,826.10 | ' |
Prepaid pension assets | 222 | ' | ' | ' | 0 | ' | ' | ' | 222 | 0 | ' | 0 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 277.9 | 279.8 | 260.9 | ' |
Instrumentation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,022.80 | 804.7 | 648.2 | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 162 | 146 | 129.3 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 38.2 | 26.1 | 17.4 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 14.4 | 9.5 | ' |
Identifiable assets | 1,204.50 | ' | ' | ' | 1,022.50 | ' | ' | ' | 1,204.50 | 1,022.50 | 577.5 | ' |
Digital Imaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 414.8 | 415.9 | 349.9 | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 28.2 | 24.8 | 16.1 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 30.3 | 30.5 | 26.9 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 20.2 | 23.5 | 13.8 | ' |
Identifiable assets | 745.1 | ' | ' | ' | 778.1 | ' | ' | ' | 745.1 | 778.1 | 638.8 | ' |
Aerospace and Defense Electronics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 625.1 | 605.3 | 639.2 | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 65.7 | 80.5 | 87.4 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16.5 | 17.1 | 15.8 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 15.3 | 12.6 | 12.5 | ' |
Identifiable assets | 436.9 | ' | ' | ' | 457.6 | ' | ' | ' | 436.9 | 457.6 | 446.8 | ' |
Engineered Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 275.9 | 301.4 | 304.6 | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 28.5 | 28.1 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4.2 | 4.4 | 4 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3.6 | 4.2 | 5.9 | ' |
Identifiable assets | 92.3 | ' | ' | ' | 102.3 | ' | ' | ' | 92.3 | 102.3 | 115.1 | ' |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | 0.2 | 0.1 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 11.5 | 10.6 | 0 | ' |
Identifiable assets | $272.30 | ' | ' | ' | $45.90 | ' | ' | ' | $272.30 | $45.90 | $47.90 | ' |
Business_Segments_Sales_and_Lo
Business Segments (Sales and Long-lived Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $596.60 | $571.60 | $601 | $569.40 | $567.40 | $547.40 | $518.50 | $494 | $2,338.60 | $2,127.30 | $1,941.90 |
Long-lived assets | 1,952 | ' | ' | ' | 1,661.60 | ' | ' | ' | 1,952 | 1,661.60 | 1,223.30 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,776.80 | 1,699.50 | 1,623 |
Long-lived assets | 1,320.20 | ' | ' | ' | 1,068 | ' | ' | ' | 1,320.20 | 1,068 | 802.7 |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 221.7 | 224.4 | 165 |
Long-lived assets | 354.1 | ' | ' | ' | 393.4 | ' | ' | ' | 354.1 | 393.4 | 282.9 |
All Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 340.1 | 203.4 | 153.9 |
Long-lived assets | $277.70 | ' | ' | ' | $200.20 | ' | ' | ' | $277.70 | $200.20 | $137.70 |
Business_Segments_Product_Line
Business Segments (Product Lines) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $596.60 | $571.60 | $601 | $569.40 | $567.40 | $547.40 | $518.50 | $494 | $2,338.60 | $2,127.30 | $1,941.90 |
Sales to international customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,031.80 | 831.7 | 689.9 |
Aerospace and Defense Electronics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 625.1 | 605.3 | 639.2 |
Instrumentation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,022.80 | 804.7 | 648.2 |
Engineered Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 275.9 | 301.4 | 304.6 |
Digital Imaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 414.8 | 415.9 | 349.9 |
Environmental Instrumentation [Member] | Instrumentation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 258 | 250.2 | 243.8 |
Marine Instrumentation [Member] | Instrumentation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 580.4 | 473.7 | 404.4 |
Test and Measurement Instrumentation [Member] | Instrumentation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 184.4 | 80.8 | 0 |
Engineered Products and Services [Member] | Engineered Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 217.5 | 241.3 | 246.2 |
Turbine Engines [Member] | Engineered Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 24.6 | 23.8 |
Energy Systems [Member] | Engineered Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 32.4 | 35.5 | 34.6 |
United States Department of Defense [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 487.9 | 542.6 | 560.6 |
Domestic Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the segments sales by product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to international customers | ' | ' | ' | ' | ' | ' | ' | ' | $566 | $492.20 | $424.80 |
Lease_Commitments_Narrative_De
Lease Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Leases [Abstract] | ' | ' | ' |
Present value of minimum capital lease payments, net of current portion | $10.90 | ' | ' |
Property leased under capital leases | 14.5 | 16.6 | ' |
Accumulated depreciation | 5.1 | 4.5 | ' |
Rental expense, net of sublease income | $25.80 | $23.60 | $24.10 |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | Dec. 29, 2013 |
In Millions, unless otherwise specified | |
Capital | ' |
2013 | $2 |
2014 | 1.8 |
2015 | 1.7 |
2016 | 1.4 |
2017 | 1.4 |
Thereafter | 6.9 |
Total minimum lease payments | 15.2 |
Less: | ' |
Imputed interest | -2.9 |
Current portion | -1.4 |
Present value of minimum capital lease payments, net of current portion | 10.9 |
Operating | ' |
2013 | 20.5 |
2014 | 18.3 |
2015 | 13.2 |
2016 | 10.2 |
2017 | 6.1 |
Thereafter | 21 |
Total minimum lease payments | $89.30 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 20, 2013 |
Maximum [Member] | Environmental Reserves [Member] | Cold Creek Enterprises, Inc [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' | ' |
Reserves for environmental remediation obligations | $9.10 | ' | ' | ' | ' |
Portion of reserves included in current accrued liabilities | 267.1 | 256.7 | ' | 5.6 | ' |
Estimated duration of environmental remediation of all sites | ' | ' | '30 years | ' | ' |
Payments for Legal Settlements | ' | ' | ' | ' | 5.5 |
Litigation reserve reversal | $3.60 | ' | ' | ' | $3.60 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Apr. 19, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | 31-May-11 |
Discontinued Operation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Gain on sale of discontinued operations, net of income taxes | $113.80 | ' | ' | ' | ' |
Sales for discontinued segment | ' | ' | ' | 39.5 | ' |
Operating results (net loss) | ' | ' | ' | ' | 0.7 |
Discontinued operations, income tax expense (benefit) | ' | ' | ' | -0.4 | ' |
Discontinued operations, net of income taxes | ' | $0 | $2.30 | $113.10 | ' |
Discontinued_Operations_Calcul
Discontinued Operations (Calculation of Gain on Sale) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 19, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Sale Price | $186 |
Current assets | -38.4 |
Property, plant and equipment | -18.4 |
Goodwill | -0.9 |
Other long-term assets | -4.7 |
Current liabilities | 18 |
Long-term liabilities - including aircraft product liabilities | 48 |
Net pension and postretirement benefit curtailment expense | -0.4 |
Transaction related expenses paid | -1.9 |
Gain on sale, before tax | 187.3 |
Provision for income taxes | -73.5 |
Gain on sale | $113.80 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales from continuing operations | $596.60 | $571.60 | $601 | $569.40 | $567.40 | $547.40 | $518.50 | $494 | $2,338.60 | $2,127.30 | $1,941.90 |
Gross profit from continuing operations | 214.6 | 202.6 | 217.4 | 204 | 208.4 | 198.4 | 175.5 | 165.9 | ' | ' | ' |
Earnings from continuing operations | ' | ' | ' | ' | 44.5 | 43.1 | 39.6 | 35.6 | 184.5 | 162.8 | 142.1 |
Earnings from discontinued operations | ' | ' | ' | ' | 2.3 | 0 | 0 | 0 | ' | ' | ' |
Net income | 54.5 | 46.9 | 43.3 | 39.8 | 46.8 | 43.1 | 39.6 | 35.6 | 184.5 | 165.1 | 255.2 |
Noncontrolling interest | 0.4 | -0.1 | -0.4 | 0.6 | -0.6 | -0.4 | -0.1 | 0.1 | 0.5 | -1 | 0 |
Net income attributable to Teledyne | 54.9 | 46.8 | 42.9 | 40.4 | 46.2 | 42.7 | 39.5 | 35.7 | 185 | 164.1 | 255.2 |
Basic earnings per share attributable to Teledyne: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in USD per share) | ' | ' | ' | ' | $1.19 | $1.17 | $1.08 | $0.98 | $4.96 | $4.41 | $3.88 |
Discontinued operations (in USD per share) | ' | ' | ' | ' | $0.06 | $0 | $0 | $0 | $0 | $0.06 | $3.09 |
Basic earnings per share (in USD per share) | $1.47 | $1.25 | $1.15 | $1.09 | $1.25 | $1.17 | $1.08 | $0.98 | $4.96 | $4.47 | $6.97 |
Diluted earnings per share attributable to Teledyne: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in USD per share) | ' | ' | ' | ' | $1.17 | $1.14 | $1.06 | $0.96 | $4.87 | $4.33 | $3.81 |
Discontinued operations (in USD per share) | ' | ' | ' | ' | $0.06 | $0 | $0 | $0 | $0 | $0.06 | $3.03 |
Diluted earnings per share (in USD per share) | $1.44 | $1.23 | $1.13 | $1.07 | $1.23 | $1.14 | $1.06 | $0.96 | $4.87 | $4.39 | $6.84 |
Length of fiscal period (in weeks) | ' | ' | ' | ' | ' | ' | ' | ' | 'P52W | 'P52W | 'P52W |
Length of quarterly period (in weeks) | ' | ' | ' | ' | ' | ' | ' | ' | 'P13W | 'P13W | ' |
Environmental reserve | 5.3 | 14.3 | 2.2 | 2.2 | ' | ' | ' | ' | 5.3 | ' | ' |
Litigation reserve reversal | ' | ' | ' | ' | ' | ' | ' | ' | 3.6 | ' | ' |
Gain on purchase of Optech | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' |
Income tax benefit | $6.10 | $11.60 | $0.90 | $2.70 | $1.10 | $3.10 | $0.10 | $1.10 | $39.50 | $65.40 | $69.50 |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Amount of environmental reserves includes reversal | ' | ' | $2.30 |
Reserve for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 4.7 | 3.8 | 2.9 |
Charged to costs and expenses | 0.9 | 0.7 | 0.7 |
Acquisitions | 1.6 | 0.6 | 0.6 |
Deductions and other | -2 | -0.4 | -0.4 |
Balance at end of period | 5.2 | 4.7 | 3.8 |
Environmental Reserves [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 3.2 | 3.2 | 5.2 |
Charged to costs and expenses | 6.2 | 0.3 | 0.1 |
Acquisitions | 0 | 0 | 0.6 |
Deductions and other | -0.3 | -0.3 | -2.7 |
Balance at end of period | $9.10 | $3.20 | $3.20 |