Teledyne Technologies (TDY) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 28, 2015	Jul. 28, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	TELEDYNE TECHNOLOGIES INC
Entity Central Index Key	1,094,285
Document Type	10-Q
Document Period End Date	Jun. 28, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--01-03
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		35,392,499

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Income Statement [Abstract]
Net sales	[1]	$ 577.7	$ 597.1	$ 1,142.7	$ 1,170.6
Costs and expenses
Cost of sales		357.7	368.4	703.6	720.1
Selling, general and administrative expenses		151.1	154.4	302.9	310.2
Total costs and expenses		508.8	522.8	1,006.5	1,030.3
Operating income		68.9	74.3	136.2	140.3
Interest expense, net		(6)	(4.6)	(11.9)	(9.3)
Other income, net		3.4	8.2	4.2	8.8
Income before income taxes		66.3	77.9	128.5	139.8
Provision for income taxes		18.3	22.1	36.8	38
Net income		48	55.8	91.7	101.8
Noncontrolling interest		0.3	0.3	0.3	0.1
Net income attributable to Teledyne		$ 48.3	$ 56.1	$ 92	$ 101.9
Basic earnings per common share (in USD per share)		$ 1.37	$ 1.50	$ 2.59	$ 2.72
Weighted average common shares outstanding (in shares)		35.3	37.4	35.5	37.5
Diluted earnings per common share (in USD per share)		$ 1.34	$ 1.47	$ 2.53	$ 2.67
Weighted average diluted common shares outstanding (in shares)		36.1	38.1	36.3	38.2
[1]	(a)Net sales excludes inter-segment sales of $3.8 million and $8.1 million for the second quarter and six months ended June 28, 2015, respectively, and $5.5 million and $9.5 million for the second quarter and six months ended Jun 29, 2014, respectively.

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 48	$ 55.8	$ 91.7	$ 101.8
Other comprehensive income (loss):
Foreign exchange translation adjustment	20.8	16.5	(28.4)	7.1
Hedge activity and interest rate swap, net of tax	1.8	2.5	(0.5)	1.5
Pension and postretirement benefit adjustments, net of tax	4	2	8.9	4.9
Other comprehensive income (loss)	26.6	21	(20)	13.5
Comprehensive income	74.6	76.8	71.7	115.3
Noncontrolling interest	0.3	0.3	0.3	0.1
Comprehensive income attributable to Teledyne	$ 74.9	$ 77.1	$ 72	$ 115.4

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 28, 2015	Dec. 28, 2014
Current Assets
Cash	$ 61.3	$ 141.4
Accounts receivable, net	395.6	400.7
Inventories, net	330.2	311.8
Deferred income taxes, net	45.4	42.8
Prepaid expenses and other current assets	41.5	45
Total current assets	874	941.7
Property, plant and equipment, at cost, net of accumulated depreciation and amortization of $440.6 at June 28, 2015 and $417.5 at December 28, 2014	331.3	336.5
Goodwill	1,165.6	1,150.6
Acquired intangibles, net	266.6	277.6
Prepaid pension assets	101.3	86.3
Other assets, net	68.3	69.5
Total Assets	2,807.1	2,862.2
Current Liabilities
Accounts payable	145.5	162.5
Accrued liabilities	252.9	290.3
Current portion of long-term debt and capital leases	87.2	86.2
Total current liabilities	485.6	539
Long-term debt and capital leases	678.1	618.9
Other long-term liabilities	246.8	235.8
Total Liabilities	$ 1,410.5	$ 1,393.7
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; outstanding shares - none	$ 0	$ 0
Common stock, $0.01 par value; authorized 125 million shares; issued shares: 37,697,865 at June 28, 2015 and 37,697,865 at December 28, 2014; Outstanding shares: 35,384,799 at June 28, 2015 and 36,655,584 at December 28, 2014	0.4	0.4
Additional paid-in capital	345.6	326.5
Retained earnings	1,617.7	1,525.7
Treasury stock	(223.9)	(102.1)
Accumulated other comprehensive loss	(343.2)	(323.2)
Total Teledyne Stockholders’ Equity	1,396.6	1,427.3
Noncontrolling interest	0	41.2
Total Stockholders’ Equity	1,396.6	1,468.5
Total Liabilities and Stockholders’ Equity	$ 2,807.1	$ 2,862.2

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 28, 2015	Dec. 28, 2014
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization	$ 440.6	$ 417.5
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares outstanding (in shares)	35,384,799	36,655,584
Common Stock, Shares, Issued (in shares)	37,697,865	37,697,865

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Operating Activities
Net income	$ 91.7	$ 101.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46	46.6
Deferred income taxes	0.6	3.4
Stock option compensation expense	7.1	6.2
Excess income tax benefits from stock options exercised	(2.1)	(4)
Changes in operating assets and liabilities, excluding the effect of businesses acquired:
Accounts receivable	4.9	3.5
Inventories	(21.5)	(22.5)
Prepaid expenses and other assets	(0.6)	0.5
Accounts payable	(18)	1.6
Accrued liabilities	(34.9)	(10.2)
Income taxes payable, net	6.1	4.6
Long-term assets	0.7	(4.1)
Other long-term liabilities	3	(0.3)
Accrued pension obligation	(6.3)	(8.7)
Accrued postretirement benefits	(0.5)	0.1
Other, net	(0.5)	3.6
Net cash provided by operating activities	75.7	122.1
Investing Activities
Purchases of property, plant and equipment	(21.3)	(20.6)
Purchase of businesses and other investments, net of cash acquired	(62.4)	(2.9)
Proceeds from the disposal of fixed assets	3.3	0.3
Net cash used by investing activities	(80.4)	(23.2)
Financing Activities
Net proceeds from (payments on) credit facility	75	(42.9)
Payments on debt	(15.3)	0
Proceeds from exercise of stock options	10.8	13.2
Purchase of treasury stock	(142)	(35.6)
Excess income tax benefits from stock options exercised	2.1	4
Cash flow hedges	(0.5)	1.5
Net cash used by financing activities	(69.9)	(59.8)
Effect of exchange rate changes on cash and cash equivalents	(5.5)	(1.7)
Increase (decrease) in cash	(80.1)	37.4
Cash—beginning of period	141.4	66
Cash—end of period	$ 61.3	$ 103.4

General

General	6 Months Ended
	Jun. 28, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (“Teledyne” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with accounting principles generally accepted in the United States as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 28, 2014 (“ 2014 Form 10-K”). In the opinion of Teledyne’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne’s consolidated financial position as of June 28, 2015 and the consolidated results of operations and consolidated comprehensive income for the three and six months then ended and consolidated cash flows for the six months then ended. The results of operations and cash flows for the period ended June 28, 2015 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current period presentation. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. In July 2015, the FASB deferred the effective date by one year, but will allow early adoption as of the original adoption date. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently in the process of determining its implementation approach and assessing the impact on the consolidated financial statements and footnote disclosures.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 28, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income ( “ AOCI ”) by component, net of tax, for the second quarter and six months ended June 28, 2015 and June 29, 2014 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges Pension and Postretirement Benefits Total Balance as of March 29, 2015 $ (139.8 ) $ (7.6 ) $ (222.4 ) $ (369.8 ) Other comprehensive gain (loss) before reclassifications 20.8 0.4 — 21.2 Amounts reclassified from AOCI — 1.4 4.0 5.4 Net other comprehensive income gain 20.8 1.8 4.0 26.6 Balance as of June 28, 2015 $ (119.0 ) $ (5.8 ) $ (218.4 ) $ (343.2 ) Foreign Currency Translation Cash Flow Hedges Pension and Postretirement Benefits Total Balance as of March 30, 2014 $ (41.8 ) $ (4.3 ) $ (126.9 ) $ (173.0 ) Other comprehensive income gain before reclassifications 16.5 1.8 — 18.3 Amounts reclassified from AOCI — 0.7 2.0 2.7 Net other comprehensive income gain 16.5 2.5 2.0 21.0 Balance as of June 29, 2014 $ (25.3 ) $ (1.8 ) $ (124.9 ) $ (152.0 ) Foreign Currency Translation Cash Flow Hedges Pension and Postretirement Benefits Total Balance as of December 28, 2014 $ (90.6 ) $ (5.3 ) $ (227.3 ) $ (323.2 ) Other comprehensive loss before reclassifications (28.4 ) (2.9 ) — (31.3 ) Amounts reclassified from AOCI — 2.4 8.9 11.3 Net other comprehensive gain (loss) (28.4 ) (0.5 ) 8.9 (20.0 ) Balance as of June 28, 2015 $ (119.0 ) $ (5.8 ) $ (218.4 ) $ (343.2 ) Foreign Currency Translation Cash Flow Hedges Pension and Postretirement Benefits Total Balance as of December 29, 2013 $ (32.4 ) $ (3.3 ) $ (129.8 ) $ (165.5 ) Other comprehensive gain before reclassifications 7.1 0.2 — 7.3 Amounts reclassified from AOCI — 1.3 4.9 6.2 Net other comprehensive income gain 7.1 1.5 4.9 13.5 Balance as of June 29, 2014 $ (25.3 ) $ (1.8 ) $ (124.9 ) $ (152.0 ) The reclassifications out of AOCI for the second quarter and six months ended June 28, 2015 and June 29, 2014 are as follows (in millions): Amount Reclassified from AOCI Three Months Ended Amount Reclassified from AOCI Three Months Ended Statement of Income June 28, 2015 June 29, 2014 Presentation Loss on cash flow hedges: Loss recognized in income on derivatives $ 1.8 $ 0.9 Other expense Income tax benefit (0.4 ) (0.2 ) Income tax benefit Total $ 1.4 $ 0.7 Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (1.5 ) $ (1.1 ) Pension expense Amortization of net actuarial loss 8.1 4.3 Pension expense Total before tax 6.6 3.2 Income tax benefit (2.6 ) (1.2 ) Income tax benefit Total $ 4.0 $ 2.0 Amount Reclassified from AOCI Six Months Ended Amount Reclassified from AOCI Six Months Ended Statement of Income June 28, 2015 June 29, 2014 Presentation Loss on cash flow hedges: Loss recognized in income on derivatives $ 3.2 $ 1.8 Other expense Income tax benefit (0.8 ) (0.5 ) Income tax benefit Total $ 2.4 $ 1.3 Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost (3.0 ) (2.2 ) Pension expense Amortization of net actuarial loss 17.1 10.2 Pension expense Total before tax 14.1 8.0 Income tax benefit (5.2 ) (3.1 ) Income tax benefit Total $ 8.9 $ 4.9

Business Combinations and Inves

Business Combinations and Investments, Goodwill and Acquired Intangible Assets	6 Months Ended
	Jun. 28, 2015
Business Combinations and Investments, Goodwill and Acquired Intangible Assets [Abstract]
Business Combinations and Investments, Goodwill and Acquired Intangible Assets	Business Combinations and Investments, Goodwill and Acquired Intangible Assets On June 5, 2015, Teledyne acquired Industrial Control Machines SA (“ICM”) through a Netherlands-based subsidiary for an initial payment of $21.4 million , net of cash acquired. An additional $2.6 million of the purchase price is subject to an indemnification holdback, all or a portion of which is payable in December 2016. Based in Liège, Belgium, ICM is a leading supplier of portable X-ray generators for non-destructive testing applications, as well as complete X-ray imaging systems for on-site security screening and is part of the Digital Imaging segment. On April 29, 2015, Teledyne DALSA, Inc. acquired the remaining 49% minority interest in the parent company of Optech Incorporated for $22.0 million in cash. As a result of the purchase, the difference between the cash paid and the balance of noncontrolling interest was recorded to additional paid in capital. On February 2, 2015, Teledyne acquired Bowtech Products Limited (“Bowtech”) through a U.K.-based subsidiary for $18.8 million in cash, net of cash acquired and including an estimated working capital adjustment. Based in Aberdeen, Scotland, Bowtech designs and manufactures harsh underwater environment vision systems and is part of the Instrumentation segment. During 2014, Teledyne made four acquisitions, the largest of which was Bolt Technology Corporation (“Bolt”) in November 2014. All of the 2014 acquisitions are part of the Instrumentation segment. Teledyne funded the purchases from borrowings under its credit facility and cash on hand. The results of the acquisitions have been included in Teledyne’s results since the dates of the respective acquisition. For a further description of the Company’s acquisition activity for the fiscal year ended December 28, 2014 , please refer to Note 3 of our 2014 Form 10-K. Teledyne’s goodwill was $1,165.6 million at June 28, 2015 and $1,150.6 million at December 28, 2014 . The increase in the balance of goodwill in 2015 resulted from recent acquisitions, partially offset by the impact of exchange rate changes. Goodwill resulting from the Bowtech and ICM acquisitions will not be deductible for tax purposes. Teledyne’s net acquired intangible assets were $266.6 million at June 28, 2015 and $277.6 million at December 28, 2014 . The decrease in the balance of acquired intangible assets in 2015 resulted from amortization and the impact of exchange rate changes, partially offset by acquired intangibles for recent acquisitions. The Company is still in the process of specifically identifying the amount to be assigned to certain assets, including acquired intangible assets, and liabilities and the related impact on taxes and goodwill for the ICM, Bowtech and Bolt acquisitions. The Company made preliminary estimates as of June 28, 2015 since there was insufficient time between the acquisition dates and the end of the period to finalize the analysis.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 28, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Teledyne transacts business in various foreign currencies and has international sales and expenses denominated in foreign currencies, subjecting the Company to foreign currency risk. The Company’s primary foreign currency risk management objective is to protect the United States dollar value of future cash flows and minimize the volatility of reported earnings. The Company utilizes foreign currency forward contracts to reduce the volatility of cash flows primarily related to forecasted revenues and expenses denominated in Canadian dollars. These contracts are designated and qualify as cash flow hedges. Cash Flow Hedging Activities The effectiveness of the cash flow hedge contracts, excluding time value, is assessed prospectively and retrospectively on a monthly basis using regression analysis, as well as using other timing and probability criteria. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows on hedged transactions. The effective portion of the cash flow hedge contracts’ gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of AOCI in stockholders’ equity until the underlying hedged item is reflected in our consolidated statements of income, at which time the effective amount in AOCI is reclassified to cost of sales in our consolidated statements of income. Net deferred losses recorded in AOCI, net of tax, for contracts that will mature in the next twelve months total $3.7 million . These losses are expected to be offset by anticipated gains in the value of the forecasted underlying hedged item. In the event that the gains or losses in AOCI are deemed to be ineffective, the ineffective portion of gains or losses resulting from changes in fair value, if any, is reclassified to other income and expense. In the event that the underlying forecasted transactions do not occur, or it becomes remote that they will occur, within the defined hedge period, the gains or losses on the related cash flow hedges will be reclassified from AOCI to other income and expense. During the current reporting period, all forecasted transactions occurred and, therefore, there were no such gains or losses reclassified to other income and expense. As of June 28, 2015 , Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $64.9 million . These foreign currency forward contracts have maturities ranging from September 2015 to August 2016. Non-Designated Hedging Activities In addition, the Company utilizes foreign currency forward contracts to mitigate foreign exchange rate risk associated with foreign-currency-denominated monetary assets and liabilities, including intercompany receivables and payables. As of June 28, 2015 , Teledyne had foreign currency contracts of this type in the following pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars C$ 51.0 U.S. Dollars US$ 42.4 Euros € 0.5 Canadian Dollars C$ 0.9 Euros € 1.9 U.S. Dollars US$ 2.2 Great Britain Pounds £ 0.9 Australian Dollars A$ 1.8 Great Britain Pounds £ 14.5 U.S. Dollars US$ 22.3 Singapore Dollars S$ 1.7 U.S. Dollars US$ 1.3 U.S. Dollars US$ 1.1 Japanese Yen ¥ 135.0 The gains and losses on these derivatives which are not designated as hedging instruments are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings. All derivatives are recorded on the balance sheet at fair value. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. Teledyne does not use foreign currency forward contracts for speculative or trading purposes. The effect of derivative instruments designated as cash flow hedges in our condensed consolidated financial statements for the second quarter and six months ended June 28, 2015 and June 29, 2014 was as follows (in millions): Second Quarter Six Months 2015 2014 2015 2014 Net gain (loss) recognized in AOCI (a) $ 0.7 $ 2.3 $ (3.9 ) $ 0.2 Net loss reclassified from AOCI into cost of sales (a) $ (1.8 ) $ (0.9 ) $ (3.2 ) $ (1.8 ) Net foreign exchange gain recognized in other income and expense (b) $ — $ 0.2 $ 0.3 $ 0.3 a) Effective portion, pre-tax b) Amount excluded from effectiveness testing The effect of derivative instruments not designated as cash flow hedges recognized in other income and expense for the second quarter and six months ended June 28, 2015 was expense of $2.5 million and $2.3 million of gain. The effect of derivative instruments not designated as cash flow hedges in other income and expense for the second quarter and six months ended June 29, 2014 was $1.7 million and $1.2 million of gain, respectively. Fair Value of Derivative Financial Instruments The fair values of the Company’s derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy (in millions): Asset/(Liability) Derivatives Balance sheet location June 28, 2015 December 28, 2014 Derivatives designated as hedging instruments: Cash flow forward contracts Accrued liabilities $ (4.6 ) $ (3.9 ) Total derivatives designated as hedging instruments (4.6 ) (3.9 ) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 0.8 0.3 Non-designated forward contracts Accrued liabilities (2.5 ) (4.8 ) Total derivatives not designated as hedging instruments (1.7 ) (4.5 ) Total asset (liability) derivatives $ (6.3 ) $ (8.4 )

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 28, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were computed based on net earnings. The weighted average number of common shares outstanding during the period was used in the calculation of basic earnings per share. This number of shares was increased by contingent shares that could be issued under various compensation plans as well as by the dilutive effect of stock options based on the treasury stock method in the calculation of diluted earnings per share. In October 2011, the Company’s Board of Directors authorized a stock repurchase program to repurchase up to 2,500,000 shares of the Company’s common stock. In September 2014, the Company entered into a $101.6 million accelerated share repurchase (“ASR”) agreement with a financial institution (“ASR Counterparty”) in a privately negotiated transaction for 1,030,000 shares of the Company’s common stock at an initial price of $98.62 per share. Pursuant to the ASR agreement, in September 2014, the Company advanced $101.6 million to the ASR counterparty and received 927,000 shares of common stock, which used $91.4 million of the $101.6 million advanced, representing 90% of the estimated shares to be repurchased under the ASR agreement. In May 2015 the ASR agreement was settled and Teledyne received 78,522 shares of common stock on June 3, 2015. On January 27, 2015, Teledyne’s Board of Directors approved an additional stock repurchase program authorizing the Company to repurchase up to an additional 2,500,000 shares of its common stock. On February 2, 2015, the Company entered into a $142.0 million ASR agreement with a financial institution in a privately negotiated transaction for 1,500,000 shares of the Company's common stock under at an initial price of $94.68 per share. Pursuant to the ASR agreement, in February 2015, the Company advanced $142.0 million to the ASR counterparty and received 1,425,000 shares of common stock, which used $134.9 million of the $142.0 million advanced, representing 95% of the estimated shares to be repurchased under the ASR agreement. The up-front payments were accounted for as a reduction to stockholders’ equity in the Company’s Condensed Consolidated Balance Sheet in the period the payments were made. The total number of shares of common stock that the Company will repurchase under each ASR is based on the average of the daily volume-weighted average prices of the common stock during the term of the respective ASR, less a discount. At settlement, the ASR Counterparty may be required to deliver additional shares of the Company’s common stock to the Company or, under certain circumstances, the Company may be required to deliver shares of its common stock or make a cash payment to the ASR Counterparty. Final settlement of the September 2014 ASR agreement occurred in May 2015 as noted above. Final settlement of the February 2015 ASR agreement is expected to occur in December 2015, although the settlement may be accelerated at the ASR Counterparty’s option. The Company has treated the ASR's as a treasury share repurchase of common stock in the period the shares are delivered for purposes of calculating earnings per share and as a forward contract indexed to its own common stock. The ASR's meet all of the applicable criteria for equity classification, and, therefore, is not accounted for as a derivative instrument. The February 2015 ASR was funded by cash on hand and floating rate borrowings of $120.0 million under the $750 million credit facility. The 2011 and 2015 stock repurchase authorizations are 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 and borrowing capacity 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. Teledyne has 2,313,066 shares of treasury stock at June 28, 2015. For the first six months of 2015 and 2014 , no stock options were excluded in the computation of diluted earnings per share. The following table sets forth the computations of basic and diluted earnings per share (amounts in millions, except per share data): Second Quarter Six Months 2015 2014 2015 2014 Net income attributable to Teledyne $ 48.3 $ 56.1 $ 92.0 $ 101.9 Basic earnings per share: Weighted average common shares outstanding 35.3 37.4 35.5 37.5 Basic earnings per common share $ 1.37 $ 1.50 $ 2.59 $ 2.72 Diluted earnings per share: Weighted average common shares outstanding 35.3 37.4 35.5 37.5 Effect of dilutive securities 0.8 0.7 0.8 0.7 Weighted average diluted common shares outstanding 36.1 38.1 36.3 38.2 Diluted earnings per common share $ 1.34 $ 1.47 $ 2.53 $ 2.67

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 28, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock and performance shares to certain employees. The Company also has non-employee director stock compensation plans, pursuant to which non-qualified stock options and common stock, and beginning in 2015 restricted stock units, have been issued to its directors. Stock Incentive Plan The following disclosures are based on stock options granted to Teledyne’s employees and directors. The Company recorded a total of $3.3 million and $7.1 million in stock option compensation expense for the second quarter of 2015 and six months of 2015, respectively. The Company recorded a total of $3.6 million and $6.2 million in stock option compensation expense for the second quarter and six months of 2014, respectively. Employee stock option grants are charged to expense evenly over the three year vesting period. Director stock option grants are charged to expense evenly over the one -year vesting period. For 2015 , the Company currently expects approximately $12.6 million in stock option compensation expense based on stock options already granted. This does not include any estimated expense for stock options that may be granted during the remainder of the year and can be impacted by employee retirements and terminations. The Company issues shares of common stock upon the exercise of stock options. The Company uses its historical stock price volatility on the Company stock to compute the expected volatility for purposes of valuing stock options issued. The period used for the historical stock price corresponded to the expected term of the stock options and was seven years, five 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. No stock options are expected to be granted in 2015. Stock option transactions for Teledyne’s employee stock option plans for the second quarter and six months ended June 28, 2015 are summarized as follows: 2015 Second Quarter Six Months Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Beginning balance 2,427,529 $ 64.45 2,499,708 $ 63.85 Exercised (110,597 ) $ 62.70 (171,930 ) $ 54.26 Canceled (25,640 ) $ 84.71 (36,486 ) $ 80.11 Ending balance 2,291,292 $ 64.31 2,291,292 $ 64.31 Options exercisable at end of period 1,774,827 $ 54.35 1,774,827 $ 54.35 Stock option transactions for Teledyne’s non-employee director stock option plans for the second quarter and six months ended June 28, 2015 are summarized as follows: 2015 Second Quarter Six Months Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Beginning balance 341,629 $ 52.38 351,169 $ 51.76 Exercised (24,734 ) $ 49.29 (34,274 ) $ 43.85 Ending balance 316,895 $ 52.62 316,895 $ 52.62 Options exercisable at end of period 311,694 $ 52.24 311,694 $ 52.24 Performance Share Plan and Restricted Stock Award Program For the first of three annual installments of the 2012 to 2014 Performance Share Plan, 1,944 shares of Teledyne common stock were issued in the first quarter of 2015. The remaining 8,309 shares are expected to be issued in approximately two equal annual installments. Also in the first quarter of 2015, the restriction was removed for 29,642 shares of Teledyne common stock and 7,662 shares were forfeited related to the 2012 to 2014 Restricted Stock Award Program. In the first six months of 2015 , the Company granted 33,016 shares of restricted stock to certain employees at a weighted average fair value of $100.80 per share. Also in the first six months of 2015, 9,018 shares of restricted stock units were issued to non-employee directors at a fair market value of $109.69 per share. These restricted stock units vest one year from the grant date.

Inventories

Inventories	6 Months Ended
	Jun. 28, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost or market, less progress payments. Inventories are valued under the FIFO method, LIFO method and average cost method. Inventories at cost determined on the average cost or the FIFO methods were $258.9 million at June 28, 2015 and $241.8 million at December 28, 2014 . The remainder of the inventories using the LIFO method were $104.6 million at June 28, 2015 and $98.1 million at December 28, 2014 . Interim LIFO calculations are based on the Company’s estimates of expected year-end inventory levels and costs since an actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Because these are subject to many factors beyond the Company’s control, interim results are subject to the final year-end LIFO inventory valuation. Inventories consist of the following (in millions): Balance at June 28, 2015 December 28, 2014 Raw materials and supplies $ 148.5 $ 143.1 Work in process 167.6 153.5 Finished goods 47.4 43.3 363.5 339.9 Progress payments (16.5 ) (11.6 ) LIFO reserve (16.8 ) (16.5 ) Total inventories, net $ 330.2 $ 311.8

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 28, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information The following table presents the balance of selected components of Teledyne’s balance sheet (in millions): Balance sheet items Balance sheet classification June 28, 2015 December 28, 2014 Cash (a) Cash $ 61.3 $ 141.4 Allowance for doubtful accounts Accounts receivable $ 7.6 $ 7.8 Income tax receivable Prepaid expenses and other current assets $ 9.7 $ 13.6 Deferred compensation assets Other assets, net $ 50.4 $ 49.6 Salaries and wages Accrued liabilities $ 97.4 $ 108.7 Customer deposits and credits Accrued liabilities $ 45.2 $ 47.9 Accrued pension obligation Other long-term liabilities $ 14.1 $ 14.2 Accrued postretirement benefits Other long-term liabilities $ 11.1 $ 11.6 Deferred compensation liabilities Other long-term liabilities $ 47.3 $ 45.8 Deferred tax liabilities Other long-term liabilities $ 83.3 $ 77.3 (a) The decrease in cash primarily reflects lower cash balances held by foreign subsidiaries. Some of the Company’s products are subject to specified warranties and the Company provides for the estimated cost of product warranties. The adequacy of the pre-existing warranty liabilities is assessed regularly and the reserve is adjusted as necessary based on a review of historic warranty experience with respect to the applicable business or products, as well as the length and actual terms of the warranties, which are typically one year . The product warranty reserve is included in current and long term accrued liabilities on the balance sheet. Changes in the Company’s product warranty reserve during the first six months of 2015 and 2014 are as follows (in millions): Six Months 2015 2014 Balance at beginning of year $ 18.5 $ 17.3 Accruals for product warranties charged to expense 3.7 1.6 Cost of product warranty claims (4.0 ) (2.6 ) Acquisitions 0.2 0.1 Balance at end of period $ 18.4 $ 16.4

Income Taxes

Income Taxes	6 Months Ended
	Jun. 28, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision is calculated using an estimated annual effective tax rate, based upon expected annual income, permanent items, statutory rates and planned tax strategies in the various jurisdictions in which the Company operates. However, losses in certain jurisdictions and discrete items, such as the resolution of uncertain tax positions, are treated separately. The Company’s effective income tax rate for the second quarter and first six months of 2015 was 27.5% and 28.6% respectively. The Company’s effective income tax rate for the second quarter and first six months of 2014 was 28.3% and 27.2% , respectively. The first six months of 2015 included $1.1 million in net income tax benefits, compared with net income tax benefits of $2.1 million for the first six months of 2014. The second quarter of 2015 included income tax benefits of $1.3 million compared with net tax expense for discrete items of $0.2 million for the second quarter of 2014 . Excluding net discrete tax items in both periods, the effective tax rates would have been 29.5% for both the second quarter and first six months of 2015 and 28.1% for the second quarter of 2014 and 28.7% for the first six months of 2014.

Long-Term Debt and Capital Leas

Long-Term Debt and Capital Leases	6 Months Ended
	Jun. 28, 2015
Debt Disclosure [Abstract]
Long-Term Debt and Capital Leases	Long-Term Debt and Capital Leases Long-term debt consisted of the following (in millions): Balance at June 28, 2015 December 28, 2014 4.04% Senior Notes due September 2015 $ 75.0 $ 75.0 4.74% Senior Notes due September 2017 100.0 100.0 2.61% Senior Notes due December 2019 30.0 30.0 5.30% Senior Notes due September 2020 75.0 75.0 3.09% Senior Notes due December 2021 95.0 95.0 Term loans due through March 2019, weighted average rate of 1.44% at June 28, 2015 and 1.28% at December 28, 2014 197.5 200.0 Other debt at various rates due through 2031 3.0 14.7 $750.0 million revolving credit facility due March 2018, weighted average rate of 1.34% at June 28, 2015 and 1.24% at December 28, 2014 180.0 105.0 Total debt 755.5 694.7 Less: current portion of long-term debt (85.9 ) (84.9 ) Total long-term debt $ 669.6 $ 609.8 Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $555.4 million at June 28, 2015 . The credit agreement requires the Company to comply with various financial and operating covenants and at June 28, 2015 , the Company was in compliance with these covenants. 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 June 28, 2015 and December 28, 2014 , approximated the carrying value. At June 28, 2015 , the Company had $9.8 million in capital leases, of which $1.3 million is current. At December 28, 2014 , the Company had $10.4 million in capital leases, of which $1.3 million was current. At June 28, 2015 , Teledyne had $17.0 million in outstanding letters of credit.

Lawsuits, Claims, Commitments,

Lawsuits, Claims, Commitments, Contingencies and Related Matters	6 Months Ended
	Jun. 28, 2015
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments, Contingencies and Related Matters	Lawsuits, Claims, Commitments, Contingencies and Related Matters For a further description of the Company’s commitments and contingencies, reference is made to Note 15 of the Company’s financial statements as of and for the fiscal year ended December 28, 2014 , included in our 2014 Form 10-K. At June 28, 2015 , the Company’s reserves for environmental remediation obligations totaled $9.2 million , of which $4.8 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 30 years . A number of other lawsuits, claims and proceedings have been or may be asserted against the Company, including those pertaining to product liability, acquisitions, patent infringement, commercial contracts, environmental, employment and employee benefits matters. 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 statements.

Pension Plans and Postretiremen

Pension Plans and Postretirement Benefits	6 Months Ended
	Jun. 28, 2015
Compensation and Retirement Disclosure [Abstract]
Pension Plans and Postretirement Benefits	Pension Plans and Postretirement Benefits Teledyne’s pension expense was $1.1 million and $0.9 million for the second quarter and first six months of 2015 , compared with pension income of $0.4 million and $0.7 million for the second quarter and first six months of 2014 , respectively. In the first quarter of 2015, Teledyne froze its non-qualified pension plan for top executives which resulted in a one-time gain of $1.2 million in the first quarter of 2015. For the domestic pension plan, the discount rate decreased to 4.5 percent in 2015 compared with a 5.4 percent discount rate used in 2014 . Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards (“CAS”) was $3.4 million and $6.9 million for the both the second quarters and first six months of 2015 and 2014, respectively. Pension expense determined under CAS can generally be recovered through the pricing of products and services sold to the U.S. Government. Teledyne did not make any cash pension contributions to its domestic pension plan in 2015 or in 2014. No cash pension contributions are planned for 2015 for the domestic pension plan. The Company sponsors several postretirement defined benefit plans that provide health care and life insurance benefits for certain eligible retirees. The following tables set forth the components of net income/expense for Teledyne’s pension plans and postretirement benefit plans for the second quarter and first six months of 2015 and 2014 (in millions): Second Quarter Six Months Pension Benefits 2015 2014 2015 2014 Service cost — benefits earned during the period $ 3.4 $ 3.1 $ 6.7 $ 6.2 Interest cost on benefit obligation 9.8 10.6 19.7 21.3 Expected return on plan assets (19.1 ) (19.1 ) (38.3 ) (38.2 ) Amortization of prior service cost (1.5 ) (1.1 ) (3.0 ) (2.3 ) Amortization of net actuarial loss 8.5 6.1 17.0 12.3 Pension plan curtailment — — (1.2 ) — Net expense (income) $ 1.1 $ (0.4 ) $ 0.9 $ (0.7 ) Second Quarter Six Months Postretirement Benefits 2015 2014 2015 2014 Interest cost on benefit obligation $ 0.2 $ 0.1 $ 0.3 $ 0.3 Amortization of prior service cost — — — (0.1 ) Amortization of net actuarial gain (0.1 ) (0.2 ) (0.1 ) (0.3 ) Net expense (income) $ 0.1 $ (0.1 ) $ 0.2 $ (0.1 )

Segment Information

Segment Information	6 Months Ended
	Jun. 28, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information Teledyne is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Our customers include government agencies, aerospace prime contractors, energy exploration and production companies, major industrial companies and airlines. The Company has four reportable segments: Instrumentation; Digital Imaging; Aerospace and Defense Electronics; and Engineered Systems. The Company manages, evaluates and aggregates its operating segments for segment reporting purposes primarily on the basis of product and service type, production process, distribution methods, type of customer, management organization, sales growth potential and long-term profitability. The Instrumentation segment provides monitoring and control equipment for marine, environmental, scientific, industrial and defense applications, electronic test and measurement instruments and harsh environment interconnect products. The Digital Imaging segment includes high performance sensors, cameras and systems, within the visible, infrared and X-ray spectra, for use in industrial, government and medical applications, as well as micro electro-mechanical systems. 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 results include net sales and operating income by segment but excludes noncontrolling interest, equity income or loss, unusual non-recurring legal matter settlements, 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. Corporate expense includes various administrative expenses relating to the corporate office and certain non-operating expenses not allocated to our segments. The following table presents Teledyne’s segment disclosures. Second Quarter % Six Months % (Dollars in millions) 2015 2014 Change 2015 2014 Change Net sales(a): Instrumentation $ 271.3 $ 276.6 (1.9 )% $ 541.6 $ 535.5 1.1 % Digital Imaging 90.8 103.7 (12.4 )% 181.2 205.6 (11.9 )% Aerospace and Defense Electronics 147.0 152.2 (3.4 )% 288.2 305.5 (5.7 )% Engineered Systems 68.6 64.6 6.2 % 131.7 124.0 6.2 % Total net sales $ 577.7 $ 597.1 (3.2 )% $ 1,142.7 $ 1,170.6 (2.4 )% Operating income: Instrumentation $ 45.7 $ 43.8 4.3 % $ 87.8 $ 81.3 8.0 % Digital Imaging 8.8 11.7 (24.8 )% 18.1 21.4 (15.4 )% Aerospace and Defense Electronics 20.6 22.9 (10.0 )% 40.0 46.7 (14.3 )% Engineered Systems 4.8 6.8 (29.4 )% 11.5 12.9 (10.9 )% Corporate expense (11.0 ) (10.9 ) 0.9 % (21.2 ) (22.0 ) (3.6 )% Operating income $ 68.9 $ 74.3 (7.3 )% $ 136.2 $ 140.3 (2.9 )% (a) Net sales excludes inter-segment sales of $3.8 million and $8.1 million for the second quarter and six months ended June 28, 2015, respectively, and $5.5 million and $9.5 million for the second quarter and six months ended Jun 29, 2014, respectively. 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 following tables provide a summary of the net sales by product line for the Instrumentation segment and the Engineered Systems segment (in millions): Second Quarter Six Months Instrumentation 2015 2014 2015 2014 Marine Instrumentation $ 161.8 $ 160.1 $ 321.3 $ 310.7 Environmental Instrumentation 67.7 69.4 135.4 130.7 Test and Measurement Instrumentation 41.8 47.1 84.9 94.1 Total $ 271.3 $ 276.6 $ 541.6 $ 535.5 Second Quarter Six Months Engineered Systems 2015 2014 2015 2014 Engineered Products and Services $ 53.5 $ 50.3 $ 102.6 $ 97.9 Turbine Engines 4.0 6.7 9.6 12.8 Energy Systems 11.1 7.6 19.5 13.3 Total $ 68.6 $ 64.6 $ 131.7 $ 124.0

General (Policies)

General (Policies)	6 Months Ended
	Jun. 28, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (“Teledyne” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with accounting principles generally accepted in the United States as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 28, 2014 (“ 2014 Form 10-K”). In the opinion of Teledyne’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne’s consolidated financial position as of June 28, 2015 and the consolidated results of operations and consolidated comprehensive income for the three and six months then ended and consolidated cash flows for the six months then ended. The results of operations and cash flows for the period ended June 28, 2015 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current period presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. In July 2015, the FASB deferred the effective date by one year, but will allow early adoption as of the original adoption date. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently in the process of determining its implementation approach and assessing the impact on the consolidated financial statements and footnote disclosures.

Accumulated Other Comprehensi21

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 28, 2015
Equity [Abstract]
Changes in AOCI by Component	The changes in accumulated other comprehensive income ( “ AOCI ”) by component, net of tax, for the second quarter and six months ended June 28, 2015 and June 29, 2014 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges Pension and Postretirement Benefits Total Balance as of March 29, 2015 $ (139.8 ) $ (7.6 ) $ (222.4 ) $ (369.8 ) Other comprehensive gain (loss) before reclassifications 20.8 0.4 — 21.2 Amounts reclassified from AOCI — 1.4 4.0 5.4 Net other comprehensive income gain 20.8 1.8 4.0 26.6 Balance as of June 28, 2015 $ (119.0 ) $ (5.8 ) $ (218.4 ) $ (343.2 ) Foreign Currency Translation Cash Flow Hedges Pension and Postretirement Benefits Total Balance as of March 30, 2014 $ (41.8 ) $ (4.3 ) $ (126.9 ) $ (173.0 ) Other comprehensive income gain before reclassifications 16.5 1.8 — 18.3 Amounts reclassified from AOCI — 0.7 2.0 2.7 Net other comprehensive income gain 16.5 2.5 2.0 21.0 Balance as of June 29, 2014 $ (25.3 ) $ (1.8 ) $ (124.9 ) $ (152.0 ) Foreign Currency Translation Cash Flow Hedges Pension and Postretirement Benefits Total Balance as of December 28, 2014 $ (90.6 ) $ (5.3 ) $ (227.3 ) $ (323.2 ) Other comprehensive loss before reclassifications (28.4 ) (2.9 ) — (31.3 ) Amounts reclassified from AOCI — 2.4 8.9 11.3 Net other comprehensive gain (loss) (28.4 ) (0.5 ) 8.9 (20.0 ) Balance as of June 28, 2015 $ (119.0 ) $ (5.8 ) $ (218.4 ) $ (343.2 ) Foreign Currency Translation Cash Flow Hedges Pension and Postretirement Benefits Total Balance as of December 29, 2013 $ (32.4 ) $ (3.3 ) $ (129.8 ) $ (165.5 ) Other comprehensive gain before reclassifications 7.1 0.2 — 7.3 Amounts reclassified from AOCI — 1.3 4.9 6.2 Net other comprehensive income gain 7.1 1.5 4.9 13.5 Balance as of June 29, 2014 $ (25.3 ) $ (1.8 ) $ (124.9 ) $ (152.0 ) The reclassifications out of AOCI for the second quarter and six months ended June 28, 2015 and June 29, 2014 are as follows (in millions): Amount Reclassified from AOCI Three Months Ended Amount Reclassified from AOCI Three Months Ended Statement of Income June 28, 2015 June 29, 2014 Presentation Loss on cash flow hedges: Loss recognized in income on derivatives $ 1.8 $ 0.9 Other expense Income tax benefit (0.4 ) (0.2 ) Income tax benefit Total $ 1.4 $ 0.7 Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (1.5 ) $ (1.1 ) Pension expense Amortization of net actuarial loss 8.1 4.3 Pension expense Total before tax 6.6 3.2 Income tax benefit (2.6 ) (1.2 ) Income tax benefit Total $ 4.0 $ 2.0 Amount Reclassified from AOCI Six Months Ended Amount Reclassified from AOCI Six Months Ended Statement of Income June 28, 2015 June 29, 2014 Presentation Loss on cash flow hedges: Loss recognized in income on derivatives $ 3.2 $ 1.8 Other expense Income tax benefit (0.8 ) (0.5 ) Income tax benefit Total $ 2.4 $ 1.3 Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost (3.0 ) (2.2 ) Pension expense Amortization of net actuarial loss 17.1 10.2 Pension expense Total before tax 14.1 8.0 Income tax benefit (5.2 ) (3.1 ) Income tax benefit Total $ 8.9 $ 4.9

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 28, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts	As of June 28, 2015 , Teledyne had foreign currency contracts of this type in the following pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars C$ 51.0 U.S. Dollars US$ 42.4 Euros € 0.5 Canadian Dollars C$ 0.9 Euros € 1.9 U.S. Dollars US$ 2.2 Great Britain Pounds £ 0.9 Australian Dollars A$ 1.8 Great Britain Pounds £ 14.5 U.S. Dollars US$ 22.3 Singapore Dollars S$ 1.7 U.S. Dollars US$ 1.3 U.S. Dollars US$ 1.1 Japanese Yen ¥ 135.0
Effect of Derivative Instruments Designated as Cash Flow Hedges	The effect of derivative instruments designated as cash flow hedges in our condensed consolidated financial statements for the second quarter and six months ended June 28, 2015 and June 29, 2014 was as follows (in millions): Second Quarter Six Months 2015 2014 2015 2014 Net gain (loss) recognized in AOCI (a) $ 0.7 $ 2.3 $ (3.9 ) $ 0.2 Net loss reclassified from AOCI into cost of sales (a) $ (1.8 ) $ (0.9 ) $ (3.2 ) $ (1.8 ) Net foreign exchange gain recognized in other income and expense (b) $ — $ 0.2 $ 0.3 $ 0.3 a) Effective portion, pre-tax 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 June 28, 2015 December 28, 2014 Derivatives designated as hedging instruments: Cash flow forward contracts Accrued liabilities $ (4.6 ) $ (3.9 ) Total derivatives designated as hedging instruments (4.6 ) (3.9 ) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 0.8 0.3 Non-designated forward contracts Accrued liabilities (2.5 ) (4.8 ) Total derivatives not designated as hedging instruments (1.7 ) (4.5 ) Total asset (liability) derivatives $ (6.3 ) $ (8.4 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 28, 2015
Earnings Per Share [Abstract]
Computations of Basic and Diluted Earnings per Share	The following table sets forth the computations of basic and diluted earnings per share (amounts in millions, except per share data): Second Quarter Six Months 2015 2014 2015 2014 Net income attributable to Teledyne $ 48.3 $ 56.1 $ 92.0 $ 101.9 Basic earnings per share: Weighted average common shares outstanding 35.3 37.4 35.5 37.5 Basic earnings per common share $ 1.37 $ 1.50 $ 2.59 $ 2.72 Diluted earnings per share: Weighted average common shares outstanding 35.3 37.4 35.5 37.5 Effect of dilutive securities 0.8 0.7 0.8 0.7 Weighted average diluted common shares outstanding 36.1 38.1 36.3 38.2 Diluted earnings per common share $ 1.34 $ 1.47 $ 2.53 $ 2.67

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 28, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Transactions for Employee Stock Option Plans	Stock option transactions for Teledyne’s employee stock option plans for the second quarter and six months ended June 28, 2015 are summarized as follows: 2015 Second Quarter Six Months Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Beginning balance 2,427,529 $ 64.45 2,499,708 $ 63.85 Exercised (110,597 ) $ 62.70 (171,930 ) $ 54.26 Canceled (25,640 ) $ 84.71 (36,486 ) $ 80.11 Ending balance 2,291,292 $ 64.31 2,291,292 $ 64.31 Options exercisable at end of period 1,774,827 $ 54.35 1,774,827 $ 54.35
Stock Option Transactions for Non-Employee Stock Option Plans	Stock option transactions for Teledyne’s non-employee director stock option plans for the second quarter and six months ended June 28, 2015 are summarized as follows: 2015 Second Quarter Six Months Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Beginning balance 341,629 $ 52.38 351,169 $ 51.76 Exercised (24,734 ) $ 49.29 (34,274 ) $ 43.85 Ending balance 316,895 $ 52.62 316,895 $ 52.62 Options exercisable at end of period 311,694 $ 52.24 311,694 $ 52.24

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 28, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories consist of the following (in millions): Balance at June 28, 2015 December 28, 2014 Raw materials and supplies $ 148.5 $ 143.1 Work in process 167.6 153.5 Finished goods 47.4 43.3 363.5 339.9 Progress payments (16.5 ) (11.6 ) LIFO reserve (16.8 ) (16.5 ) Total inventories, net $ 330.2 $ 311.8

Supplemental Balance Sheet In26

Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 28, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Selected Components of Balance Sheet	The following table presents the balance of selected components of Teledyne’s balance sheet (in millions): Balance sheet items Balance sheet classification June 28, 2015 December 28, 2014 Cash (a) Cash $ 61.3 $ 141.4 Allowance for doubtful accounts Accounts receivable $ 7.6 $ 7.8 Income tax receivable Prepaid expenses and other current assets $ 9.7 $ 13.6 Deferred compensation assets Other assets, net $ 50.4 $ 49.6 Salaries and wages Accrued liabilities $ 97.4 $ 108.7 Customer deposits and credits Accrued liabilities $ 45.2 $ 47.9 Accrued pension obligation Other long-term liabilities $ 14.1 $ 14.2 Accrued postretirement benefits Other long-term liabilities $ 11.1 $ 11.6 Deferred compensation liabilities Other long-term liabilities $ 47.3 $ 45.8 Deferred tax liabilities Other long-term liabilities $ 83.3 $ 77.3
Company's Product Warranty Reserve	Changes in the Company’s product warranty reserve during the first six months of 2015 and 2014 are as follows (in millions): Six Months 2015 2014 Balance at beginning of year $ 18.5 $ 17.3 Accruals for product warranties charged to expense 3.7 1.6 Cost of product warranty claims (4.0 ) (2.6 ) Acquisitions 0.2 0.1 Balance at end of period $ 18.4 $ 16.4

Long-Term Debt and Capital Le27

Long-Term Debt and Capital Leases (Tables)	6 Months Ended
	Jun. 28, 2015
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt consisted of the following (in millions): Balance at June 28, 2015 December 28, 2014 4.04% Senior Notes due September 2015 $ 75.0 $ 75.0 4.74% Senior Notes due September 2017 100.0 100.0 2.61% Senior Notes due December 2019 30.0 30.0 5.30% Senior Notes due September 2020 75.0 75.0 3.09% Senior Notes due December 2021 95.0 95.0 Term loans due through March 2019, weighted average rate of 1.44% at June 28, 2015 and 1.28% at December 28, 2014 197.5 200.0 Other debt at various rates due through 2031 3.0 14.7 $750.0 million revolving credit facility due March 2018, weighted average rate of 1.34% at June 28, 2015 and 1.24% at December 28, 2014 180.0 105.0 Total debt 755.5 694.7 Less: current portion of long-term debt (85.9 ) (84.9 ) Total long-term debt $ 669.6 $ 609.8

Pension Plans and Postretirem28

Pension Plans and Postretirement Benefits (Tables)	6 Months Ended
	Jun. 28, 2015
Compensation and Retirement Disclosure [Abstract]
Defined Benefit Pension Plans and Postretirement Benefit Plans	The following tables set forth the components of net income/expense for Teledyne’s pension plans and postretirement benefit plans for the second quarter and first six months of 2015 and 2014 (in millions): Second Quarter Six Months Pension Benefits 2015 2014 2015 2014 Service cost — benefits earned during the period $ 3.4 $ 3.1 $ 6.7 $ 6.2 Interest cost on benefit obligation 9.8 10.6 19.7 21.3 Expected return on plan assets (19.1 ) (19.1 ) (38.3 ) (38.2 ) Amortization of prior service cost (1.5 ) (1.1 ) (3.0 ) (2.3 ) Amortization of net actuarial loss 8.5 6.1 17.0 12.3 Pension plan curtailment — — (1.2 ) — Net expense (income) $ 1.1 $ (0.4 ) $ 0.9 $ (0.7 ) Second Quarter Six Months Postretirement Benefits 2015 2014 2015 2014 Interest cost on benefit obligation $ 0.2 $ 0.1 $ 0.3 $ 0.3 Amortization of prior service cost — — — (0.1 ) Amortization of net actuarial gain (0.1 ) (0.2 ) (0.1 ) (0.3 ) Net expense (income) $ 0.1 $ (0.1 ) $ 0.2 $ (0.1 )

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 28, 2015
Segment Reporting [Abstract]
Industry Segment Disclosures for Net Sales and Operating Profit Including Other Segment Income	The following table presents Teledyne’s segment disclosures. Second Quarter % Six Months % (Dollars in millions) 2015 2014 Change 2015 2014 Change Net sales(a): Instrumentation $ 271.3 $ 276.6 (1.9 )% $ 541.6 $ 535.5 1.1 % Digital Imaging 90.8 103.7 (12.4 )% 181.2 205.6 (11.9 )% Aerospace and Defense Electronics 147.0 152.2 (3.4 )% 288.2 305.5 (5.7 )% Engineered Systems 68.6 64.6 6.2 % 131.7 124.0 6.2 % Total net sales $ 577.7 $ 597.1 (3.2 )% $ 1,142.7 $ 1,170.6 (2.4 )% Operating income: Instrumentation $ 45.7 $ 43.8 4.3 % $ 87.8 $ 81.3 8.0 % Digital Imaging 8.8 11.7 (24.8 )% 18.1 21.4 (15.4 )% Aerospace and Defense Electronics 20.6 22.9 (10.0 )% 40.0 46.7 (14.3 )% Engineered Systems 4.8 6.8 (29.4 )% 11.5 12.9 (10.9 )% Corporate expense (11.0 ) (10.9 ) 0.9 % (21.2 ) (22.0 ) (3.6 )% Operating income $ 68.9 $ 74.3 (7.3 )% $ 136.2 $ 140.3 (2.9 )% (a) Net sales excludes inter-segment sales of $3.8 million and $8.1 million for the second quarter and six months ended June 28, 2015, respectively, and $5.5 million and $9.5 million for the second quarter and six months ended Jun 29, 2014, respectively.
Summary of the sales by product line	The following tables provide a summary of the net sales by product line for the Instrumentation segment and the Engineered Systems segment (in millions): Second Quarter Six Months Instrumentation 2015 2014 2015 2014 Marine Instrumentation $ 161.8 $ 160.1 $ 321.3 $ 310.7 Environmental Instrumentation 67.7 69.4 135.4 130.7 Test and Measurement Instrumentation 41.8 47.1 84.9 94.1 Total $ 271.3 $ 276.6 $ 541.6 $ 535.5 Second Quarter Six Months Engineered Systems 2015 2014 2015 2014 Engineered Products and Services $ 53.5 $ 50.3 $ 102.6 $ 97.9 Turbine Engines 4.0 6.7 9.6 12.8 Energy Systems 11.1 7.6 19.5 13.3 Total $ 68.6 $ 64.6 $ 131.7 $ 124.0

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Income (Loss) (Changes in AOCI by Component) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning	$ (369.8)	$ (173)	$ (323.2)	$ (165.5)
Other comprehensive gain (loss) before reclassifications	21.2	18.3	(31.3)	7.3
Amounts reclassified from AOCI	5.4	2.7	11.3	6.2
Other comprehensive income (loss)	26.6	21	(20)	13.5
Balance, end	(343.2)	(152)	(343.2)	(152)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning	(139.8)	(41.8)	(90.6)	(32.4)
Other comprehensive gain (loss) before reclassifications	20.8	16.5	(28.4)	7.1
Amounts reclassified from AOCI	0	0	0	0
Other comprehensive income (loss)	20.8	16.5	(28.4)	7.1
Balance, end	(119)	(25.3)	(119)	(25.3)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning	(7.6)	(4.3)	(5.3)	(3.3)
Other comprehensive gain (loss) before reclassifications	0.4	1.8	(2.9)	0.2
Amounts reclassified from AOCI	1.4	0.7	2.4	1.3
Other comprehensive income (loss)	1.8	2.5	(0.5)	1.5
Balance, end	(5.8)	(1.8)	(5.8)	(1.8)
Pension and Postretirement Benefits
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning	(222.4)	(126.9)	(227.3)	(129.8)
Other comprehensive gain (loss) before reclassifications	0	0	0	0
Amounts reclassified from AOCI	4	2	8.9	4.9
Other comprehensive income (loss)	4	2	8.9	4.9
Balance, end	$ (218.4)	$ (124.9)	$ (218.4)	$ (124.9)

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Income (Loss) (Reclassifications Out of Accumulated OCI) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other expense	$ (3.4)	$ (8.2)	$ (4.2)	$ (8.8)
Income tax expense (benefit)	18.3	22.1	36.8	38
Amount Reclassified from AOCI | Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other expense	1.8	0.9	3.2	1.8
Income tax expense (benefit)	(0.4)	(0.2)	(0.8)	(0.5)
Net of tax	1.4	0.7	2.4	1.3
Amount Reclassified from AOCI | Pension and Postretirement Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (benefit)	(2.6)	(1.2)	(5.2)	(3.1)
Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost	(1.5)	(1.1)	(3)	(2.2)
Amortization of net actuarial loss	8.1	4.3	17.1	10.2
Total before tax	6.6	3.2	14.1	8
Total	$ 4	$ 2	$ 8.9	$ 4.9

Business Combinations and Inv32

Business Combinations and Investments, Goodwill and Acquired Intangible Assets (Details) $ in Millions	Jun. 05, 2015USD ($)	Apr. 29, 2015USD ($)	Feb. 02, 2015USD ($)	Dec. 28, 2014USD ($)business	Jun. 28, 2015USD ($)
Business Acquisition [Line Items]
Number of businesses acquired | business				4
Goodwill				$ 1,150.6	$ 1,165.6
Acquired intangibles, net				$ 277.6	$ 266.6
Subsidiaries | Industrial Control Machines SA
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	$ 21.4
Indemnification holdback, amount as of acquisition date	$ 2.6
Subsidiaries | Optech Incorporated
Business Acquisition [Line Items]
Remaining percentage of voting interests acquired		49.00%
Payments to acquire businesses, gross		$ 22
Subsidiaries | Bowtech Products Limited
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired			$ 18.8

Derivative Instruments (Foreign

Derivative Instruments (Foreign Currency Contracts) (Details) € in Millions, ¥ in Millions, £ in Millions, SGD in Millions, CAD in Millions, AUD in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2015USD ($)	Jun. 29, 2014USD ($)	Jun. 28, 2015USD ($)	Jun. 29, 2014USD ($)	Jun. 28, 2015SGD	Jun. 28, 2015AUD	Jun. 28, 2015JPY (¥)	Jun. 28, 2015GBP (£)	Jun. 28, 2015EUR (€)	Jun. 28, 2015CAD	Jun. 28, 2015USD ($)
Derivative Instruments (Textual) [Abstract]
Expected reclassification of gain (loss) over the next 12 months											$ 3.7
Sell US Dollars and Buy Canadian Dollars
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract											64.9
Not Designated as Hedging Instrument
Derivative Instruments (Textual) [Abstract]
Expense (gain) of derivative instruments not designated as cash flow hedges recognized in other income and expense	$ 2.5	$ (1.7)	$ (2.3)	$ (1.2)
Long | Not Designated as Hedging Instrument | Sell US Dollars and Buy Canadian Dollars
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract | CAD										CAD 51
Long | Not Designated as Hedging Instrument | Sell Canadian Dollars and Buy Euros
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract | €									€ 0.5
Long | Not Designated as Hedging Instrument | Sell US Dollars and Buy Euros
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract | €									€ 1.9
Long | Not Designated as Hedging Instrument | Sell Australian Dollars and Buy Great Britain Pounds
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract | £								£ 0.9
Long | Not Designated as Hedging Instrument | Sell US Dollars and Buy Great Britain Pounds
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract | £								£ 14.5
Long | Not Designated as Hedging Instrument | Sell US Dollars and Buy Singapore Dollars
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract | SGD					SGD 1.7
Long | Not Designated as Hedging Instrument | Sell Japanese Yen and Buy US Dollars
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract											1.1
Short | Not Designated as Hedging Instrument | Sell US Dollars and Buy Canadian Dollars
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract											42.4
Short | Not Designated as Hedging Instrument | Sell Canadian Dollars and Buy Euros
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract | CAD										CAD 0.9
Short | Not Designated as Hedging Instrument | Sell US Dollars and Buy Euros
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract											2.2
Short | Not Designated as Hedging Instrument | Sell Australian Dollars and Buy Great Britain Pounds
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract | AUD						AUD 1.8
Short | Not Designated as Hedging Instrument | Sell US Dollars and Buy Great Britain Pounds
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract											22.3
Short | Not Designated as Hedging Instrument | Sell US Dollars and Buy Singapore Dollars
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract											$ 1.3
Short | Not Designated as Hedging Instrument | Sell Japanese Yen and Buy US Dollars
Derivative Instruments (Textual) [Abstract]
Amount of foreign currency contract | ¥							¥ 135

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivative Instruments) (Details) - Cash Flow Hedging - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Effect of derivative instruments designated as cash flow hedges
Net gain (loss) recognized in AOCI (a)	[1]	$ 0.7	$ 2.3	$ (3.9)	$ 0.2
Net loss reclassified from AOCI into cost of sales (a)	[1]	$ (1.8)	(0.9)	(3.2)	(1.8)
Net foreign exchange gain recognized in other income and expense (b)	[2]		$ 0.2	$ 0.3	$ 0.3
[1]	Effective portion, pre-tax
[2]	Amount excluded from effectiveness testing

Derivative Instruments (Fair Va

Derivative Instruments (Fair Values of Instruments) (Details) - USD ($) $ in Millions	Jun. 28, 2015	Dec. 28, 2014
Fair values of derivative financial instruments
Total asset/(liability) derivatives	$ (6.3)	$ (8.4)
Designated as Hedging Instrument
Fair values of derivative financial instruments
Total asset/(liability) derivatives	(4.6)	(3.9)
Not Designated as Hedging Instrument
Fair values of derivative financial instruments
Total asset/(liability) derivatives	(1.7)	(4.5)
Foreign Exchange Contract | Designated as Hedging Instrument | Accrued liabilities
Fair values of derivative financial instruments
Total asset/(liability) derivatives	(4.6)	(3.9)
Foreign Exchange Contract | Not Designated as Hedging Instrument | Other current assets
Fair values of derivative financial instruments
Total asset/(liability) derivatives	0.8	0.3
Foreign Exchange Contract | Not Designated as Hedging Instrument | Accrued liabilities
Fair values of derivative financial instruments
Total asset/(liability) derivatives	$ (2.5)	$ (4.8)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	Feb. 02, 2015	May. 31, 2015	Feb. 28, 2015	Sep. 28, 2014	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014	Jan. 27, 2015	Oct. 31, 2011
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock							$ 142,000,000	$ 35,600,000
Line of credit facility, current borrowing capacity					$ 750,000,000		$ 750,000,000
Treasury stock, shares					2,313,066		2,313,066
Stock options excluded in computation of diluted earnings per share (in shares)							0	0
Computation of Basic and Diluted Earnings Per Share
Net income attributable to Teledyne					$ 48,300,000	$ 56,100,000	$ 92,000,000	$ 101,900,000
Basic earnings per share:
Weighted average common shares outstanding (in shares)					35,300,000	37,400,000	35,500,000	37,500,000
Basic earnings per common share (in USD per share)					$ 1.37	$ 1.50	$ 2.59	$ 2.72
Diluted earnings per share:
Weighted average common shares outstanding (in shares)					35,300,000	37,400,000	35,500,000	37,500,000
Dilutive effect of exercise of options outstanding (in shares)					800,000	700,000	800,000	700,000
Weighted average diluted common shares outstanding (in shares)					36,100,000	38,100,000	36,300,000	38,200,000
Diluted earnings per common share (in USD per share)					$ 1.34	$ 1.47	$ 2.53	$ 2.67
Accelerated share repurchase agreement
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount to be repurchased (in shares)	1,500,000			1,030,000					2,500,000	2,500,000
Stock repurchase program, authorized amount	$ 142,000,000			$ 101,600,000
Treasury stock acquired, average cost (per share)	$ 94.68			$ 98.62
Treasury stock acquired (in shares)	1,425,000	78,522		927,000
Payments for repurchase of common stock	$ 134,900,000			$ 91,400,000
Percentage of shares repurchased				90.00%
Percentage of shares repurchased	95.00%
Accelerated share repurchase agreement | Revolving Credit Facility
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock			$ 120,000,000

Stock-Based Compensation Plan37

Stock-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 28, 2015USD ($)installmentshares	Mar. 29, 2015shares	Jun. 29, 2014USD ($)	Jun. 28, 2015USD ($)installment$ / sharesshares	Jun. 29, 2014USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option compensation expense | $	$ 3.3		$ 3.6	$ 7.1	$ 6.2
Expected stock option compensation expense | $				$ 12.6
Period of historical stock price corresponded to the expected term of the option				7 years 5 months
Options granted in the period, gross				0
Removal of restrictions from stock of restricted stock performance period		29,642
Forfeited shares related to restricted stock performance period		7,662
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual performance share plan installments | installment	3			3
Performance shares issued		1,944
Shares expected to be issued in two equal installments	8,309			8,309
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)				33,016
Weighted average fair value | $ / shares				$ 100.80
Employee | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period over which employee stock option grants are evenly expensed				3 years
Director | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period over which employee stock option grants are evenly expensed				1 year
Director | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period over which employee stock option grants are evenly expensed				1 year
Performance shares issued				9,018
Issues in period, fair market value (price per share) | $ / shares				$ 109.69

Stock-Based Compensation Plan38

Stock-Based Compensation Plans (Options Plans) (Details) - Jun. 28, 2015 - $ / shares	Total	Total
Stock Options
Shares
Beginning balance, Shares	2,427,529	2,499,708
Exercised, Shares	(110,597)	(171,930)
Canceled or expired, Shares	(25,640)	(36,486)
Ending balance, Shares	2,291,292	2,291,292
Options exercisable at end of period, Shares	1,774,827	1,774,827
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning balance (in USD per share)	$ 64.45	$ 63.85
Weighted Average Exercise Price, Exercised (in USD per share)	62.70	54.26
Weighted Average Exercise Price, Canceled or expired (in USD per share)	84.71	80.11
Weighted Average Exercise Price, Ending Balance (in USD per share)	64.31	64.31
Weighted Average Exercise Price, Options exercisable at end of period (in USD per share)	$ 54.35	$ 54.35
Non-Employee Stock Option Plan
Shares
Beginning balance, Shares	341,629	351,169
Exercised, Shares	(24,734)	(34,274)
Ending balance, Shares	316,895	316,895
Options exercisable at end of period, Shares	311,694	311,694
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning balance (in USD per share)	$ 52.38	$ 51.76
Weighted Average Exercise Price, Exercised (in USD per share)	49.29	43.85
Weighted Average Exercise Price, Ending Balance (in USD per share)	52.62	52.62
Weighted Average Exercise Price, Options exercisable at end of period (in USD per share)	$ 52.24	$ 52.24

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	Jun. 28, 2015	Dec. 28, 2014
Inventory Disclosure [Abstract]
Inventories at average cost or FIFO methods	$ 258.9	$ 241.8
Inventories at cost as per LIFO	$ 104.6	$ 98.1

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 28, 2015	Dec. 28, 2014
Inventories
Raw materials and supplies	$ 148.5	$ 143.1
Work in process	167.6	153.5
Finished goods	47.4	43.3
Total inventories, gross	363.5	339.9
Progress payments	(16.5)	(11.6)
LIFO reserve	(16.8)	(16.5)
Total inventories, net	$ 330.2	$ 311.8

Supplemental Balance Sheet In41

Supplemental Balance Sheet Information (Balance Sheet Components) (Details) - USD ($) $ in Millions		Jun. 28, 2015	Dec. 28, 2014
Derivatives, Fair Value [Line Items]
Cash		$ 61.3	$ 141.4
Cash
Derivatives, Fair Value [Line Items]
Cash	[1]	61.3	141.4
Accounts receivable
Derivatives, Fair Value [Line Items]
Allowance for doubtful accounts		7.6	7.8
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Income tax receivable		9.7	13.6
Other assets, net
Derivatives, Fair Value [Line Items]
Deferred compensation assets		50.4	49.6
Accrued liabilities
Derivatives, Fair Value [Line Items]
Salaries and wages		97.4	108.7
Customer deposits and credits		45.2	47.9
Other long-term liabilities
Derivatives, Fair Value [Line Items]
Accrued pension obligation		14.1	14.2
Accrued postretirement benefits		11.1	11.6
Deferred compensation liabilities		47.3	45.8
Deferred tax liabilities		$ 83.3	$ 77.3
[1]	The decrease in cash primarily reflects lower cash balances held by foreign subsidiaries.

Supplemental Balance Sheet In42

Supplemental Balance Sheet Information (Narrative) (Details)	6 Months Ended
	Jun. 28, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Period for product warranty	1 year

Supplemental Balance Sheet In43

Supplemental Balance Sheet Information (Product Warranty) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Company's product warranty reserve
Balance at beginning of year	$ 18.5	$ 17.3
Accruals for product warranties charged to expense	3.7	1.6
Cost of product warranty claims	(4)	(2.6)
Acquisitions	0.2	0.1
Balance at end of period	$ 18.4	$ 16.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	27.50%	28.30%	28.60%	27.20%
Effective income tax rate reconciliation, other tax benefit	$ 1.3		$ 1.1	$ 2.1
Effective income tax rate reconciliation, other tax expense		$ 0.2
Effective income tax rate reconciliation, excluding tax credits	29.50%	28.10%	29.50%	28.70%

Long-Term Debt and Capital Le45

Long-Term Debt and Capital Leases - Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 28, 2015	Dec. 28, 2014
Summary of Long-Term Debt
Total debt	$ 755.5	$ 694.7
Less: current portion of long-term debt	(85.9)	(84.9)
Total long-term debt	669.6	609.8
4.04% Senior Notes due September 2015
Summary of Long-Term Debt
Total debt	$ 75	$ 75
Stated interest rate	4.04%	4.04%
4.74% Senior Notes due September 2017
Summary of Long-Term Debt
Total debt	$ 100	$ 100
Stated interest rate	4.74%	4.74%
2.61% Senior Notes due December 2019
Summary of Long-Term Debt
Total debt	$ 30	$ 30
Stated interest rate	2.61%	2.61%
5.30% Senior Notes due September 2020
Summary of Long-Term Debt
Total debt	$ 75	$ 75
Stated interest rate	5.30%	5.30%
3.09% Senior Notes due December 2021
Summary of Long-Term Debt
Total debt	$ 95	$ 95
Stated interest rate	3.09%	3.09%
Term loans due through March 2019, weighted average rate of 1.44% at June 28, 2015 and 1.28% at December 28, 2014
Summary of Long-Term Debt
Total debt	$ 197.5	$ 200
Long-term debt, weighted average interest rate	1.44%	1.28%
Other debt at various rates due through 2031
Summary of Long-Term Debt
Total debt	$ 3	$ 14.7
$750.0 million revolving credit facility due March 2018, weighted average rate of 1.34% at June 28, 2015 and 1.24% at December 28, 2014
Summary of Long-Term Debt
Total debt	$ 180	$ 105
Long-term debt, weighted average interest rate	1.34%	1.24%

Long-Term Debt and Capital Le46

Long-Term Debt and Capital Leases - Credit Facility and Capital Lease (Details) - USD ($)	Jun. 28, 2015	Dec. 28, 2014
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 750,000,000
Available borrowings capacity under letters of credit	555,400,000
Total capital leases	9,800,000	$ 10,400,000
Capital leases, current	1,300,000	$ 1,300,000
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit, outstanding	$ 17,000,000

Lawsuits, Claims, Commitments47

Lawsuits, Claims, Commitments, Contingencies and Related Matters (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2015	Dec. 28, 2014
Valuation and Qualifying Accounts Disclosure [Line Items]
Reserves for environmental remediation obligations	$ 9.2
Portion of reserves included in current accrued liabilities	$ 252.9	$ 290.3
Maximum
Valuation and Qualifying Accounts Disclosure [Line Items]
Up to estimated duration of remediation	30 years
Environmental Reserves
Valuation and Qualifying Accounts Disclosure [Line Items]
Portion of reserves included in current accrued liabilities	$ 4.8

Pension Plans and Postretirem48

Pension Plans and Postretirement Benefits (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 28, 2015	Mar. 29, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014	Dec. 28, 2014
Defined Benefit Plan Disclosure [Line Items]
Pension plan curtailment		$ 1,200,000
Contributions by employer by during period				$ 0	$ 0
Estimated contributions in current fiscal year				0
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net expense (benefit)	$ 1,100,000		$ (400,000)	900,000	(700,000)
Pension plan curtailment				$ (1,200,000)
Pension Benefits - U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate used to determine the benefit obligation	4.50%			4.50%		5.40%
U.S. Government Cost Accounting Standards
Defined Benefit Plan Disclosure [Line Items]
Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards	$ 3,400,000		$ 3,400,000	$ 6,900,000	$ 6,900,000

Pension Plans and Postretirem49

Pension Plans and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 28, 2015	Mar. 29, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Components of net period pension benefit expense
Pension plan curtailment		$ 1.2
Pension Benefits
Components of net period pension benefit expense
Service cost — benefits earned during the period	$ 3.4		$ 3.1	$ 6.7	$ 6.2
Interest cost on benefit obligation	9.8		10.6	19.7	21.3
Expected return on plan assets	(19.1)		(19.1)	(38.3)	(38.2)
Amortization of prior service cost	(1.5)		(1.1)	(3)	(2.3)
Amortization of net actuarial gains (losses)	8.5		6.1	17	12.3
Pension plan curtailment				(1.2)
Net expense (income)	1.1		(0.4)	0.9	(0.7)
Postretirement Benefits
Components of net period pension benefit expense
Interest cost on benefit obligation	0.2		0.1	0.3	0.3
Amortization of prior service cost					(0.1)
Amortization of net actuarial gains (losses)	(0.1)		(0.2)	(0.1)	(0.3)
Net expense (income)	$ 0.1		$ (0.1)	$ 0.2	$ (0.1)

Segment Information (Narrative)

Segment Information (Narrative) (Details) - Jun. 28, 2015	segmentproduct_line
Revenue from External Customer [Line Items]
Number of reportable segments | segment	4
Instrumentation
Revenue from External Customer [Line Items]
Number of product lines	3
Digital Imaging
Revenue from External Customer [Line Items]
Number of product lines	1
Aerospace and Defense Electronics
Revenue from External Customer [Line Items]
Number of product lines	1
Engineered Systems
Revenue from External Customer [Line Items]
Number of product lines	3

Segment Information (Reconcilia

Segment Information (Reconciliation) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Net sales(a):
Net sales	[1]	$ 577.7	$ 597.1	$ 1,142.7	$ 1,170.6
Net sales, percentage change	[1]	(3.20%)		(2.40%)
Operating income:
Total segment operating profit		$ 68.9	74.3	$ 136.2	140.3
Corporate expense, percentage change		(7.30%)		(2.90%)
Intersegment Eliminations
Operating income:
Revenues		$ 3.8	5.5	$ 8.1	9.5
Instrumentation
Net sales(a):
Net sales	[1]	$ 271.3	276.6	$ 541.6	535.5
Net sales, percentage change	[1]	(1.90%)		1.10%
Operating income:
Total segment operating profit		$ 45.7	43.8	$ 87.8	81.3
Total segment operating profit, percentage change		4.30%		8.00%
Digital Imaging
Net sales(a):
Net sales	[1]	$ 90.8	103.7	$ 181.2	205.6
Net sales, percentage change	[1]	(12.40%)		(11.90%)
Operating income:
Total segment operating profit		$ 8.8	11.7	$ 18.1	21.4
Total segment operating profit, percentage change		(24.80%)		(15.40%)
Aerospace and Defense Electronics
Net sales(a):
Net sales	[1]	$ 147	152.2	$ 288.2	305.5
Net sales, percentage change	[1]	(3.40%)		(5.70%)
Operating income:
Total segment operating profit		$ 20.6	22.9	$ 40	46.7
Total segment operating profit, percentage change		(10.00%)		(14.30%)
Engineered Systems
Net sales(a):
Net sales	[1]	$ 68.6	64.6	$ 131.7	124
Net sales, percentage change	[1]	6.20%		6.20%
Operating income:
Total segment operating profit		$ 4.8	6.8	$ 11.5	12.9
Total segment operating profit, percentage change		(29.40%)		(10.90%)
Corporate and Other
Operating income:
Corporate expense		$ (11)	$ (10.9)	$ (21.2)	$ (22)
Corporate expense, percentage change		0.90%		(3.60%)
[1]	(a)Net sales excludes inter-segment sales of $3.8 million and $8.1 million for the second quarter and six months ended June 28, 2015, respectively, and $5.5 million and $9.5 million for the second quarter and six months ended Jun 29, 2014, respectively.

Segment Information (Sales) (De

Segment Information (Sales) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Revenue from External Customer [Line Items]
Net sales	[1]	$ 577.7	$ 597.1	$ 1,142.7	$ 1,170.6
Instrumentation
Revenue from External Customer [Line Items]
Net sales	[1]	271.3	276.6	541.6	535.5
Instrumentation | Marine Instrumentation
Revenue from External Customer [Line Items]
Net sales		161.8	160.1	321.3	310.7
Instrumentation | Environmental Instrumentation
Revenue from External Customer [Line Items]
Net sales		67.7	69.4	135.4	130.7
Instrumentation | Test and Measurement Instrumentation
Revenue from External Customer [Line Items]
Net sales		41.8	47.1	84.9	94.1
Engineered Systems
Revenue from External Customer [Line Items]
Net sales	[1]	68.6	64.6	131.7	124
Engineered Systems | Engineered Products and Services
Revenue from External Customer [Line Items]
Net sales		53.5	50.3	102.6	97.9
Engineered Systems | Turbine Engines
Revenue from External Customer [Line Items]
Net sales		4	6.7	9.6	12.8
Engineered Systems | Energy Systems
Revenue from External Customer [Line Items]
Net sales		$ 11.1	$ 7.6	$ 19.5	$ 13.3
[1]	(a)Net sales excludes inter-segment sales of $3.8 million and $8.1 million for the second quarter and six months ended June 28, 2015, respectively, and $5.5 million and $9.5 million for the second quarter and six months ended Jun 29, 2014, respectively.

Uncategorized Items - tdy-20150

Label	Element	Value
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 48
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 55.8