Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 29, 2020 | Apr. 20, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 29, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-15295 | |
Entity Registrant Name | TELEDYNE TECHNOLOGIES INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 25-1843385 | |
Entity Address, Address Line One | 1049 Camino Dos Rios | |
Entity Address, City or Town | Thousand Oaks | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91360-2362 | |
City Area Code | 805 | |
Local Phone Number | 373-4545 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | TDY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 36,663,611 | |
Entity Central Index Key | 0001094285 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --01-03 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 784.6 | $ 745.2 |
Costs and expenses | ||
Cost of sales | 492.6 | 463.9 |
Selling, general and administrative expenses | 188 | 184 |
Total costs and expenses | 680.6 | 647.9 |
Operating income | 104 | 97.3 |
Interest and debt expense, net | (4.1) | (5.4) |
Non-service retirement benefit income | 2.5 | 2.2 |
Other expense, net | (1.4) | (1.2) |
Income before income taxes | 101 | 92.9 |
Provision for income taxes | 18.8 | 17.6 |
Net income | $ 82.2 | $ 75.3 |
Basic earnings per common share (in USD per share) | $ 2.25 | $ 2.09 |
Weighted average common shares outstanding (in shares) | 36.6 | 36.1 |
Diluted earnings per common share (in USD per share) | $ 2.17 | $ 2.02 |
Weighted average diluted common shares outstanding (in shares) | 37.8 | 37.2 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 82.2 | $ 75.3 |
Other comprehensive income (loss): | ||
Foreign exchange translation adjustment | (61.3) | 17 |
Hedge activity, net of tax | (5.9) | 1.8 |
Pension and postretirement benefit adjustments, net of tax | 3.5 | 4.6 |
Other comprehensive income (loss) | (63.7) | 23.4 |
Comprehensive income | $ 18.5 | $ 98.7 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 29, 2020 | Dec. 29, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 231.4 | $ 199.5 |
Accounts receivable, net | 450.2 | 460.4 |
Unbilled receivables, net | 217.9 | 200.5 |
Inventories, net | 401.1 | 393.4 |
Prepaid expenses and other current assets | 63.2 | 59.9 |
Total current assets | 1,363.8 | 1,313.7 |
Property, plant and equipment, net of accumulated depreciation and amortization of $634.0 at March 29, 2020 and $623.9 at December 29, 2019 | 475.5 | 487.9 |
Goodwill | 2,053.7 | 2,050.5 |
Acquired intangibles, net | 411.8 | 430.8 |
Prepaid pension assets | 77.4 | 71.8 |
Operating lease right-of-use assets | 123.2 | 127.1 |
Other assets, net | 79.6 | 98 |
Total Assets | 4,585 | 4,579.8 |
Current Liabilities | ||
Accounts payable | 263.4 | 271.1 |
Accrued liabilities | 395.6 | 391.5 |
Current portion of long-term debt and other debt | 100.6 | 100.6 |
Total current liabilities | 759.6 | 763.2 |
Long-term debt | 749.1 | 750 |
Long-term operating lease liabilities | 115.2 | 119.3 |
Other long-term liabilities | 208.1 | 232.6 |
Total Liabilities | 1,832 | 1,865.1 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Preferred stock, $0.01 par value; outstanding shares - none | 0 | 0 |
Common stock, $0.01 par value; authorized 125,000,000 shares; issued shares: 37,697,865 at March 29, 2020 and December 29, 2019; outstanding shares: 36,657,467 at March 29, 2020 and 36,547,966 at December 29, 2019 | 0.4 | 0.4 |
Additional paid-in capital | 370.9 | 360.5 |
Retained earnings | 3,008.2 | 2,926 |
Treasury stock, 1,040,398 shares at March 29, 2020 and 1,149,899 shares at December 29, 2019 | (87) | (96.4) |
Accumulated other comprehensive loss | (539.5) | (475.8) |
Stockholders' Equity Attributable to Parent, Total | 2,753 | 2,714.7 |
Total Liabilities and Stockholders’ Equity | $ 4,585 | $ 4,579.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 29, 2020 | Dec. 29, 2019 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation and amortization | $ 634 | $ 623.9 |
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, issued (in shares) | 37,697,865 | 37,697,865 |
Common stock, shares outstanding (in shares) | 36,657,467 | 36,547,966 |
Treasury stock (in shares) | 1,040,398 | 1,149,899 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 30, 2018 | $ 2,229.7 | $ 0.4 | $ 343.7 | $ (144.9) | $ 2,523.7 | $ (493.2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 75.3 | 75.3 | ||||
Other comprehensive income (loss), net of tax | 23.4 | 23.4 | ||||
Treasury stock issued | 0 | (15) | 15 | |||
Stock-based compensation | 10.9 | 10.9 | ||||
Exercise of stock options and other | 10.2 | 10.2 | ||||
Ending balance at Mar. 31, 2019 | 2,349.5 | 0.4 | 349.8 | (129.9) | 2,599 | (469.8) |
Beginning balance at Dec. 29, 2019 | 2,714.7 | 0.4 | 360.5 | (96.4) | 2,926 | (475.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 82.2 | 82.2 | ||||
Other comprehensive income (loss), net of tax | (63.7) | (63.7) | ||||
Treasury stock issued | 0 | (9.4) | 9.4 | |||
Stock-based compensation | 9.6 | 9.6 | ||||
Exercise of stock options and other | 10.2 | 10.2 | ||||
Ending balance at Mar. 29, 2020 | $ 2,753 | $ 0.4 | $ 370.9 | $ (87) | $ 3,008.2 | $ (539.5) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net income | $ 82.2 | $ 75.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 29.3 | 27.6 |
Stock-based compensation | 9.6 | 10.8 |
Changes in operating assets and liabilities excluding the effect of business acquired: | ||
Accounts receivable | (14.6) | 6.7 |
Inventories | (16.4) | (12.4) |
Prepaid expenses and other assets | (1.9) | (10) |
Accounts payable | (1) | (1.1) |
Accrued liabilities | (12.9) | (15.1) |
Deferred and income taxes receivable/payable, net | 9.1 | (2.8) |
Long-term assets | 11.9 | (13.4) |
Other long-term liabilities | (21.7) | 16.2 |
Other operating, net | 2.8 | (1.7) |
Net cash provided by operating activities | 76.4 | 80.1 |
Investing Activities | ||
Purchases of property, plant and equipment | (20.2) | (21.3) |
Purchase of businesses, net of cash acquired | (28.9) | (222.5) |
Net cash used in investing activities | (49.1) | (243.8) |
Financing Activities | ||
Net proceeds from credit facility | 120 | |
Net payments on other debt | (0.3) | (5.9) |
Proceeds from exercise of stock options | 10.2 | 10.2 |
Net cash provided by financing activities | 9.9 | 124.3 |
Effect of exchange rate changes on cash | (5.3) | 3.1 |
Change in cash and cash equivalents | 31.9 | (36.3) |
Cash and cash equivalents—beginning of period | 199.5 | 142.5 |
Cash and cash equivalents—end of period | $ 231.4 | $ 106.2 |
General
General | 3 Months Ended |
Mar. 29, 2020 | |
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 (“GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019 (“2019 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 March 29, 2020 and the consolidated results of operations, consolidated comprehensive income and consolidated cash flows for the three months then ended. The results of operations and cash flows for the period ended March 29, 2020 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 related to the segment realignment in the third quarter of 2019. Cash Equivalents Cash equivalents consist of highly liquid money-market mutual funds and bank deposits with maturities of three months or less when purchased. Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Simplifying the Test for Goodwill Impairment, which eliminates the computation of the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We adopted the new guidance as of December 30, 2019 which reduced the complexity surrounding the evaluation of goodwill for impairment. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 29, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The changes in AOCI by component, net of tax, for the first quarter ended March 29, 2020 and March 31, 2019 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance as of December 29, 2019 $ (150.4) $ (2.3) $ (323.1) $ (475.8) Other comprehensive loss before reclassifications (61.3) (3.6) — (64.9) Amounts reclassified from AOCI — (2.3) 3.5 1.2 Net other comprehensive income/(loss) (61.3) (5.9) 3.5 (63.7) Balance as of March 29, 2020 $ (211.7) $ (8.2) $ (319.6) $ (539.5) Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance as of December 30, 2018 $ (181.5) $ (4.9) $ (306.8) $ (493.2) Other comprehensive income before reclassifications 17.0 3.3 — 20.3 Amounts reclassified from AOCI — (1.5) 4.6 3.1 Net other comprehensive income 17.0 1.8 4.6 23.4 Balance as of March 31, 2019 $ (164.5) $ (3.1) $ (302.2) $ (469.8) The reclassifications out of AOCI to net income for the first quarter ended March 29, 2020 and March 31, 2019 are as follows (in millions): Amount Reclassified from AOCI for the Three Months Ended Amount Reclassified from AOCI for the Three Months Ended Statement of Income March 29, 2020 March 31, 2019 Presentation (Gain) loss on cash flow hedges: (Gain) loss recognized in income on derivatives $ (3.1) $ (2.0) See Note 4 Income tax impact 0.8 0.5 Provision for income taxes Total $ (2.3) $ (1.5) Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (1.5) $ (1.5) Costs and expenses Amortization of net actuarial loss 6.0 7.6 Costs and expenses Total before tax 4.5 6.1 Income tax impact (1.0) (1.5) Provision for income taxes Total $ 3.5 $ 4.6 |
Business Combinations, Goodwill
Business Combinations, Goodwill and Acquired Intangible Assets | 3 Months Ended |
Mar. 29, 2020 | |
Business Combinations and Investments, Goodwill and Acquired Intangible Assets [Abstract] | |
Business Combinations, Goodwill and Acquired Intangible Assets | Business Combinations, Goodwill and Acquired Intangible Assets Acquisition of the OakGate Technology, Inc. On January 5, 2020, we acquired OakGate Technology, Inc. (“OakGate”) for $28.4 million in cash, net of cash acquired. Based in Loomis, California, OakGate provides software and hardware designed to test electronic data storage devices from development through manufacturing and end-use applications. The acquired business is part of the Test and Measurement product line of the Instrumentation segment. Acquisition of the scientific imaging businesses of Roper Technologies, Inc. On February 5, 2019, we acquired the scientific imaging businesses of Roper Technologies, Inc. for $224.8 million in cash, net of cash acquired and including a purchase price adjustment. Principally located in the United States and Canada, the acquired businesses are part of the Digital Imaging segment. The acquired businesses include Princeton Instruments, Photometrics and Lumenera. The acquired businesses provide a range of imaging solutions, primarily for life sciences, academic research and customized OEM industrial imaging solutions. Princeton Instruments and Photometrics manufacture state-of-the-art cameras, spectrographs and optics for advanced research in physical sciences, life sciences research and spectroscopy imaging. Applications and markets include materials analysis, quantum technology and cell biology imaging using fluorescence and chemiluminescence. Lumenera primarily provides rugged USB-based customized cameras for markets such as traffic management, as well as life sciences applications. Acquisition of the gas and flame detection business of 3M Company On August 1, 2019, we acquired the gas and flame detection business of 3M Company for $233.5 million in cash, net of cash acquired. The gas and flame detection business includes Oldham, Simtronics, Gas Measurement Instruments, Detcon and select Scott Safety products. The gas and flame detection business provides a portfolio of fixed and portable industrial gas and flame detection instruments used in a variety of industries including petrochemical, power generation, oil and gas, food and beverage, mining and waste water treatment. Principally located in France, the United Kingdom and the United States, the acquired business is part of the Environmental Instrumentation product line of the Instrumentation segment. Acquisition of Micralyne On August 30, 2019, we acquired Micralyne Inc. for $26.2 million in cash, net of cash acquired and including a $0.5 million purchase price adjustment paid in January 2020. Based in Edmonton, Alberta, Canada, Micralyne is a privately-owned foundry providing Micro Electro Mechanical Systems or MEMS devices. In particular, Micralyne possesses unique microfluidic technology for biotech applications, as well as capabilities in non-silicon-based MEMS (e.g. gold, polymers) often required for human body compatibility. The acquired business is part of the Digital Imaging segment. Goodwill and Acquired Intangible Assets Teledyne’s goodwill was $2,053.7 million at March 29, 2020 and $2,050.5 million at December 29, 2019. The increase in the balance of goodwill in 2020 resulted from goodwill from recent acquisitions, mostly offset by exchange rate changes. Goodwill resulting from the acquisition of OakGate will not be deductible for tax purposes. Teledyne’s net acquired intangible assets were $411.8 million at March 29, 2020 and $430.8 million at December 29, 2019. The decrease in the balance of net acquired intangible assets resulted from amortization of acquired intangible assets and exchange rate changes. The Company completed 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 scientific imaging businesses acquisition. The Company is 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 OakGate acquisition and the gas and flame detection business and the Micralyne acquisitions since there was insufficient time between the acquisition dates and the end of the period to finalize the analysis. Teledyne funded the acquisitions with borrowings under its credit facility and cash on hand. The results of each acquisition have been included in Teledyne’s results since the date of each respective acquisition. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 29, 2020 | |
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 U.S. 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 for our Canadian companies, and in British pounds for our UK companies. These contracts are designated and qualify as cash flow hedges. The Company has also converted a U.S. dollar denominated, variable rate obligation into an euro fixed rate obligation using a receive float, pay fixed cross currency swap. These cross currency swaps are designated as a cash flow hedges. In addition the Company has converted domestic U.S. variable rate debt to fixed rate debt using a receive variable, pay fixed interest rate swap. The interest rate swap is also designated as a cash flow hedge. The effectiveness of the cash flow hedge forward contracts, is assessed prospectively and retrospectively 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 hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. The effective portion of the cash flow hedge forward 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 revenue in our consolidated statements of income. Net deferred losses recorded in AOCI, net of tax, for the forward contracts that will mature in the next twelve months total $4.1 million. These losses are expected to be offset by anticipated gains in the value of the forecasted underlying hedged item. Amounts related to the cross currency swaps and interest rate swap expected to be reclassified from AOCI into income in the next twelve months total $2.6 million. 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 March 29, 2020, Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $126.3 million. These foreign currency forward contracts have maturities ranging from June 2020 to May 2021. Teledyne had foreign currency forward contracts designated as cash flow hedges to buy British pounds and to sell U.S. dollars totaling $11.7 million. These foreign currency forward contracts have maturities ranging from June 2020 to February 2021. The cross currency swap have notional amounts of €113.0 million and $125 million, and €135.0 million and $150.0 million, and mature in March 2023 and October 2024, respectively. The interest rate swap has a notional amount of $125.0 million and matures in March 2023. The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the first quarter and three months ended March 29, 2020 and March 31, 2019 was as follows (in millions): First Quarter 2020 2019 Net gain (loss) recognized in AOCI (a) $ (0.6) $ 4.3 Net gain (loss) reclassified from AOCI into COS - Foreign Exchange Contracts (a) $ (0.1) $ (0.6) Net gain (loss) reclassified from AOCI Interest Rate Contracts $ (4.0) $ — Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b) $ 1.7 $ 1.8 Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts $ 1.5 $ — Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts $ 0.1 $ 0.8 Net foreign exchange gain (loss) recognized in other income, net (c) $ — $ (0.2) a) Effective portion, pre-tax b) Amount reclassified to offset earnings impact of liability hedged by cross currency swap c) Amount excluded from effectiveness testing 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 March 29, 2020, Teledyne had non-designated foreign currency contracts, (in excess of approximately $367.0 million) of this type in the following pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars $ 44.7 U.S. Dollars US$ 33.7 Canadian Dollars $ 14.3 Euros € 9.5 Great Britain Pounds £ 59.4 U.S. Dollars US$ 72.8 Euros € 29.4 U.S. Dollars US$ 32.5 Danish Krone DKR 142.1 U.S. Dollars US$ 21.0 Great Britain Pounds £ 6.8 Euros € 7.5 The above table includes non-designated hedges derived from terms contained in triggered or previously designated cash flow hedges. 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. Teledyne does not use foreign currency forward contracts for speculative or trading purposes. The effect of derivative instruments not designated as cash flow hedges recognized in other income and expense for the first quarter ended March 29, 2020 was expense of $10.4 million. The effect of derivative instruments not designated as cash flow hedges in other income and expense for the first quarter ended March 31, 2019 was income of $1.6 million. The income/expense was largely offset by losses/gains in the value of the underlying hedged item excluding the impact of forward points. Fair Value of Derivative Financial Instruments The Company has elected to use the income approach to value the derivatives, using observable Level 2 market expectations at measurement date and standard valuation techniques to convert future amounts to a single present amount. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts on LIBOR and EURIBOR) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR and EURIBOR cash and swap rates, foreign currency forward rates and cross currency basis spreads). Mid-market pricing is used as a practical expedient for fair value measurements. The fair value measurement of an asset or liability must reflect the nonperformance risk of the entity and the counterparty. Therefore, the impact of the counterparty’s creditworthiness when in an asset position and the Company’s creditworthiness when in a liability position has also been factored into the fair value measurement of the derivative instruments and did not have a material impact on the fair value of these derivative instruments. Both the counterparty and the Company are expected to continue to perform under the contractual terms of the 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 March 29, 2020 December 29, 2019 Derivatives designated as hedging instruments: Cash flow forward contracts Other assets $ — $ 1.3 Cash flow forward contracts Accrued liabilities (5.5) (0.1) Cash flow forward contracts Other long-term liabilities (2.8) — Cash flow cross currency swap Other current assets 1.2 5.4 Cash flow cross currency swap Accrued liabilities — 0.3 Cash flow cross currency swap Other non-current liabilities — (7.8) Cross currency swap Other current assets 2.7 — Cross currency swap Other assets 1.3 — Interest rate contracts Other current assets — 0.2 Interest rate contracts Other non-current assets — 0.3 Interest rate contracts Other current liabilities (1.2) — Interest rate contracts Other non-current liabilities (2.3) — Total derivatives designated as hedging instruments (6.6) (0.4) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 1.5 0.1 Non-designated forward contracts Accrued liabilities (3.9) (0.4) Total derivatives not designated as hedging instruments (2.4) (0.3) Total liability derivatives, net $ (9.0) $ (0.7) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 29, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share For the first quarter of 2020, 246,453 stock options were excluded in the computation of earnings per share because they had exercise prices that were greater than the weighted average market price of the Company’s common stock during the period. For the first quarter of 2019, 6,480 stock options were excluded in the computation of diluted earnings per share because they had exercise prices that were greater than the weighted average market price of the Company’s common stock during the period. The weighted average number of common shares used in the calculation of basic and diluted earnings per share consisted of the following (in millions): First Quarter 2020 2019 Weighted average basic common shares outstanding 36.6 36.1 Effect of dilutive securities (primarily stock options) 1.2 1.1 Weighted average diluted common shares outstanding 37.8 37.2 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 29, 2020 | |
Share-based Payment Arrangement [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 Board of Director stock compensation plans, pursuant to which common stock, stock options and restricted stock units have been issued to its directors. Stock Incentive Plan Stock option compensation expense was $7.4 million for the first quarter of 2020 and was $8.9 million for the first quarter of 2019. Employee stock option grants are charged to expense evenly over the three The following assumptions were used in the valuation of stock options granted in 2020: 2020 Expected volatility 23.7% Risk-free interest rate range 1.50% to 1.75% Expected life in years 6.6 Expected dividend yield — Based on the assumptions used in the valuation of stock options, the grant date weighted average fair value of stock options granted in 2020 was $106.26 per share. Stock option transactions for the first quarter of 2020 are summarized as follows: 2020 First Quarter Shares Weighted Beginning balance 1,988,576 $ 130.66 Granted 246,453 $ 383.18 Exercised (91,407) $ 111.94 Canceled (8,526) $ 203.69 Ending balance 2,135,096 $ 160.32 Options exercisable at end of period 1,532,304 $ 112.96 Performance Share Plan and Restricted Stock Award Program Under the 2015 to 2017 Performance Share Plan, the Company issued 7,673 shares of Teledyne common stock in the first quarter of 2020, 8,586 shares in the first quarter of 2019 and 6,481 shares in the first quarter of 2018. In the first quarter of 2018, the performance cycle for the three The following table shows the restricted stock activity for the first three months of 2020: Shares Weighted average fair value per share Balance, December 29, 2019 56,412 $ 158.62 Granted 10,080 $ 360.33 Vested (23,087) $ 114.74 Balance, March 29, 2020 43,405 $ 228.80 |
Inventories
Inventories | 3 Months Ended |
Mar. 29, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are stated at current cost net of reserves for excess, slow moving and obsolete inventory. Inventories are valued under the FIFO method, LIFO method or average cost method. Inventories at cost determined on the average cost or the FIFO methods were $365.9 million at March 29, 2020 and $361.2 million at December 29, 2019. The remainder of the inventories using the LIFO method is $42.7 million at March 29, 2020 and $40.0 million at December 29, 2019. 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 estimates are subject to many factors beyond the Company’s control, interim results are subject to the final year-end LIFO inventory valuation. Balance at Inventories (in millions): March 29, 2020 December 29, 2019 Raw materials and supplies $ 252.5 $ 231.2 Work in process 88.8 108.3 Finished goods 67.3 61.7 408.6 401.2 Reduction to LIFO cost basis (7.5) (7.8) Total inventories, net $ 401.1 $ 393.4 |
Customer Contracts
Customer Contracts | 3 Months Ended |
Mar. 29, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Customer Contracts | Customer Contracts Estimate at Completion Process For over time contracts using the cost-to-cost method, we have an Estimate at Completion (“EAC”) process in which management reviews the progress and execution of our performance obligations. This EAC process requires management judgment relative to assessing risks, estimating contract revenue and cost, and making assumptions for schedule and technical issues. Since certain contracts extend over multiple reporting periods, the impact of revisions in cost and revenue estimates during the progress of work may adjust the current period earnings through a cumulative catch-up basis. This method recognizes, in the current period, the cumulative effect of the changes on current and prior quarters. Additionally, if the current contract estimate indicates a loss, a provision is made for the total anticipated loss in the period that it becomes evident. Contract cost and revenue estimates for significant contracts are reviewed and reassessed quarterly. The majority of revenue recognized over time uses an EAC process. The net aggregate effects of changes in estimates on contracts accounted for under the cost-to-cost method in the first three months of 2020 was approximately $4.4 million of favorable operating income, primarily related to favorable changes in estimates that impacted revenue, and, to a lesser degree, cost of sales. The net aggregate effects of changes in estimates on contracts accounted for under the cost-to-cost method in the first three months of 2019 was approximately $2.8 million of favorable operating income, primarily related to favorable changes in estimates that impacted revenue. None of the effects of changes in estimates on any individual contract were material to the condensed consolidated statements of income for any period presented. Contract Liabilities We recognize a liability for interim and advance payments in excess of revenue recognized and present it as a contract liability which is included within accrued liabilities and other long-term liabilities on the Condensed Consolidated Balance Sheet, which represented $128.5 million and $16.1 million as of March 29, 2020, and $126.8 million and $17.9 million as of December 29, 2019, respectively. The Company recognized revenue of $32.7 million during the three months ended March 29, 2020 from contract liabilities that existed at the beginning of year. The Company recognizes the incremental costs of obtaining or fulfilling a contract as expense when incurred if the amortization period of the asset is one year or less. Incremental costs to obtain or fulfill contracts with an amortization period greater than one year were not material. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed as of the period end date and excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). As of March 29, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,909.5 million. The Company expects approximately 75% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 25% recognized thereafter. Product Warranty Costs 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 warranty reserve 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. The warranty reserve is included in current and long-term accrued liabilities on the Condensed Consolidated Balance Sheet. Three Months Warranty Reserve (in millions): 2020 2019 Balance at beginning of year $ 24.8 $ 21.0 Accruals for product warranties charged to expense and other (0.1) 2.2 Cost of product warranty claims (3.6) (2.9) Acquisition 0.1 0.3 Balance at end of period $ 21.2 $ 20.6 Accounts Receivable, Net The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities, which are included in accrued liabilities and other long-term liabilities) on the Condensed Consolidated Balance Sheet. Under the typical payment terms of our over time contracts, the customer pays us either performance-based payments or progress payments. Amounts billed and due from our customers are classified as receivables on the Condensed Consolidated Balance Sheet. Accounts receivable is presented net of an allowance for doubtful accounts of $10.5 million at March 29, 2020, and $10.2 million at December 29, 2019. 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 we evaluate the collectability of our accounts receivable and contract assets based on a combination of factors. If we become aware of a customer’s inability to meet its financial obligations, a specific allowance is recorded to reduce the net receivable to the amount reasonably believed to be collectible from the customer. For all other customers, we use an aging schedule and recognize allowances for doubtful accounts based on the creditworthiness of the debtor, the age and status of outstanding receivables, the current business environment and our historical collection experience adjusted for current expectations for the customers or industry. Accounts receivable are written off against the allowance for uncollectible accounts when we determine amounts are no longer collectible. Three Months Allowance for doubtful accounts (in millions): 2020 Balance at beginning of year $ 10.2 Accruals for credit loss charged to expense 0.3 Balance at end of period $ 10.5 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe 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 first quarter of 2020 was 18.6% compared with 18.9% for the first quarter of 2019. The first quarter of 2020 include net discrete income tax benefits of $4.2 million, which included net discrete tax benefits includes $4.7 million, related to share-based accounting. The first quarter of 2019 includes net discrete income tax benefits of $3.1 million, which included $2.9 million related to share-based accounting. Excluding the net discrete income tax benefits in both periods, the effective tax rates would have been 22.8% for the first quarter of 2020 and 22.3% for the first quarter of 2019. |
Long-Term Debt and Letters of C
Long-Term Debt and Letters of Credit | 3 Months Ended |
Mar. 29, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Letters of Credit | Long-Term Debt and Letters of Credit Balance at Long-Term Debt (in millions): March 29, 2020 December 29, 2019 $750 million credit facility due March 2024, weighted average rate of 1.83% at March 29, 2020 and 2.80% at December 29, 2019 $ 125.0 $ 125.0 Term loan due October 2024, variable rate of 2.60% at March 29, 2020 and 2.702% at December 29, 2019, swapped to a Euro fixed rate of 0.6120% 150.0 150.0 5.30% Fixed Rate Senior Notes due September 2020 75.0 75.0 2.81% Fixed Rate Senior Notes due November 2020 25.0 25.0 3.09% Fixed Rate Senior Notes due December 2021 95.0 95.0 3.28% Fixed Rate Senior Notes due November 2022 100.0 100.0 0.70% €50 Million Fixed Rate Senior Notes due April 2022 55.8 56.0 0.92% €100 Million Fixed Rate Senior Notes due April 2023 111.6 111.9 1.09% €100 Million Fixed Rate Senior Notes due April 2024 111.6 111.9 Other debt 1.8 2.0 Debt issuance costs (1.1) (1.2) Total debt 849.7 850.6 Less: current portion of long-term debt and debt issuance costs (100.6) (100.6) Total long-term debt $ 749.1 $ 750.0 Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $611.0 million at March 29, 2020. The credit agreements require the Company to comply with various financial and operating covenants and at March 29, 2020, the Company was in compliance with these covenants. At March 29, 2020, Teledyne had $28.6 million in outstanding letters of credit. |
Lease Commitments
Lease Commitments | 3 Months Ended |
Mar. 29, 2020 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments Operating Leases Teledyne has approximately 125 long-term operating lease agreements, which are primarily for manufacturing facilities and office space. These agreements frequently include one or more renewal options and may require the Company to pay for utilities, taxes, insurance and maintenance expense. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At March 29, 2020, Teledyne has right-of-use assets of $123.2 million and a total lease liability for operating leases of $134.5 million of which $115.2 million is included in long-term lease liabilities and $19.3 million is included in current accrued liabilities. At March 29, 2020, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions): Remainder of 2020 $ 18.6 2021 23.2 2022 20.6 2023 17.7 2024 15.8 Thereafter 74.4 Total minimum lease payments 170.3 Less: Imputed interest (35.8) Current portion (19.3) Present value of minimum lease payments, net of current portion $ 115.2 The weighted average remaining lease term for operating leases is approximately 9 years and the weighted average discount rate is 4.04%. Operating lease expense was $6.1 million and $5.8 million for the first three months of 2020 and the first three months of 2019, respectively. Finance Leases and Subleases Our finance leases and subleases are not material. |
Lawsuits, Claims, Commitments,
Lawsuits, Claims, Commitments, Contingencies and Related Matters | 3 Months Ended |
Mar. 29, 2020 | |
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 14 of the Company’s financial statements as of and for the fiscal year ended December 29, 2019, included in the 2019 Form 10-K. At March 29, 2020, the Company’s reserves for environmental remediation obligations totaled $6.7 million, of which $1.5 million is included in current accrued liabilities. At December 29, 2019, the Company’s reserves for environmental remediation obligations totaled $6.0 million. The Company 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. We are currently assessing an exposure of approximately $40.0 million related to certain accounts receivable, unbilled receivables and inventories, as well as other additional AOS-related expenses as a result of the March 27, 2020 bankruptcy of OneWeb Global Limited and its subsidiaries (“OneWeb”). Teledyne’s customer, Airbus OneWeb Satellites, LLC (“AOS”), a joint venture of OneWeb and Airbus Defense and Space, has not declared bankruptcy. Although it is reasonably possible that we may recognize a loss, given the uncertainty of the situation at this time, a loss, if any, will depend on the outcome of future events that could impact AOS. |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 3 Months Ended |
Mar. 29, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Benefits | Pension Plans and Postretirement Benefits Effective January 1, 2020, Teledyne restructured its domestic qualified defined benefit pension plan. The restructuring involved dividing our domestic qualified defined pension plan into two separate plans, one comprised primarily of inactive participants (the “inactive plan”) and the other comprised primarily of active participants (the “active plan”). The reorganization was made to efficiently facilitate a targeted investment strategy and to provide additional flexibility in evaluating opportunities to reduce risk and volatility. As a result of the restructuring, the Company re-measured the assets and liabilities of the two plans, based on assumptions and market conditions on the January 1, 2020 effective date. Actuarial gains and losses associated with the active plan will continue to be amortized over the average remaining service period of the active participants, while the actuarial gains and losses associated with the inactive plan will be amortized over the average remaining life expectancy of the inactive participants which is currently approximately 17.7 years. For the domestic qualified pension plans, the weighted-average discount rate decreased to 3.41% in 2020 compared with a 4.59% discount rate used in 2019. Teledyne has not made any cash pension contributions to its domestic qualified pension plan since 2013. No cash pension contributions are planned for 2020 for the domestic qualified pension plans. First Quarter 2020 2019 Service cost — benefits earned during the period (in millions) $ 2.6 $ 2.4 Pension non-service income (in millions): Interest cost on benefit obligation $ 6.9 $ 8.4 Expected return on plan assets (14.3) (16.5) Amortization of prior service cost (1.5) (1.5) Amortization of net actuarial loss 5.7 7.7 Curtailment/settlements 0.7 (0.3) Pension non-service income $ (2.5) $ (2.2) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 29, 2020 | |
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. Segment results includes net sales and operating income by segment but excludes non-service retirement benefit income, 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, including certain acquisition-related transaction costs, not allocated to our segments. The following table presents Teledyne’s segment disclosures (dollars in millions): First Quarter % 2020 2019 Change Net sales(a): Instrumentation $ 285.1 $ 256.5 11.2 % Digital Imaging 246.7 232.4 6.2 % Aerospace and Defense Electronics 156.3 166.6 (6.2) % Engineered Systems 96.5 89.7 7.6 % Total net sales $ 784.6 $ 745.2 5.3 % Operating income: Instrumentation $ 50.8 $ 39.9 27.3 % Digital Imaging 43.8 36.6 19.7 % Aerospace and Defense Electronics 13.4 32.5 (58.8) % Engineered Systems 11.4 6.4 78.1 % Corporate expense (15.4) (18.1) (14.9) % Operating income $ 104.0 $ 97.3 6.9 % (a) Net sales excludes inter-segment sales of $6.9 million and $6.4 million for the first quarter of 2020 and 2019, respectively. Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash, deferred taxes, net pension assets/liabilities and other assets (in millions): Identifiable assets: March 29, 2020 December 29, 2019 Instrumentation $ 1,703.3 $ 1,680.2 Digital Imaging 1,837.5 1,874.6 Aerospace and Defense Electronics 604.2 618.3 Engineered Systems 157.6 143.4 Corporate 282.4 263.3 Total identifiable assets $ 4,585.0 $ 4,579.8 Product Lines The Instrumentation segment includes three product lines: Environmental Instrumentation, Marine Instrumentation and Test and Measurement Instrumentation. Teledyne’s other three segments each contain one product line. The following tables provide a summary of the net sales by product line for the Instrumentation segment (in millions): First Quarter Instrumentation 2020 2019 Marine Instrumentation 109.3 $ 105.2 Environmental Instrumentation 109.3 86.4 Test and Measurement Instrumentation 66.5 64.9 Total $ 285.1 $ 256.5 We also disaggregate our revenue from contracts with customers by customer type, contract-type and geographic region for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. First Quarter Ended March 29, 2020 First Quarter Ended March 31, 2019 Customer Type Customer Type (in millions) United States Government (a) Other, Primarily Commercial Total United States Government (a) Other, Primarily Commercial Total Net Sales: Instrumentation $ 41.5 $ 243.6 $ 285.1 $ 14.2 $ 242.3 $ 256.5 Digital Imaging 29.3 217.4 246.7 26.2 206.2 232.4 Aerospace and Defense Electronics 53.8 102.5 156.3 49.5 117.1 166.6 Engineered Systems 88.3 8.2 96.5 80.0 9.7 89.7 $ 212.9 $ 571.7 $ 784.6 $ 169.9 $ 575.3 $ 745.2 a) Includes sales as a prime contractor or subcontractor. First Quarter Ended First Quarter Ended Contract Type Contract Type (in millions) Fixed Price Cost Type Total Fixed Price Cost Type Total Net Sales: Instrumentation $ 281.5 $ 3.6 $ 285.1 $ 251.0 $ 5.5 $ 256.5 Digital Imaging 213.4 33.3 246.7 199.2 33.2 232.4 Aerospace and Defense Electronics 156.1 0.2 156.3 163.4 3.2 166.6 Engineered Systems 50.3 46.2 96.5 34.9 54.8 89.7 $ 701.3 $ 83.3 $ 784.6 $ 648.5 $ 96.7 $ 745.2 First Quarter Ended First Quarter Ended Geographic Region (a) Geographic Region (a) (in millions) United States Europe All other Total United States Europe All other Total Net sales: Instrumentation $ 217.8 $ 54.9 $ 12.4 $ 285.1 $ 211.1 $ 33.6 $ 11.8 $ 256.5 Digital Imaging 77.6 68.8 100.3 246.7 72.4 67.4 92.6 232.4 Aerospace and Defense Electronics 131.9 24.2 0.2 156.3 146.6 19.8 0.2 166.6 Engineered Systems 96.5 — — 96.5 89.7 — — 89.7 $ 523.8 $ 147.9 $ 112.9 $ 784.6 $ 519.8 $ 120.8 $ 104.6 $ 745.2 a) Net sales by geographic region of origin. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 29, 2020 | |
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 (“GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019 (“2019 Form 10-K”). |
Cash Equivalents | Cash Equivalents Cash equivalents consist of highly liquid money-market mutual funds and bank deposits with maturities of three months or less when purchased. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Simplifying the Test for Goodwill Impairment, which eliminates the computation of the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We adopted the new guidance as of December 30, 2019 which reduced the complexity surrounding the evaluation of goodwill for impairment. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Equity [Abstract] | |
Changes in AOCI by Component | The changes in AOCI by component, net of tax, for the first quarter ended March 29, 2020 and March 31, 2019 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance as of December 29, 2019 $ (150.4) $ (2.3) $ (323.1) $ (475.8) Other comprehensive loss before reclassifications (61.3) (3.6) — (64.9) Amounts reclassified from AOCI — (2.3) 3.5 1.2 Net other comprehensive income/(loss) (61.3) (5.9) 3.5 (63.7) Balance as of March 29, 2020 $ (211.7) $ (8.2) $ (319.6) $ (539.5) Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance as of December 30, 2018 $ (181.5) $ (4.9) $ (306.8) $ (493.2) Other comprehensive income before reclassifications 17.0 3.3 — 20.3 Amounts reclassified from AOCI — (1.5) 4.6 3.1 Net other comprehensive income 17.0 1.8 4.6 23.4 Balance as of March 31, 2019 $ (164.5) $ (3.1) $ (302.2) $ (469.8) |
Reclassification out of Accumulated Other Comprehensive Income | The reclassifications out of AOCI to net income for the first quarter ended March 29, 2020 and March 31, 2019 are as follows (in millions): Amount Reclassified from AOCI for the Three Months Ended Amount Reclassified from AOCI for the Three Months Ended Statement of Income March 29, 2020 March 31, 2019 Presentation (Gain) loss on cash flow hedges: (Gain) loss recognized in income on derivatives $ (3.1) $ (2.0) See Note 4 Income tax impact 0.8 0.5 Provision for income taxes Total $ (2.3) $ (1.5) Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (1.5) $ (1.5) Costs and expenses Amortization of net actuarial loss 6.0 7.6 Costs and expenses Total before tax 4.5 6.1 Income tax impact (1.0) (1.5) Provision for income taxes Total $ 3.5 $ 4.6 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of Derivative Instruments Designated as Cash Flow Hedges | The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the first quarter and three months ended March 29, 2020 and March 31, 2019 was as follows (in millions): First Quarter 2020 2019 Net gain (loss) recognized in AOCI (a) $ (0.6) $ 4.3 Net gain (loss) reclassified from AOCI into COS - Foreign Exchange Contracts (a) $ (0.1) $ (0.6) Net gain (loss) reclassified from AOCI Interest Rate Contracts $ (4.0) $ — Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b) $ 1.7 $ 1.8 Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts $ 1.5 $ — Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts $ 0.1 $ 0.8 Net foreign exchange gain (loss) recognized in other income, net (c) $ — $ (0.2) a) Effective portion, pre-tax b) Amount reclassified to offset earnings impact of liability hedged by cross currency swap c) Amount excluded from effectiveness testing |
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts | As of March 29, 2020, Teledyne had non-designated foreign currency contracts, (in excess of approximately $367.0 million) of this type in the following pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars $ 44.7 U.S. Dollars US$ 33.7 Canadian Dollars $ 14.3 Euros € 9.5 Great Britain Pounds £ 59.4 U.S. Dollars US$ 72.8 Euros € 29.4 U.S. Dollars US$ 32.5 Danish Krone DKR 142.1 U.S. Dollars US$ 21.0 Great Britain Pounds £ 6.8 Euros € 7.5 |
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 March 29, 2020 December 29, 2019 Derivatives designated as hedging instruments: Cash flow forward contracts Other assets $ — $ 1.3 Cash flow forward contracts Accrued liabilities (5.5) (0.1) Cash flow forward contracts Other long-term liabilities (2.8) — Cash flow cross currency swap Other current assets 1.2 5.4 Cash flow cross currency swap Accrued liabilities — 0.3 Cash flow cross currency swap Other non-current liabilities — (7.8) Cross currency swap Other current assets 2.7 — Cross currency swap Other assets 1.3 — Interest rate contracts Other current assets — 0.2 Interest rate contracts Other non-current assets — 0.3 Interest rate contracts Other current liabilities (1.2) — Interest rate contracts Other non-current liabilities (2.3) — Total derivatives designated as hedging instruments (6.6) (0.4) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 1.5 0.1 Non-designated forward contracts Accrued liabilities (3.9) (0.4) Total derivatives not designated as hedging instruments (2.4) (0.3) Total liability derivatives, net $ (9.0) $ (0.7) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Earnings per Share | The weighted average number of common shares used in the calculation of basic and diluted earnings per share consisted of the following (in millions): First Quarter 2020 2019 Weighted average basic common shares outstanding 36.6 36.1 Effect of dilutive securities (primarily stock options) 1.2 1.1 Weighted average diluted common shares outstanding 37.8 37.2 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Valuation Assumptions | The following assumptions were used in the valuation of stock options granted in 2020: 2020 Expected volatility 23.7% Risk-free interest rate range 1.50% to 1.75% Expected life in years 6.6 Expected dividend yield — |
Stock Option Transactions for Employee Stock Option Plans | Stock option transactions for the first quarter of 2020 are summarized as follows: 2020 First Quarter Shares Weighted Beginning balance 1,988,576 $ 130.66 Granted 246,453 $ 383.18 Exercised (91,407) $ 111.94 Canceled (8,526) $ 203.69 Ending balance 2,135,096 $ 160.32 Options exercisable at end of period 1,532,304 $ 112.96 |
Schedule of Restricted Stock Activity | The following table shows the restricted stock activity for the first three months of 2020: Shares Weighted average fair value per share Balance, December 29, 2019 56,412 $ 158.62 Granted 10,080 $ 360.33 Vested (23,087) $ 114.74 Balance, March 29, 2020 43,405 $ 228.80 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Balance at Inventories (in millions): March 29, 2020 December 29, 2019 Raw materials and supplies $ 252.5 $ 231.2 Work in process 88.8 108.3 Finished goods 67.3 61.7 408.6 401.2 Reduction to LIFO cost basis (7.5) (7.8) Total inventories, net $ 401.1 $ 393.4 |
Supplemental Disclosures for Cu
Supplemental Disclosures for Customer Contracts (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Company's Product Warranty Reserve | Three Months Warranty Reserve (in millions): 2020 2019 Balance at beginning of year $ 24.8 $ 21.0 Accruals for product warranties charged to expense and other (0.1) 2.2 Cost of product warranty claims (3.6) (2.9) Acquisition 0.1 0.3 Balance at end of period $ 21.2 $ 20.6 |
Schedule of Accounts Receivable | Three Months Allowance for doubtful accounts (in millions): 2020 Balance at beginning of year $ 10.2 Accruals for credit loss charged to expense 0.3 Balance at end of period $ 10.5 |
Long-Term Debt and Letters of_2
Long-Term Debt and Letters of Credit (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Balance at Long-Term Debt (in millions): March 29, 2020 December 29, 2019 $750 million credit facility due March 2024, weighted average rate of 1.83% at March 29, 2020 and 2.80% at December 29, 2019 $ 125.0 $ 125.0 Term loan due October 2024, variable rate of 2.60% at March 29, 2020 and 2.702% at December 29, 2019, swapped to a Euro fixed rate of 0.6120% 150.0 150.0 5.30% Fixed Rate Senior Notes due September 2020 75.0 75.0 2.81% Fixed Rate Senior Notes due November 2020 25.0 25.0 3.09% Fixed Rate Senior Notes due December 2021 95.0 95.0 3.28% Fixed Rate Senior Notes due November 2022 100.0 100.0 0.70% €50 Million Fixed Rate Senior Notes due April 2022 55.8 56.0 0.92% €100 Million Fixed Rate Senior Notes due April 2023 111.6 111.9 1.09% €100 Million Fixed Rate Senior Notes due April 2024 111.6 111.9 Other debt 1.8 2.0 Debt issuance costs (1.1) (1.2) Total debt 849.7 850.6 Less: current portion of long-term debt and debt issuance costs (100.6) (100.6) Total long-term debt $ 749.1 $ 750.0 |
Lease Commitments - (Tables)
Lease Commitments - (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Leases [Abstract] | |
Operating Lease Schedule of Maturity | At March 29, 2020, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions): Remainder of 2020 $ 18.6 2021 23.2 2022 20.6 2023 17.7 2024 15.8 Thereafter 74.4 Total minimum lease payments 170.3 Less: Imputed interest (35.8) Current portion (19.3) Present value of minimum lease payments, net of current portion $ 115.2 |
Pension Plans and Postretirem_2
Pension Plans and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Retirement Benefits [Abstract] | |
Defined Benefit Pension Plans and Postretirement Benefit Plans | First Quarter 2020 2019 Service cost — benefits earned during the period (in millions) $ 2.6 $ 2.4 Pension non-service income (in millions): Interest cost on benefit obligation $ 6.9 $ 8.4 Expected return on plan assets (14.3) (16.5) Amortization of prior service cost (1.5) (1.5) Amortization of net actuarial loss 5.7 7.7 Curtailment/settlements 0.7 (0.3) Pension non-service income $ (2.5) $ (2.2) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Segment Reporting [Abstract] | |
Industry Segment Disclosures | The following table presents Teledyne’s segment disclosures (dollars in millions): First Quarter % 2020 2019 Change Net sales(a): Instrumentation $ 285.1 $ 256.5 11.2 % Digital Imaging 246.7 232.4 6.2 % Aerospace and Defense Electronics 156.3 166.6 (6.2) % Engineered Systems 96.5 89.7 7.6 % Total net sales $ 784.6 $ 745.2 5.3 % Operating income: Instrumentation $ 50.8 $ 39.9 27.3 % Digital Imaging 43.8 36.6 19.7 % Aerospace and Defense Electronics 13.4 32.5 (58.8) % Engineered Systems 11.4 6.4 78.1 % Corporate expense (15.4) (18.1) (14.9) % Operating income $ 104.0 $ 97.3 6.9 % (a) Net sales excludes inter-segment sales of $6.9 million and $6.4 million for the first quarter of 2020 and 2019, respectively. Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash, deferred taxes, net pension assets/liabilities and other assets (in millions): Identifiable assets: March 29, 2020 December 29, 2019 Instrumentation $ 1,703.3 $ 1,680.2 Digital Imaging 1,837.5 1,874.6 Aerospace and Defense Electronics 604.2 618.3 Engineered Systems 157.6 143.4 Corporate 282.4 263.3 Total identifiable assets $ 4,585.0 $ 4,579.8 |
Summary of the sales by product line | The following tables provide a summary of the net sales by product line for the Instrumentation segment (in millions): First Quarter Instrumentation 2020 2019 Marine Instrumentation 109.3 $ 105.2 Environmental Instrumentation 109.3 86.4 Test and Measurement Instrumentation 66.5 64.9 Total $ 285.1 $ 256.5 |
Disaggregation of Revenue | We also disaggregate our revenue from contracts with customers by customer type, contract-type and geographic region for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. First Quarter Ended March 29, 2020 First Quarter Ended March 31, 2019 Customer Type Customer Type (in millions) United States Government (a) Other, Primarily Commercial Total United States Government (a) Other, Primarily Commercial Total Net Sales: Instrumentation $ 41.5 $ 243.6 $ 285.1 $ 14.2 $ 242.3 $ 256.5 Digital Imaging 29.3 217.4 246.7 26.2 206.2 232.4 Aerospace and Defense Electronics 53.8 102.5 156.3 49.5 117.1 166.6 Engineered Systems 88.3 8.2 96.5 80.0 9.7 89.7 $ 212.9 $ 571.7 $ 784.6 $ 169.9 $ 575.3 $ 745.2 a) Includes sales as a prime contractor or subcontractor. First Quarter Ended First Quarter Ended Contract Type Contract Type (in millions) Fixed Price Cost Type Total Fixed Price Cost Type Total Net Sales: Instrumentation $ 281.5 $ 3.6 $ 285.1 $ 251.0 $ 5.5 $ 256.5 Digital Imaging 213.4 33.3 246.7 199.2 33.2 232.4 Aerospace and Defense Electronics 156.1 0.2 156.3 163.4 3.2 166.6 Engineered Systems 50.3 46.2 96.5 34.9 54.8 89.7 $ 701.3 $ 83.3 $ 784.6 $ 648.5 $ 96.7 $ 745.2 First Quarter Ended First Quarter Ended Geographic Region (a) Geographic Region (a) (in millions) United States Europe All other Total United States Europe All other Total Net sales: Instrumentation $ 217.8 $ 54.9 $ 12.4 $ 285.1 $ 211.1 $ 33.6 $ 11.8 $ 256.5 Digital Imaging 77.6 68.8 100.3 246.7 72.4 67.4 92.6 232.4 Aerospace and Defense Electronics 131.9 24.2 0.2 156.3 146.6 19.8 0.2 166.6 Engineered Systems 96.5 — — 96.5 89.7 — — 89.7 $ 523.8 $ 147.9 $ 112.9 $ 784.6 $ 519.8 $ 120.8 $ 104.6 $ 745.2 a) Net sales by geographic region of origin. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Changes in AOCI by Component) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 2,714.7 | $ 2,229.7 |
Other comprehensive income/(loss) before reclassifications | (64.9) | 20.3 |
Amounts reclassified from AOCI | 1.2 | 3.1 |
Other comprehensive income (loss) | (63.7) | 23.4 |
Ending balance | 2,753 | 2,349.5 |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (150.4) | (181.5) |
Other comprehensive income/(loss) before reclassifications | (61.3) | 17 |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive income (loss) | (61.3) | 17 |
Ending balance | (211.7) | (164.5) |
Cash Flow Hedges and Other | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (2.3) | (4.9) |
Other comprehensive income/(loss) before reclassifications | (3.6) | 3.3 |
Amounts reclassified from AOCI | (2.3) | (1.5) |
Other comprehensive income (loss) | (5.9) | 1.8 |
Ending balance | (8.2) | (3.1) |
Pension and Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (323.1) | (306.8) |
Other comprehensive income/(loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | 3.5 | 4.6 |
Other comprehensive income (loss) | 3.5 | 4.6 |
Ending balance | (319.6) | (302.2) |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (475.8) | (493.2) |
Other comprehensive income (loss) | (63.7) | 23.4 |
Ending balance | $ (539.5) | $ (469.8) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Reclassifications Out of Accumulated OCI) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
(Gain) loss on cash flow hedges: | ||
(Gain) loss recognized in income on derivatives | $ 492.6 | $ 463.9 |
Income tax impact | 18.8 | 17.6 |
Total | (82.2) | (75.3) |
Amortization of defined benefit pension and postretirement plan items: | ||
Total | 1.2 | 3.1 |
Cash Flow Hedges and Other | ||
Amortization of defined benefit pension and postretirement plan items: | ||
Total | (2.3) | (1.5) |
Prior Service Cost | ||
Amortization of defined benefit pension and postretirement plan items: | ||
Amortization of defined benefit pension and postretirement plan items | (1.5) | (1.5) |
Net Actuarial Loss | ||
Amortization of defined benefit pension and postretirement plan items: | ||
Amortization of defined benefit pension and postretirement plan items | 6 | 7.6 |
Pension and Postretirement Benefits | ||
Amortization of defined benefit pension and postretirement plan items: | ||
Amortization of defined benefit pension and postretirement plan items | 4.5 | 6.1 |
Income tax impact | (1) | (1.5) |
Total | 3.5 | 4.6 |
Amount Reclassified from AOCI | Cash Flow Hedges and Other | ||
(Gain) loss on cash flow hedges: | ||
(Gain) loss recognized in income on derivatives | (3.1) | (2) |
Income tax impact | 0.8 | 0.5 |
Total | $ (2.3) | $ (1.5) |
Business Combinations, Goodwi_2
Business Combinations, Goodwill and Acquired Intangible Assets (Details) - USD ($) $ in Millions | Jan. 05, 2020 | Aug. 30, 2019 | Aug. 01, 2019 | Feb. 05, 2019 | Jan. 31, 2020 | Mar. 29, 2020 | Mar. 31, 2019 | Dec. 29, 2019 |
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, net of cash acquired | $ 28.9 | $ 222.5 | ||||||
Goodwill | 2,053.7 | $ 2,050.5 | ||||||
Acquired intangibles, net | $ 411.8 | $ 430.8 | ||||||
Oak Gate Technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, net of cash acquired | $ 28.4 | |||||||
Roper Technologies, Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, net of cash acquired | $ 224.8 | |||||||
3M Gas and Flame Detection Business | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, net of cash acquired | $ 233.5 | |||||||
Micralyne Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, net of cash acquired | $ 26.2 | |||||||
Purchase price adjustment | $ 0.5 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) | 3 Months Ended | ||
Mar. 29, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 29, 2020EUR (€) | |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Income (expense) related to derivative instruments not designated as cash flow hedges recognized in other income and expense | $ (10,400,000) | $ 1,600,000 | |
Foreign Exchange Forward | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Expected reclassification of gain (loss) over the next 12 months | (4,100,000) | ||
Foreign Exchange Forward | Designated as Hedging Instrument | Sell US Dollars and Buy Canadian Dollars | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency contract | 126,300,000 | ||
Foreign Exchange Forward | Designated as Hedging Instrument | Sell US Dollars and Buy Great Britain Pounds | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency contract | 11,700,000 | ||
Currency Swap and Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Expected reclassification of gain (loss) over the next 12 months | 2,600,000 | ||
Currency Swap Maturing March 2023 | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency contract | 125,000,000 | € 113,000,000 | |
Currency Swap Maturing October 2024 | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency contract | 150,000,000 | € 135,000,000 | |
Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency contract | $ 125,000,000 |
Derivative Instruments (Effect
Derivative Instruments (Effect of Derivative Instruments) (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in AOCI | $ (0.6) | $ 4.3 |
Net foreign exchange gain (loss) recognized in other income and expense, net | 0 | (0.2) |
Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | (4) | 0 |
Revenue | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | (0.1) | (0.6) |
Other Operating Income (Expense) | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 1.7 | 1.8 |
Interest Expense | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 1.5 | 0 |
Interest Expense | Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | $ 0.1 | $ 0.8 |
Derivative Instruments (Foreign
Derivative Instruments (Foreign Currency Contracts) (Details) - Mar. 29, 2020 - Foreign Exchange Forward - Not Designated as Hedging Instrument € in Millions, £ in Millions, kr in Millions, $ in Millions, $ in Millions | USD ($) | DKK (kr) | GBP (£) | CAD ($) | EUR (€) |
Long | Sell US Dollars and Buy Canadian Dollars | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | $ 44.7 | ||||
Long | Sell Euros and Buy Canadian Dollars | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | $ 14.3 | ||||
Long | Sell US Dollars and Buy Great Britain Pounds | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | £ | £ 59.4 | ||||
Long | Sell US Dollars and Buy Euros | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | € | € 29.4 | ||||
Long | Sell US Dollars And Buy Danish Krone | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | kr | kr 142.1 | ||||
Long | Sell Euros and Buy Great British Pounds | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | £ | £ 6.8 | ||||
Short | Sell US Dollars and Buy Canadian Dollars | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | $ 33.7 | ||||
Short | Sell Euros and Buy Canadian Dollars | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | € | 9.5 | ||||
Short | Sell US Dollars and Buy Great Britain Pounds | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | 72.8 | ||||
Short | Sell US Dollars and Buy Euros | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | 32.5 | ||||
Short | Sell US Dollars And Buy Danish Krone | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | 21 | ||||
Short | Sell Euros and Buy Great British Pounds | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | € | € 7.5 | ||||
Minimum | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Foreign currency contract | $ 367 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Values of Instruments) (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Dec. 29, 2019 |
Fair values of derivative financial instruments | ||
Total liability derivatives, net | $ (9) | $ (0.7) |
Designated as Hedging Instrument | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | (6.6) | (0.4) |
Not Designated as Hedging Instrument | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | (2.4) | (0.3) |
Foreign Exchange Contract | Designated as Hedging Instrument | Other assets | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | 0 | 1.3 |
Foreign Exchange Contract | Designated as Hedging Instrument | Accrued liabilities | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | (5.5) | (0.1) |
Foreign Exchange Contract | Designated as Hedging Instrument | Other non-current liabilities | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | (2.8) | 0 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | Accrued liabilities | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | (3.9) | (0.4) |
Foreign Exchange Contract | Not Designated as Hedging Instrument | Other current assets | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | 1.5 | 0.1 |
Cash flow cross currency swap | Designated as Hedging Instrument | Accrued liabilities | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | 0 | 0.3 |
Cash flow cross currency swap | Designated as Hedging Instrument | Other non-current liabilities | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | 0 | (7.8) |
Cash flow cross currency swap | Designated as Hedging Instrument | Other current assets | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | 1.2 | 5.4 |
Currency Swap | Designated as Hedging Instrument | Other assets | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | 1.3 | 0 |
Currency Swap | Designated as Hedging Instrument | Other current assets | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | 2.7 | 0 |
Interest Rate Contract | Designated as Hedging Instrument | Other non-current liabilities | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | (2.3) | 0 |
Interest Rate Contract | Designated as Hedging Instrument | Other current assets | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | 0 | 0.2 |
Interest Rate Contract | Designated as Hedging Instrument | Other non-current assets | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | 0 | 0.3 |
Interest Rate Contract | Designated as Hedging Instrument | Other current liabilities | ||
Fair values of derivative financial instruments | ||
Total liability derivatives, net | $ (1.2) | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Stock options excluded in computation of diluted earnings per share (in shares) | 246,453 | 6,480 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding (in shares) | 36.6 | 36.1 |
Effect of dilutive securities (primarily stock options) (in shares) | 1.2 | 1.1 |
Weighted average diluted common shares outstanding (in shares) | 37.8 | 37.2 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Apr. 01, 2018 | Dec. 27, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option compensation expense | $ 7.4 | $ 8.9 | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value (in USD per share) | $ 106.26 | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued (in shares) | 7,673 | 8,586 | 6,481 | |
Performance measurement period | 3 years | |||
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 | |||
Scenario, Forecast | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected stock option compensation expense | $ 25.6 | |||
Maximum | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant (in shares) | 59,278 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Stock Option Valuation Assumptions) (Details) | 3 Months Ended |
Mar. 29, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 23.70% |
Expected life in years | 6 years 7 months 6 days |
Expected dividend yield | 0.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate range | 1.50% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate range | 1.75% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Options Plans) (Details) - Stock Options | 3 Months Ended |
Mar. 29, 2020$ / sharesshares | |
Shares | |
Beginning balance (in shares) | shares | 1,988,576 |
Granted (in shares) | shares | 246,453 |
Exercised (in shares) | shares | (91,407) |
Canceled (in shares) | shares | (8,526) |
Ending balance (in shares) | shares | 2,135,096 |
Options exercisable at end of period (in shares) | shares | 1,532,304 |
Weighted Average Exercise Price | |
Beginning balance (in USD per share) | $ / shares | $ 130.66 |
Granted (in USD per share) | $ / shares | 383.18 |
Exercised (in USD per share) | $ / shares | 111.94 |
Canceled (in USD per share) | $ / shares | 203.69 |
Ending balance (in USD per share) | $ / shares | 160.32 |
Options exercisable at end of period (in USD per share) | $ / shares | $ 112.96 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Restricted Stock Activity) (Details) - Restricted Stock | 3 Months Ended |
Mar. 29, 2020$ / sharesshares | |
Shares | |
Beginning balance (in shares) | shares | 56,412 |
Granted (in shares) | shares | 10,080 |
Vested (in shares) | shares | (23,087) |
Ending balance (in shares) | shares | 43,405 |
Weighted average fair value per share | |
Beginning balance (in USD per share) | $ / shares | $ 158.62 |
Granted (in USD per share) | $ / shares | 360.33 |
Vested (in USD per share) | $ / shares | 114.74 |
Ending balance (in USD per share) | $ / shares | $ 228.80 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Dec. 29, 2019 |
Inventory Disclosure [Abstract] | ||
Inventories at average cost or FIFO methods | $ 365.9 | $ 361.2 |
Inventories at cost as per LIFO | $ 42.7 | $ 40 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Dec. 29, 2019 |
Inventories | ||
Raw materials and supplies | $ 252.5 | $ 231.2 |
Work in process | 88.8 | 108.3 |
Finished goods | 67.3 | 61.7 |
Total inventories, gross | 408.6 | 401.2 |
Reduction to LIFO cost basis | (7.5) | (7.8) |
Total inventories, net | $ 401.1 | $ 393.4 |
Customer Contracts - Narrative
Customer Contracts - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Dec. 29, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Change in estimate | $ 4.4 | $ 2.8 | |
Contract with customer, current liability | 128.5 | $ 126.8 | |
Contract with customer, long-term liability | 16.1 | 17.9 | |
Revenue recognized from contract liabilities | 32.7 | ||
Remaining performance obligation | 1,909.5 | ||
Allowance for doubtful accounts | $ 10.5 | $ 10.2 |
Customer Contracts - Performanc
Customer Contracts - Performance Obligation (Details) | Mar. 29, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 75.00% |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 25.00% |
Remaining performance obligation, expected timing of satisfaction |
Customer Contracts - (Product W
Customer Contracts - (Product Warranty) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Company's product warranty reserve | ||
Balance at beginning of year | $ 24.8 | $ 21 |
Accruals for product warranties charged to expense and other | (0.1) | 2.2 |
Cost of product warranty claims | (3.6) | (2.9) |
Acquisition | 0.1 | 0.3 |
Balance at end of period | $ 21.2 | $ 20.6 |
Customer Contracts - Allowance
Customer Contracts - Allowance for Doubtful Accounts (Details) $ in Millions | 3 Months Ended |
Mar. 29, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at beginning of year | $ 10.2 |
Accruals for credit loss charged to expense | 0.3 |
Balance at end of period | $ 10.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 18.60% | 18.90% |
Discrete items | $ 4.2 | $ 3.1 |
Discrete tax expense (benefit), share-based accounting | $ 4.7 | $ 2.9 |
Effective tax rate excluding discrete items | 22.80% | 22.30% |
Long-Term Debt and Letters of_3
Long-Term Debt and Letters of Credit - Long-Term Debt (Details) | Mar. 29, 2020USD ($) | Mar. 29, 2020EUR (€) | Dec. 29, 2019USD ($) |
Debt Instrument [Line Items] | |||
Debt issuance costs | $ (1,100,000) | $ (1,200,000) | |
Total debt | 849,700,000 | 850,600,000 | |
Less: current portion of long-term debt and debt issuance costs | (100,600,000) | (100,600,000) | |
Long-term debt | 749,100,000 | 750,000,000 | |
Other debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 1,800,000 | 2,000,000 | |
Credit facility | $750 million credit facility due March 2024, weighted average rate of 1.83% at March 29, 2020 and 2.80% at December 29, 2019 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 750,000,000 | $ 750,000,000 | |
Weighted average interest rate | 1.83% | 1.83% | 2.80% |
Long-term debt, gross | $ 125,000,000 | $ 125,000,000 | |
Term Loans | Term loan due October 2024, variable rate of 2.60% at March 29, 2020 and 2.702% at December 29, 2019, swapped to a Euro fixed rate of 0.6120% | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 0.612% | 0.612% | |
Effective interest rate | 2.60% | 2.60% | 2.702% |
Long-term debt, gross | $ 150,000,000 | $ 150,000,000 | |
Senior Notes | 5.30% Fixed Rate Senior Notes due September 2020 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.30% | 5.30% | |
Long-term debt, gross | $ 75,000,000 | 75,000,000 | |
Senior Notes | 2.81% Fixed Rate Senior Notes due November 2020 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.81% | 2.81% | |
Long-term debt, gross | $ 25,000,000 | 25,000,000 | |
Senior Notes | 3.09% Fixed Rate Senior Notes due December 2021 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.09% | 3.09% | |
Long-term debt, gross | $ 95,000,000 | 95,000,000 | |
Senior Notes | 3.28% Fixed Rate Senior Notes due November 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.28% | 3.28% | |
Long-term debt, gross | $ 100,000,000 | 100,000,000 | |
Senior Notes | 0.70% €50 Million Fixed Rate Senior Notes due April 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 0.70% | 0.70% | |
Debt instrument, face amount (in eur) | € | € 50,000,000 | ||
Long-term debt, gross | $ 55,800,000 | 56,000,000 | |
Senior Notes | 0.92% €100 Million Fixed Rate Senior Notes due April 2023 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 0.92% | 0.92% | |
Debt instrument, face amount (in eur) | € | € 100,000,000 | ||
Long-term debt, gross | $ 111,600,000 | 111,900,000 | |
Senior Notes | 1.09% €100 Million Fixed Rate Senior Notes due April 2024 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 1.09% | 1.09% | |
Debt instrument, face amount (in eur) | € | € 100,000,000 | ||
Long-term debt, gross | $ 111,600,000 | $ 111,900,000 |
Long-Term Debt and Letters of_4
Long-Term Debt and Letters of Credit - Narrative (Details) - USD ($) | Mar. 29, 2020 | Dec. 29, 2019 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit, outstanding | $ 28,600,000 | |
Credit facility | $750 million credit facility due March 2024, weighted average rate of 1.83% at March 29, 2020 and 2.80% at December 29, 2019 | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 750,000,000 | $ 750,000,000 |
Credit facility | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Available borrowings capacity under letters of credit | $ 611,000,000 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 29, 2020USD ($)lease | Mar. 31, 2019USD ($) | Dec. 29, 2019USD ($) | |
Leases [Abstract] | |||
Number of operating leases | lease | 125 | ||
Operating lease right-of-use assets | $ 123.2 | $ 127.1 | |
Operating lease liability | 134.5 | ||
Present value of minimum lease payments, net of current portion | 115.2 | $ 119.3 | |
Short term lease liability | $ 19.3 | ||
Operating lease weighted average remaining term | 9 years | ||
Operating lease discount rate | 4.04% | ||
Operating lease expense | $ 6.1 | $ 5.8 |
Lease Commitments - Schedule of
Lease Commitments - Schedule of Lease Maturity (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Dec. 29, 2019 |
Leases [Abstract] | ||
Remainder of 2020 | $ 18.6 | |
2021 | 23.2 | |
2022 | 20.6 | |
2023 | 17.7 | |
2024 | 15.8 | |
Thereafter | 74.4 | |
Total minimum lease payments | 170.3 | |
Imputed interest | (35.8) | |
Current portion | (19.3) | |
Present value of minimum lease payments, net of current portion | $ 115.2 | $ 119.3 |
Lawsuits, Claims, Commitments_2
Lawsuits, Claims, Commitments, Contingencies and Related Matters (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Dec. 29, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Reserves for environmental remediation obligations | $ 6.7 | |
Accrued liabilities | 395.6 | $ 391.5 |
Accrual for environmental loss contingencies | $ 6 | |
OneWeb Global Limited Bankruptcy | Collectibility of Receivables | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Estimate of possible loss | $ 40 | |
Maximum | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Estimated duration of remediation | 30 years | |
Environmental Reserves | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Accrued liabilities | $ 1.5 |
Pension Plans and Postretirem_3
Pension Plans and Postretirement Benefits (Narrative) (Details) | 3 Months Ended | ||
Mar. 29, 2020USD ($) | Jan. 01, 2020numberOfPlans | Dec. 29, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions in current fiscal year | $ | $ 0 | ||
Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans | 2 | ||
Qualified Plan | Retirement Plan, Active Participants | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans | 1 | ||
Qualified Plan | Retirement Plan, Inactive Participants | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans | 1 | ||
Average remaining life expectancy of plan participants | 17 years 8 months 12 days | ||
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to determine the benefit obligation | 3.41% | 4.59% |
Pension Plans and Postretirem_4
Pension Plans and Postretirement Benefits (Details) - Pension Plan - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Components of net period pension benefit expense | ||
Service cost — benefits earned during the period | $ 2.6 | $ 2.4 |
Interest cost on benefit obligation | 6.9 | 8.4 |
Expected return on plan assets | (14.3) | (16.5) |
Amortization of prior service cost | (1.5) | (1.5) |
Amortization of net actuarial loss | 5.7 | 7.7 |
Curtailment/settlements | 0.7 | (0.3) |
Non-service (income) expense | $ (2.5) | $ (2.2) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 29, 2020product_linesegment | |
Revenue from External Customer [Line Items] | |
Number of reportable segments | segment | 4 |
Instrumentation | |
Revenue from External Customer [Line Items] | |
Number of product lines | 3 |
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 | 1 |
Digital Imaging | |
Revenue from External Customer [Line Items] | |
Number of product lines | 1 |
Segment Information (Reconcilia
Segment Information (Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Net sales: | ||
Net sales | $ 784.6 | $ 745.2 |
Net sales, percentage change | 5.30% | |
Operating income: | ||
Operating income | $ 104 | 97.3 |
Total segment operating profit, percentage change | 6.90% | |
Corporate, Non-Segment | ||
Operating income: | ||
Operating income | $ (15.4) | (18.1) |
Total segment operating profit, percentage change | (14.90%) | |
Intersegment Eliminations | ||
Net sales: | ||
Net sales | $ 6.9 | 6.4 |
Instrumentation | ||
Net sales: | ||
Net sales | 285.1 | 256.5 |
Instrumentation | Operating Segments | ||
Net sales: | ||
Net sales | $ 285.1 | 256.5 |
Net sales, percentage change | 11.20% | |
Operating income: | ||
Operating income | $ 50.8 | 39.9 |
Total segment operating profit, percentage change | 27.30% | |
Digital Imaging | ||
Net sales: | ||
Net sales | $ 246.7 | 232.4 |
Digital Imaging | Operating Segments | ||
Net sales: | ||
Net sales | $ 246.7 | 232.4 |
Net sales, percentage change | 6.20% | |
Operating income: | ||
Operating income | $ 43.8 | 36.6 |
Total segment operating profit, percentage change | 19.70% | |
Aerospace and Defense Electronics | ||
Net sales: | ||
Net sales | $ 156.3 | 166.6 |
Aerospace and Defense Electronics | Operating Segments | ||
Net sales: | ||
Net sales | $ 156.3 | 166.6 |
Net sales, percentage change | (6.20%) | |
Operating income: | ||
Operating income | $ 13.4 | 32.5 |
Total segment operating profit, percentage change | (58.80%) | |
Engineered Systems | ||
Net sales: | ||
Net sales | $ 96.5 | 89.7 |
Engineered Systems | Operating Segments | ||
Net sales: | ||
Net sales | $ 96.5 | 89.7 |
Net sales, percentage change | 7.60% | |
Operating income: | ||
Operating income | $ 11.4 | $ 6.4 |
Total segment operating profit, percentage change | 78.10% |
Segment Information (Identifiab
Segment Information (Identifiable Assets) (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Dec. 29, 2019 |
Segment Reporting Information [Line Items] | ||
Identifiable assets | $ 4,585 | $ 4,579.8 |
Operating Segments | Instrumentation | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 1,703.3 | 1,680.2 |
Operating Segments | Digital Imaging | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 1,837.5 | 1,874.6 |
Operating Segments | Aerospace and Defense Electronics | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 604.2 | 618.3 |
Operating Segments | Engineered Systems | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 157.6 | 143.4 |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | $ 282.4 | $ 263.3 |
Segment Information (Sales) (De
Segment Information (Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 784.6 | $ 745.2 |
Instrumentation | ||
Revenue from External Customer [Line Items] | ||
Net sales | 285.1 | 256.5 |
Operating Segments | Instrumentation | ||
Revenue from External Customer [Line Items] | ||
Net sales | 285.1 | 256.5 |
Operating Segments | Instrumentation | Marine Instrumentation | ||
Revenue from External Customer [Line Items] | ||
Net sales | 109.3 | 105.2 |
Operating Segments | Instrumentation | Environmental Instrumentation | ||
Revenue from External Customer [Line Items] | ||
Net sales | 109.3 | 86.4 |
Operating Segments | Instrumentation | Test and Measurement Instrumentation | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 66.5 | $ 64.9 |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 784.6 | $ 745.2 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 523.8 | 519.8 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 147.9 | 120.8 |
All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 112.9 | 104.6 |
Fixed Price | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 701.3 | 648.5 |
Cost Type | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 83.3 | 96.7 |
US Government | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 212.9 | 169.9 |
Other, Primarily Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 571.7 | 575.3 |
Instrumentation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 285.1 | 256.5 |
Instrumentation | United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 217.8 | 211.1 |
Instrumentation | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 54.9 | 33.6 |
Instrumentation | All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 12.4 | 11.8 |
Instrumentation | Fixed Price | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 281.5 | 251 |
Instrumentation | Cost Type | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3.6 | 5.5 |
Instrumentation | US Government | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 41.5 | 14.2 |
Instrumentation | Other, Primarily Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 243.6 | 242.3 |
Digital Imaging | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 246.7 | 232.4 |
Digital Imaging | United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 77.6 | 72.4 |
Digital Imaging | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 68.8 | 67.4 |
Digital Imaging | All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 100.3 | 92.6 |
Digital Imaging | Fixed Price | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 213.4 | 199.2 |
Digital Imaging | Cost Type | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 33.3 | 33.2 |
Digital Imaging | US Government | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 29.3 | 26.2 |
Digital Imaging | Other, Primarily Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 217.4 | 206.2 |
Aerospace and Defense Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 156.3 | 166.6 |
Aerospace and Defense Electronics | United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 131.9 | 146.6 |
Aerospace and Defense Electronics | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 24.2 | 19.8 |
Aerospace and Defense Electronics | All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0.2 | 0.2 |
Aerospace and Defense Electronics | Fixed Price | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 156.1 | 163.4 |
Aerospace and Defense Electronics | Cost Type | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0.2 | 3.2 |
Aerospace and Defense Electronics | US Government | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 53.8 | 49.5 |
Aerospace and Defense Electronics | Other, Primarily Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 102.5 | 117.1 |
Engineered Systems | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 96.5 | 89.7 |
Engineered Systems | United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 96.5 | 89.7 |
Engineered Systems | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Engineered Systems | All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Engineered Systems | Fixed Price | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 50.3 | 34.9 |
Engineered Systems | Cost Type | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 46.2 | 54.8 |
Engineered Systems | US Government | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 88.3 | 80 |
Engineered Systems | Other, Primarily Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 8.2 | $ 9.7 |