Teledyne Technologies (TDY) 10-Q 23 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 28, 2020	Jul. 20, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 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		36,863,419
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001094285
Current Fiscal Year End Date	--01-03

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net sales	$ 743.3	$ 782	$ 1,527.9	$ 1,527.2
Costs and expenses
Cost of sales	460.6	463.6	953.2	927.5
Selling, general and administrative expenses	172.9	186.5	360.9	370.5
Total costs and expenses	633.5	650.1	1,314.1	1,298
Operating income	109.8	131.9	213.8	229.2
Interest and debt expense, net	(3.7)	(5.4)	(7.8)	(10.8)
Non-service retirement benefit income	3.2	2	5.7	4.2
Other expense, net	(1.4)	(0.6)	(2.8)	(1.8)
Income before income taxes	107.9	127.9	208.9	220.8
Provision for income taxes	14.2	23.3	33	40.9
Net income	$ 93.7	$ 104.6	$ 175.9	$ 179.9
Basic earnings per common share (in USD per share)	$ 2.55	$ 2.89	$ 4.81	$ 4.97
Weighted average common shares outstanding (in shares)	36.7	36.2	36.6	36.2
Diluted earnings per common share (in USD per share)	$ 2.48	$ 2.80	$ 4.65	$ 4.82
Weighted average diluted common shares outstanding (in shares)	37.8	37.4	37.8	37.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 93.7	$ 104.6	$ 175.9	$ 179.9
Other comprehensive income (loss):
Foreign exchange translation adjustment	1.4	(4.6)	(59.9)	12.4
Hedge activity, net of tax	3.9	1.3	(2)	3.1
Pension and postretirement benefit adjustments, net of tax	3.2	4.9	6.7	9.5
Net other comprehensive income/(loss)	8.5	1.6	(55.2)	25
Comprehensive income	$ 102.2	$ 106.2	$ 120.7	$ 204.9

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 28, 2020	Dec. 29, 2019
Current Assets
Cash and cash equivalents	$ 382.8	$ 199.5
Accounts receivable, net	432.4	460.4
Unbilled receivables, net	220.6	200.5
Inventories, net	392.3	393.4
Prepaid expenses and other current assets	55.7	59.9
Total current assets	1,483.8	1,313.7
Property, plant and equipment, net of accumulated depreciation and amortization of $653.5 at June 28, 2020 and $623.9 at December 29, 2019	475.4	487.9
Goodwill	2,061.3	2,050.5
Acquired intangibles, net	409.2	430.8
Prepaid pension assets	83.1	71.8
Operating lease right-of-use assets	120.4	127.1
Other assets, net	105	98
Total Assets	4,738.2	4,579.8
Current Liabilities
Accounts payable	245	271.1
Accrued liabilities	406.6	391.5
Current portion of long-term debt and other debt	100.6	100.6
Total current liabilities	752.2	763.2
Long-term debt	750.8	750
Long-term operating lease liabilities	111.7	119.3
Other long-term liabilities	243.6	232.6
Total Liabilities	1,858.3	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 June 28, 2020 and December 29, 2019; outstanding shares: 36,856,873 at June 28, 2020 and 36,547,966 at December 29, 2019	0.4	0.4
Additional paid-in capital	376.2	360.5
Retained earnings	3,101.9	2,926
Treasury stock, 840,992 shares at June 28, 2020 and 1,149,899 shares at December 29, 2019	(67.6)	(96.4)
Accumulated other comprehensive loss	(531)	(475.8)
Total Stockholders’ Equity	2,879.9	2,714.7
Total Liabilities and Stockholders’ Equity	$ 4,738.2	$ 4,579.8

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 28, 2020	Dec. 29, 2019
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization	$ 653.5	$ 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)	36,856,873	36,547,966
Treasury stock (in shares)	840,992	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
Net other comprehensive income/(loss)	23.4					23.4
Treasury stock issued	0		(15)	15
Stock-based compensation	10.9		10.9
Exercise of stock options	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. 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	179.9
Net other comprehensive income/(loss)	25
Ending balance at Jun. 30, 2019	2,473	0.4	352.4	(115.2)	2,703.6	(468.2)
Beginning balance at Mar. 31, 2019	2,349.5	0.4	349.8	(129.9)	2,599	(469.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	104.6				104.6
Net other comprehensive income/(loss)	1.6					1.6
Treasury stock issued	0		(14.7)	14.7
Stock-based compensation	6.8		6.8
Exercise of stock options	10.5		10.5
Ending balance at Jun. 30, 2019	2,473	0.4	352.4	(115.2)	2,703.6	(468.2)
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
Net other comprehensive income/(loss)	(63.7)					(63.7)
Treasury stock issued	0		(9.4)	9.4
Stock-based compensation	9.6		9.6
Exercise of stock options	10.2		10.2
Ending balance at Mar. 29, 2020	2,753	0.4	370.9	(87)	3,008.2	(539.5)
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	175.9
Net other comprehensive income/(loss)	(55.2)
Ending balance at Jun. 28, 2020	2,879.9	0.4	376.2	(67.6)	3,101.9	(531)
Beginning balance at Mar. 29, 2020	2,753	0.4	370.9	(87)	3,008.2	(539.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	93.7				93.7
Net other comprehensive income/(loss)	8.5					8.5
Treasury stock issued	0		(19.4)	19.4
Stock-based compensation	6.7		6.7
Exercise of stock options	18		18
Ending balance at Jun. 28, 2020	$ 2,879.9	$ 0.4	$ 376.2	$ (67.6)	$ 3,101.9	$ (531)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Operating Activities
Net income	$ 175.9	$ 179.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58.3	54.7
Stock-based compensation	16.2	17.7
Changes in operating assets and liabilities excluding the effect of business acquired:
Accounts receivable and unbilled receivables	0.5	(36.6)
Inventories	(6)	(10.1)
Accounts payable	(20.4)	(7.8)
Deferred and income taxes receivable/payable, net	28.3	(4.5)
Prepaid expenses and other assets	10.5	(16)
Accrued expenses and other liabilities	(35.5)	(14.7)
Other operating, net	4.4	0.7
Net cash provided by operating activities	232.2	163.3
Investing Activities
Purchases of property, plant and equipment	(36.8)	(39.4)
Purchase of businesses, net of cash acquired	(29)	(222.5)
Other investing, net	0.1	0.3
Net cash used in investing activities	(65.7)	(261.6)
Financing Activities
Net proceeds from credit facility		47.5
Net payments on other debt	(0.4)	(2.2)
Proceeds from exercise of stock options	28.2	20.7
Other financing, net		(1.4)
Net cash provided by financing activities	27.8	64.6
Effect of exchange rate changes on cash	(11)	(0.7)
Change in cash and cash equivalents	183.3	(34.4)
Cash and cash equivalents—beginning of period	199.5	142.5
Cash and cash equivalents—end of period	$ 382.8	$ 108.1

General

General	6 Months Ended
	Jun. 28, 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 June 28, 2020 and the consolidated results of operations, consolidated comprehensive income for the second quarter and six months then ended and the consolidated cash flows for the six months then ended. The results of operations and cash flows for the periods ended June 28, 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. Cash equivalents totaled $203.0 million at June 28, 2020. There were no cash equivalents at December 29, 2019. 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. 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	6 Months Ended
	Jun. 28, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The changes in AOCI by component, net of tax, for the second quarter ended June 28, 2020 and June 30, 2019 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance as of March 29, 2020 $ (211.7) $ (8.2) $ (319.6) $ (539.5) Other comprehensive income/(loss) before reclassifications 1.4 (0.2) — 1.2 Amounts reclassified from AOCI — 4.1 3.2 7.3 Net other comprehensive income 1.4 3.9 3.2 8.5 Balance as of June 28, 2020 $ (210.3) $ (4.3) $ (316.4) $ (531.0) Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance as of March 31, 2019 $ (164.5) $ (3.1) $ (302.2) $ (469.8) Other comprehensive income/(loss) before reclassifications (4.6) 0.5 — (4.1) Amounts reclassified from AOCI — 0.8 4.9 5.7 Net other comprehensive income/(loss) (4.6) 1.3 4.9 1.6 Balance as of June 30, 2019 $ (169.1) $ (1.8) $ (297.3) $ (468.2) 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 (59.9) (3.8) — (63.7) Amounts reclassified from AOCI — 1.8 6.7 8.5 Net other comprehensive income/(loss) (59.9) (2.0) 6.7 (55.2) Balance as of June 28, 2020 $ (210.3) $ (4.3) $ (316.4) $ (531.0) 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 12.4 3.7 — 16.1 Amounts reclassified from AOCI — (0.6) 9.5 8.9 Net other comprehensive income 12.4 3.1 9.5 25.0 Balance as of June 30, 2019 (169.1) (1.8) (297.3) (468.2) The reclassifications out of AOCI to net income for the second quarter and six months ended June 28, 2020 and June 30, 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 June 28, 2020 June 30, 2019 Presentation (Gain) loss on cash flow hedges: (Gain) loss recognized in income on derivatives $ 5.5 $ 1.1 See Note 4 Income tax impact (1.4) (0.3) Provision for income taxes Total $ 4.1 $ 0.8 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 5.7 7.9 Costs and expenses Total before tax 4.2 6.4 Income tax impact (1.0) (1.5) Provision for income taxes Total $ 3.2 $ 4.9 Amount Reclassified from AOCI for the Six Months Ended Amount Reclassified from AOCI for the Six Months Ended Statement of Income June 28, 2020 June 30, 2019 Presentation (Gain) loss on cash flow hedges: (Gain) loss recognized in income on derivatives $ 2.4 $ (0.9) See Note 4 Income tax impact (0.6) 0.3 Provision for income taxes Total $ 1.8 $ (0.6) Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (3.0) $ (3.0) Costs and expenses Amortization of net actuarial loss 11.7 15.5 Costs and expenses Total before tax 8.7 12.5 Income tax impact (2.0) (3.0) Provision for income taxes Total $ 6.7 $ 9.5

Business Combinations, Goodwill

Business Combinations, Goodwill and Acquired Intangible Assets	6 Months Ended
	Jun. 28, 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 $28.5 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 Micralyne, Inc. 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. 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 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. Goodwill and Acquired Intangible Assets Teledyne’s goodwill was $2,061.3 million at June 28, 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 $409.2 million at June 28, 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. During the second quarter of 2020, the Company evaluated the effects of the COVID-19 pandemic and its negative impact on the global economy on each of the Company’s reporting units and indefinite-lived intangible assets. Management reviewed key assumptions, including revisions of projected future revenues for reporting units and the results of the previous annual impairment testing performed during the fourth quarter of 2019. The Company did not identify an indication of impairment for each of its reporting units and indefinite-lived intangible assets. Although it was determined that a triggering event had not occurred as of June 28, 2020, we will continue to monitor the impacts of the COVID-19 pandemic on the Company’s reporting units and indefinite-lived intangible assets. 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	6 Months Ended
	Jun. 28, 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 a euro fixed rate obligation using a receive float, pay fixed cross currency swap. These cross currency swaps are designated as 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 $0.9 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 $2.0 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 June 28, 2020, Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $93.1 million. These foreign currency forward contracts have maturities ranging from September 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 $6.5 million. These foreign currency forward contracts have maturities ranging from September 2020 to February 2021. The cross currency swaps have notional amounts of €113.0 million and $125 million, and €135.0 million and $150.0 million, and matures 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 second quarter and six months ended June 28, 2020 and June 30, 2019 was as follows (in millions): Second Quarter Six Months 2020 2019 2020 2019 Net gain (loss) recognized in AOCI (a) $ 0.2 $ 0.7 $ (0.4) $ 5.0 Net gain (loss) reclassified from AOCI into COS - Foreign Exchange Contracts (a) $ (1.6) $ (0.6) $ (1.8) $ (1.2) Net gain (loss) reclassified from AOCI Interest Rate Contracts $ (0.6) $ — $ (4.6) $ — Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b) $ (4.7) $ (1.2) $ (3.0) $ 0.6 Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts $ 1.0 $ — $ 2.5 $ — Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts $ (0.3) $ 0.7 (0.2) $ 1.5 Net foreign exchange gain (loss) recognized in other income, net (c) $ — $ (0.2) $ — $ (0.4) 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 June 28, 2020, Teledyne had non-designated foreign currency contracts, (in excess of approximately $311.2 million) of this type in the following pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars $ 51.0 U.S. Dollars US$ 37.6 Canadian Dollars $ 15.1 Euros € 9.9 Great Britain Pounds £ 61.8 U.S. Dollars US$ 76.9 Euros € 31.0 U.S. Dollars US$ 34.8 Danish Krone DKR 139.4 U.S. Dollars US$ 21.0 Great Britain Pounds £ 5.9 Euros € 6.6 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 second quarter and six months ended June 28, 2020 was income of $1.8 million and expense of $8.6 million, respectively.. The effect of derivative instruments not designated as cash flow hedges in other income and expense for the second quarter and six months ended June 30, 2019 was expense of $0.7 million and income of $0.9 million, respectively. 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 June 28, 2020 December 29, 2019 Derivatives designated as hedging instruments: Cash flow forward contracts Other assets $ 0.6 $ 1.3 Cash flow forward contracts Accrued liabilities (1.8) (0.1) Cash flow cross currency swap Other non-current asset 0.2 — Cash flow cross currency swap Other current assets 2.7 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 0.1 — Cross currency swap Other current assets 0.7 — Cross currency swap Other non-current liabilities (4.9) — Interest rate contracts Other current assets — 0.2 Interest rate contracts Other non-current assets — 0.3 Interest rate contracts Other current liabilities (1.5) — Interest rate contracts Other non-current liabilities (2.4) — Total derivatives designated as hedging instruments (6.3) (0.4) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 1.9 0.1 Non-designated forward contracts Accrued liabilities (2.4) (0.4) Total derivatives not designated as hedging instruments (0.5) (0.3) Total derivatives, net $ (6.8) $ (0.7)

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 28, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share For the second quarter of 2020 and first six months of 2020, 241,931 and 244,192 stock options, respectively, 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 respective periods. For the second quarter of 2019, no stock options were excluded in the computation of earnings per share. For the first six months of 2019, 3,240 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): Second Quarter Six Months 2020 2019 2020 2019 Weighted average basic common shares outstanding 36.7 36.2 36.6 36.2 Effect of dilutive securities (primarily stock options) 1.1 1.2 1.2 1.1 Weighted average diluted common shares outstanding 37.8 37.4 37.8 37.3

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 28, 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 $5.7 million for the second quarter of 2020 and was $5.8 million for the second quarter of 2019. Stock option compensation expense was $13.1 million for the first six months of 2020 and was $14.7 million for the first six months 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 the first six months of 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 the first six months of 2020 was $106.26 per share. Stock option transactions for the second quarter and first six months of 2020 are summarized as follows: 2020 Second Quarter Six Months Shares Weighted Shares Weighted Beginning balance 2,135,096 $ 160.32 1,988,576 $ 130.66 Granted — $ — 246,453 $ 383.18 Exercised (196,766) $ 91.48 (288,173) $ 97.97 Canceled (11,254) $ 279.44 (19,780) $ 246.79 Ending balance 1,927,076 $ 166.66 1,927,076 $ 166.66 Options exercisable at end of period 1,336,293 $ 116.16 1,336,293 $ 116.16 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 six 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, June 28, 2020 43,405 $ 228.80

Inventories

Inventories	6 Months Ended
	Jun. 28, 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 $363.4 million at June 28, 2020 and $361.2 million at December 29, 2019. The remainder of the inventories using the LIFO method is $36.3 million at June 28, 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): June 28, 2020 December 29, 2019 Raw materials and supplies $ 251.9 $ 231.2 Work in process 84.0 108.3 Finished goods 63.8 61.7 399.7 401.2 Reduction to LIFO cost basis (7.4) (7.8) Total inventories, net $ 392.3 $ 393.4

Customer Contracts

Customer Contracts	6 Months Ended
	Jun. 28, 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 six months of 2020 was approximately $10.2 million of favorable operating income, primarily related to favorable changes in estimates that impacted revenue within the Digital Imaging operating segment. The net aggregate effects of changes in estimates on contracts accounted for under the cost-to-cost method in the first six months of 2019 was approximately $12.6 million of favorable operating income, primarily related to favorable changes in estimates that impacted revenue, and, to a lesser degree, cost of sales within the Digital Imaging operating segment. 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 $123.2 million and $15.2 million as of June 28, 2020, and $126.8 million and $17.9 million as of December 29, 2019, respectively. The Company recognized revenue of $51.9 million during the six months ended June 28, 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 June 28, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,806.2 million. The Company expects approximately 74% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 26% 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. Six 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 0.7 5.1 Cost of product warranty claims (5.3) (4.6) Acquisition 0.1 0.3 Balance at end of period $ 20.3 $ 21.8 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 $12.0 million at June 28, 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. Six Months Allowance for doubtful accounts (in millions): 2020 Balance at beginning of period $ 10.2 Accruals for credit loss charged to expense 2.8 Other deductions (1.0) Balance at end of period $ 12.0

Income Taxes

Income Taxes	6 Months Ended
	Jun. 28, 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 second quarter and first six months of 2020 was 13.2% and 15.8%, respectively. The Company's effective income tax rate for the second quarter and first six months of 2019 was 18.2% and 18.5%, respectively. The second quarter and first six months of 2020 include net discrete income tax benefits of $10.4 million and $14.6 million, respectively. The second quarter and first six months of 2020 net discrete income tax benefits include $9.8 million and $14.5 million, respectively, related to share-based accounting. The second quarter and first six months of 2019 include net discrete income tax benefits of $4.3 million and $7.4 million, respectively. The 2019 second quarter and first six months net discrete tax benefits includes $4.8 million and $7.7 million, respectively, 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 both the second quarter and first six months of 2020. Excluding the net discrete income tax benefits in both periods, the effective tax rates would have been 21.6% for the second quarter of 2019 and 21.9% for the first six months of 2019.

Long-Term Debt and Letters of C

Long-Term Debt and Letters of Credit	6 Months Ended
	Jun. 28, 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): June 28, 2020 December 29, 2019 $750 million credit facility due March 2024, weighted average rate of 1.10% at June 28, 2020 and 2.80% at December 29, 2019 $ 125.0 $ 125.0 Term loan due October 2024, variable rate of 2.60% at June 28, 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 56.1 56.0 0.92% €100 Million Fixed Rate Senior Notes due April 2023 112.2 111.9 1.09% €100 Million Fixed Rate Senior Notes due April 2024 112.2 111.9 Other debt 1.8 2.0 Debt issuance costs (0.9) (1.2) Total debt 851.4 850.6 Less: current portion of long-term debt and debt issuance costs (100.6) (100.6) Total long-term debt $ 750.8 $ 750.0 Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $614.5 million at June 28, 2020. The credit agreements require the Company to comply with various financial and operating covenants and at June 28, 2020, the Company was in compliance with these covenants. At June 28, 2020, Teledyne had $25.8 million in outstanding letters of credit.

Lease Commitments

Lease Commitments	6 Months Ended
	Jun. 28, 2020
Leases [Abstract]
Lease Commitments	Lease CommitmentsAt June 28, 2020, Teledyne has right-of-use assets of $120.4 million and a total lease liability for operating leases of $131.1 million of which $111.7 million is included in long-term lease liabilities and $19.4 million is included in current accrued liabilities. Operating lease expense was $6.0 million and $12.1 million for the second quarter and first six months of 2020, respectively. Operating lease expense was $5.8 million and $11.6 million for the second quarter and first six months of 2019, respectively.

Lawsuits, Claims, Commitments,

Lawsuits, Claims, Commitments, Contingencies and Related Matters	6 Months Ended
	Jun. 28, 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 June 28, 2020, the Company’s reserves for environmental remediation obligations totaled $6.6 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 monitoring an exposure of approximately $40.0 million related to certain receivables, inventories and 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	6 Months Ended
	Jun. 28, 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. Second Quarter Six Months 2020 2019 2020 2019 Service cost — benefits earned during the period (in millions) $ 2.6 $ 2.3 $ 5.2 $ 4.7 Pension non-service income (in millions): Interest cost on benefit obligation $ 6.8 $ 8.4 $ 13.7 $ 16.8 Expected return on plan assets (14.3) (16.6) (28.6) (33.1) Amortization of prior service cost (1.5) (1.5) (3.0) (3.0) Amortization of net actuarial loss 5.8 7.8 11.5 15.5 Curtailment/settlements — (0.1) 0.7 (0.4) Pension non-service income $ (3.2) $ (2.0) $ (5.7) $ (4.2)

Segment Information

Segment Information	6 Months Ended
	Jun. 28, 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): Second Quarter % Six Months % 2020 2019 Change 2020 2019 Change Net sales(a): Instrumentation $ 263.1 $ 264.1 (0.4) % $ 548.2 $ 520.6 5.3 % Digital Imaging 237.6 248.4 (4.3) % 484.3 480.8 0.7 % Aerospace and Defense Electronics 143.1 176.0 (18.7) % 299.4 342.6 (12.6) % Engineered Systems 99.5 93.5 6.4 % 196.0 183.2 7.0 % Total net sales $ 743.3 $ 782.0 (4.9) % $ 1,527.9 $ 1,527.2 — % Operating income: Instrumentation $ 48.5 $ 49.0 (1.0) % $ 99.3 $ 88.9 11.7 % Digital Imaging 46.8 51.6 (9.3) % 90.6 88.2 2.7 % Aerospace and Defense Electronics 17.5 38.6 (54.7) % 30.9 71.1 (56.5) % Engineered Systems 10.8 9.0 20.0 % 22.2 15.4 44.2 % Corporate expense (13.8) (16.3) (15.3) % (29.2) (34.4) (15.1) % Operating income $ 109.8 $ 131.9 (16.8) % $ 213.8 $ 229.2 (6.7) % (a) Net sales excludes inter-segment sales of $5.5 million and $12.4 million for the second quarter and first six months of 2020, respectively, and $4.0 million and $10.4 million for the second quarter and first six months of 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: June 28, 2020 December 29, 2019 Instrumentation $ 1,693.0 $ 1,680.2 Digital Imaging 1,888.7 1,874.6 Aerospace and Defense Electronics 590.2 618.3 Engineered Systems 154.4 143.4 Corporate 411.9 263.3 Total identifiable assets $ 4,738.2 $ 4,579.8 Product Lines The Instrumentation segment includes three product lines: Marine Instrumentation, Environmental 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): Second Quarter Six Months Instrumentation 2020 2019 2020 2019 Marine Instrumentation 109.9 $ 111.4 $ 219.2 $ 216.6 Environmental Instrumentation 94.3 87.4 203.6 173.8 Test and Measurement Instrumentation 58.9 65.3 125.4 130.2 Total $ 263.1 $ 264.1 $ 548.2 $ 520.6 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. Second Quarter Ended June 28, 2020 Six Months Ended June 28, 2020 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 $ 21.4 $ 241.7 $ 263.1 $ 35.5 $ 512.7 $ 548.2 Digital Imaging 30.1 207.5 237.6 59.4 424.9 484.3 Aerospace and Defense Electronics 57.8 85.3 143.1 111.6 187.8 299.4 Engineered Systems 96.5 3.0 99.5 184.8 11.2 196.0 $ 205.8 $ 537.5 $ 743.3 $ 391.3 $ 1,136.6 $ 1,527.9 a) Includes sales as a prime contractor or subcontractor. Second Quarter Ended June 28, 2020 Six Months Ended June 28, 2020 Contract Type Contract Type (in millions) Fixed Price Cost Type Total Fixed Price Cost Type Total Net Sales: Instrumentation $ 261.8 $ 1.3 $ 263.1 $ 544.0 $ 4.2 $ 548.2 Digital Imaging 214.4 23.2 237.6 435.8 48.5 484.3 Aerospace and Defense Electronics 143.1 — 143.1 299.2 0.2 299.4 Engineered Systems 52.7 46.8 99.5 103.0 93.0 196.0 $ 672.0 $ 71.3 $ 743.3 $ 1,382.0 $ 145.9 $ 1,527.9 Second Quarter Ended June 28, 2020 Six Months Ended June 28, 2020 Geographic Region (a) Geographic Region (a) (in millions) United States Europe All other Total United States Europe All other Total Net sales: Instrumentation $ 211.3 $ 43.1 $ 8.7 $ 263.1 $ 429.1 $ 98.0 $ 21.1 $ 548.2 Digital Imaging 78.0 61.8 97.8 237.6 155.6 130.6 198.1 484.3 Aerospace and Defense Electronics 125.1 17.8 0.2 143.1 257.0 42.0 0.4 299.4 Engineered Systems 99.5 — — 99.5 196.0 — — 196.0 $ 513.9 $ 122.7 $ 106.7 $ 743.3 $ 1,037.7 $ 270.6 $ 219.6 $ 1,527.9 a) Net sales by geographic region of origin. Second Quarter Ended June 30, 2019 Six Months Ended June 30, 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 $ 18.6 $ 245.5 $ 264.1 $ 32.8 $ 487.8 $ 520.6 Digital Imaging 26.2 222.2 248.4 52.4 428.4 480.8 Aerospace and Defense Electronics 58.5 117.5 176.0 108.0 234.6 342.6 Engineered Systems 83.8 9.7 93.5 163.8 19.4 183.2 $ 187.1 $ 594.9 $ 782.0 $ 357.0 $ 1,170.2 $ 1,527.2 a) Includes sales as a prime contractor or subcontractor. Second Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Contract Type Contract Type (in millions) Fixed Price Cost Type Total Fixed Price Cost Type Total Net Sales: Instrumentation $ 253.7 $ 10.4 $ 264.1 $ 504.7 $ 15.9 $ 520.6 Digital Imaging 232.9 15.5 248.4 432.1 48.7 480.8 Aerospace and Defense Electronics 172.6 3.4 176.0 336.0 6.6 342.6 Engineered Systems 39.7 53.8 93.5 74.6 108.6 183.2 $ 698.9 $ 83.1 $ 782.0 $ 1,347.4 $ 179.8 $ 1,527.2 Second Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Geographic Region (a) Geographic Region (a) (in millions) United States Europe All other Total United States Europe All other Total Net sales: Instrumentation $ 225.1 $ 30.8 $ 8.2 $ 264.1 $ 436.2 $ 64.4 $ 20.0 $ 520.6 Digital Imaging 80.3 74.4 93.7 248.4 152.7 141.8 $ 186.3 $ 480.8 Aerospace and Defense Electronics 151.6 24.0 0.4 176.0 298.2 43.8 $ 0.6 $ 342.6 Engineered Systems 93.5 — — 93.5 183.2 — — 183.2 $ 550.5 $ 129.2 $ 102.3 $ 782.0 $ 1,070.3 $ 250.0 $ 206.9 $ 1,527.2 a) Net sales by geographic region of origin.

General (Policies)

General (Policies)	6 Months Ended
	Jun. 28, 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 EquivalentsCash 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. 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)	6 Months Ended
	Jun. 28, 2020
Equity [Abstract]
Changes in AOCI by Component	The changes in AOCI by component, net of tax, for the second quarter ended June 28, 2020 and June 30, 2019 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance as of March 29, 2020 $ (211.7) $ (8.2) $ (319.6) $ (539.5) Other comprehensive income/(loss) before reclassifications 1.4 (0.2) — 1.2 Amounts reclassified from AOCI — 4.1 3.2 7.3 Net other comprehensive income 1.4 3.9 3.2 8.5 Balance as of June 28, 2020 $ (210.3) $ (4.3) $ (316.4) $ (531.0) Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance as of March 31, 2019 $ (164.5) $ (3.1) $ (302.2) $ (469.8) Other comprehensive income/(loss) before reclassifications (4.6) 0.5 — (4.1) Amounts reclassified from AOCI — 0.8 4.9 5.7 Net other comprehensive income/(loss) (4.6) 1.3 4.9 1.6 Balance as of June 30, 2019 $ (169.1) $ (1.8) $ (297.3) $ (468.2) 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 (59.9) (3.8) — (63.7) Amounts reclassified from AOCI — 1.8 6.7 8.5 Net other comprehensive income/(loss) (59.9) (2.0) 6.7 (55.2) Balance as of June 28, 2020 $ (210.3) $ (4.3) $ (316.4) $ (531.0) 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 12.4 3.7 — 16.1 Amounts reclassified from AOCI — (0.6) 9.5 8.9 Net other comprehensive income 12.4 3.1 9.5 25.0 Balance as of June 30, 2019 (169.1) (1.8) (297.3) (468.2)
Reclassification out of Accumulated Other Comprehensive Income	The reclassifications out of AOCI to net income for the second quarter and six months ended June 28, 2020 and June 30, 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 June 28, 2020 June 30, 2019 Presentation (Gain) loss on cash flow hedges: (Gain) loss recognized in income on derivatives $ 5.5 $ 1.1 See Note 4 Income tax impact (1.4) (0.3) Provision for income taxes Total $ 4.1 $ 0.8 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 5.7 7.9 Costs and expenses Total before tax 4.2 6.4 Income tax impact (1.0) (1.5) Provision for income taxes Total $ 3.2 $ 4.9 Amount Reclassified from AOCI for the Six Months Ended Amount Reclassified from AOCI for the Six Months Ended Statement of Income June 28, 2020 June 30, 2019 Presentation (Gain) loss on cash flow hedges: (Gain) loss recognized in income on derivatives $ 2.4 $ (0.9) See Note 4 Income tax impact (0.6) 0.3 Provision for income taxes Total $ 1.8 $ (0.6) Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (3.0) $ (3.0) Costs and expenses Amortization of net actuarial loss 11.7 15.5 Costs and expenses Total before tax 8.7 12.5 Income tax impact (2.0) (3.0) Provision for income taxes Total $ 6.7 $ 9.5

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 28, 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 second quarter and six months ended June 28, 2020 and June 30, 2019 was as follows (in millions): Second Quarter Six Months 2020 2019 2020 2019 Net gain (loss) recognized in AOCI (a) $ 0.2 $ 0.7 $ (0.4) $ 5.0 Net gain (loss) reclassified from AOCI into COS - Foreign Exchange Contracts (a) $ (1.6) $ (0.6) $ (1.8) $ (1.2) Net gain (loss) reclassified from AOCI Interest Rate Contracts $ (0.6) $ — $ (4.6) $ — Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b) $ (4.7) $ (1.2) $ (3.0) $ 0.6 Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts $ 1.0 $ — $ 2.5 $ — Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts $ (0.3) $ 0.7 (0.2) $ 1.5 Net foreign exchange gain (loss) recognized in other income, net (c) $ — $ (0.2) $ — $ (0.4) 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 June 28, 2020, Teledyne had non-designated foreign currency contracts, (in excess of approximately $311.2 million) of this type in the following pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars $ 51.0 U.S. Dollars US$ 37.6 Canadian Dollars $ 15.1 Euros € 9.9 Great Britain Pounds £ 61.8 U.S. Dollars US$ 76.9 Euros € 31.0 U.S. Dollars US$ 34.8 Danish Krone DKR 139.4 U.S. Dollars US$ 21.0 Great Britain Pounds £ 5.9 Euros € 6.6
Fair Values of Derivative Financial Instruments	The fair values of the Company’s derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy (in millions): Asset/(Liability) Derivatives Balance sheet location June 28, 2020 December 29, 2019 Derivatives designated as hedging instruments: Cash flow forward contracts Other assets $ 0.6 $ 1.3 Cash flow forward contracts Accrued liabilities (1.8) (0.1) Cash flow cross currency swap Other non-current asset 0.2 — Cash flow cross currency swap Other current assets 2.7 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 0.1 — Cross currency swap Other current assets 0.7 — Cross currency swap Other non-current liabilities (4.9) — Interest rate contracts Other current assets — 0.2 Interest rate contracts Other non-current assets — 0.3 Interest rate contracts Other current liabilities (1.5) — Interest rate contracts Other non-current liabilities (2.4) — Total derivatives designated as hedging instruments (6.3) (0.4) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 1.9 0.1 Non-designated forward contracts Accrued liabilities (2.4) (0.4) Total derivatives not designated as hedging instruments (0.5) (0.3) Total derivatives, net $ (6.8) $ (0.7)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 28, 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): Second Quarter Six Months 2020 2019 2020 2019 Weighted average basic common shares outstanding 36.7 36.2 36.6 36.2 Effect of dilutive securities (primarily stock options) 1.1 1.2 1.2 1.1 Weighted average diluted common shares outstanding 37.8 37.4 37.8 37.3

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 28, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock Valuation Assumptions	The following assumptions were used in the valuation of stock options granted in the first six months of 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 second quarter and first six months of 2020 are summarized as follows: 2020 Second Quarter Six Months Shares Weighted Shares Weighted Beginning balance 2,135,096 $ 160.32 1,988,576 $ 130.66 Granted — $ — 246,453 $ 383.18 Exercised (196,766) $ 91.48 (288,173) $ 97.97 Canceled (11,254) $ 279.44 (19,780) $ 246.79 Ending balance 1,927,076 $ 166.66 1,927,076 $ 166.66 Options exercisable at end of period 1,336,293 $ 116.16 1,336,293 $ 116.16
Schedule of Restricted Stock Activity	The following table shows the restricted stock activity for the first six 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, June 28, 2020 43,405 $ 228.80

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 28, 2020
Inventory Disclosure [Abstract]
Inventories	Balance at Inventories (in millions): June 28, 2020 December 29, 2019 Raw materials and supplies $ 251.9 $ 231.2 Work in process 84.0 108.3 Finished goods 63.8 61.7 399.7 401.2 Reduction to LIFO cost basis (7.4) (7.8) Total inventories, net $ 392.3 $ 393.4

Supplemental Disclosures for Cu

Supplemental Disclosures for Customer Contracts (Tables)	6 Months Ended
	Jun. 28, 2020
Revenue from Contract with Customer [Abstract]
Company's Product Warranty Reserve	Six 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 0.7 5.1 Cost of product warranty claims (5.3) (4.6) Acquisition 0.1 0.3 Balance at end of period $ 20.3 $ 21.8
Schedule of Accounts Receivable	Six Months Allowance for doubtful accounts (in millions): 2020 Balance at beginning of period $ 10.2 Accruals for credit loss charged to expense 2.8 Other deductions (1.0) Balance at end of period $ 12.0

Long-Term Debt and Letters of_2

Long-Term Debt and Letters of Credit (Tables)	6 Months Ended
	Jun. 28, 2020
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Balance at Long-Term Debt (in millions): June 28, 2020 December 29, 2019 $750 million credit facility due March 2024, weighted average rate of 1.10% at June 28, 2020 and 2.80% at December 29, 2019 $ 125.0 $ 125.0 Term loan due October 2024, variable rate of 2.60% at June 28, 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 56.1 56.0 0.92% €100 Million Fixed Rate Senior Notes due April 2023 112.2 111.9 1.09% €100 Million Fixed Rate Senior Notes due April 2024 112.2 111.9 Other debt 1.8 2.0 Debt issuance costs (0.9) (1.2) Total debt 851.4 850.6 Less: current portion of long-term debt and debt issuance costs (100.6) (100.6) Total long-term debt $ 750.8 $ 750.0

Pension Plans and Postretirem_2

Pension Plans and Postretirement Benefits (Tables)	6 Months Ended
	Jun. 28, 2020
Retirement Benefits [Abstract]
Defined Benefit Pension Plans and Postretirement Benefit Plans	Second Quarter Six Months 2020 2019 2020 2019 Service cost — benefits earned during the period (in millions) $ 2.6 $ 2.3 $ 5.2 $ 4.7 Pension non-service income (in millions): Interest cost on benefit obligation $ 6.8 $ 8.4 $ 13.7 $ 16.8 Expected return on plan assets (14.3) (16.6) (28.6) (33.1) Amortization of prior service cost (1.5) (1.5) (3.0) (3.0) Amortization of net actuarial loss 5.8 7.8 11.5 15.5 Curtailment/settlements — (0.1) 0.7 (0.4) Pension non-service income $ (3.2) $ (2.0) $ (5.7) $ (4.2)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 28, 2020
Segment Reporting [Abstract]
Industry Segment Disclosures	The following table presents Teledyne’s segment disclosures (dollars in millions): Second Quarter % Six Months % 2020 2019 Change 2020 2019 Change Net sales(a): Instrumentation $ 263.1 $ 264.1 (0.4) % $ 548.2 $ 520.6 5.3 % Digital Imaging 237.6 248.4 (4.3) % 484.3 480.8 0.7 % Aerospace and Defense Electronics 143.1 176.0 (18.7) % 299.4 342.6 (12.6) % Engineered Systems 99.5 93.5 6.4 % 196.0 183.2 7.0 % Total net sales $ 743.3 $ 782.0 (4.9) % $ 1,527.9 $ 1,527.2 — % Operating income: Instrumentation $ 48.5 $ 49.0 (1.0) % $ 99.3 $ 88.9 11.7 % Digital Imaging 46.8 51.6 (9.3) % 90.6 88.2 2.7 % Aerospace and Defense Electronics 17.5 38.6 (54.7) % 30.9 71.1 (56.5) % Engineered Systems 10.8 9.0 20.0 % 22.2 15.4 44.2 % Corporate expense (13.8) (16.3) (15.3) % (29.2) (34.4) (15.1) % Operating income $ 109.8 $ 131.9 (16.8) % $ 213.8 $ 229.2 (6.7) % (a) Net sales excludes inter-segment sales of $5.5 million and $12.4 million for the second quarter and first six months of 2020, respectively, and $4.0 million and $10.4 million for the second quarter and first six months of 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: June 28, 2020 December 29, 2019 Instrumentation $ 1,693.0 $ 1,680.2 Digital Imaging 1,888.7 1,874.6 Aerospace and Defense Electronics 590.2 618.3 Engineered Systems 154.4 143.4 Corporate 411.9 263.3 Total identifiable assets $ 4,738.2 $ 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): Second Quarter Six Months Instrumentation 2020 2019 2020 2019 Marine Instrumentation 109.9 $ 111.4 $ 219.2 $ 216.6 Environmental Instrumentation 94.3 87.4 203.6 173.8 Test and Measurement Instrumentation 58.9 65.3 125.4 130.2 Total $ 263.1 $ 264.1 $ 548.2 $ 520.6
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. Second Quarter Ended June 28, 2020 Six Months Ended June 28, 2020 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 $ 21.4 $ 241.7 $ 263.1 $ 35.5 $ 512.7 $ 548.2 Digital Imaging 30.1 207.5 237.6 59.4 424.9 484.3 Aerospace and Defense Electronics 57.8 85.3 143.1 111.6 187.8 299.4 Engineered Systems 96.5 3.0 99.5 184.8 11.2 196.0 $ 205.8 $ 537.5 $ 743.3 $ 391.3 $ 1,136.6 $ 1,527.9 a) Includes sales as a prime contractor or subcontractor. Second Quarter Ended June 28, 2020 Six Months Ended June 28, 2020 Contract Type Contract Type (in millions) Fixed Price Cost Type Total Fixed Price Cost Type Total Net Sales: Instrumentation $ 261.8 $ 1.3 $ 263.1 $ 544.0 $ 4.2 $ 548.2 Digital Imaging 214.4 23.2 237.6 435.8 48.5 484.3 Aerospace and Defense Electronics 143.1 — 143.1 299.2 0.2 299.4 Engineered Systems 52.7 46.8 99.5 103.0 93.0 196.0 $ 672.0 $ 71.3 $ 743.3 $ 1,382.0 $ 145.9 $ 1,527.9 Second Quarter Ended June 28, 2020 Six Months Ended June 28, 2020 Geographic Region (a) Geographic Region (a) (in millions) United States Europe All other Total United States Europe All other Total Net sales: Instrumentation $ 211.3 $ 43.1 $ 8.7 $ 263.1 $ 429.1 $ 98.0 $ 21.1 $ 548.2 Digital Imaging 78.0 61.8 97.8 237.6 155.6 130.6 198.1 484.3 Aerospace and Defense Electronics 125.1 17.8 0.2 143.1 257.0 42.0 0.4 299.4 Engineered Systems 99.5 — — 99.5 196.0 — — 196.0 $ 513.9 $ 122.7 $ 106.7 $ 743.3 $ 1,037.7 $ 270.6 $ 219.6 $ 1,527.9 a) Net sales by geographic region of origin. Second Quarter Ended June 30, 2019 Six Months Ended June 30, 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 $ 18.6 $ 245.5 $ 264.1 $ 32.8 $ 487.8 $ 520.6 Digital Imaging 26.2 222.2 248.4 52.4 428.4 480.8 Aerospace and Defense Electronics 58.5 117.5 176.0 108.0 234.6 342.6 Engineered Systems 83.8 9.7 93.5 163.8 19.4 183.2 $ 187.1 $ 594.9 $ 782.0 $ 357.0 $ 1,170.2 $ 1,527.2 a) Includes sales as a prime contractor or subcontractor. Second Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Contract Type Contract Type (in millions) Fixed Price Cost Type Total Fixed Price Cost Type Total Net Sales: Instrumentation $ 253.7 $ 10.4 $ 264.1 $ 504.7 $ 15.9 $ 520.6 Digital Imaging 232.9 15.5 248.4 432.1 48.7 480.8 Aerospace and Defense Electronics 172.6 3.4 176.0 336.0 6.6 342.6 Engineered Systems 39.7 53.8 93.5 74.6 108.6 183.2 $ 698.9 $ 83.1 $ 782.0 $ 1,347.4 $ 179.8 $ 1,527.2 Second Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Geographic Region (a) Geographic Region (a) (in millions) United States Europe All other Total United States Europe All other Total Net sales: Instrumentation $ 225.1 $ 30.8 $ 8.2 $ 264.1 $ 436.2 $ 64.4 $ 20.0 $ 520.6 Digital Imaging 80.3 74.4 93.7 248.4 152.7 141.8 $ 186.3 $ 480.8 Aerospace and Defense Electronics 151.6 24.0 0.4 176.0 298.2 43.8 $ 0.6 $ 342.6 Engineered Systems 93.5 — — 93.5 183.2 — — 183.2 $ 550.5 $ 129.2 $ 102.3 $ 782.0 $ 1,070.3 $ 250.0 $ 206.9 $ 1,527.2 a) Net sales by geographic region of origin.

General (Details)

General (Details) - USD ($)	Jun. 28, 2020	Dec. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash equivalents	$ 203,000,000	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in AOCI by Component (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 28, 2020	Mar. 29, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 28, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 2,753	$ 2,714.7	$ 2,349.5	$ 2,229.7	$ 2,714.7	$ 2,229.7
Other comprehensive loss before reclassifications	1.2		(4.1)		(63.7)	16.1
Amounts reclassified from AOCI	7.3		5.7		8.5	8.9
Net other comprehensive income/(loss)	8.5	(63.7)	1.6	23.4	(55.2)	25
Ending balance	2,879.9	2,753	2,473	2,349.5	2,879.9	2,473
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(211.7)	(150.4)	(164.5)	(181.5)	(150.4)	(181.5)
Other comprehensive loss before reclassifications	1.4		(4.6)		(59.9)	12.4
Amounts reclassified from AOCI	0		0		0	0
Net other comprehensive income/(loss)	1.4		(4.6)		(59.9)	12.4
Ending balance	(210.3)	(211.7)	(169.1)	(164.5)	(210.3)	(169.1)
Cash Flow Hedges and Other
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(8.2)	(2.3)	(3.1)	(4.9)	(2.3)	(4.9)
Other comprehensive loss before reclassifications	(0.2)		0.5		(3.8)	3.7
Amounts reclassified from AOCI	4.1		0.8		1.8	(0.6)
Net other comprehensive income/(loss)	3.9		1.3		(2)	3.1
Ending balance	(4.3)	(8.2)	(1.8)	(3.1)	(4.3)	(1.8)
Pension and Postretirement Benefits
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(319.6)	(323.1)	(302.2)	(306.8)	(323.1)	(306.8)
Other comprehensive loss before reclassifications	0		0		0	0
Amounts reclassified from AOCI	3.2		4.9		6.7	9.5
Net other comprehensive income/(loss)	3.2		4.9		6.7	9.5
Ending balance	(316.4)	(319.6)	(297.3)	(302.2)	(316.4)	(297.3)
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(539.5)	(475.8)	(469.8)	(493.2)	(475.8)	(493.2)
Net other comprehensive income/(loss)	8.5	(63.7)	1.6	23.4
Ending balance	$ (531)	$ (539.5)	$ (468.2)	$ (469.8)	$ (531)	$ (468.2)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated OCI (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 28, 2020	Mar. 29, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 28, 2020	Jun. 30, 2019
(Gain) loss on cash flow hedges:
(Gain) loss recognized in income on derivatives	$ 460.6		$ 463.6		$ 953.2	$ 927.5
Income tax impact	14.2		23.3		33	40.9
Net income	(93.7)	$ (82.2)	(104.6)	$ (75.3)	(175.9)	(179.9)
Amortization of defined benefit pension and postretirement plan items:
Total	7.3		5.7		8.5	8.9
Cash Flow Hedges and Other
Amortization of defined benefit pension and postretirement plan items:
Total	4.1		0.8		1.8	(0.6)
Amortization of 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)		(3)	(3)
Amortization of net actuarial loss
Amortization of defined benefit pension and postretirement plan items:
Amortization of defined benefit pension and postretirement plan items	5.7		7.9		11.7	15.5
Pension and Postretirement Benefits
Amortization of defined benefit pension and postretirement plan items:
Amortization of defined benefit pension and postretirement plan items	4.2		6.4		8.7	12.5
Income tax impact	(1)		(1.5)		(2)	(3)
Total	3.2		4.9		6.7	9.5
Amount Reclassified from AOCI | Cash Flow Hedges and Other
(Gain) loss on cash flow hedges:
(Gain) loss recognized in income on derivatives	5.5		1.1		2.4	(0.9)
Income tax impact	(1.4)		(0.3)		(0.6)	0.3
Net income	$ 4.1		$ 0.8		$ 1.8	$ (0.6)

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	Jun. 28, 2020	Jun. 30, 2019	Dec. 29, 2019
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired						$ 29	$ 222.5
Goodwill						2,061.3		$ 2,050.5
Acquired intangibles, net						$ 409.2		$ 430.8
Oak Gate Technology
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	$ 28.5
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 - Narrat

Derivative Instruments - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 28, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 28, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 28, 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	$ (1,800,000)	$ 700,000	$ 8,600,000	$ (900,000)
Foreign Exchange Forward | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Expected reclassification of gain (loss) over the next 12 months	(900,000)		(900,000)
Foreign Exchange Forward | Designated as Hedging Instrument | Sell US Dollars and Buy Canadian Dollars
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency contract	93,100,000		93,100,000
Foreign Exchange Forward | Designated as Hedging Instrument | Sell US Dollars and Buy Great Britain Pounds
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency contract	6,500,000		6,500,000
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	2,000,000		2,000,000
Currency Swap Maturing March 2023 | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency contract	125,000,000		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		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		$ 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		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) recognized in AOCI	$ 0.2	$ 0.7	$ (0.4)	$ 5
Net foreign exchange gain (loss) recognized in other income and expense, net	0	(0.2)	0	(0.4)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI	(0.6)	0	(4.6)	0
Revenue | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI	(1.6)	(0.6)	(1.8)	(1.2)
Other Operating Income (Expense) | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI	(4.7)	(1.2)	(3)	0.6
Interest Expense | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI	1	0	2.5	0
Interest Expense | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI	$ (0.3)	$ 0.7	$ (0.2)	$ 1.5

Derivative Instruments - Foreig

Derivative Instruments - Foreign Currency Contracts (Details) - Jun. 28, 2020 - Foreign Exchange Forward - Not Designated as Hedging Instrument € in Millions, £ in Millions, kr in Millions, $ in Millions, $ in Millions	USD ($)	EUR (€)	CAD ($)	GBP (£)	DKK (kr)
Long | Sell US Dollars and Buy Canadian Dollars
Derivative Instruments (Textual) [Abstract]
Foreign currency contract			$ 51
Long | Sell Euros and Buy Canadian Dollars
Derivative Instruments (Textual) [Abstract]
Foreign currency contract			$ 15.1
Long | Sell US Dollars and Buy Great Britain Pounds
Derivative Instruments (Textual) [Abstract]
Foreign currency contract | £				£ 61.8
Long | Sell US Dollars and Buy Euros
Derivative Instruments (Textual) [Abstract]
Foreign currency contract | €		€ 31
Long | Sell US Dollars And Buy Danish Krone
Derivative Instruments (Textual) [Abstract]
Foreign currency contract | kr					kr 139.4
Long | Sell Euros and Buy Great British Pounds
Derivative Instruments (Textual) [Abstract]
Foreign currency contract | £				£ 5.9
Short | Sell US Dollars and Buy Canadian Dollars
Derivative Instruments (Textual) [Abstract]
Foreign currency contract	$ 37.6
Short | Sell Euros and Buy Canadian Dollars
Derivative Instruments (Textual) [Abstract]
Foreign currency contract | €		9.9
Short | Sell US Dollars and Buy Great Britain Pounds
Derivative Instruments (Textual) [Abstract]
Foreign currency contract	76.9
Short | Sell US Dollars and Buy Euros
Derivative Instruments (Textual) [Abstract]
Foreign currency contract	34.8
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 | €		€ 6.6
Minimum
Derivative Instruments (Textual) [Abstract]
Foreign currency contract	$ 311.2

Derivative Instruments - Fair V

Derivative Instruments - Fair Values of Instruments (Details) - USD ($) $ in Millions	Jun. 28, 2020	Dec. 29, 2019
Fair values of derivative financial instruments
Total derivatives, net	$ (6.8)	$ (0.7)
Designated as Hedging Instrument
Fair values of derivative financial instruments
Total derivatives, net	(6.3)	(0.4)
Not Designated as Hedging Instrument
Fair values of derivative financial instruments
Total derivatives, net	(0.5)	(0.3)
Cash flow forward contracts | Designated as Hedging Instrument | Other assets
Fair values of derivative financial instruments
Total derivatives, net	0.6	1.3
Cash flow forward contracts | Designated as Hedging Instrument | Accrued liabilities
Fair values of derivative financial instruments
Total derivatives, net	(1.8)	(0.1)
Cash flow forward contracts | Not Designated as Hedging Instrument | Accrued liabilities
Fair values of derivative financial instruments
Total derivatives, net	(2.4)	(0.4)
Cash flow forward contracts | Not Designated as Hedging Instrument | Other current assets
Fair values of derivative financial instruments
Total derivatives, net	1.9	0.1
Cash flow cross currency swap | Designated as Hedging Instrument | Accrued liabilities
Fair values of derivative financial instruments
Total derivatives, net	0	0.3
Cash flow cross currency swap | Designated as Hedging Instrument | Other current assets
Fair values of derivative financial instruments
Total derivatives, net	2.7	5.4
Cash flow cross currency swap | Designated as Hedging Instrument | Other non-current liabilities
Fair values of derivative financial instruments
Total derivatives, net	0	(7.8)
Cash flow cross currency swap | Designated as Hedging Instrument | Other non-current assets
Fair values of derivative financial instruments
Total derivatives, net	0.2	0
Cross currency swap | Designated as Hedging Instrument | Other assets
Fair values of derivative financial instruments
Total derivatives, net	0.7	0
Cross currency swap | Designated as Hedging Instrument | Other current assets
Fair values of derivative financial instruments
Total derivatives, net	0.1	0
Cross currency swap | Designated as Hedging Instrument | Other non-current liabilities
Fair values of derivative financial instruments
Total derivatives, net	(4.9)	0
Interest rate contracts | Designated as Hedging Instrument | Other current assets
Fair values of derivative financial instruments
Total derivatives, net	0	0.2
Interest rate contracts | Designated as Hedging Instrument | Other non-current liabilities
Fair values of derivative financial instruments
Total derivatives, net	(2.4)	0
Interest rate contracts | Designated as Hedging Instrument | Other non-current assets
Fair values of derivative financial instruments
Total derivatives, net	0	0.3
Interest rate contracts | Designated as Hedging Instrument | Other current liabilities
Fair values of derivative financial instruments
Total derivatives, net	$ (1.5)	$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Stock options excluded in computation of diluted earnings per share (in shares)	241,931	0	244,192	3,240

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Weighted average common shares outstanding (in shares)	36.7	36.2	36.6	36.2
Effect of dilutive securities (primarily stock options) (in shares)	1.1	1.2	1.2	1.1
Weighted average diluted common shares outstanding (in shares)	37.8	37.4	37.8	37.3

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended					6 Months Ended		12 Months Ended
	Jun. 28, 2020	Mar. 29, 2020	Jun. 30, 2019	Mar. 31, 2019	Apr. 01, 2018	Jun. 28, 2020	Jun. 30, 2019	Jan. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option compensation expense	$ 5.7		$ 5.8			$ 13.1	$ 14.7
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								$ 25.2
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	61,194					61,194

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Stock Option Valuation Assumptions (Details)	6 Months Ended
	Jun. 28, 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	6 Months Ended
	Jun. 28, 2020$ / sharesshares	Jun. 28, 2020$ / sharesshares
Shares
Beginning balance (in shares) | shares	2,135,096	1,988,576
Granted (in shares) | shares	0	246,453
Exercised (in shares) | shares	(196,766)	(288,173)
Canceled (in shares) | shares	(11,254)	(19,780)
Ending balance (in shares) | shares	1,927,076	1,927,076
Options exercisable at end of period (in shares) | shares	1,336,293	1,336,293
Weighted Average Exercise Price
Beginning balance (in USD per share) | $ / shares	$ 160.32	$ 130.66
Granted (in USD per share) | $ / shares	0	383.18
Exercised (in USD per share) | $ / shares	91.48	97.97
Canceled (in USD per share) | $ / shares	279.44	246.79
Ending balance (in USD per share) | $ / shares	166.66	166.66
Options exercisable at end of period (in USD per share) | $ / shares	$ 116.16	$ 116.16

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock	6 Months Ended
	Jun. 28, 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	Jun. 28, 2020	Dec. 29, 2019
Inventory Disclosure [Abstract]
Inventories at average cost or FIFO methods	$ 363.4	$ 361.2
Inventories at cost as per LIFO	$ 36.3	$ 40

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 28, 2020	Dec. 29, 2019
Inventories
Raw materials and supplies	$ 251.9	$ 231.2
Work in process	84	108.3
Finished goods	63.8	61.7
Total inventories, gross	399.7	401.2
Reduction to LIFO cost basis	(7.4)	(7.8)
Total inventories, net	$ 392.3	$ 393.4

Customer Contracts - Narrative

Customer Contracts - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Dec. 29, 2019
Segment Reporting Information [Line Items]
Contract with customer, current liability	$ 123.2		$ 126.8
Contract with customer, long-term liability	15.2		17.9
Revenue recognized from contract liabilities	51.9
Remaining performance obligation	1,806.2
Allowance for doubtful accounts	12		$ 10.2
Digital Imaging
Segment Reporting Information [Line Items]
Change in estimate	$ 10.2	$ 12.6

Customer Contracts - Performanc

Customer Contracts - Performance Obligation (Details)	Jun. 28, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	74.00%
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-06-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	26.00%
Remaining performance obligation, expected timing of satisfaction

Customer Contracts - Product Wa

Customer Contracts - Product Warranty (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Company's product warranty reserve
Balance at beginning of year	$ 24.8	$ 21
Accruals for product warranties charged to expense and other	0.7	5.1
Cost of product warranty claims	(5.3)	(4.6)
Acquisition	0.1	0.3
Balance at end of period	$ 20.3	$ 21.8

Customer Contracts - Allowance

Customer Contracts - Allowance for Doubtful Accounts (Details) $ in Millions	6 Months Ended
	Jun. 28, 2020USD ($)
Allowance for doubtful accounts (in millions):
Balance at beginning of period	$ 10.2
Accruals for credit loss charged to expense	2.8
Other deductions	(1)
Balance at end of period	$ 12

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	13.20%	18.20%	15.80%	18.50%
Discrete items	$ 10.4	$ 4.3	$ 14.6	$ 7.4
Discrete tax expense (benefit), share-based accounting	$ 9.8	$ 4.8	$ 14.5	$ 7.7
Effective tax rate excluding discrete items	22.80%	21.60%	22.80%	21.90%

Long-Term Debt and Letters of_3

Long-Term Debt and Letters of Credit - Long-Term Debt (Details)	Jun. 28, 2020USD ($)	Jun. 28, 2020EUR (€)	Dec. 29, 2019USD ($)
Debt Instrument [Line Items]
Debt issuance costs	$ (900,000)		$ (1,200,000)
Total debt	851,400,000		850,600,000
Less: current portion of long-term debt and debt issuance costs	(100,600,000)		(100,600,000)
Long-term debt	750,800,000		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 1.10% at June 28, 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	1.10%	1.10%	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 June 28, 2020 and 2.702% at December 29, 2019, swapped to a Euro fixed rate of 0.6120%
Debt Instrument [Line Items]
Effective interest rate	2.60%	2.60%	2.702%
Stated interest rate	0.612%	0.612%
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	$ 56,100,000		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	$ 112,200,000		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	$ 112,200,000		$ 111,900,000

Long-Term Debt and Letters of_4

Long-Term Debt and Letters of Credit - Narrative (Details) - USD ($)	Jun. 28, 2020	Dec. 29, 2019
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit, outstanding	$ 25,800,000
Credit facility | $750 million credit facility due March 2024, weighted average rate of 1.10% at June 28, 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	$ 614,500,000

Lease Commitments (Details)

Lease Commitments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019	Dec. 29, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 120.4		$ 120.4		$ 127.1
Operating lease liability	131.1		131.1
Long-term operating lease liabilities	111.7		111.7		$ 119.3
Short term lease liability	19.4		19.4
Operating lease expense	$ 6	$ 5.8	$ 12.1	$ 11.6

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments, Contingencies and Related Matters (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2020	Dec. 29, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Reserves for environmental remediation obligations	$ 6.6
Accrued liabilities	406.6	$ 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)	6 Months Ended
	Jun. 28, 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		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Components of net period pension benefit expense
Service cost — benefits earned during the period	$ 2.6	$ 2.3	$ 5.2	$ 4.7
Interest cost on benefit obligation	6.8	8.4	13.7	16.8
Expected return on plan assets	(14.3)	(16.6)	(28.6)	(33.1)
Amortization of prior service cost	(1.5)	(1.5)	(3)	(3)
Amortization of net actuarial loss	5.8	7.8	11.5	15.5
Curtailment/settlements	0	(0.1)	0.7	(0.4)
Pension non-service (income) expense	$ (3.2)	$ (2)	$ (5.7)	$ (4.2)

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 28, 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
Digital Imaging
Revenue from External Customer [Line Items]
Number of product lines	1
Aerospace and Defense Electronics
Revenue from External Customer [Line Items]
Number of product lines	1
Engineered Systems
Revenue from External Customer [Line Items]
Number of product lines	1

Segment Information - Reconcili

Segment Information - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Net sales:
Net sales	$ 743.3	$ 782	$ 1,527.9	$ 1,527.2
Net sales, percentage change	(4.90%)		0.00%
Operating income:
Operating income	$ 109.8	131.9	$ 213.8	229.2
Total segment operating profit, percentage change	(16.80%)		(6.70%)
Corporate, Non-Segment
Operating income:
Operating income	$ (13.8)	(16.3)	$ (29.2)	(34.4)
Total segment operating profit, percentage change	(15.30%)		(15.10%)
Intersegment Eliminations
Net sales:
Net sales	$ 5.5	4	$ 12.4	10.4
Instrumentation
Net sales:
Net sales	263.1	264.1	548.2	520.6
Instrumentation | Operating Segments
Net sales:
Net sales	$ 263.1	264.1	$ 548.2	520.6
Net sales, percentage change	(0.40%)		5.30%
Operating income:
Operating income	$ 48.5	49	$ 99.3	88.9
Total segment operating profit, percentage change	(1.00%)		11.70%
Digital Imaging
Net sales:
Net sales	$ 237.6	248.4	$ 484.3	480.8
Digital Imaging | Operating Segments
Net sales:
Net sales	$ 237.6	248.4	$ 484.3	480.8
Net sales, percentage change	(4.30%)		0.70%
Operating income:
Operating income	$ 46.8	51.6	$ 90.6	88.2
Total segment operating profit, percentage change	(9.30%)		2.70%
Aerospace and Defense Electronics
Net sales:
Net sales	$ 143.1	176	$ 299.4	342.6
Aerospace and Defense Electronics | Operating Segments
Net sales:
Net sales	$ 143.1	176	$ 299.4	342.6
Net sales, percentage change	(18.70%)		(12.60%)
Operating income:
Operating income	$ 17.5	38.6	$ 30.9	71.1
Total segment operating profit, percentage change	(54.70%)		(56.50%)
Engineered Systems
Net sales:
Net sales	$ 99.5	93.5	$ 196	183.2
Engineered Systems | Operating Segments
Net sales:
Net sales	$ 99.5	93.5	$ 196	183.2
Net sales, percentage change	6.40%		7.00%
Operating income:
Operating income	$ 10.8	$ 9	$ 22.2	$ 15.4
Total segment operating profit, percentage change	20.00%		44.20%

Segment Information - Identifia

Segment Information - Identifiable Assets (Details) - USD ($) $ in Millions	Jun. 28, 2020	Dec. 29, 2019
Segment Reporting Information [Line Items]
Identifiable assets	$ 4,738.2	$ 4,579.8
Operating Segments | Instrumentation
Segment Reporting Information [Line Items]
Identifiable assets	1,693	1,680.2
Operating Segments | Digital Imaging
Segment Reporting Information [Line Items]
Identifiable assets	1,888.7	1,874.6
Operating Segments | Aerospace and Defense Electronics
Segment Reporting Information [Line Items]
Identifiable assets	590.2	618.3
Operating Segments | Engineered Systems
Segment Reporting Information [Line Items]
Identifiable assets	154.4	143.4
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Identifiable assets	$ 411.9	$ 263.3

Segment Information - Sales (De

Segment Information - Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Revenue from External Customer [Line Items]
Net sales	$ 743.3	$ 782	$ 1,527.9	$ 1,527.2
Instrumentation
Revenue from External Customer [Line Items]
Net sales	263.1	264.1	548.2	520.6
Operating Segments | Instrumentation
Revenue from External Customer [Line Items]
Net sales	263.1	264.1	548.2	520.6
Operating Segments | Instrumentation | Marine Instrumentation
Revenue from External Customer [Line Items]
Net sales	109.9	111.4	219.2	216.6
Operating Segments | Instrumentation | Environmental Instrumentation
Revenue from External Customer [Line Items]
Net sales	94.3	87.4	203.6	173.8
Operating Segments | Instrumentation | Test and Measurement Instrumentation
Revenue from External Customer [Line Items]
Net sales	$ 58.9	$ 65.3	$ 125.4	$ 130.2

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 743.3	$ 782	$ 1,527.9	$ 1,527.2
United States
Disaggregation of Revenue [Line Items]
Net sales	513.9	550.5	1,037.7	1,070.3
Europe
Disaggregation of Revenue [Line Items]
Net sales	122.7	129.2	270.6	250
All other
Disaggregation of Revenue [Line Items]
Net sales	106.7	102.3	219.6	206.9
Fixed Price
Disaggregation of Revenue [Line Items]
Net sales	672	698.9	1,382	1,347.4
Cost Type
Disaggregation of Revenue [Line Items]
Net sales	71.3	83.1	145.9	179.8
US Government
Disaggregation of Revenue [Line Items]
Net sales	205.8	187.1	391.3	357
Other, Primarily Commercial
Disaggregation of Revenue [Line Items]
Net sales	537.5	594.9	1,136.6	1,170.2
Instrumentation
Disaggregation of Revenue [Line Items]
Net sales	263.1	264.1	548.2	520.6
Instrumentation | United States
Disaggregation of Revenue [Line Items]
Net sales	211.3	225.1	429.1	436.2
Instrumentation | Europe
Disaggregation of Revenue [Line Items]
Net sales	43.1	30.8	98	64.4
Instrumentation | All other
Disaggregation of Revenue [Line Items]
Net sales	8.7	8.2	21.1	20
Instrumentation | Fixed Price
Disaggregation of Revenue [Line Items]
Net sales	261.8	253.7	544	504.7
Instrumentation | Cost Type
Disaggregation of Revenue [Line Items]
Net sales	1.3	10.4	4.2	15.9
Instrumentation | US Government
Disaggregation of Revenue [Line Items]
Net sales	21.4	18.6	35.5	32.8
Instrumentation | Other, Primarily Commercial
Disaggregation of Revenue [Line Items]
Net sales	241.7	245.5	512.7	487.8
Digital Imaging
Disaggregation of Revenue [Line Items]
Net sales	237.6	248.4	484.3	480.8
Digital Imaging | United States
Disaggregation of Revenue [Line Items]
Net sales	78	80.3	155.6	152.7
Digital Imaging | Europe
Disaggregation of Revenue [Line Items]
Net sales	61.8	74.4	130.6	141.8
Digital Imaging | All other
Disaggregation of Revenue [Line Items]
Net sales	97.8	93.7	198.1	186.3
Digital Imaging | Fixed Price
Disaggregation of Revenue [Line Items]
Net sales	214.4	232.9	435.8	432.1
Digital Imaging | Cost Type
Disaggregation of Revenue [Line Items]
Net sales	23.2	15.5	48.5	48.7
Digital Imaging | US Government
Disaggregation of Revenue [Line Items]
Net sales	30.1	26.2	59.4	52.4
Digital Imaging | Other, Primarily Commercial
Disaggregation of Revenue [Line Items]
Net sales	207.5	222.2	424.9	428.4
Aerospace and Defense Electronics
Disaggregation of Revenue [Line Items]
Net sales	143.1	176	299.4	342.6
Aerospace and Defense Electronics | United States
Disaggregation of Revenue [Line Items]
Net sales	125.1	151.6	257	298.2
Aerospace and Defense Electronics | Europe
Disaggregation of Revenue [Line Items]
Net sales	17.8	24	42	43.8
Aerospace and Defense Electronics | All other
Disaggregation of Revenue [Line Items]
Net sales	0.2	0.4	0.4	0.6
Aerospace and Defense Electronics | Fixed Price
Disaggregation of Revenue [Line Items]
Net sales	143.1	172.6	299.2	336
Aerospace and Defense Electronics | Cost Type
Disaggregation of Revenue [Line Items]
Net sales	0	3.4	0.2	6.6
Aerospace and Defense Electronics | US Government
Disaggregation of Revenue [Line Items]
Net sales	57.8	58.5	111.6	108
Aerospace and Defense Electronics | Other, Primarily Commercial
Disaggregation of Revenue [Line Items]
Net sales	85.3	117.5	187.8	234.6
Engineered Systems
Disaggregation of Revenue [Line Items]
Net sales	99.5	93.5	196	183.2
Engineered Systems | United States
Disaggregation of Revenue [Line Items]
Net sales	99.5	93.5	196	183.2
Engineered Systems | Europe
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Engineered Systems | All other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Engineered Systems | Fixed Price
Disaggregation of Revenue [Line Items]
Net sales	52.7	39.7	103	74.6
Engineered Systems | Cost Type
Disaggregation of Revenue [Line Items]
Net sales	46.8	53.8	93	108.6
Engineered Systems | US Government
Disaggregation of Revenue [Line Items]
Net sales	96.5	83.8	184.8	163.8
Engineered Systems | Other, Primarily Commercial
Disaggregation of Revenue [Line Items]
Net sales	$ 3	$ 9.7	$ 11.2	$ 19.4