Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 02, 2023 | Apr. 19, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 02, 2023 | |
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, $0.01 par value | |
Trading Symbol | TDY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,045,579 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001094285 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Income Statement [Abstract] | ||
Net sales | $ 1,383.3 | $ 1,321 |
Costs and expenses | ||
Cost of sales | 790.7 | 752.6 |
Selling, general and administrative | 300.4 | 291.3 |
Acquired intangible asset amortization | 49.7 | 53.6 |
Total costs and expenses | 1,140.8 | 1,097.5 |
Operating income (loss) | 242.5 | 223.5 |
Interest and debt income (expense), net | (21) | (22.3) |
Non-service retirement benefit income (expense), net | 3.3 | 2.8 |
Other income (expense), net | (1.1) | (1) |
Income (loss) before income taxes | 223.7 | 203 |
Provision (benefit) for income taxes | 44.9 | (9.6) |
Net income (loss) including noncontrolling interest | 178.8 | 212.6 |
Less: Net income (loss) attributable to noncontrolling interest | 0.1 | 0 |
Total | $ 178.7 | $ 212.6 |
Basic earnings per common share (in USD per share) | $ 3.81 | $ 4.55 |
Weighted average common shares outstanding (in shares) | 46.9 | 46.7 |
Diluted earnings per common share (in USD per share) | $ 3.73 | $ 4.46 |
Weighted average diluted common shares outstanding (in shares) | 47.9 | 47.7 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) including noncontrolling interest | $ 178.8 | $ 212.6 |
Other comprehensive income (loss): | ||
Foreign exchange translation adjustment | (4.3) | (32.6) |
Hedge activity, net of tax | 2.5 | 6.5 |
Pension and postretirement benefit adjustments, net of tax | 1.5 | 4.2 |
Other comprehensive income (loss) | (0.3) | (21.9) |
Comprehensive income (loss) including noncontrolling interest | 178.5 | 190.7 |
Comprehensive (income) loss attributable to noncontrolling interest | 0.1 | 0 |
Comprehensive income (loss) attributable to Teledyne | $ 178.4 | $ 190.7 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Apr. 02, 2023 | Jan. 01, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 665.2 | $ 638.1 |
Accounts receivable, net | 827.9 | 883.7 |
Unbilled receivables, net | 292.2 | 274.7 |
Inventories, net | 951.7 | 890.7 |
Prepaid expenses and other current assets | 145.4 | 130.7 |
Total current assets | 2,882.4 | 2,817.9 |
Property, plant and equipment, net of accumulated depreciation and amortization of $876.2 at April 2, 2023 and $847.8 at January 1, 2023 | 765.3 | 769.8 |
Goodwill | 7,925.5 | 7,873 |
Acquired intangibles, net | 2,405.4 | 2,440.6 |
Prepaid pension assets | 182.4 | 178.4 |
Other assets, net | 268.3 | 274.3 |
Total Assets | 14,429.3 | 14,354 |
Current Liabilities | ||
Accounts payable | 495 | 505.7 |
Accrued liabilities | 692.9 | 717.6 |
Current portion of long-term debt | 300.1 | 300.1 |
Total current liabilities | 1,488 | 1,523.4 |
Long-term debt, net of current portion | 3,520.3 | 3,620.5 |
Long-term deferred tax liabilities | 482.4 | 490 |
Other long-term liabilities | 569.2 | 547.2 |
Total Liabilities | 6,059.9 | 6,181.1 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interest | 3.7 | 3.7 |
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: 47,194,766 at April 2, 2023 and 47,194,766 at January 1, 2023; outstanding shares: 47,037,465 at April 2, 2023 and 46,912,635 at January 1, 2023 | 0.5 | 0.5 |
Additional paid-in capital | 4,360.9 | 4,353.4 |
Retained earnings | 4,740.5 | 4,561.8 |
Treasury stock, 157,301 shares at April 2, 2023 and 282,131 shares at January 1, 2023 | (9.4) | (20) |
Accumulated other comprehensive income (loss) | (726.8) | (726.5) |
Total Stockholders’ Equity | 8,365.7 | 8,169.2 |
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders' Equity | $ 14,429.3 | $ 14,354 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Apr. 02, 2023 | Jan. 01, 2023 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation and amortization | $ 876.2 | $ 847.8 |
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) | 47,194,766 | 47,194,766 |
Common stock, shares outstanding (in shares) | 47,037,465 | 46,912,635 |
Treasury stock (in shares) | 157,301 | 282,131 |
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 Jan. 02, 2022 | $ 7,622 | $ 0.5 | $ 4,317.1 | $ (38.8) | $ 3,773.2 | $ (430) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 212.6 | 212.6 | ||||
Other comprehensive income (loss), net of tax | (21.9) | (21.9) | ||||
Treasury stock issued | 0 | (11.6) | 11.6 | |||
Stock-based compensation | 7 | 7 | ||||
Exercise of stock options | 12.7 | 12.7 | ||||
Ending balance at Apr. 03, 2022 | 7,832.4 | 0.5 | 4,325.2 | (27.2) | 3,985.8 | (451.9) |
Beginning balance at Jan. 01, 2023 | 8,169.2 | 0.5 | 4,353.4 | (20) | 4,561.8 | (726.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 178.7 | 178.7 | ||||
Other comprehensive income (loss), net of tax | (0.3) | (0.3) | ||||
Treasury stock issued | 0 | (10.6) | 10.6 | |||
Stock-based compensation | 7.9 | 7.9 | ||||
Exercise of stock options | 10.2 | 10.2 | ||||
Ending balance at Apr. 02, 2023 | $ 8,365.7 | $ 0.5 | $ 4,360.9 | $ (9.4) | $ 4,740.5 | $ (726.8) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | Jan. 01, 2023 | |
Operating Activities | |||
Net income (loss) including noncontrolling interest | $ 178.8 | $ 212.6 | |
Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 82.1 | 86.9 | |
Stock-based compensation | 7.9 | 9 | |
Changes in operating assets and liabilities excluding the effect of business acquired: | |||
Accounts receivable and unbilled receivables | 50 | (57.2) | |
Inventories | (57.6) | (56.6) | |
Accounts payable | (10.8) | 33.1 | |
Deferred and income taxes receivable/payable, net | 7.2 | 5.6 | |
Prepaid expenses and other assets | (11.3) | (2.4) | |
Accrued expenses and other liabilities | (34.6) | (451.5) | |
Other operating, net | (8.7) | 3.8 | |
Net cash provided by (used in) operating activities | 203 | (216.7) | |
Investing Activities | |||
Purchases of property, plant and equipment | (24.4) | (21) | |
Purchase of businesses, net of cash acquired | (52.5) | 0 | |
Other investing, net | 0 | 1.4 | |
Net cash provided by (used in) investing activities | (76.9) | (19.6) | |
Financing Activities | |||
Net borrowings from (repayments made to) credit facility | (100) | 32 | |
Payments on other debt | (0.1) | 0 | |
Proceeds from exercise of stock options | 10.2 | 12.7 | |
Maturity of cross currency swap | (13.5) | 0 | |
Other financing, net | 0 | (2.1) | |
Net cash provided by (used in) financing activities | (103.4) | 42.6 | |
Effect of exchange rate changes on cash | 4.4 | 3.3 | |
Change in cash and cash equivalents | 27.1 | (190.4) | |
Cash and cash equivalents—beginning of period | 638.1 | 474.7 | $ 474.7 |
Cash and cash equivalents—end of period | $ 665.2 | $ 284.3 | $ 638.1 |
General
General | 3 Months Ended |
Apr. 02, 2023 | |
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 generally accepted accounting principles 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 January 1, 2023 (“2022 Form 10-K”). In the opinion of 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 April 2, 2023 and the consolidated results of operations, consolidated comprehensive income (loss) and consolidated cash flows for the first quarter ended April 2, 2023. The results of operations and cash flows for the periods ended April 2, 2023 and cash flows for the three months ended April 2, 2023 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Recent Accounting Standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. This standard requires annual disclosure of the key terms of supplier finance programs, obligations outstanding with a description of where the amounts are presented in the financial statements, a rollforward of such amounts, and interim disclosure of amounts outstanding as of the end of each period. The adoption of ASU 2022-04 did not have an impact on the Company's disclosures as the impact of supplier finance programs is not material to the Company's financial statements. |
Business Acquisitions
Business Acquisitions | 3 Months Ended |
Apr. 02, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Acquisitions | Business Acquisitions 2023 Acquisitions ChartWorld During the first quarter of 2023, the Company acquired ChartWorld International Limited and affiliates ("ChartWorld") for $52.5 million in cash, net of cash acquired, and subject to certain adjustments. ChartWorld, headquartered in Cyprus, with additional locations in Germany, Singapore, Canada and Japan, is a provider of digital marine navigation hardware and software provided through an affordable subscription-based model. ChartWorld is part of the Digital Imaging segment. Goodwill resulting from the ChartWorld acquisition will not be deductible for tax purposes. 2022 Acquisitions ETM During the fourth quarter of 2022, Teledyne acquired ETM-Electromatic, Inc. ("ETM") for $87.7 million in cash, net of cash acquired, and subject to certain adjustments. ETM, headquartered in Newark, California, designs and manufactures high-power microwave and high-energy X-ray subsystems for cancer radiotherapy, defense and X-ray security applications. ETM is part of the Digital Imaging segment. Goodwill resulting from the ETM acquisition will not be deductible for tax purposes. NL Acoustics During the third quarter of 2022, the Company acquired an approximate 80% majority interest in Noiseless Acoustics Oy ("NL Acoustics"), paying $11.9 million in cash, net of cash acquired, during the year, with an immaterial amount payable in 2023. NL Acoustics, located in Helsinki, Finland, designs and manufactures acoustics imaging instruments and predictive maintenance solutions. NL Acoustics is part of the Digital Imaging segment. Goodwill resulting from the NL Acoustics acquisition will not be deductible for tax purposes. The minority ownership interest in shares of NL Acoustics held by certain former owners and employees is classified as a redeemable noncontrolling interest on the consolidated balance sheet due to a put option under which the third party may require the Company to purchase the remaining ownership interest, with the put option exercisable beginning in the third quarter of 2025. The redeemable noncontrolling interest is measured at the greater of the amount that would be paid if settlement occurred as of the balance sheet date based on the contractually defined redemption value and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. Adjustments to the carrying value of the redeemable noncontrolling interest are recorded through retained earnings. Changes in the redeemable noncontrolling interest balance during the period were not material. The following tables show the purchase price (net of cash acquired), goodwill acquired, and acquired intangible assets for these acquisitions (in millions): 2023 Acquisitions Acquisition Date Cash Paid (a) Goodwill Acquired Acquired Intangible Assets ChartWorld January 3, 2023 $ 52.5 $ 48.4 $ 11.3 (a) Net of cash acquired 2022 Acquisitions Acquisition Date Cash Paid (a) Goodwill Acquired Acquired Intangible Assets ETM October 28, 2022 $ 87.7 $ 33.5 $ 20.9 NL Acoustics (acquisition of 80% interest) July 15, 2022 11.9 11.6 3.8 Total $ 99.6 $ 45.1 $ 24.7 (a) Net of cash acquired; an immaterial portion of NL Acoustics will be paid in 2023. The Company’s cost to acquire these acquisitions was allocated to the assets acquired and liabilities assumed based upon their respective fair values as of the date of the completion of the acquisition. The differences between the fair value of the consideration paid and the estimated fair value of the assets and liabilities acquired was recorded as goodwill. The fair value of the acquired identifiable assets and liabilities for these acquisitions is provisional pending finalization of the Company’s acquisition accounting, including the measurement of tax basis in certain jurisdictions and the resulting deferred taxes that might arise from book and tax basis differences, if any. Pro forma results of operations, the revenue and net income subsequent to the acquisition date, and a more detailed breakout of the major classes of assets and liabilities acquired for these acquisitions have not been presented because the effects of these acquisitions, individually and in the aggregate, were not material to the Company's financial results. The significant factors that resulted in recognition of goodwill for the 2022 and 2023 acquisitions included the acquired businesses’ market positions, growth opportunities in the markets in which they operate, their experienced work force and established operating infrastructures. The results of these acquisitions have been included in Teledyne’s results since the dates of their respective acquisition. |
Business Segments
Business Segments | 3 Months Ended |
Apr. 02, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, 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: Digital Imaging; Instrumentation; Aerospace and Defense Electronics; and Engineered Systems. Segment results include net sales and operating income by segment but excludes corporate office expenses. Corporate expense primarily includes various administrative expenses relating to the corporate office not allocated to our segments. The following table presents net sales and operating income by segment (dollars in millions): First Quarter % 2023 2022 Change Net sales (a): Digital Imaging $ 772.5 $ 750.5 2.9 % Instrumentation 333.5 308.9 8.0 % Aerospace and Defense Electronics 173.2 166.2 4.2 % Engineered Systems 104.1 95.4 9.1 % Total net sales $ 1,383.3 $ 1,321.0 4.7 % Operating income: Digital Imaging $ 122.2 $ 115.7 5.6 % Instrumentation 80.7 71.6 12.7 % Aerospace and Defense Electronics 47.0 42.9 9.6 % Engineered Systems 10.0 9.4 6.4 % Corporate expense (17.4) (16.1) 8.1 % Operating income $ 242.5 $ 223.5 8.5 % (a) Net sales excludes inter-segment sales of $6.2 million and $5.5 million for the first quarter of 2023 and 2022, respectively. Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, net pension assets/liabilities and other assets (in millions): Identifiable assets: April 2, 2023 January 1, 2023 Digital Imaging $ 11,406.6 $ 11,432.3 Instrumentation 1,634.6 1,626.4 Aerospace and Defense Electronics 554.5 540.1 Engineered Systems 188.3 200.3 Corporate 645.3 554.9 Total identifiable assets $ 14,429.3 $ 14,354.0 Product Lines The Instrumentation segment includes three product lines: Environmental Instrumentation, Marine Instrumentation and Test and Measurement Instrumentation. The Company’s other three segments each contain one product line. The following table provides a summary of the net sales by product line for the Instrumentation segment (in millions): First Quarter Instrumentation 2023 2022 Marine Instrumentation $ 128.2 $ 111.9 Environmental Instrumentation 117.9 114.0 Test and Measurement Instrumentation 87.4 83.0 Total $ 333.5 $ 308.9 |
Revenue Recognition and Contrac
Revenue Recognition and Contract Balances | 3 Months Ended |
Apr. 02, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Contract Balances | Revenue Recognition and Contract Balances Approximately 70% of the Company's net sales are recognized at a point in time, with the remaining 30% of net sales recognized over time. The Company disaggregates its revenue from contracts with customers by customer type and geographic region for each segment, as management believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. With the exception of the Engineered Systems segment, net sales in each segment is primarily derived from fixed price contracts. Net sales in the Engineered Systems segment is typically between 45% and 55% fixed price contracts in a given reporting period, with the balance of net sales derived from cost-reimbursable type contracts. For the three months ended April 2, 2023, approximately 51% of net sales in the Engineered Systems segment were derived from fixed price contracts. First Quarter Ended April 2, 2023 First Quarter Ended April 2, 2023 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 130.4 $ 642.1 $ 772.5 $ 334.4 $ 197.3 $ 158.4 $ 82.4 $ 772.5 Instrumentation 23.0 310.5 333.5 138.0 97.2 67.5 30.8 333.5 Aerospace and Defense Electronics 64.7 108.5 173.2 120.1 29.5 17.0 6.6 173.2 Engineered Systems 93.4 10.7 104.1 103.3 — 0.2 0.6 104.1 Total $ 311.5 $ 1,071.8 $ 1,383.3 $ 695.8 $ 324.0 $ 243.1 $ 120.4 $ 1,383.3 (a) U.S. Government sale include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination First Quarter Ended April 3, 2022 First Quarter Ended April 3, 2022 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 141.5 $ 609.0 $ 750.5 $ 337.2 $ 183.8 $ 149.6 $ 79.9 $ 750.5 Instrumentation 22.4 286.5 308.9 133.4 80.9 65.6 29.0 308.9 Aerospace and Defense Electronics 59.9 106.3 166.2 123.9 22.6 14.2 5.5 166.2 Engineered Systems 86.4 9.0 95.4 95.0 — 0.2 0.2 95.4 Total $ 310.2 $ 1,010.8 $ 1,321.0 $ 689.5 $ 287.3 $ 229.6 $ 114.6 $ 1,321.0 (a) U.S. Government sale include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination Contract Liabilities Balance at Contract Liabilities by Balance Sheet Location (in millions) April 2, 2023 January 1, 2023 Accrued liabilities $ 221.5 $ 187.6 Other long-term liabilities 20.7 20.2 Total contract liabilities $ 242.2 $ 207.8 The Company recognized revenue of $67.9 million during the three months ended April 2, 2023 from contract liabilities that existed at the beginning of year. 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 exclude unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). As of April 2, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,198.8 million. The Company expects approximately 82% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 18% recognized thereafter. Changes in Contract Estimates at Completion For over time contracts using the cost-to-cost method, the Company has 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, determining reasonably dependable cost estimates, and making assumptions for schedule and technical issues. The majority of revenue recognized over time uses an EAC process. Since certain contracts extend over a long period of time, 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 generally reviewed and reassessed quarterly. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in the first three months of 2023 and 2022 was $2.9 million of favorable operating income and $7.6 million favorable operating income, respectively, with both years primarily related to favorable changes in estimates that impacted revenue, and, to a lesser degree, cost of sales. None of the effects of changes in estimates on any individual contract were material to the consolidated statements of income for any period presented. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Apr. 02, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The carrying value of goodwill by segment was as follows (in millions): Digital Imaging Instrumentation Aerospace and Defense Electronics Engineered Systems Total Balance at January 1, 2023 6,780.4 913.2 161.8 17.6 7,873.0 Current year acquisitions 48.4 — — — 48.4 Foreign currency changes and other (0.3) 3.8 0.6 — 4.1 Balance at April 2, 2023 $ 6,828.5 $ 917.0 $ 162.4 $ 17.6 $ 7,925.5 Acquired intangible assets (in millions): April 2, 2023 January 1, 2023 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Proprietary technology $ 1,673.8 $ 538.2 $ 1,135.6 $ 1,667.7 $ 497.4 $ 1,170.3 Customer list/relationships 604.4 187.7 416.7 596.1 177.0 419.1 Patents 0.6 0.6 — 0.6 0.6 — Non-compete agreements 0.9 0.9 — 0.9 0.9 — Trademarks 9.9 4.7 5.2 7.1 4.4 2.7 Backlog 16.2 16.0 0.2 16.1 15.8 0.3 Total intangibles subject to amortization 2,305.8 748.1 1,557.7 2,288.5 696.1 1,592.4 Intangibles not subject to amortization: Trademarks 847.7 — 847.7 848.2 — 848.2 Total acquired intangible assets $ 3,153.5 $ 748.1 $ 2,405.4 $ 3,136.7 $ 696.1 $ 2,440.6 An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2023. The Company will perform its annual analysis during the fourth quarter of 2023. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 3 Months Ended |
Apr. 02, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Cash Equivalents The Company had $326.1 million and $167.1 million of cash equivalents at April 2, 2023 and January 1, 2023, respectively. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets. Accounts Receivable, net Accounts receivable is presented net of an allowance for doubtful accounts of $10.6 million at April 2, 2023 and $11.7 million at January 1, 2023. Inventories, net Inventories are stated at current cost, net of reserves for excess, slow moving and obsolete inventory. Inventories are primarily valued under the FIFO method or average cost method, with an immaterial amount of inventories valued under the LIFO method. Inventory balances are summarized as follows (in millions): Balance at April 2, 2023 January 1, 2023 Raw materials and supplies $ 577.1 $ 563.7 Work in process 178.9 156.8 Finished goods 195.7 170.2 Total inventories, net $ 951.7 $ 890.7 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 accrued liabilities and other long-term liabilities on the condensed consolidated balance sheet. Three Months Warranty Reserve (in millions): 2023 2022 Balance at beginning of year $ 50.3 $ 49.5 Product warranty expense 4.3 0.6 Deductions (4.2) (4.8) Balance at end of period $ 50.4 $ 45.3 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Apr. 02, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Balance at Long-Term Debt (in millions): April 2, 2023 January 1, 2023 $1.15 billion credit facility due March 2026, weighted average variable rate of 5.76% at April 2, 2023 and 5.46% at January 1, 2023 $ 25.0 $ 125.0 0.65% Fixed Rate Senior Notes due April 2023 300.0 300.0 0.95% Fixed Rate Senior Notes due April 2024 450.0 450.0 Term loan due October 2024, variable rate of 6.11% at April 2, 2023 and 5.63% at January 1, 2023, swapped to a Euro fixed rate of 0.61% 150.0 150.0 1.60% Fixed Rate Senior Notes due April 2026 450.0 450.0 Term loan due May 2026, variable rate of 6.00% at April 2, 2023 and 5.61% at January 1, 2023 245.0 245.0 2.25% Fixed Rate Senior Notes due April 2028 700.0 700.0 2.50% Fixed Rate Senior Notes due August 2030 485.0 485.0 2.75% Fixed Rate Senior Notes due April 2031 1,040.0 1,040.0 Other debt 0.6 2.1 Debt discount and debt issuance costs (25.2) (26.5) Total debt, net 3,820.4 3,920.6 Less: current portion of long-term debt (300.1) (300.1) Total long-term debt, net of current portion $ 3,520.3 $ 3,620.5 During the first three months of 2023, the Company repaid $100.0 million of amounts outstanding on its credit facility. At April 2, 2023, $1,103.9 million was available under the $1.15 billion credit facility, after reductions of $25.0 million in borrowings and $21.1 million in outstanding letters of credit. Our bank credit agreements require Teledyne to comply with various financial and operating covenants and at April 2, 2023, the Company was in compliance with these covenants. Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The Company’s long-term debt is considered a level 2 input in the fair value hierarchy and is valued based on observable market data. As of April 2, 2023 and January 1, 2023, the aggregate fair values of our borrowings were $3,490.7 million and $3,492.7 million, respectively, and the carrying values were $3,845.6 million and $3,947.1 million, respectively. Subsequent to the end of the first quarter, on April 3, 2023, the Company repaid the $300.0 million of fixed rate senior notes. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 02, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision is calculated using an estimated annual effective tax rate, based upon estimates of annual income, permanent items, statutory tax rates and planned tax strategies in the various jurisdictions in which we operate except that certain loss jurisdictions and discrete items, such as the resolution of uncertain tax positions and stock-based accounting income tax benefits, are treated separately. The Company’s effective income tax rate for the first quarter of 2023 was a 20.1% compared with an effective income tax rate of negative 4.7% for the first quarter of 2022. The first quarter of 2023 includes net discrete income tax benefits of $6.6 million compared with net discrete income tax benefits of $56.5 million for the first quarter of 2022. The first quarter of 2023 net discrete tax benefits include $5.9 million related to stock-based accounting. The first quarter of 2022 net discrete income tax amounts include a non-cash income tax benefit of $50.0 million primarily related to the resolution of certain FLIR tax reserves and $6.7 million related to stock-based accounting. Excluding the net discrete income tax items in both periods, the effective tax rates would have been 23.0% for the first quarter of 2023 and 23.1% for the first quarter of 2022. |
Pension Plans
Pension Plans | 3 Months Ended |
Apr. 02, 2023 | |
Retirement Benefits [Abstract] | |
Pension Plans | Pension Plans First Quarter 2023 2022 Service cost — benefits earned during the period (in millions) $ 1.5 $ 2.2 Pension non-service cost (income) (in millions): Interest cost on benefit obligation $ 8.4 $ 5.9 Expected return on plan assets (13.6) (14.0) Amortization of net prior service cost (0.5) (0.5) Amortization of net actuarial loss 2.4 5.8 Pension non-service cost (income) $ (3.3) $ (2.8) |
Stock-based Compensation Plans
Stock-based Compensation Plans | 3 Months Ended |
Apr. 02, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation Plans | Stock-based Compensation Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options and restricted stock. The Company also has non-employee Board of Director stock compensation plans, pursuant to which common stock, stock options and restricted stock have been issued to its directors. The Company issues shares of common stock upon the exercise of stock options. Stock-based compensation expense was $7.9 million for the first quarter of 2023 and $9.0 million the first quarter of 2022. Stock option activity for the first three months of 2023 is as follows: Shares Weighted Average Exercise Price Balance at January 1, 2023 1,726,731 $ 223.43 Exercised (95,748) $ 106.51 Canceled (8,039) $ 415.27 Balance at April 2, 2023 1,622,944 $ 229.38 Exercisable at end of period 1,366,491 $ 197.58 Restricted stock activity for the first three months of 2023 is as follows: Shares Weighted average fair value per share Balance at January 1, 2023 166,395 $ 368.62 Granted 15,573 $ 361.64 Vested (22,555) $ 389.60 Forfeited/Canceled (5,313) $ 356.97 Balance at April 2, 2023 154,100 $ 357.28 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 02, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The weighted average number of common shares used in the calculation of basic and diluted earnings per share consisted of the following (in millions): First Quarter 2023 2022 Weighted average basic common shares outstanding 46.9 46.7 Effect of dilutive securities (primarily stock options) 1.0 1.0 Weighted average diluted common shares outstanding 47.9 47.7 For the first quarter of 2023 and 2022, the Company excluded approximately 0.2 million of stock options in the computation of diluted earnings per share because the effect of their inclusion would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Apr. 02, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of tax, for the first quarter ended April 2, 2023 and April 3, 2022 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance at January 1, 2023 $ (472.3) $ 1.3 $ (255.5) $ (726.5) Other comprehensive income (loss) before reclassifications (4.3) 9.8 — 5.5 Amounts reclassified from AOCI — (7.3) 1.5 (5.8) Net other comprehensive income (loss) (4.3) 2.5 1.5 (0.3) Balance at April 2, 2023 $ (476.6) $ 3.8 $ (254.0) $ (726.8) Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance at January 2, 2022 $ (129.0) $ (3.4) $ (297.6) $ (430.0) Other comprehensive income (loss) before reclassifications (32.6) 11.3 — (21.3) Amounts reclassified from AOCI — (4.8) 4.2 (0.6) Net other comprehensive income (loss) (32.6) 6.5 4.2 (21.9) Balance at April 3, 2022 $ (161.6) $ 3.1 $ (293.4) $ (451.9) The reclassifications out of AOCI to net income for the first quarter ended April 2, 2023 and April 3, 2022 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 April 2, 2023 April 3, 2022 Presentation (Gain) loss on cash flow hedges: Gain recognized in income on derivatives $ (9.8) $ (6.5) See Note 13 Income tax impact 2.5 1.7 Provision for income taxes Total $ (7.3) $ (4.8) Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (0.4) $ 3.5 Costs and expenses Amortization of net actuarial loss 2.4 2.0 Costs and expenses Total before tax 2.0 5.5 Income tax impact (0.5) (1.3) Provision for income taxes Total $ 1.5 $ 4.2 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Apr. 02, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company's primary exposure to market risk relates to changes in foreign currency exchange rates and interest rates. 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 does not use foreign currency forward contracts for speculative or trading purposes. The Company mitigates exposure to foreign currency exchange rates and interest rates primarily through the following: Mitigation Approach Quantitative Information on Approach The Company utilizes foreign currency forward contracts to reduce the volatility of cash flows primarily related to forecasted revenue and expenses denominated in Canadian dollars for our Canadian companies, and in British pounds for our U.K. companies. These contracts are designated and qualify as cash flow hedges. As of April 2, 2023, the Company had foreign currency forward contracts to buy Canadian dollars and to sell U.S. dollars totaling $134.9 million. These foreign currency forward contracts have maturities ranging from June 2023 to February 2025. As of April 2, 2023, The Company had foreign currency forward contracts to buy British pounds and to sell U.S. dollars totaling $12.3 million. These foreign currency forward contracts have maturities ranging from June 2023 to February 2024. 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. These foreign currency forward contracts are not designated as accounting hedges. See Non-Designated Hedging Activities section below. The Company has converted a U.S. dollar denominated, variable rate debt obligation of a European subsidiary into euro fixed rate obligation using a receive float, pay fixed cross currency swap to reduce the variability of interest rates. This cross currency swap is designated as cash flow hedge. As of April 2, 2023, the Company has a cross currency swap outstanding with a notional amount of €156.0 million and $150.0 million that matures in October 2024. All derivative instruments are recorded on the condensed consolidated balance sheets at fair value. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative instrument and whether it is designated and qualifies for hedge accounting. Designated Hedging Activities For a derivative instrument designated as an accounting hedge of an anticipated transaction (a cash flow hedge), the change in the fair value is recorded on the condensed consolidated balance sheets in AOCI to the extent the derivative instrument is effective in mitigating the exposure related to the anticipated transaction. The amount recorded within AOCI is reclassified into earnings in the same period during which the underlying hedged transaction affects earnings. The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the first quarter ended April 2, 2023 and April 3, 2022 was as follows (in millions): First Quarter 2023 2022 Net gain (loss) recognized in AOCI - Foreign Exchange Contracts (a) $ 13.6 $ 13.7 Net gain (loss) reclassified from AOCI into revenue - Foreign Exchange Contracts (a) $ (1.9) $ (0.2) Net gain (loss) recognized in AOCI - Interest Rate Contracts $ — $ 1.3 Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b) $ 10.1 $ 6.2 Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts $ 1.5 $ 0.9 Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts $ 0.6 $ (0.4) (a) Effective portion, pre-tax (b) Amount reclassified to offset earnings impact of liability hedged by cross currency swap Net deferred losses recorded in AOCI for the forward contracts that will mature in the next twelve months total $3.1 million, net of taxes. 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 swap expected to be reclassified from AOCI into income in the next twelve months total $7.0 million. Non-Designated Hedging Activities For a derivative instrument that has not been designated as an accounting hedge, the change in the fair value is recognized immediately in earnings. As of April 2, 2023, the Company had foreign currency forward contracts not designated as accounting hedges primarily in the following types and pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars $ 185.6 U.S. Dollars US$ 136.7 Great Britain Pounds £ 50.3 U.S. Dollars US$ 60.7 Euros € 50.5 U.S. Dollars US$ 53.6 Danish Krone DKR 107.9 U.S. Dollars US$ 15.5 Swedish Krona SEK 163.5 Euros € 14.7 U.S. Dollars US$ 13.6 Chinese Yuan ¥ 93.9 The preceding table includes non-designated hedges derived from terms contained in previously designated cash flow hedges. The gains and losses on these derivatives instruments which are not designated as accounting hedges are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings. The effect of derivative instruments not designated as accounting hedges recognized in other income and expense for the first quarter ended April 2, 2023 was income of $7.8 million. The effect of derivative instruments not designated as accounting hedges in other income and expense for the first quarter ended April 3, 2022 was expense of $4.8 million. The income or expense was largely offset by losses or gains in the value of the underlying hedged item excluding the impact of forward points. Fair Value of Derivative Financial Instruments The fair values of the Company’s derivative instruments are presented below. All fair values for these derivative instruments were measured using Level 2 inputs in the fair value hierarchy (in millions): Asset/(Liability) Derivative Instruments Balance sheet location April 2, 2023 January 1, 2023 Derivatives designated as hedging instruments: Cash flow forward contracts Other current assets $ 1.4 $ 0.4 Cash flow forward contracts Accrued liabilities (4.5) (6.8) Interest rate contracts Other current assets — 0.7 Cash flow cross currency swap Other current assets 2.3 2.7 Cash flow cross currency swap Other current liabilities — (14.0) Cash flow cross currency swap Other non-current liabilities (20.5) (18.3) Total derivatives designated as hedging instruments (21.3) (35.3) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 8.5 3.5 Non-designated forward contracts Accrued liabilities (4.8) (7.0) Total derivatives not designated as hedging instruments 3.7 (3.5) Total derivative instruments, net $ (17.6) $ (38.8) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 02, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Trade Compliance Effective April 24, 2022, the United States Department of State’s Office of Defense Trade Controls Compliance (“DDTC”) closed the four-year Consent Agreement that had been entered into by FLIR Systems, Inc. ("FLIR"), to resolve various export allegations under the International Traffic in Arms Regulations (“ITAR”). In connection with this Consent Agreement and other export matters, while FLIR and its successor by mergers, Teledyne FLIR, have enhanced the trade compliance program more broadly, implemented remedial measures and have undergone external and internal audits of the trade compliance program, adverse disclosures and findings could cause additional expenses in connection with further remedial measures or potential penalties. The Company has made other voluntary disclosures to the U.S. Department of State and the U.S. Department of Commerce, including to the Bureau of Industry and Security (“BIS”) with respect to Teledyne FLIR shipments of products from non-U.S. jurisdictions which were not licensed due to incorrect de minimis calculation methodology under the Export Administration Regulations. The Company has also made voluntary disclosures to export authorities in jurisdictions outside the U.S. for certain potential violations of local export laws. At this time, based on available information, we are unable to reasonably estimate the time it may take to resolve these matters or the amount or range of potential loss, penalty or other government action, if any, that may be incurred in connection with these matters. However, an unfavorable outcome could result in substantial fines and penalties or loss or suspension of export privileges or of particular authorizations that could be material to the Company’s financial position, results of operations or cash flows in and following the period in which such outcome becomes estimable or known. Environmental Remediation Obligations At April 2, 2023, the Company’s reserves for environmental remediation obligations totaled $5.7 million, of which $1.5 million is included in current accrued liabilities. At January 1, 2023, the Company’s reserves for environmental remediation obligations totaled $5.8 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 pay the amounts recorded over many years and will complete remediation of all sites with which it has been identified in up to 30 years. Legal Matters |
General (Policies)
General (Policies) | 3 Months Ended |
Apr. 02, 2023 | |
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 generally accepted accounting principles 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 January 1, 2023 (“2022 Form 10-K”). In the opinion of 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 April 2, 2023 and the consolidated results of operations, consolidated comprehensive income (loss) and consolidated cash flows for the first quarter ended April 2, 2023. The results of operations and cash flows for the periods ended April 2, 2023 and cash flows for the three months ended April 2, 2023 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. |
Recent Accounting Standards | Recent Accounting Standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. This standard requires annual disclosure of the key terms of supplier finance programs, obligations outstanding with a description of where the amounts are presented in the financial statements, a rollforward of such amounts, and interim disclosure of amounts outstanding as of the end of each period. The adoption of ASU 2022-04 did not have an impact on the Company's disclosures as the impact of supplier finance programs is not material to the Company's financial statements. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Goodwill Acquired, and Intangible Assets Acquired for the Acquisitions | The following tables show the purchase price (net of cash acquired), goodwill acquired, and acquired intangible assets for these acquisitions (in millions): 2023 Acquisitions Acquisition Date Cash Paid (a) Goodwill Acquired Acquired Intangible Assets ChartWorld January 3, 2023 $ 52.5 $ 48.4 $ 11.3 (a) Net of cash acquired 2022 Acquisitions Acquisition Date Cash Paid (a) Goodwill Acquired Acquired Intangible Assets ETM October 28, 2022 $ 87.7 $ 33.5 $ 20.9 NL Acoustics (acquisition of 80% interest) July 15, 2022 11.9 11.6 3.8 Total $ 99.6 $ 45.1 $ 24.7 (a) Net of cash acquired; an immaterial portion of NL Acoustics will be paid in 2023. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales and Operating Income by Segment | The following table presents net sales and operating income by segment (dollars in millions): First Quarter % 2023 2022 Change Net sales (a): Digital Imaging $ 772.5 $ 750.5 2.9 % Instrumentation 333.5 308.9 8.0 % Aerospace and Defense Electronics 173.2 166.2 4.2 % Engineered Systems 104.1 95.4 9.1 % Total net sales $ 1,383.3 $ 1,321.0 4.7 % Operating income: Digital Imaging $ 122.2 $ 115.7 5.6 % Instrumentation 80.7 71.6 12.7 % Aerospace and Defense Electronics 47.0 42.9 9.6 % Engineered Systems 10.0 9.4 6.4 % Corporate expense (17.4) (16.1) 8.1 % Operating income $ 242.5 $ 223.5 8.5 % (a) Net sales excludes inter-segment sales of $6.2 million and $5.5 million for the first quarter of 2023 and 2022, respectively. Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, net pension assets/liabilities and other assets (in millions): Identifiable assets: April 2, 2023 January 1, 2023 Digital Imaging $ 11,406.6 $ 11,432.3 Instrumentation 1,634.6 1,626.4 Aerospace and Defense Electronics 554.5 540.1 Engineered Systems 188.3 200.3 Corporate 645.3 554.9 Total identifiable assets $ 14,429.3 $ 14,354.0 |
Schedule of Sales by Product Line | The following table provides a summary of the net sales by product line for the Instrumentation segment (in millions): First Quarter Instrumentation 2023 2022 Marine Instrumentation $ 128.2 $ 111.9 Environmental Instrumentation 117.9 114.0 Test and Measurement Instrumentation 87.4 83.0 Total $ 333.5 $ 308.9 |
Revenue Recognition and Contr_2
Revenue Recognition and Contract Balances (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | First Quarter Ended April 2, 2023 First Quarter Ended April 2, 2023 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 130.4 $ 642.1 $ 772.5 $ 334.4 $ 197.3 $ 158.4 $ 82.4 $ 772.5 Instrumentation 23.0 310.5 333.5 138.0 97.2 67.5 30.8 333.5 Aerospace and Defense Electronics 64.7 108.5 173.2 120.1 29.5 17.0 6.6 173.2 Engineered Systems 93.4 10.7 104.1 103.3 — 0.2 0.6 104.1 Total $ 311.5 $ 1,071.8 $ 1,383.3 $ 695.8 $ 324.0 $ 243.1 $ 120.4 $ 1,383.3 (a) U.S. Government sale include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination First Quarter Ended April 3, 2022 First Quarter Ended April 3, 2022 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 141.5 $ 609.0 $ 750.5 $ 337.2 $ 183.8 $ 149.6 $ 79.9 $ 750.5 Instrumentation 22.4 286.5 308.9 133.4 80.9 65.6 29.0 308.9 Aerospace and Defense Electronics 59.9 106.3 166.2 123.9 22.6 14.2 5.5 166.2 Engineered Systems 86.4 9.0 95.4 95.0 — 0.2 0.2 95.4 Total $ 310.2 $ 1,010.8 $ 1,321.0 $ 689.5 $ 287.3 $ 229.6 $ 114.6 $ 1,321.0 (a) U.S. Government sale include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination |
Schedule of Contract Liabilities | Balance at Contract Liabilities by Balance Sheet Location (in millions) April 2, 2023 January 1, 2023 Accrued liabilities $ 221.5 $ 187.6 Other long-term liabilities 20.7 20.2 Total contract liabilities $ 242.2 $ 207.8 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying value of goodwill by segment was as follows (in millions): Digital Imaging Instrumentation Aerospace and Defense Electronics Engineered Systems Total Balance at January 1, 2023 6,780.4 913.2 161.8 17.6 7,873.0 Current year acquisitions 48.4 — — — 48.4 Foreign currency changes and other (0.3) 3.8 0.6 — 4.1 Balance at April 2, 2023 $ 6,828.5 $ 917.0 $ 162.4 $ 17.6 $ 7,925.5 |
Summary of Carrying Value of Other Acquired Intangible Assets | Acquired intangible assets (in millions): April 2, 2023 January 1, 2023 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Proprietary technology $ 1,673.8 $ 538.2 $ 1,135.6 $ 1,667.7 $ 497.4 $ 1,170.3 Customer list/relationships 604.4 187.7 416.7 596.1 177.0 419.1 Patents 0.6 0.6 — 0.6 0.6 — Non-compete agreements 0.9 0.9 — 0.9 0.9 — Trademarks 9.9 4.7 5.2 7.1 4.4 2.7 Backlog 16.2 16.0 0.2 16.1 15.8 0.3 Total intangibles subject to amortization 2,305.8 748.1 1,557.7 2,288.5 696.1 1,592.4 Intangibles not subject to amortization: Trademarks 847.7 — 847.7 848.2 — 848.2 Total acquired intangible assets $ 3,153.5 $ 748.1 $ 2,405.4 $ 3,136.7 $ 696.1 $ 2,440.6 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory | Inventory balances are summarized as follows (in millions): Balance at April 2, 2023 January 1, 2023 Raw materials and supplies $ 577.1 $ 563.7 Work in process 178.9 156.8 Finished goods 195.7 170.2 Total inventories, net $ 951.7 $ 890.7 |
Schedule of Changes in Product Warranty Reserve | The warranty reserve is included in current accrued liabilities and other long-term liabilities on the condensed consolidated balance sheet. Three Months Warranty Reserve (in millions): 2023 2022 Balance at beginning of year $ 50.3 $ 49.5 Product warranty expense 4.3 0.6 Deductions (4.2) (4.8) Balance at end of period $ 50.4 $ 45.3 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Balance at Long-Term Debt (in millions): April 2, 2023 January 1, 2023 $1.15 billion credit facility due March 2026, weighted average variable rate of 5.76% at April 2, 2023 and 5.46% at January 1, 2023 $ 25.0 $ 125.0 0.65% Fixed Rate Senior Notes due April 2023 300.0 300.0 0.95% Fixed Rate Senior Notes due April 2024 450.0 450.0 Term loan due October 2024, variable rate of 6.11% at April 2, 2023 and 5.63% at January 1, 2023, swapped to a Euro fixed rate of 0.61% 150.0 150.0 1.60% Fixed Rate Senior Notes due April 2026 450.0 450.0 Term loan due May 2026, variable rate of 6.00% at April 2, 2023 and 5.61% at January 1, 2023 245.0 245.0 2.25% Fixed Rate Senior Notes due April 2028 700.0 700.0 2.50% Fixed Rate Senior Notes due August 2030 485.0 485.0 2.75% Fixed Rate Senior Notes due April 2031 1,040.0 1,040.0 Other debt 0.6 2.1 Debt discount and debt issuance costs (25.2) (26.5) Total debt, net 3,820.4 3,920.6 Less: current portion of long-term debt (300.1) (300.1) Total long-term debt, net of current portion $ 3,520.3 $ 3,620.5 |
Pension Plans (Tables)
Pension Plans (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Pension Plans and Postretirement Benefit Plans | First Quarter 2023 2022 Service cost — benefits earned during the period (in millions) $ 1.5 $ 2.2 Pension non-service cost (income) (in millions): Interest cost on benefit obligation $ 8.4 $ 5.9 Expected return on plan assets (13.6) (14.0) Amortization of net prior service cost (0.5) (0.5) Amortization of net actuarial loss 2.4 5.8 Pension non-service cost (income) $ (3.3) $ (2.8) |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Transactions for Employee Stock Option Plans | Stock option activity for the first three months of 2023 is as follows: Shares Weighted Average Exercise Price Balance at January 1, 2023 1,726,731 $ 223.43 Exercised (95,748) $ 106.51 Canceled (8,039) $ 415.27 Balance at April 2, 2023 1,622,944 $ 229.38 Exercisable at end of period 1,366,491 $ 197.58 |
Schedule of Restricted Stock Activity | Shares Weighted average fair value per share Balance at January 1, 2023 166,395 $ 368.62 Granted 15,573 $ 361.64 Vested (22,555) $ 389.60 Forfeited/Canceled (5,313) $ 356.97 Balance at April 2, 2023 154,100 $ 357.28 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings per Share | The weighted average number of common shares used in the calculation of basic and diluted earnings per share consisted of the following (in millions): First Quarter 2023 2022 Weighted average basic common shares outstanding 46.9 46.7 Effect of dilutive securities (primarily stock options) 1.0 1.0 Weighted average diluted common shares outstanding 47.9 47.7 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Equity [Abstract] | |
Schedule of Changes in AOCI by Component | The changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of tax, for the first quarter ended April 2, 2023 and April 3, 2022 are as follows (in millions): Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance at January 1, 2023 $ (472.3) $ 1.3 $ (255.5) $ (726.5) Other comprehensive income (loss) before reclassifications (4.3) 9.8 — 5.5 Amounts reclassified from AOCI — (7.3) 1.5 (5.8) Net other comprehensive income (loss) (4.3) 2.5 1.5 (0.3) Balance at April 2, 2023 $ (476.6) $ 3.8 $ (254.0) $ (726.8) Foreign Currency Translation Cash Flow Hedges and Other Pension and Postretirement Benefits Total Balance at January 2, 2022 $ (129.0) $ (3.4) $ (297.6) $ (430.0) Other comprehensive income (loss) before reclassifications (32.6) 11.3 — (21.3) Amounts reclassified from AOCI — (4.8) 4.2 (0.6) Net other comprehensive income (loss) (32.6) 6.5 4.2 (21.9) Balance at April 3, 2022 $ (161.6) $ 3.1 $ (293.4) $ (451.9) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The reclassifications out of AOCI to net income for the first quarter ended April 2, 2023 and April 3, 2022 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 April 2, 2023 April 3, 2022 Presentation (Gain) loss on cash flow hedges: Gain recognized in income on derivatives $ (9.8) $ (6.5) See Note 13 Income tax impact 2.5 1.7 Provision for income taxes Total $ (7.3) $ (4.8) Amortization of defined benefit pension and postretirement plan items: Amortization of prior service cost $ (0.4) $ 3.5 Costs and expenses Amortization of net actuarial loss 2.4 2.0 Costs and expenses Total before tax 2.0 5.5 Income tax impact (0.5) (1.3) Provision for income taxes Total $ 1.5 $ 4.2 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges | The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the first quarter ended April 2, 2023 and April 3, 2022 was as follows (in millions): First Quarter 2023 2022 Net gain (loss) recognized in AOCI - Foreign Exchange Contracts (a) $ 13.6 $ 13.7 Net gain (loss) reclassified from AOCI into revenue - Foreign Exchange Contracts (a) $ (1.9) $ (0.2) Net gain (loss) recognized in AOCI - Interest Rate Contracts $ — $ 1.3 Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b) $ 10.1 $ 6.2 Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts $ 1.5 $ 0.9 Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts $ 0.6 $ (0.4) (a) Effective portion, pre-tax (b) Amount reclassified to offset earnings impact of liability hedged by cross currency swap |
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts | As of April 2, 2023, the Company had foreign currency forward contracts not designated as accounting hedges primarily in the following types and pairs (in millions): Contracts to Buy Contracts to Sell Currency Amount Currency Amount Canadian Dollars $ 185.6 U.S. Dollars US$ 136.7 Great Britain Pounds £ 50.3 U.S. Dollars US$ 60.7 Euros € 50.5 U.S. Dollars US$ 53.6 Danish Krone DKR 107.9 U.S. Dollars US$ 15.5 Swedish Krona SEK 163.5 Euros € 14.7 U.S. Dollars US$ 13.6 Chinese Yuan ¥ 93.9 |
Schedule of Fair Values of Derivative Financial Instruments | The fair values of the Company’s derivative instruments are presented below. All fair values for these derivative instruments were measured using Level 2 inputs in the fair value hierarchy (in millions): Asset/(Liability) Derivative Instruments Balance sheet location April 2, 2023 January 1, 2023 Derivatives designated as hedging instruments: Cash flow forward contracts Other current assets $ 1.4 $ 0.4 Cash flow forward contracts Accrued liabilities (4.5) (6.8) Interest rate contracts Other current assets — 0.7 Cash flow cross currency swap Other current assets 2.3 2.7 Cash flow cross currency swap Other current liabilities — (14.0) Cash flow cross currency swap Other non-current liabilities (20.5) (18.3) Total derivatives designated as hedging instruments (21.3) (35.3) Derivatives not designated as hedging instruments: Non-designated forward contracts Other current assets 8.5 3.5 Non-designated forward contracts Accrued liabilities (4.8) (7.0) Total derivatives not designated as hedging instruments 3.7 (3.5) Total derivative instruments, net $ (17.6) $ (38.8) |
Business Acquisitions - Additio
Business Acquisitions - Additional information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Apr. 02, 2023 | Jan. 01, 2023 | Apr. 03, 2022 | Jan. 01, 2023 | Oct. 02, 2022 | |
Business Acquisition [Line Items] | |||||
Consideration transferred, net of cash acquired | $ 52.5 | $ 0 | |||
ChartWorld | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred, net of cash acquired | $ 52.5 | ||||
ETM | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred, net of cash acquired | $ 87.7 | $ 87.7 | |||
NL Acoustics | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred, net of cash acquired | $ 11.9 | ||||
Interest acquired | 80% | 80% | 80% |
Business Acquisitions - Purchas
Business Acquisitions - Purchase Price (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Apr. 02, 2023 | Jan. 01, 2023 | Apr. 03, 2022 | Jan. 01, 2023 | Oct. 02, 2022 | |
Business Acquisition [Line Items] | |||||
Cash paid | $ 52.5 | $ 0 | |||
Goodwill Acquired | 48.4 | ||||
ChartWorld | |||||
Business Acquisition [Line Items] | |||||
Cash paid | 52.5 | ||||
Goodwill Acquired | 48.4 | ||||
Acquired Intangible Assets | $ 11.3 | ||||
ETM | |||||
Business Acquisition [Line Items] | |||||
Cash paid | $ 87.7 | $ 87.7 | |||
Goodwill Acquired | 33.5 | ||||
Acquired Intangible Assets | $ 20.9 | $ 20.9 | |||
NL Acoustics | |||||
Business Acquisition [Line Items] | |||||
Interest acquired | 80% | 80% | 80% | ||
Cash paid | $ 11.9 | ||||
Goodwill Acquired | 11.6 | ||||
Acquired Intangible Assets | $ 3.8 | 3.8 | |||
Total | |||||
Business Acquisition [Line Items] | |||||
Cash paid | 99.6 | ||||
Goodwill Acquired | 45.1 | ||||
Acquired Intangible Assets | $ 24.7 | $ 24.7 |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 3 Months Ended |
Apr. 02, 2023 product_line segment | |
Segment Reporting [Abstract] | |
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 |
Business Segments - Net Sales a
Business Segments - Net Sales and Operating Income by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Net sales: | ||
Total net sales | $ 1,383.3 | $ 1,321 |
Net sales, percentage change | 4.70% | |
Operating income: | ||
Operating income | $ 242.5 | 223.5 |
Total segment operating profit, percentage change | 8.50% | |
Net sales | $ (1,383.3) | (1,321) |
Corporate expense | ||
Operating income: | ||
Operating income | $ (17.4) | (16.1) |
Total segment operating profit, percentage change | 8.10% | |
Inter-segment sales | ||
Net sales: | ||
Total net sales | $ (6.2) | (5.5) |
Operating income: | ||
Net sales | 6.2 | 5.5 |
Digital Imaging | ||
Net sales: | ||
Total net sales | 772.5 | 750.5 |
Operating income: | ||
Net sales | (772.5) | (750.5) |
Digital Imaging | Operating segments | ||
Net sales: | ||
Total net sales | $ 772.5 | 750.5 |
Net sales, percentage change | 2.90% | |
Operating income: | ||
Operating income | $ 122.2 | 115.7 |
Total segment operating profit, percentage change | 5.60% | |
Net sales | $ (772.5) | (750.5) |
Instrumentation | ||
Net sales: | ||
Total net sales | 333.5 | 308.9 |
Operating income: | ||
Net sales | (333.5) | (308.9) |
Instrumentation | Operating segments | ||
Net sales: | ||
Total net sales | $ 333.5 | 308.9 |
Net sales, percentage change | 8% | |
Operating income: | ||
Operating income | $ 80.7 | 71.6 |
Total segment operating profit, percentage change | 12.70% | |
Net sales | $ (333.5) | (308.9) |
Aerospace and Defense Electronics | ||
Net sales: | ||
Total net sales | 173.2 | 166.2 |
Operating income: | ||
Net sales | (173.2) | (166.2) |
Aerospace and Defense Electronics | Operating segments | ||
Net sales: | ||
Total net sales | $ 173.2 | 166.2 |
Net sales, percentage change | 4.20% | |
Operating income: | ||
Operating income | $ 47 | 42.9 |
Total segment operating profit, percentage change | 9.60% | |
Net sales | $ (173.2) | (166.2) |
Engineered Systems | ||
Net sales: | ||
Total net sales | 104.1 | 95.4 |
Operating income: | ||
Net sales | (104.1) | (95.4) |
Engineered Systems | Operating segments | ||
Net sales: | ||
Total net sales | $ 104.1 | 95.4 |
Net sales, percentage change | 9.10% | |
Operating income: | ||
Operating income | $ 10 | 9.4 |
Total segment operating profit, percentage change | 6.40% | |
Net sales | $ (104.1) | $ (95.4) |
Business Segments - Identifiabl
Business Segments - Identifiable Assets (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Jan. 01, 2023 |
Segment Reporting Information [Line Items] | ||
Identifiable assets | $ 14,429.3 | $ 14,354 |
Operating segments | Digital Imaging | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 11,406.6 | 11,432.3 |
Operating segments | Instrumentation | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 1,634.6 | 1,626.4 |
Operating segments | Aerospace and Defense Electronics | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 554.5 | 540.1 |
Operating segments | Engineered Systems | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 188.3 | 200.3 |
Corporate expense | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | $ 645.3 | $ 554.9 |
Business Segments - Sales (Deta
Business Segments - Sales (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Revenue from External Customer [Line Items] | ||
Total net sales | $ 1,383.3 | $ 1,321 |
Instrumentation | ||
Revenue from External Customer [Line Items] | ||
Total net sales | 333.5 | 308.9 |
Instrumentation | Marine Instrumentation | ||
Revenue from External Customer [Line Items] | ||
Total net sales | 128.2 | 111.9 |
Instrumentation | Environmental Instrumentation | ||
Revenue from External Customer [Line Items] | ||
Total net sales | 117.9 | 114 |
Instrumentation | Test and Measurement Instrumentation | ||
Revenue from External Customer [Line Items] | ||
Total net sales | $ 87.4 | $ 83 |
Revenue Recognition and Contr_3
Revenue Recognition and Contract Balances - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Segment Reporting Information [Line Items] | ||
Change in estimate | $ 2.9 | $ 7.6 |
Net sales | Fixed-price contracts | Recognized at a point in time | ||
Segment Reporting Information [Line Items] | ||
Net sales fixed price contracts percent (as a percent) | 70% | |
Net sales | Fixed-price contracts | Recognized over time | ||
Segment Reporting Information [Line Items] | ||
Net sales fixed price contracts percent (as a percent) | 30% | |
Engineered Systems | Segment net sales | Fixed-price contracts | Fixed-price contracts | ||
Segment Reporting Information [Line Items] | ||
Net sales fixed price contracts percent (as a percent) | 51% | |
Engineered Systems | Minimum | Segment net sales | Fixed-price contracts | Fixed-price contracts | ||
Segment Reporting Information [Line Items] | ||
Net sales fixed price contracts percent (as a percent) | 45% | |
Engineered Systems | Maximum | Segment net sales | Fixed-price contracts | Fixed-price contracts | ||
Segment Reporting Information [Line Items] | ||
Net sales fixed price contracts percent (as a percent) | 55% |
Revenue Recognition and Contr_4
Revenue Recognition and Contract Balances - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 1,383.3 | $ 1,321 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 695.8 | 689.5 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 324 | 287.3 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 243.1 | 229.6 |
All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 120.4 | 114.6 |
U.S. Govt. | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 311.5 | 310.2 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,071.8 | 1,010.8 |
Digital Imaging | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 772.5 | 750.5 |
Digital Imaging | United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 334.4 | 337.2 |
Digital Imaging | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 197.3 | 183.8 |
Digital Imaging | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 158.4 | 149.6 |
Digital Imaging | All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 82.4 | 79.9 |
Digital Imaging | U.S. Govt. | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 130.4 | 141.5 |
Digital Imaging | Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 642.1 | 609 |
Instrumentation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 333.5 | 308.9 |
Instrumentation | United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 138 | 133.4 |
Instrumentation | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 97.2 | 80.9 |
Instrumentation | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 67.5 | 65.6 |
Instrumentation | All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 30.8 | 29 |
Instrumentation | U.S. Govt. | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 23 | 22.4 |
Instrumentation | Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 310.5 | 286.5 |
Aerospace and Defense Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 173.2 | 166.2 |
Aerospace and Defense Electronics | United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 120.1 | 123.9 |
Aerospace and Defense Electronics | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 29.5 | 22.6 |
Aerospace and Defense Electronics | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 17 | 14.2 |
Aerospace and Defense Electronics | All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 6.6 | 5.5 |
Aerospace and Defense Electronics | U.S. Govt. | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 64.7 | 59.9 |
Aerospace and Defense Electronics | Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 108.5 | 106.3 |
Engineered Systems | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 104.1 | 95.4 |
Engineered Systems | United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 103.3 | 95 |
Engineered Systems | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Engineered Systems | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0.2 | 0.2 |
Engineered Systems | All other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0.6 | 0.2 |
Engineered Systems | U.S. Govt. | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 93.4 | 86.4 |
Engineered Systems | Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 10.7 | $ 9 |
Revenue Recognition and Contr_5
Revenue Recognition and Contract Balances - Contract Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Jan. 01, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Accrued liabilities | $ 221.5 | $ 187.6 |
Other long-term liabilities | 20.7 | 20.2 |
Total contract liabilities | 242.2 | $ 207.8 |
Revenue recognized from contract liabilities | $ 67.9 |
Revenue Recognition and Contr_6
Revenue Recognition and Contract Balances - Performance Obligation (Details) $ in Millions | Apr. 02, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 3,198.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage (as a percent) | 82% |
Remaining performance obligation, expected timing of satisfaction | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage (as a percent) | 18% |
Remaining performance obligation, expected timing of satisfaction |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in the Carrying Value of Goodwill (Details) $ in Millions | 3 Months Ended |
Apr. 02, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 7,873 |
Current year acquisitions | 48.4 |
Foreign currency changes and other | 4.1 |
Goodwill, ending balance | 7,925.5 |
Digital Imaging | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 6,780.4 |
Current year acquisitions | 48.4 |
Foreign currency changes and other | (0.3) |
Goodwill, ending balance | 6,828.5 |
Instrumentation | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 913.2 |
Current year acquisitions | 0 |
Foreign currency changes and other | 3.8 |
Goodwill, ending balance | 917 |
Aerospace and Defense Electronics | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 161.8 |
Current year acquisitions | 0 |
Foreign currency changes and other | 0.6 |
Goodwill, ending balance | 162.4 |
Engineered Systems | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 17.6 |
Current year acquisitions | 0 |
Foreign currency changes and other | 0 |
Goodwill, ending balance | $ 17.6 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Carrying Value of Other Acquired Intangible Assets (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Jan. 01, 2023 |
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | $ 2,305.8 | $ 2,288.5 |
Accumulated amortization | 748.1 | 696.1 |
Net carrying amount | 1,557.7 | 1,592.4 |
Total acquired intangible assets | 3,153.5 | 3,136.7 |
Acquired intangible assets, net | 2,405.4 | 2,440.6 |
Trademarks | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Trademarks | 847.7 | 848.2 |
Proprietary technology | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 1,673.8 | 1,667.7 |
Accumulated amortization | 538.2 | 497.4 |
Net carrying amount | 1,135.6 | 1,170.3 |
Customer list/relationships | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 604.4 | 596.1 |
Accumulated amortization | 187.7 | 177 |
Net carrying amount | 416.7 | 419.1 |
Patents | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 0.6 | 0.6 |
Accumulated amortization | 0.6 | 0.6 |
Net carrying amount | 0 | 0 |
Non-compete agreements | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 0.9 | 0.9 |
Accumulated amortization | 0.9 | 0.9 |
Net carrying amount | 0 | 0 |
Trademarks | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 9.9 | 7.1 |
Accumulated amortization | 4.7 | 4.4 |
Net carrying amount | 5.2 | 2.7 |
Backlog | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 16.2 | 16.1 |
Accumulated amortization | 16 | 15.8 |
Net carrying amount | $ 0.2 | $ 0.3 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Narrative (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Jan. 01, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash equivalents | $ 326.1 | $ 167.1 |
Allowance for doubtful accounts | $ 10.6 | $ 11.7 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Schedule of Inventory (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Jan. 01, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials and supplies | $ 577.1 | $ 563.7 |
Work in process | 178.9 | 156.8 |
Finished goods | 195.7 | 170.2 |
Total inventories, net | $ 951.7 | $ 890.7 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Changes in Product Warranty Reserve (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of year | $ 50.3 | $ 49.5 |
Product warranty expense | 4.3 | 0.6 |
Deductions | (4.2) | (4.8) |
Balance at end of period | $ 50.4 | $ 45.3 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Details) - USD ($) | Apr. 02, 2023 | Jan. 01, 2023 |
Debt Instrument [Line Items] | ||
Total debt | $ 3,845,600,000 | $ 3,947,100,000 |
Debt discount and debt issuance costs | (25,200,000) | (26,500,000) |
Total debt, net | 3,820,400,000 | 3,920,600,000 |
Less: current portion of long-term debt | (300,100,000) | (300,100,000) |
Long-term debt, net of current portion | 3,520,300,000 | $ 3,620,500,000 |
Credit facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,150,000,000 | |
Weighted average interest rate | 5.76% | 5.46% |
Total debt | $ 25,000,000 | $ 125,000,000 |
Term loans | Term loan due October 2024, variable rate of 6.11% at April 2, 2023 and 5.63% at January 1, 2023, swapped to a Euro fixed rate of 0.61% | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 6.11% | 5.63% |
Stated interest rate (as a percent) | 0.61% | |
Total debt | $ 150,000,000 | $ 150,000,000 |
Term loans | Term loan due May 2026, variable rate of 6.00% at April 2, 2023 and 5.61% at January 1, 2023 | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 6% | 5.61% |
Total debt | $ 245,000,000 | $ 245,000,000 |
Senior notes | 0.65% Fixed Rate Senior Notes due April 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 0.65% | |
Total debt | $ 300,000,000 | 300,000,000 |
Senior notes | 0.95% Fixed Rate Senior Notes due April 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 0.95% | |
Total debt | $ 450,000,000 | 450,000,000 |
Senior notes | 1.60% Fixed Rate Senior Notes due April 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 1.60% | |
Total debt | $ 450,000,000 | 450,000,000 |
Senior notes | 2.25% Fixed Rate Senior Notes due April 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 2.25% | |
Total debt | $ 700,000,000 | 700,000,000 |
Senior notes | 2.50% Fixed Rate Senior Notes due August 2030 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 2.50% | |
Total debt | $ 485,000,000 | 485,000,000 |
Senior notes | 2.75% Fixed Rate Senior Notes due April 2031 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 2.75% | |
Total debt | $ 1,040,000,000 | 1,040,000,000 |
Other debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 600,000 | $ 2,100,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Apr. 28, 2023 | Apr. 02, 2023 | Jan. 01, 2023 | |
Line of Credit Facility [Line Items] | |||
Borrowings | $ 3,845,600,000 | $ 3,947,100,000 | |
Long-term debt fair value | 3,490,700,000 | 3,492,700,000 | |
Senior notes | 0.65% Fixed Rate Senior Notes due April 2023 | |||
Line of Credit Facility [Line Items] | |||
Borrowings | 300,000,000 | 300,000,000 | |
Senior notes | Subsequent Event | 0.65% Fixed Rate Senior Notes due April 2023 | |||
Line of Credit Facility [Line Items] | |||
Net payments on fixed rate notes | $ 300,000,000 | ||
Revolving credit facility | Credit facility | |||
Line of Credit Facility [Line Items] | |||
Repayments debt | 100,000,000 | ||
Available balance | 1,103,900,000 | ||
Maximum borrowing capacity | 1,150,000,000 | ||
Borrowings | 25,000,000 | $ 125,000,000 | |
Letters of credit | Credit facility | |||
Line of Credit Facility [Line Items] | |||
Outstanding letters of credit | $ 21,100,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 20.10% | (4.70%) |
Discrete items | $ 6.6 | $ 56.5 |
Discrete tax benefits for stock-based accounting | $ 5.9 | |
Non-cash income tax benefit | 50 | |
Resolution of certain FLIR tax reserves | $ 6.7 | |
Effective tax rate excluding discrete items | 23% | 23.10% |
Pension Plans - Schedule of Def
Pension Plans - Schedule of Defined Benefit Pension Plans and Postretirement Benefit Plans (Details) - Pension Plan - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Components of net period pension benefit expense | ||
Service cost — benefits earned during the period | $ 1.5 | $ 2.2 |
Pension non-service cost (income) | ||
Interest cost on benefit obligation | 8.4 | 5.9 |
Expected return on plan assets | (13.6) | (14) |
Amortization of net prior service cost | (0.5) | (0.5) |
Amortization of net actuarial loss | 2.4 | 5.8 |
Pension non-service cost (income) | $ (3.3) | $ (2.8) |
Stock-based Compensation Plan_2
Stock-based Compensation Plans - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Stock-based compensation expense | $ 7.9 | $ 9 |
Stock-based Compensation Plan_3
Stock-based Compensation Plans - Options Plans (Details) - Stock Options | 3 Months Ended |
Apr. 02, 2023 $ / shares shares | |
Shares | |
Beginning balance (in shares) | shares | 1,726,731 |
Exercised (in shares) | shares | (95,748) |
Canceled (in shares) | shares | (8,039) |
Ending balance (in shares) | shares | 1,622,944 |
Exercisable at end of period (in shares) | shares | 1,366,491 |
Weighted Average Exercise Price | |
Beginning balance (in USD per share) | $ / shares | $ 223.43 |
Exercised (in USD per share) | $ / shares | 106.51 |
Canceled (in USD per share) | $ / shares | 415.27 |
Ending balance (in USD per share) | $ / shares | 229.38 |
Options exercisable at end of period (in USD per share) | $ / shares | $ 197.58 |
Stock-based Compensation Plan_4
Stock-based Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock | 3 Months Ended |
Apr. 02, 2023 $ / shares shares | |
Shares | |
Beginning balance (in shares) | shares | 166,395 |
Granted (in shares) | shares | 15,573 |
Vested (in shares) | shares | (22,555) |
Forfeited/Canceled (in shares) | shares | (5,313) |
Ending balance (in shares) | shares | 154,100 |
Weighted average fair value per share | |
Beginning balance (in USD per share) | $ / shares | $ 368.62 |
Granted (in USD per share) | $ / shares | 361.64 |
Vested (in USD per share) | $ / shares | 389.60 |
Forfeited/Canceled (in USD per share) | $ / shares | 356.97 |
Ending balance (in USD per share) | $ / shares | $ 357.28 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Stock Options | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Shares excluded from computation of diluted earnings per share (in shares) | 0.2 | 0.2 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted average basic common shares outstanding (in shares) | 46.9 | 46.7 |
Effect of dilutive securities (primarily stock options) (in shares) | 1 | 1 |
Weighted average diluted common shares outstanding (in shares) | 47.9 | 47.7 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 8,169.2 | $ 7,622 |
Other comprehensive income (loss) before reclassifications | 5.5 | (21.3) |
Amounts reclassified from AOCI | (5.8) | (0.6) |
Net other comprehensive income (loss) | (0.3) | (21.9) |
Ending balance | 8,365.7 | 7,832.4 |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (472.3) | (129) |
Other comprehensive income (loss) before reclassifications | (4.3) | (32.6) |
Amounts reclassified from AOCI | 0 | 0 |
Net other comprehensive income (loss) | (4.3) | (32.6) |
Ending balance | (476.6) | (161.6) |
Cash Flow Hedges and Other | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 1.3 | (3.4) |
Other comprehensive income (loss) before reclassifications | 9.8 | 11.3 |
Amounts reclassified from AOCI | (7.3) | (4.8) |
Net other comprehensive income (loss) | 2.5 | 6.5 |
Ending balance | 3.8 | 3.1 |
Pension and Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (255.5) | (297.6) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | 1.5 | 4.2 |
Net other comprehensive income (loss) | 1.5 | 4.2 |
Ending balance | (254) | (293.4) |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (726.5) | (430) |
Net other comprehensive income (loss) | (0.3) | (21.9) |
Ending balance | $ (726.8) | $ (451.9) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated OCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Costs and expenses | $ 1,140.8 | $ 1,097.5 |
Total before tax | 223.7 | 203 |
Income tax impact | (44.9) | 9.6 |
Total | 178.7 | 212.6 |
Amount Reclassified from AOCI | Cash Flow Hedges and Other | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total before tax | (9.8) | (6.5) |
Income tax impact | 2.5 | 1.7 |
Total | (7.3) | (4.8) |
Amount Reclassified from AOCI | Amortization of prior service cost | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Costs and expenses | 0.4 | (3.5) |
Amount Reclassified from AOCI | Amortization of net actuarial loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Costs and expenses | (2.4) | (2) |
Amount Reclassified from AOCI | Pension and Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total before tax | 2 | 5.5 |
Income tax impact | (0.5) | (1.3) |
Total | $ 1.5 | $ 4.2 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | ||
Apr. 02, 2023 USD ($) | Apr. 03, 2022 USD ($) | Apr. 02, 2023 EUR (€) | |
Not designated as hedging instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Income (expense) from derivative instruments | $ 7.8 | $ (4.8) | |
Forward contracts | Designated as hedging instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Expected reclassification of gain (loss) over the next 12 months | 3.1 | ||
Forward contracts | Designated as hedging instrument | Cash flow hedges | Sell US Dollars and buy Canadian Dollars | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative notional amount | 134.9 | ||
Forward contracts | Designated as hedging instrument | Cash flow hedges | Sell US Dollars and buy Great Britain Pounds | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative notional amount | 12.3 | ||
Currency swap maturing October 2024 | Designated as hedging instrument | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative notional amount | 150 | € 156 | |
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 | $ 7 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total before tax | $ 223.7 | $ 203 |
Designated as hedging instrument | Cash flow hedges | Foreign Exchange Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in AOCI | 13.6 | 13.7 |
Designated as hedging instrument | Cash flow hedges | Foreign Exchange Contracts | Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | (1.9) | (0.2) |
Designated as hedging instrument | Cash flow hedges | Foreign Exchange Contracts | Other income and (expense), net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 10.1 | 6.2 |
Designated as hedging instrument | Cash flow hedges | Foreign Exchange Contracts | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 1.5 | 0.9 |
Designated as hedging instrument | Cash flow hedges | Interest Rate Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in AOCI | 0 | 1.3 |
Designated as hedging instrument | Cash flow hedges | Interest Rate Contracts | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | $ 0.6 | $ (0.4) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Foreign Currency Contracts (Details) - Apr. 02, 2023 - Forward contracts - Not designated as hedging instrument € in Millions, ¥ in Millions, £ in Millions, kr in Millions, kr in Millions, $ in Millions, $ in Millions | USD ($) | EUR (€) | CAD ($) | GBP (£) | DKK (kr) | SEK (kr) | CNY (¥) |
Contracts to Buy | Sell US Dollars and buy Canadian Dollars | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | $ 185.6 | ||||||
Contracts to Buy | Sell US Dollars and buy Great Britain Pounds | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | £ | £ 50.3 | ||||||
Contracts to Buy | Sell US Dollars and buy Euros | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | € | € 50.5 | ||||||
Contracts to Buy | Sell US Dollars and buy Danish Krone | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | kr | kr 107.9 | ||||||
Contracts to Buy | Sell Euros and buy Swedish Krona | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | kr | kr 163.5 | ||||||
Contracts to Buy | Sell Chinese Yuan and Buy U.S. Dollars | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | $ 13.6 | ||||||
Contracts to Sell | Sell US Dollars and buy Canadian Dollars | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | 136.7 | ||||||
Contracts to Sell | Sell US Dollars and buy Great Britain Pounds | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | 60.7 | ||||||
Contracts to Sell | Sell US Dollars and buy Euros | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | 53.6 | ||||||
Contracts to Sell | Sell US Dollars and buy Danish Krone | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | $ 15.5 | ||||||
Contracts to Sell | Sell Euros and buy Swedish Krona | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | € | € 14.7 | ||||||
Contracts to Sell | Sell Chinese Yuan and Buy U.S. Dollars | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative notional amount | ¥ | ¥ 93.9 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Fair Values of Instruments (Details) - Level 2 - USD ($) $ in Millions | Apr. 02, 2023 | Jan. 01, 2023 |
Fair values of derivative financial instruments | ||
Total derivatives, net | $ (17.6) | $ (38.8) |
Designated as hedging instrument | ||
Fair values of derivative financial instruments | ||
Total liability derivatives | (21.3) | (35.3) |
Not designated as hedging instrument | ||
Fair values of derivative financial instruments | ||
Total asset derivatives | 3.7 | |
Total liability derivatives | 3.5 | |
Other current assets | Designated as hedging instrument | Forward contracts | Cash flow hedges | ||
Fair values of derivative financial instruments | ||
Total asset derivatives | 1.4 | 0.4 |
Other current assets | Designated as hedging instrument | Cross currency swap | Cash flow hedges | ||
Fair values of derivative financial instruments | ||
Total asset derivatives | 2.3 | 2.7 |
Other current assets | Designated as hedging instrument | Interest rate contracts | ||
Fair values of derivative financial instruments | ||
Total asset derivatives | 0 | 0.7 |
Other current assets | Not designated as hedging instrument | Forward contracts | ||
Fair values of derivative financial instruments | ||
Total asset derivatives | 8.5 | 3.5 |
Accrued liabilities | Designated as hedging instrument | Forward contracts | Cash flow hedges | ||
Fair values of derivative financial instruments | ||
Total liability derivatives | (4.5) | (6.8) |
Accrued liabilities | Not designated as hedging instrument | Forward contracts | ||
Fair values of derivative financial instruments | ||
Total liability derivatives | (4.8) | (7) |
Other current liabilities | Designated as hedging instrument | Cross currency swap | Cash flow hedges | ||
Fair values of derivative financial instruments | ||
Total liability derivatives | 0 | (14) |
Other non-current liabilities | Designated as hedging instrument | Cross currency swap | Cash flow hedges | ||
Fair values of derivative financial instruments | ||
Total liability derivatives | $ (20.5) | $ (18.3) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 24, 2022 | Apr. 02, 2023 | Jan. 01, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Reserves for environmental remediation obligations | $ 5.7 | $ 5.8 | |
Portion of reserves included in current accrued liabilities | $ 1.5 | ||
DDTC Consent Agreement | FLIR | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Consent Agreement term (in years) | 4 years | ||
Maximum | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Estimated duration of remediation (in years) | 30 years |