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Discontinued Operation
 6 Months Ended
Jul. 03, 2011
Discontinued Operation [Abstract]  
Discontinued Operation
Note 15. Discontinued Operation
On April 19, 2011 we completed the sale of our general aviation piston engines businesses for net cash proceeds of $187.9 million. This amount included an estimated working capital adjustment of $3.8 million and was net of transaction costs of $1.9 million. Teledyne paid $3.8 million related to the final working capital adjustment in the third quarter of 2011. Teledyne expects to pay $51.3 million in income taxes related to the sale prior to year end 2011. The second quarter of 2011, includes income from discontinued operations of $113.6 million which includes the gain on the sale of $113.8 million and a net loss of $0.2 million related to the operating results of discontinued operations for the second quarter.
The operating assets and liabilities of Aerospace Engines and Components segment have been reclassified as assets and liabilities of discontinued operations and are included in current assets and current liabilities on the balance sheet at January 2, 2011. The following is a summary of the assets and liabilities for the discontinued operation (in millions):
         
    January 2, 2011  
Accounts receivable, net
  $ 13.8  
Inventories, net
    17.2  
Other current assets
    7.5  
Property, plant and equipment,
    18.6  
Goodwill, net
    0.9  
Other long-term assets
    17.1  
 
     
 
Total Assets
  $ 75.1  
 
     
 
Accounts payable
  $ 6.8  
Accrued liabilities
    6.3  
Other long-term liabilities, including aircraft product liabilities
    48.2  
 
     
Total Liabilities
  $ 61.3  
 
     
Sales for this discontinued segment were $6.1 million and $34.5 million for the second quarter of 2011 and 2010, respectively, and were $39.5 million and $68.8 million for fiscal 2011 and first six months of 2010, respectively. The operating results were a net loss of $0.2 million in the second quarter of 2011 and net income of $0.6 million for the second quarter of 2010. The operating results were a net loss of $0.7 million for fiscal 2011 and net income of $0.6 million for the first six months of 2010.