Long-Term Debt and Letters of Credit

3 Months Ended

Mar. 29, 2020


	Balance at
Long-Term Debt (in millions):	March 29, 2020		December 29, 2019
$750 million credit facility due March 2024, weighted average rate of 1.83% at March 29, 2020 and 2.80% at December 29, 2019	$	125.0	$	125.0


Term loan due October 2024, variable rate of 2.60% at March 29, 2020 and 2.702% at December 29, 2019, swapped to a Euro fixed rate of 0.6120%	150.0		150.0

5.30% Fixed Rate Senior Notes due September 2020	75.0		75.0
2.81% Fixed Rate Senior Notes due November 2020	25.0		25.0
3.09% Fixed Rate Senior Notes due December 2021	95.0		95.0
3.28% Fixed Rate Senior Notes due November 2022	100.0		100.0
0.70% €50 Million Fixed Rate Senior Notes due April 2022	55.8		56.0
0.92% €100 Million Fixed Rate Senior Notes due April 2023	111.6		111.9
1.09% €100 Million Fixed Rate Senior Notes due April 2024	111.6		111.9
Other debt	1.8		2.0
Debt issuance costs	(1.1)		(1.2)
Total debt	849.7		850.6
Less: current portion of long-term debt and debt issuance costs	(100.6)		(100.6)
Total long-term debt	$	749.1	$	750.0

Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $611.0 million at March 29, 2020. The credit agreements require the Company to comply with various financial and operating covenants and at March 29, 2020, the Company was in compliance with these covenants. At March 29, 2020, Teledyne had $28.6 million in outstanding letters of credit.

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 fair value hierarchy and is valued based on observable market data. The estimated fair value of Teledyne’s long-term debt at March 29, 2020 and December 29, 2019, approximated the carrying value.