ANNUAL REPORT PURSUANT TO SECTION 13 OR SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation of organization) | (I.R.S. Employer Identification Number) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Page Number | ||||||||
PART I | ||||||||
PART II | ||||||||
Part III | ||||||||
PART IV | ||||||||
Item 1. | Business |
U.S. Government sales by segment: | 2020 | 2019 | 2018 | |||||||||||||||||
Instrumentation | $ | 80.6 | $ | 80.4 | $ | 68.3 | ||||||||||||||
Digital Imaging | 120.9 | 107.4 | 90.5 | |||||||||||||||||
Aerospace and Defense Electronics | 229.9 | 225.3 | 177.2 | |||||||||||||||||
Engineered Systems | 386.8 | 346.7 | 319.3 | |||||||||||||||||
Total U.S. Government sales | $ | 818.2 | $ | 759.8 | $ | 655.3 |
Gender | ||||||||||||||||||||
Percent to Total Employees | Average Age | Average Years of Service | Male | Female | Not Specified | |||||||||||||||
Americas | 72% | 49.1 | 11.4 | 59% | 34% | 7% | ||||||||||||||
Europe, the Middle East and Africa | 26% | 44.9 | 11.3 | 56% | 22% | 22% | ||||||||||||||
Asia-Pacific Region | 2% | 42.4 | 7.6 | 42% | 20% | 38% |
Item 1A. | Risk Factors |
Item 1B. Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities |
Item 6. | Selected Financial Data |
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
(In millions, except per-share amounts) | ||||||||||||||||||||||||||||||||
Net sales | $ | 3,086.2 | $ | 3,163.6 | $ | 2,901.8 | $ | 2,603.8 | $ | 2,149.9 | ||||||||||||||||||||||
Net income | $ | 401.9 | $ | 402.3 | $ | 333.8 | $ | 227.2 | $ | 190.9 | ||||||||||||||||||||||
Basic earnings per common share | $ | 10.95 | $ | 11.08 | $ | 9.32 | $ | 6.45 | $ | 5.52 | ||||||||||||||||||||||
Diluted earnings per common share | $ | 10.62 | $ | 10.73 | $ | 9.01 | $ | 6.26 | $ | 5.37 | ||||||||||||||||||||||
Weighted average diluted common shares outstanding | 37.9 | 37.5 | 37.0 | 36.3 | 35.5 | |||||||||||||||||||||||||||
Total assets | $ | 5,084.8 | $ | 4,579.8 | $ | 3,809.3 | $ | 3,846.4 | $ | 2,774.4 | ||||||||||||||||||||||
Long-term debt, less current portion | $ | 680.9 | $ | 750.0 | $ | 610.1 | $ | 1,063.9 | $ | 509.7 | ||||||||||||||||||||||
Total stockholders’ equity | $ | 3,228.6 | $ | 2,714.7 | $ | 2,229.7 | $ | 1,947.3 | $ | 1,554.4 |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
2020 | 2019 | 2018 | ||||||||||||||||||
Instrumentation | $ | 5.9 | $ | 1.5 | $ | 5.6 | ||||||||||||||
Digital Imaging | 2.9 | 1.1 | 0.7 | |||||||||||||||||
Aerospace and Defense Electronics | 11.1 | 0.5 | 1.3 | |||||||||||||||||
Engineered Systems | 0.5 | 0.1 | 0.2 | |||||||||||||||||
Corporate | 0.4 | — | — | |||||||||||||||||
Total | $ | 20.8 | $ | 3.2 | $ | 7.8 |
2020 | 2019 | 2018 | ||||||||||||||||||
Severance | $ | 16.0 | $ | 3.5 | $ | 5.6 | ||||||||||||||
Facility consolidations (a) | 4.8 | (0.3) | 2.2 | |||||||||||||||||
Total | $ | 20.8 | $ | 3.2 | $ | 7.8 |
2020 | 2019 | 2018 | ||||||||||||||||||
Cost of sales | $ | 10.3 | $ | 0.8 | $ | 4.9 | ||||||||||||||
Selling, general and administrative expenses | 10.5 | 2.4 | 2.9 | |||||||||||||||||
Total | $ | 20.8 | $ | 3.2 | $ | 7.8 |
2020 | 2019 | 2018 | ||||||||||||||||||
Net sales | $ | 3,086.2 | $ | 3,163.6 | $ | 2,901.8 | ||||||||||||||
Costs and expenses | ||||||||||||||||||||
Cost of sales | 1,905.3 | 1,920.3 | 1,791.0 | |||||||||||||||||
Selling, general and administrative expenses | 700.8 | 751.6 | 694.2 | |||||||||||||||||
Total costs and expenses | 2,606.1 | 2,671.9 | 2,485.2 | |||||||||||||||||
Operating income | 480.1 | 491.7 | 416.6 | |||||||||||||||||
Interest and debt expense, net | (15.3) | (21.0) | (25.5) | |||||||||||||||||
Non-service retirement benefit income | 12.1 | 8.0 | 13.5 | |||||||||||||||||
Other expense, net | (7.2) | (5.0) | (10.7) | |||||||||||||||||
Income before income taxes | 469.7 | 473.7 | 393.9 | |||||||||||||||||
Provision for income taxes | 67.8 | 71.4 | 60.1 | |||||||||||||||||
Net income | $ | 401.9 | $ | 402.3 | $ | 333.8 | ||||||||||||||
Basic earnings per common share | $ | 10.95 | $ | 11.08 | $ | 9.32 | ||||||||||||||
Diluted earnings per common share | $ | 10.62 | $ | 10.73 | $ | 9.01 | ||||||||||||||
Percentage of Total Net Sales | ||||||||||||||||||||
Segment contribution to total net sales: | 2020 | 2019 | 2018 | |||||||||||||||||
Instrumentation | 35 | % | 35 | % | 35 | % | ||||||||||||||
Digital Imaging | 32 | % | 31 | % | 30 | % | ||||||||||||||
Aerospace and Defense Electronics | 19 | % | 22 | % | 22 | % | ||||||||||||||
Engineered Systems | 14 | % | 12 | % | 13 | % | ||||||||||||||
100 | % | 100 | % | 100 | % |
Net sales (dollars in millions) | 2020 | 2019 | % Change | ||||||||||||||||||||
Instrumentation | $ | 1,094.5 | $ | 1,105.1 | (1.0) | % | |||||||||||||||||
Digital Imaging | 986.0 | 992.9 | (0.7) | % | |||||||||||||||||||
Aerospace and Defense Electronics | 589.4 | 690.1 | (14.6) | % | |||||||||||||||||||
Engineered Systems | 416.3 | 375.5 | 10.9 | % | |||||||||||||||||||
Total net sales | $ | 3,086.2 | $ | 3,163.6 | (2.4) | % | |||||||||||||||||
Results of operations (dollars in millions) | 2020 | 2019 | % Change | ||||||||||||||||||||
Instrumentation | $ | 213.2 | $ | 200.4 | 6.4 | % | |||||||||||||||||
Digital Imaging | 192.8 | 176.5 | 9.2 | % | |||||||||||||||||||
Aerospace and Defense Electronics | 80.8 | 143.4 | (43.7) | % | |||||||||||||||||||
Engineered Systems | 50.1 | 36.5 | 37.3 | % | |||||||||||||||||||
Corporate expense | (56.8) | (65.1) | (12.7) | % | |||||||||||||||||||
Operating income | 480.1 | 491.7 | (2.4) | % | |||||||||||||||||||
Interest and debt expense, net | (15.3) | (21.0) | (27.1) | % | |||||||||||||||||||
Non-service retirement benefit income | 12.1 | 8.0 | 51.3 | % | |||||||||||||||||||
Other expense, net | (7.2) | (5.0) | 44.0 | % | |||||||||||||||||||
Income before income taxes | 469.7 | 473.7 | (0.8) | % | |||||||||||||||||||
Provision for income taxes | 67.8 | 71.4 | (5.0) | % | |||||||||||||||||||
Net income | $ | 401.9 | $ | 402.3 | (0.1) | % | |||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Instrumentation | |||||||||||||||||
Net sales | $ | 1,094.5 | $ | 1,105.1 | $ | (10.6) | |||||||||||
Cost of sales | $ | 603.4 | $ | 612.8 | $ | (9.4) | |||||||||||
Cost of sales % of net sales | 55.1 | % | 55.5 | % | |||||||||||||
Digital Imaging | |||||||||||||||||
Net sales | $ | 986.0 | $ | 992.9 | $ | (6.9) | |||||||||||
Cost of sales | $ | 569.2 | $ | 580.6 | $ | (11.4) | |||||||||||
Cost of sales % of net sales | 57.7 | % | 58.5 | % | |||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||
Net sales | $ | 589.4 | $ | 690.1 | $ | (100.7) | |||||||||||
Cost of sales | $ | 395.1 | $ | 414.7 | $ | (19.6) | |||||||||||
Cost of sales % of net sales | 67.0 | % | 60.1 | % | |||||||||||||
Engineered Systems | |||||||||||||||||
Net sales | $ | 416.3 | $ | 375.5 | $ | 40.8 | |||||||||||
Cost of sales | $ | 337.6 | $ | 312.2 | $ | 25.4 | |||||||||||
Cost of sales % of net sales | 81.1 | % | 83.1 | % | |||||||||||||
Total Company | |||||||||||||||||
Net sales | $ | 3,086.2 | $ | 3,163.6 | $ | (77.4) | |||||||||||
Cost of sales | $ | 1,905.3 | $ | 1,920.3 | $ | (15.0) | |||||||||||
Cost of sales % of net sales | 61.7 | % | 60.7 | % |
Sales (dollars in millions) | 2019 | 2018 | % Change | ||||||||||||||||||||
Instrumentation | $ | 1,105.1 | $ | 1,021.2 | 8.2 | % | |||||||||||||||||
Digital Imaging | 992.9 | 875.3 | 13.4 | % | |||||||||||||||||||
Aerospace and Defense Electronics | 690.1 | 640.2 | 7.8 | % | |||||||||||||||||||
Engineered Systems | 375.5 | 365.1 | 2.8 | % | |||||||||||||||||||
Total sales | $ | 3,163.6 | $ | 2,901.8 | 9.0 | % | |||||||||||||||||
Results of operations (dollars in millions) | 2019 | 2018 | % Change | ||||||||||||||||||||
Instrumentation | $ | 200.4 | $ | 147.4 | 36.0 | % | |||||||||||||||||
Digital Imaging | 176.5 | 155.5 | 13.5 | % | |||||||||||||||||||
Aerospace and Defense Electronics | 143.4 | 131.8 | 8.8 | % | |||||||||||||||||||
Engineered Systems | 36.5 | 37.9 | (3.7) | % | |||||||||||||||||||
Corporate expense | (65.1) | (56.0) | 16.3 | % | |||||||||||||||||||
Operating income | 491.7 | 416.6 | 18.0 | % | |||||||||||||||||||
Interest and debt expense, net | (21.0) | (25.5) | (17.6) | % | |||||||||||||||||||
Non-service retirement benefit income | 8.0 | 13.5 | (40.7) | % | |||||||||||||||||||
Other expense, net | (5.0) | (10.7) | (53.3) | % | |||||||||||||||||||
Income before income taxes | 473.7 | 393.9 | 20.3 | % | |||||||||||||||||||
Provision for income taxes | 71.4 | 60.1 | 18.8 | % | |||||||||||||||||||
Net income | $ | 402.3 | $ | 333.8 | 20.5 | % | |||||||||||||||||
2019 | 2018 | Change | |||||||||||||||
Instrumentation | |||||||||||||||||
Net sales | $ | 1,105.1 | $ | 1,021.2 | $ | 83.9 | |||||||||||
Cost of sales | $ | 612.8 | $ | 575.2 | $ | 37.6 | |||||||||||
Cost of sales % of net sales | 55.5 | % | 56.3 | % | |||||||||||||
Digital Imaging | |||||||||||||||||
Net sales | $ | 992.9 | $ | 875.3 | $ | 117.6 | |||||||||||
Cost of sales | $ | 580.6 | $ | 529.4 | $ | 51.2 | |||||||||||
Cost of sales % of net sales | 58.5 | % | 60.5 | % | |||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||
Net sales | $ | 690.1 | $ | 640.2 | $ | 49.9 | |||||||||||
Cost of sales | $ | 414.7 | $ | 385.9 | $ | 28.8 | |||||||||||
Cost of sales % of net sales | 60.1 | % | 60.3 | % | |||||||||||||
Engineered Systems | |||||||||||||||||
Net sales | $ | 375.5 | $ | 365.1 | $ | 10.4 | |||||||||||
Cost of sales | $ | 312.2 | $ | 300.5 | $ | 11.7 | |||||||||||
Cost of sales % of net sales | 83.1 | % | 82.3 | % | |||||||||||||
Total Company | |||||||||||||||||
Net sales | $ | 3,163.6 | $ | 2,901.8 | $ | 261.8 | |||||||||||
Cost of sales | $ | 1,920.3 | $ | 1,791.0 | $ | 129.3 | |||||||||||
Cost of sales % of net sales | 60.7 | % | 61.7 | % |
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 1,094.5 | $ | 1,105.1 | $ | 1,021.2 | ||||||||||||||
Cost of sales | $ | 603.4 | $ | 612.8 | $ | 575.2 | ||||||||||||||
Selling, general and administrative expenses | $ | 277.9 | $ | 291.9 | $ | 298.6 | ||||||||||||||
Operating income | $ | 213.2 | $ | 200.4 | $ | 147.4 | ||||||||||||||
Cost of sales % of net sales | 55.1 | % | 55.5 | % | 56.3 | % | ||||||||||||||
Selling, general and administrative expenses % of net sales | 25.4 | % | 26.4 | % | 29.3 | % | ||||||||||||||
Operating income % of net sales | 19.5 | % | 18.1 | % | 14.4 | % | ||||||||||||||
International sales % of net sales | 57.0 | % | 54.8 | % | 51.0 | % | ||||||||||||||
U.S. Government sales % of net sales | 7.4 | % | 7.3 | % | 6.7 | % | ||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 986.0 | $ | 992.9 | $ | 875.3 | ||||||||||||||
Cost of sales | $ | 569.2 | $ | 580.6 | $ | 529.4 | ||||||||||||||
Selling, general and administrative expenses | $ | 224.0 | $ | 235.8 | $ | 190.4 | ||||||||||||||
Operating income | $ | 192.8 | $ | 176.5 | $ | 155.5 | ||||||||||||||
Cost of sales % of net sales | 57.7 | % | 58.5 | % | 60.5 | % | ||||||||||||||
Selling, general and administrative expenses % of net sales | 22.7 | % | 23.7 | % | 21.7 | % | ||||||||||||||
Operating income % of net sales | 19.6 | % | 17.8 | % | 17.8 | % | ||||||||||||||
International sales % of net sales | 60.8 | % | 59.7 | % | 66.0 | % | ||||||||||||||
U.S. Government sales % of net sales | 12.3 | % | 10.8 | % | 10.3 | % | ||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 589.4 | $ | 690.1 | $ | 640.2 | ||||||||||||||
Cost of sales | $ | 395.1 | $ | 414.7 | $ | 385.9 | ||||||||||||||
Selling, general and administrative expenses | $ | 113.5 | $ | 132.0 | $ | 122.5 | ||||||||||||||
Operating income | $ | 80.8 | $ | 143.4 | $ | 131.8 | ||||||||||||||
Cost of sales % of net sales | 67.0 | % | 60.1 | % | 60.3 | % | ||||||||||||||
Selling, general and administrative expenses % of net sales | 19.3 | % | 19.1 | % | 19.1 | % | ||||||||||||||
Operating income % of net sales | 13.7 | % | 20.8 | % | 20.6 | % | ||||||||||||||
International sales % of net sales | 27.1 | % | 27.4 | % | 34.1 | % | ||||||||||||||
U.S. Government sales % of net sales | 39.0 | % | 32.6 | % | 27.7 | % | ||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 416.3 | $ | 375.5 | $ | 365.1 | ||||||||||||||
Cost of sales | $ | 337.6 | $ | 312.2 | $ | 300.5 | ||||||||||||||
Selling, general and administrative expenses | $ | 28.6 | $ | 26.8 | $ | 26.7 | ||||||||||||||
Operating income | $ | 50.1 | $ | 36.5 | $ | 37.9 | ||||||||||||||
Cost of sales % of net sales | 81.1 | % | 83.1 | % | 82.3 | % | ||||||||||||||
Selling, general and administrative expenses % of net sales | 6.9 | % | 7.2 | % | 7.3 | % | ||||||||||||||
Operating income % of net sales | 12.0 | % | 9.7 | % | 10.4 | % | ||||||||||||||
International sales % of net sales | 0.7 | % | 1.1 | % | 2.9 | % | ||||||||||||||
U.S. Government sales % of net sales | 92.9 | % | 92.3 | % | 87.5 | % | ||||||||||||||
Long-term debt (dollars in millions): | January 3, 2021 | December 29, 2019 | ||||||||||||
$750.0 million credit facility, due March 2024, weighted average rate of 1.05% at January 3, 2021 and 2.80% at December 29, 2019 | $ | 125.0 | $ | 125.0 | ||||||||||
Term loan due October 2024, variable rate of 1.15% at January 3, 2021 and 2.702% at December 29, 2019, swapped to a Euro fixed rate of 0.612% | 150.0 | 150.0 | ||||||||||||
5.30% Fixed Rate Senior Notes repaid September 2020 | — | 75.0 | ||||||||||||
2.81% Fixed Rate Senior Notes repaid November 2020 | — | 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 | 61.1 | 56.0 | ||||||||||||
0.92% €100 Million Fixed Rate Senior Notes due April 2023 | 122.1 | 111.9 | ||||||||||||
1.09% €100 Million Fixed Rate Senior Notes due April 2024 | 122.1 | 111.9 | ||||||||||||
Other debt | 4.0 | 2.0 | ||||||||||||
Debt issuance costs | (0.8) | (1.2) | ||||||||||||
Total long-term debt | 778.5 | 850.6 | ||||||||||||
Current portion of long-term debt | (97.6) | (100.6) | ||||||||||||
Total long-term debt, net of current portion | $ | 680.9 | $ | 750.0 |
$750.0 million Credit Facility expires March 2024 and $150.0 million term loan due October 2024 (issued October 2019) | |||||||||||
Financial Covenant | Requirement | Actual Measure | |||||||||
Consolidated Leverage Ratio (Net Debt/EBITDA) (a) | No more than 3.25 to 1 | 1.338 to 1 | |||||||||
Consolidated Interest Coverage Ratio (EBITDA/Interest) (b) | No less than 3.0 to 1 | 40.1 to 1 | |||||||||
$500.3 million Private Placement Senior Notes due from 2021 to 2024 | |||||||||||
Financial Covenant | Requirement | Actual Measure | |||||||||
Consolidated Leverage Ratio (Net Debt/EBITDA) (a) | No more than 3.25 to 1 | 1.338 to 1 | |||||||||
Consolidated Interest Coverage Ratio (EBITDA/Interest) (b) | No less than 3.0 to 1 | 40.1 to 1 |
Contractual obligations (in millions): | 2021 | 2022 | 2023 | 2024 | 2025 | After 2025 | Total | |||||||||||||||||||||||||||||||||||||
Debt obligations | $ | 97.1 | $ | 161.1 | $ | 122.1 | $ | 397.1 | $ | 0.8 | $ | 1.1 | $ | 779.3 | ||||||||||||||||||||||||||||||
Interest expense(a) | 12.9 | 9.2 | 5.6 | 2.2 | — | — | 29.9 | |||||||||||||||||||||||||||||||||||||
Operating lease obligations (b) | 23.8 | 22.4 | 19.2 | 17.0 | 15.5 | 66.0 | 163.9 | |||||||||||||||||||||||||||||||||||||
Purchase obligations (c) | 203.7 | 11.8 | 1.9 | 2.7 | 1.0 | 0.7 | 221.8 | |||||||||||||||||||||||||||||||||||||
Total | $ | 337.5 | $ | 204.5 | $ | 148.8 | $ | 419.0 | $ | 17.3 | $ | 67.8 | $ | 1,194.9 |
Free Cash Flow(a) (in millions, brackets indicate use of funds) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Cash provided by operating activities | $ | 618.9 | $ | 482.1 | $ | 446.9 | |||||||||||||||||
Capital expenditures for property, plant and equipment | (71.4) | (88.4) | (86.8) | ||||||||||||||||||||
Free cash flow | $ | 547.5 | $ | 393.7 | $ | 360.1 |
Capital expenditures (in millions): | 2020 | 2019 | 2018 | |||||||||||||||||
Instrumentation | $ | 18.0 | $ | 18.9 | $ | 14.8 | ||||||||||||||
Digital Imaging | 33.4 | 45.2 | 35.8 | |||||||||||||||||
Aerospace and Defense Electronics | 10.4 | 19.0 | 18.7 | |||||||||||||||||
Engineered Systems | 7.5 | 3.6 | 13.6 | |||||||||||||||||
Corporate | 2.1 | 1.7 | 3.9 | |||||||||||||||||
$ | 71.4 | $ | 88.4 | $ | 86.8 |
2020 | ||||||||||||||||||||||||||
Acquisition | Acquisition date | Cash Paid (a) | Goodwill Acquired | Acquired Intangible Assets | ||||||||||||||||||||||
OakGate Technology, Inc. | January 5, 2020 | $ | 28.5 | $ | 16.9 | $ | 7.0 | |||||||||||||||||||
Purchase price adjustment - Micralyne Inc. | 0.5 | — | — | |||||||||||||||||||||||
Total | $ | 29.0 | $ | 16.9 | $ | 7.0 | ||||||||||||||||||||
(a) Net of cash acquired . | ||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||
Acquisition | Acquisition date | Cash Paid (a) | Goodwill Acquired | Acquired Intangible Assets | ||||||||||||||||||||||
Scientific imaging business | February 5, 2019 | $ | 224.8 | $ | 149.9 | $ | 52.4 | |||||||||||||||||||
Gas and flame detection business | August 1, 2019 | 233.5 | 147.7 | 69.0 | ||||||||||||||||||||||
Micralyne Inc. | August 30, 2019 | 25.7 | 7.3 | 0.9 | ||||||||||||||||||||||
Total | $ | 484.0 | $ | 304.9 | $ | 122.3 | ||||||||||||||||||||
(a) Net of any cash acquired and any purchase price adjustments. |
Contracts to Buy | Contracts to Sell | |||||||||||||
Currency | Amount | Currency | Amount | |||||||||||
Canadian Dollars | $ | 78.0 | U.S. Dollars | US$ | 59.7 | |||||||||
Euros | € | 36.2 | U.S. Dollars | US$ | 43.3 | |||||||||
Great Britain Pounds | £ | 88.9 | U.S. Dollars | US$ | 119.1 | |||||||||
Canadian Dollars | $ | 22.3 | Euros | € | 14.4 | |||||||||
Danish Krone | Kr. | 302.3 | U.S. Dollars | US$ | 49.0 | |||||||||
Reserves and Valuation Accounts (in millions): (a) | 2020 | 2019 | ||||||||||||
Allowance for doubtful accounts | $ | 12.3 | $ | 10.2 | ||||||||||
Reduction to LIFO cost basis | $ | 6.7 | $ | 7.8 | ||||||||||
Workers’ compensation and general liability reserves (b) | $ | 6.2 | $ | 6.5 | ||||||||||
Environmental reserves (b) | $ | 6.5 | $ | 6.0 | ||||||||||
Other accrued liability reserves (b) | $ | 12.9 | $ | 16.0 |
Warranty Reserve (in millions): | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at beginning of year | $ | 24.8 | $ | 21.0 | $ | 21.1 | ||||||||||||||
Product warranty expense | 3.3 | 13.1 | 10.0 | |||||||||||||||||
Deductions | (8.2) | (14.2) | (10.1) | |||||||||||||||||
Acquisitions | 2.5 | 4.9 | — | |||||||||||||||||
Balance at year-end | $ | 22.4 | $ | 24.8 | $ | 21.0 |
0.25 Percentage Point Increase | 0.25 Percentage Point Decrease | |||||||||||||
Increase (decrease) to pension expense resulting from: | ||||||||||||||
Change in discount rate | $ | (0.3) | $ | 0.3 | ||||||||||
Change in long-term rate of return on plan assets | $ | (2.1) | $ | 2.1 |
Item 7A. Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 15. | Exhibits and Financial Statement Schedules |
Page | |||||
Financial Statements and Related Information: | |||||
Financial Statement Schedule: | |||||
/s/ ALDO PICHELLI | ||
Aldo Pichelli | ||
President and Chief Executive Officer |
/s/ SUSAN L. MAIN | ||
Susan L. Main | ||
Senior Vice President and Chief Financial Officer |
For the Fiscal Year | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Net Sales | $ | $ | $ | |||||||||||||||||
Costs and expenses | ||||||||||||||||||||
Cost of sales | ||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||
Total costs and expenses | ||||||||||||||||||||
Operating income | ||||||||||||||||||||
Interest and debt expense, net | ( | ( | ( | |||||||||||||||||
Non-service retirement benefit income | ||||||||||||||||||||
Other expense, net | ( | ( | ( | |||||||||||||||||
Income before income taxes | ||||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Basic earnings per common share | $ | $ | $ | |||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | |||||||||||||||||
Weighted average diluted common shares outstanding |
For the Fiscal Year | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign exchange translation adjustment | ( | |||||||||||||||||||
Hedge activity, net of tax | ( | |||||||||||||||||||
Pension and postretirement benefit adjustments, net of tax | ( | ( | ( | |||||||||||||||||
Other comprehensive income (loss)(a) | ( | |||||||||||||||||||
Comprehensive income | $ | $ | $ | |||||||||||||||||
2020 | 2019 | |||||||||||||
Assets | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Unbilled receivables, net | ||||||||||||||
Inventories, net | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total Current Assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Acquired intangible assets, net | ||||||||||||||
Prepaid pension assets | ||||||||||||||
Other assets, net | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued liabilities | ||||||||||||||
Current portion of long-term debt and other debt | ||||||||||||||
Total Current Liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Commitments and Contingencies | ||||||||||||||
Stockholders’ Equity | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ Issued shares: | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Treasury stock, | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total Stockholders’ Equity | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ |
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Treasury stock issued | — | ( | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Exercise of stock options and other | — | — | ( | — | ||||||||||||||||||||||||||||||||||
— | — | — | ( | |||||||||||||||||||||||||||||||||||
Balance, December 30, 2018 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Treasury stock issued | — | ( | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance, December 29, 2019 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Treasury stock issued | — | ( | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance, January 3, 2021 | $ | $ | $ | ( | $ | $ | ( | $ |
For the Fiscal Year | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Operating Activities | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||
Changes in operating assets and liabilities, excluding the effect of businesses acquired: | ||||||||||||||||||||
Accounts receivable and unbilled receivables | ( | ( | ||||||||||||||||||
Inventories | ( | |||||||||||||||||||
Prepaid expenses and other assets | ( | ( | ||||||||||||||||||
Accounts payable | ( | |||||||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||||||||
Deferred and income taxes payable, net | ( | ( | ( | |||||||||||||||||
Other, net | ( | |||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Investing Activities | ||||||||||||||||||||
Purchases of property, plant and equipment | ( | ( | ( | |||||||||||||||||
Purchase of businesses and other investments, net of cash acquired | ( | ( | ( | |||||||||||||||||
Other, net | ||||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | |||||||||||||||||
Financing Activities | ||||||||||||||||||||
Net proceeds (payments) on credit facility | ( | |||||||||||||||||||
Proceeds from other debt | ||||||||||||||||||||
Payments on other debt | ( | ( | ( | |||||||||||||||||
Proceeds from issuance of term loans and senior notes | ||||||||||||||||||||
Proceeds from stock options exercised | ||||||||||||||||||||
Other, net | ( | ( | ||||||||||||||||||
Net cash provided by (used in) financing activities | ( | ( | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | |||||||||||||||||||
Change in cash and cash equivalents | ||||||||||||||||||||
Cash—beginning of period | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | $ | $ |
Foreign Currency Translation | Cash Flow Hedges and other | Pension and Postretirement Benefits | Total | ||||||||||||||||||||
Balance as of December 30, 2018 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | ( | ||||||||||||||||||||
Net other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance as of December 29, 2019 | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | |||||||||||||||||||||
Net other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance as of January 3, 2021 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
January 3, 2021 | December 29, 2019 | |||||||||||||
Amount reclassified from AOCI | Amount reclassified from AOCI | Financial Statement Presentation | ||||||||||||
Gain (loss) on cash flow hedges: | ||||||||||||||
Gain (loss) recognized in income on derivatives | $ | $ | ( | See Note 2 | ||||||||||
Income tax impact | ( | Provision for income taxes | ||||||||||||
Total | $ | $ | ( | |||||||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||||||||||
Amortization of prior service cost | $ | ( | $ | ( | See Note 11 | |||||||||
Amortization of net actuarial loss | See Note 11 | |||||||||||||
Pension adjustments | ( | ( | See Note 11 | |||||||||||
Total before tax | ( | ( | ||||||||||||
Income tax impact | ||||||||||||||
Net of tax | $ | ( | $ | ( |
Warranty Reserve (in millions): | 2020 | 2019 | 2018 | ||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||
Product warranty expense | |||||||||||||||||
Deductions | ( | ( | ( | ||||||||||||||
Acquisitions | |||||||||||||||||
Balance at end of year | $ | $ | $ |
Net Income Per Common Share: | 2020 | 2019 | 2018 | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Basic earnings per common share: | |||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||
Basic earnings per common share | $ | $ | $ | ||||||||||||||
Diluted earnings per share: | |||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||
Effect of diluted securities (primarily stock options) | |||||||||||||||||
Weighted average diluted common shares outstanding | |||||||||||||||||
Diluted earnings per common share | $ | $ | $ |
Contracts to Buy | Contracts to Sell | |||||||||||||
Currency | Amount | Currency | Amount | |||||||||||
Canadian Dollars | $ | U.S. Dollars | US$ | |||||||||||
Euros | € | U.S. Dollars | US$ | |||||||||||
Great Britain Pounds | £ | U.S. Dollars | US$ | |||||||||||
Canadian Dollars | $ | Euros | € | |||||||||||
Danish Krone | Kr. | U.S. Dollars | US$ | |||||||||||
2020 | 2019 | |||||||||||||
Net gain (loss) recognized in AOCI - foreign exchange contracts (a) | $ | ( | $ | |||||||||||
Net gain recognized in AOCI - interest rate contracts | $ | $ | ||||||||||||
Net gain (loss) reclassified from AOCI into revenue/cost of sales - foreign exchange contracts | $ | $ | ( | |||||||||||
Net gain reclassified from AOCI into interest expense - foreign exchange contracts | $ | $ | ||||||||||||
Net gain (loss) reclassified from AOCI into interest expense -interest rate contracts | $ | ( | $ | |||||||||||
Net gain (loss) reclassified from AOCI into other income and expense, net - foreign exchange contracts (b) | $ | ( | $ | |||||||||||
Net foreign exchange loss recognized in revenue, net - foreign exchange contracts (c) | $ | $ | ( |
Asset/(Liability) Derivatives | Balance sheet location | January 3, 2021 | December 29, 2019 | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Cash flow forward contracts | Other assets | $ | $ | ||||||||||||||
Interest rate contracts | Other current assets | ||||||||||||||||
Interest rate contracts | Other non-current assets (liabilities) | ( | |||||||||||||||
Interest rate contracts | Other current liabilities | ( | |||||||||||||||
Cash flow forward contracts | Accrued liabilities | ( | |||||||||||||||
Cash flow cross currency swaps | Other current assets | ||||||||||||||||
Cash flow cross currency swaps | Other non-current liabilities | ( | ( | ||||||||||||||
Cash flow cross currency swaps | Accrued liabilities | ||||||||||||||||
Cash flow cross currency swaps | Other current assets (accrued interest) | ||||||||||||||||
Total derivatives designated as hedging instruments | ( | ( | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Non-designated forward contracts | Other current assets | ||||||||||||||||
Non-designated forward contracts | Accrued liabilities | ( | ( | ||||||||||||||
Total derivatives not designated as hedging instruments | ( | ||||||||||||||||
Total liability derivatives | $ | ( | $ | ( |
2020 | ||||||||||||||||||||||||||
Acquisitions | Acquisition Date | Cash Paid (a) | Goodwill Acquired | Acquired Intangible Assets | ||||||||||||||||||||||
OakGate Technology, Inc. | January 5, 2020 | $ | $ | $ | ||||||||||||||||||||||
Purchase price adjustment - Micralyne Inc. | — | — | ||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||
(a) Net of cash acquired. |
Provisional fair values allocated to the assets acquired and liabilities assumed (in millions): | 2020 | |||||||
Current assets, excluding cash acquired | $ | |||||||
Goodwill | ||||||||
Acquired intangible assets | ||||||||
Other long-term assets | ||||||||
Total assets acquired | ||||||||
Current liabilities | ( | |||||||
Total liabilities assumed | ( | |||||||
Cash paid, net of cash acquired | $ | |||||||
2020 | ||||||||||||||
Intangibles subject to amortization: | Intangible Assets | Weighted average useful life in years | ||||||||||||
Proprietary technology | $ | |||||||||||||
Customer list/relationships | ||||||||||||||
Trademarks | ||||||||||||||
Total acquired intangibles subject to amortization | $ | |||||||||||||
Goodwill | $ | n/a |
Goodwill (in millions): | Instrumentation | Digital Imaging | Aerospace and Defense Electronics | Engineered Systems | Total | |||||||||||||||||||||||||||
Balance at December 30, 2018 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Current year acquisitions | ||||||||||||||||||||||||||||||||
Foreign currency changes and other (a) | ( | ( | ||||||||||||||||||||||||||||||
Balance at December 29, 2019 | ||||||||||||||||||||||||||||||||
Current year acquisition | ||||||||||||||||||||||||||||||||
Foreign currency changes and other | ||||||||||||||||||||||||||||||||
Balance at January 3, 2021 | $ | $ | $ | $ | $ |
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||||||||||||||
Acquired intangible assets (in millions): | ||||||||||||||||||||||||||||||||||||||
Proprietary technology | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Customer list/relationships | ||||||||||||||||||||||||||||||||||||||
Patents | ||||||||||||||||||||||||||||||||||||||
Non-compete agreements | ||||||||||||||||||||||||||||||||||||||
Trademarks | ||||||||||||||||||||||||||||||||||||||
Backlog | ||||||||||||||||||||||||||||||||||||||
Acquired intangible assets subject to amortization | ||||||||||||||||||||||||||||||||||||||
Acquired intangible assets not subject to amortization: | ||||||||||||||||||||||||||||||||||||||
Trademarks | — | — | ||||||||||||||||||||||||||||||||||||
Total acquired intangible assets | $ | $ | $ | $ | $ | $ |
Acquired intangibles subject to amortization | Weighted average remaining useful life in years | |||||||
Proprietary technology | ||||||||
Customer list/relationships | ||||||||
Patents | ||||||||
Trademarks | ||||||||
Total acquired intangibles subject to amortization |
Accounts Receivable and Unbilled Receivables (in millions): | Balance at year-end | |||||||||||||
2020 | 2019 | |||||||||||||
Commercial and other billed receivables | $ | $ | ||||||||||||
U.S. Government and prime contractors billed receivables | ||||||||||||||
Allowance for doubtful accounts | ( | ( | ||||||||||||
Account receivable, net | $ | $ | ||||||||||||
Commercial and other unbilled receivables, net | $ | $ | ||||||||||||
U.S. Government and prime contractors unbilled receivables, net | ||||||||||||||
Unbilled receivables, net | $ | $ |
Inventories (in millions): | Balance at year-end | |||||||||||||
2020 | 2019 | |||||||||||||
Raw materials and supplies | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Finished goods | ||||||||||||||
Reduction to LIFO cost basis | ( | ( | ||||||||||||
Total inventories, net | $ | $ |
Property, plant and equipment (in millions): | Balance at year-end | |||||||||||||
2020 | 2019 | |||||||||||||
Land | $ | $ | ||||||||||||
Buildings | ||||||||||||||
Equipment and software and other | ||||||||||||||
Accumulated depreciation and amortization | ( | ( | ||||||||||||
Total property, plant and equipment, net | $ | $ |
Balance sheet items | Balance sheet location | January 3, 2021 | December 29, 2019 | ||||||||||||||
Salaries and wage accruals | Accrued liabilities | $ | $ | ||||||||||||||
Deferred tax liabilities | Other long-term liabilities | $ | $ | ||||||||||||||
Common stock and treasury stock activity: | Common Stock | Treasury Stock | ||||||||||||
Balance, December 31, 2017 | ||||||||||||||
Issued | — | ( | ||||||||||||
Balance, December 30, 2018 | ||||||||||||||
Issued | — | ( | ||||||||||||
Balance, December 29, 2019 | ||||||||||||||
Issued | — | ( | ||||||||||||
Balance, January 3, 2021 |
Stock option valuation assumptions: | 2020 | 2019 | 2018 | ||||||||||||||
Expected dividend yield | n/a | n/a | n/a | ||||||||||||||
Expected volatility | |||||||||||||||||
Risk-free interest rate | |||||||||||||||||
Expected life in years |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | $ | $ | $ | ||||||||||||||||||||||||||||||||
Exercised | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Canceled or expired | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | ||||||||||||||||||||||||||||||||
Options exercisable at end of period | $ | $ | $ |
Stock Options Outstanding | Stock Options Exercisable | |||||||||||||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average Exercise Price | Remaining life in years | Shares | Weighted Average Exercise Price | |||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ |
Restricted Stock: | Shares | Weighted average fair value per share | ||||||||||||
Balance, December 31, 2017 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Forfeited/Canceled | ( | $ | ||||||||||||
Balance, December 30, 2018 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Balance, December 29, 2019 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Balance, January 3, 2021 | $ |
Directors Restricted Stock: | Shares | Weighted average fair value per share | ||||||||||||
Balance, December 31, 2017 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Balance, December 30, 2018 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Balance, December 29, 2019 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Canceled | ( | $ | ||||||||||||
Balance, January 3, 2021 | $ |
Long-Term Debt (dollars in millions): | January 3, 2021 | December 29, 2019 | |||||||||
$ | $ | $ | |||||||||
Term loan due October 2024, variable rate of | |||||||||||
Other debt | |||||||||||
Debt issuance costs | ( | ( | |||||||||
Total long-debt | |||||||||||
Current portion of long-term debt and other debt | ( | ( | |||||||||
Total long-term debt, net of current portion | $ | $ |
Fiscal year | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total principal payments | ||||||||
Debt issuance costs | ( | |||||||
Total debt | $ |
Income tax provision/(benefit) - (in millions): | 2020 | 2019 | 2018 | |||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ||||||||||||||||||||
Foreign | ||||||||||||||||||||
Total current | ||||||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | ( | ( | ||||||||||||||||||
State | ( | |||||||||||||||||||
Foreign | ( | ( | ||||||||||||||||||
Total deferred | ( | ( | ( | |||||||||||||||||
Provision for income taxes | $ | $ | $ |
Tax rate reconciliation: | 2020 | 2019 | 2018 | |||||||||||||||||
U.S. federal statutory income tax rate | % | % | % | |||||||||||||||||
State and local taxes, net of federal benefit | ||||||||||||||||||||
Research and development tax credits | ( | ( | ( | |||||||||||||||||
Investment tax credits | ( | ( | ( | |||||||||||||||||
Foreign rate differential | ||||||||||||||||||||
Net reversals for unrecognized tax benefits | ( | ( | ||||||||||||||||||
Stock-based compensation | ( | ( | ( | |||||||||||||||||
U.S. export sales | ( | ( | ( | |||||||||||||||||
Other | ( | |||||||||||||||||||
Effective income tax rate | % | % |
Deferred income tax assets: | 2020 | 2019 | ||||||||||||
Long-term: | ||||||||||||||
Accrued liabilities | $ | $ | ||||||||||||
Inventory valuation | ||||||||||||||
Accrued vacation | ||||||||||||||
Deferred compensation and other benefit plans | ||||||||||||||
Postretirement benefits other than pensions | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Capitalization of research and development | ||||||||||||||
Tax credit and net operating loss carryforward | ||||||||||||||
Valuation allowance | ( | ( | ||||||||||||
Total deferred income tax assets | ||||||||||||||
Deferred income tax liabilities: | ||||||||||||||
Long-term: | ||||||||||||||
Property, plant and equipment differences | ||||||||||||||
Intangible amortization | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Other | ||||||||||||||
Total deferred income tax liabilities | ||||||||||||||
Net deferred income tax liabilities | $ | $ |
Unrecognized tax benefits (in millions): | 2020 | 2019 | 2018 | |||||||||||||||||
Beginning of year | $ | $ | $ | |||||||||||||||||
Increase in prior year tax positions (a) | ||||||||||||||||||||
Increase for tax positions taken during the current period | ||||||||||||||||||||
Reduction related to settlements with taxing authorities | ( | ( | ( | |||||||||||||||||
Reduction related to lapse of the statute of limitations | ( | ( | ( | |||||||||||||||||
Impact of exchange rate changes | ( | ( | ||||||||||||||||||
End of year | $ | $ | $ | |||||||||||||||||
a) Includes the impact of acquisitions in all years. |
Domestic | Foreign | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Service cost - benefits earned during the period (in millions) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Domestic | Foreign | |||||||||||||||||||||||||||||||||||||
Pension non-service (income)/expense (in millions): | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Interest cost on benefit obligation | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Amortization of prior service cost | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | ||||||||||||||||||||||||||||||||||||||
Settlements/Curtailment | ( | ( | ||||||||||||||||||||||||||||||||||||
Pension non-service (income)/expense | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( |
Pension Plan Assumptions: | Weighted average discount rate | Weighted average increase in future compensation levels | Expected weighted-average long-term rate of return | |||||||||||||||||
Domestic plan - 2020 | ||||||||||||||||||||
Domestic plan - 2019 | ||||||||||||||||||||
Domestic plan - 2018 | ||||||||||||||||||||
Foreign plans - 2020 | ||||||||||||||||||||
Foreign plans - 2019 | ||||||||||||||||||||
Foreign plans - 2018 |
Domestic | Foreign | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Changes in benefit obligation (in millions): | ||||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Service cost - benefits earned during the year | ||||||||||||||||||||||||||
Interest cost on projected benefit obligation | ||||||||||||||||||||||||||
Actuarial (gain) loss | ||||||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | ||||||||||||||||||||||
Other - including foreign currency, settlements/curtailments | ||||||||||||||||||||||||||
Benefit obligation - end of year | $ | $ | $ | $ | ||||||||||||||||||||||
Accumulated benefit obligation - end of year | $ | $ | $ | $ |
Key assumptions: | Domestic Plans | Foreign Plans | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||||||||||||||
Salary growth rate |
Domestic | Foreign | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Changes in plan assets (in millions): | ||||||||||||||||||||||||||
Fair value of net plan assets - beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Actual return on plan assets | ||||||||||||||||||||||||||
Employer contribution - other benefit plan | ||||||||||||||||||||||||||
Foreign currency changes | ||||||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | ||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||
Fair value of net plan assets - end of year | $ | $ | $ | $ |
Domestic | Foreign | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Funded status | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||||
Prepaid pension asset long-term | $ | $ | $ | $ | ||||||||||||||||||||||
Accrued pension obligation long-term | ( | ( | ( | ( | ||||||||||||||||||||||
Accrued pension obligation short-term | ( | ( | ( | ( | ||||||||||||||||||||||
Other long-term liabilities | ( | ( | ||||||||||||||||||||||||
Net amount recognized | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Net prior service cost (credit) | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Net loss | ||||||||||||||||||||||||||
Net amount recognized, before tax effect | $ | $ | $ | $ |
2020 | 2019 | ||||||||||
Projected benefit obligation | $ | $ | |||||||||
Accumulated benefit obligation | $ | $ | |||||||||
Fair value of plan assets | $ | $ |
Estimated future pension plan benefit payments (in millions): | Domestic | Foreign | ||||||||||||
2021 | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026-2030 | ||||||||||||||
Total | $ | $ |
Market value by asset class: | Domestic Plan Assets % to Total | Foreign Plan Assets % to Total | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Equity instruments | % | % | % | % | ||||||||||||||||||||||
Fixed income instruments | ||||||||||||||||||||||||||
Alternatives and other | ||||||||||||||||||||||||||
Total | % | % | % | % |
Asset category:(a) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Cash and cash equivalents (b) | $ | $ | $ | $ | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
U.S. government securities and futures | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Insurance contracts related to foreign plans | ||||||||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ | $ | $ | $ | ||||||||||||||||||||||
Investments measured at net asset value: | ||||||||||||||||||||||||||
Alternatives | $ | |||||||||||||||||||||||||
Mutual funds (c) | ||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
High yield bonds | ||||||||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ |
Asset category: (a) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Cash and cash equivalents (b) | $ | $ | $ | $ | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
U.S. government securities and futures | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Insurance contracts related to foreign plans | ||||||||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ | $ | $ | $ | ||||||||||||||||||||||
Investments measured at net asset value: | ||||||||||||||||||||||||||
Alternatives | $ | |||||||||||||||||||||||||
Mutual funds (c) | ||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
High yield bonds | ||||||||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ |
Postretirement benefits non-service expense (in millions): | 2020 | 2019 | 2018 | |||||||||||||||||
Interest cost on benefit obligation | $ | $ | $ | |||||||||||||||||
Amortization of actuarial gain | ( | ( | ( | |||||||||||||||||
Postretirement benefits non-service expense | $ | $ | $ |
Changes in benefit obligation (in millions): | 2020 | 2019 | ||||||||||||
Benefit obligation - beginning of year | $ | $ | ||||||||||||
Interest cost on projected benefit obligation | ||||||||||||||
Actuarial loss | ||||||||||||||
Benefits paid | ( | ( | ||||||||||||
Other | ||||||||||||||
Benefit obligation - end of year | $ | $ |
Future postretirement plan benefit payments (in millions): | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026-2030 | ||||||||
Total | $ |
2020 | 2019 | |||||||||||||
Funded status: | ||||||||||||||
Funded status | $ | ( | $ | ( | ||||||||||
Unrecognized net gain | ( | ( | ||||||||||||
Accrued benefit cost | $ | ( | $ | ( | ||||||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||
Accrued postretirement benefits (long-term) | $ | ( | $ | ( | ||||||||||
Accrued postretirement benefits (short-term) | ( | ( | ||||||||||||
Accumulated other comprehensive income | ( | ( | ||||||||||||
Net amount recognized | $ | ( | $ | ( |
2020 | 2019 | 2018 | ||||||||||||||||||
Instrumentation | $ | $ | $ | |||||||||||||||||
Digital Imaging | ||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Total | $ | $ | $ |
Net sales: | 2020 | 2019 | 2018 | ||||||||||||||
Instrumentation | $ | $ | $ | ||||||||||||||
Digital Imaging | |||||||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||
Engineered Systems | |||||||||||||||||
Total net sales | $ | $ | $ | ||||||||||||||
Operating income: | 2020 | 2019 | 2018 | ||||||||||||||
Instrumentation | $ | $ | $ | ||||||||||||||
Digital Imaging | |||||||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||
Engineered Systems | |||||||||||||||||
Corporate expense | ( | ( | ( | ||||||||||||||
Total operating income | $ | $ | $ | ||||||||||||||
Depreciation and amortization: | 2020 | 2019 | 2018 | |||||||||||||||||
Instrumentation | $ | $ | $ | |||||||||||||||||
Digital Imaging | ||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Total depreciation and amortization | $ | $ | $ |
Capital expenditures: | 2020 | 2019 | 2018 | |||||||||||||||||
Instrumentation | $ | $ | $ | |||||||||||||||||
Digital Imaging | ||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Total capital expenditures | $ | $ | $ |
Identifiable assets: | 2020 | 2019 | 2018 | |||||||||||||||||
Instrumentation | $ | $ | $ | |||||||||||||||||
Digital Imaging | ||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Total identifiable assets | $ | $ | $ | |||||||||||||||||
Sales by country of origin: | 2020 | 2019 | 2018 | |||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
Canada | ||||||||||||||||||||
United Kingdom | ||||||||||||||||||||
The Netherlands | ||||||||||||||||||||
All other countries | ||||||||||||||||||||
Total sales | $ | $ | $ |
Long-lived assets: | 2020 | 2019 | 2018 | |||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
Canada | ||||||||||||||||||||
United Kingdom | ||||||||||||||||||||
France | ||||||||||||||||||||
All other countries | ||||||||||||||||||||
Total long-lived assets | $ | $ | $ |
Instrumentation: | 2020 | 2019 | 2018 | |||||||||||||||||
Environmental Instrumentation | $ | $ | $ | |||||||||||||||||
Marine Instrumentation | ||||||||||||||||||||
Test and Measurement Instrumentation | ||||||||||||||||||||
Total | $ | $ | $ |
Fiscal Year Ended January 3, 2021 | Fiscal Year Ended December 29, 2019 | Fiscal Year Ended December 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Type | Customer Type | Customer Type | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | United States Government (a) | Other, Primarily Commercial | Total | United States Government (a) | Other, Primarily Commercial | Total | United States Government (a) | Other, Primarily Commercial | Total | ||||||||||||||||||||||||||||||||||||||||||||
Net Sales: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Instrumentation | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Digital Imaging | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Engineered Systems | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Fiscal Year Ended January 3, 2021 | Fiscal Year Ended December 29, 2019 | Fiscal Year Ended December 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Type | Contract Type | Contract Type | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Fixed Price | Cost Type | Total | Fixed Price | Cost Type | Total | Fixed Price | Cost Type | Total | ||||||||||||||||||||||||||||||||||||||||||||
Net Sales: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Instrumentation | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Digital Imaging | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Engineered Systems | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Fiscal Year Ended January 3, 2021 | Fiscal Year Ended December 29, 2019 | Fiscal Year Ended December 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Region (a) | Geographic Region (a) | Geographic Region (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | United States | Europe | All other | Total | United States | Europe | All other | Total | United States | Europe | All other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Instrumentation | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital Imaging | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Engineered Systems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Operating lease commitments: | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total minimum lease payments | ||||||||
Less: | ||||||||
Imputed interest | ( | |||||||
( | ||||||||
$ |
Fiscal Year 2020 (a) (in millions, except per-share amounts) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||
Net Sales | $ | $ | $ | $ | ||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Total costs and expenses | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Interest and debt expense, net | ( | ( | ( | ( | ||||||||||||||||||||||
Non-service retirement benefit income | ||||||||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | ||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Provision for income taxes (b) | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ |
Fiscal Year 2020 (in millions) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||||
Instrumentation | $ | $ | $ | $ | ||||||||||||||||||||||
Digital Imaging | ||||||||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||||||||
Total net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Operating income: | ||||||||||||||||||||||||||
Instrumentation | $ | $ | $ | $ | ||||||||||||||||||||||
Digital Imaging | ||||||||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||||||||
Corporate expense | ( | ( | ( | ( | ||||||||||||||||||||||
Total operating income | $ | $ | $ | $ |
Fiscal Year 2019 (a) (in millions, except per-share amounts) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||
Net Sales | $ | $ | $ | $ | ||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Total costs and expenses | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Interest and debt expense, net | ( | ( | ( | ( | ||||||||||||||||||||||
Non-service retirement benefit income | ||||||||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | ||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Provision for income taxes (b) | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ |
Fiscal Year 2019 (in millions) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||||
Instrumentation | $ | $ | $ | $ | ||||||||||||||||||||||
Digital Imaging | ||||||||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||||||||
Total net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Operating income: | ||||||||||||||||||||||||||
Instrumentation | $ | $ | $ | $ | ||||||||||||||||||||||
Digital Imaging | ||||||||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||||||||
Corporate expense | ( | ( | ( | ( | ||||||||||||||||||||||
Total operating income | $ | $ | $ | $ |
Additions | ||||||||||||||||||||||||||||||||
Description | Balance at beginning of period | Charged to costs and expenses | Acquisitions | Deductions and other (a) | Balance at end of period | |||||||||||||||||||||||||||
Fiscal Year 2020 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | ( | $ | |||||||||||||||||||||||||||||
Environmental reserves | $ | ( | $ | |||||||||||||||||||||||||||||
Fiscal Year 2019 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | ( | $ | |||||||||||||||||||||||||||||
Environmental reserves | $ | ( | $ | |||||||||||||||||||||||||||||
Fiscal Year 2018 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | ( | $ | |||||||||||||||||||||||||||||
Environmental reserves | $ | ( | $ | |||||||||||||||||||||||||||||
(a) Represents payments except the amounts for allowance for doubtful accounts primarily represents uncollectible accounts written-off, net of recoveries. |
Exhibit No. | Description | |||||||
2.1 | ||||||||
2.2 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
10.1 | |||||||||||
10.2 | |||||||||||
10.3 | |||||||||||
10.4 | |||||||||||
10.5 | |||||||||||
10.6 | |||||||||||
10.7 | |||||||||||
10.8 | |||||||||||
10.9 | |||||||||||
10.40 | ||||||||
10.41 | ||||||||
10.42 | ||||||||
10.43 | ||||||||
10.44 | ||||||||
10.45 | ||||||||
10.46 | ||||||||
10.44 | ||||||||
10.48 | ||||||||
10.49 | ||||||||
14.1 | Teledyne Technologies Incorporated Global Code of Ethical Conduct - this code of ethics may be accessed via the Company’s website at www.teledyne.com/aboutus/ethics.pdf | |||||||
14.2 | Code of Ethics for Financial Professionals - this code of ethics may be accessed via the Company’s website at www.teledyne.com/aboutus/ethics.asp | |||||||
14.3 | Directors, Code of Business Conduct and Ethics - this code of ethics may be accessed via the Company’s website at www.teledyne.com/aboutus/ethics.asp | |||||||
21 | ||||||||
23.1 | ||||||||
24.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 |
101.INS | XBRL Instance Document** | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document** | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document** | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document** | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document** | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document** | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Submitted electronically herewith. |
** | Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language) for the year ended January 3, 2021: (i) the Consolidated Statement of Income, (ii) the Consolidated Balance Sheet, (iii) the Consolidated Statement of Shareholders’ Equity, (iv) the Consolidated Statement of Comprehensive Income (Loss), (v) the Consolidated Statement of Cash Flows, (vi) Notes to Consolidated Financial Statements and (vii) Financial Schedule of Valuation and Qualifying Accounts. |
† | Denotes management contract or compensatory plan or arrangement required to be filed as an Exhibit to this Form 10-K. |
Teledyne Technologies Incorporated (Registrant) | ||||||||
By: | /s/ Aldo Pichelli | |||||||
Aldo Pichelli | ||||||||
President and Chief Executive Officer |
/s/ Aldo Pichelli | President and Chief Executive Officer | |||||||||||||||||||
Aldo Pichelli | Chief Executive Officer (Principal Executive Officer) | February 25, 2021 | ||||||||||||||||||
/s/ Susan L. Main | Senior Vice President and | |||||||||||||||||||
Susan L. Main | Chief Financial Officer (Principal Financial Officer) | February 25, 2021 | ||||||||||||||||||
/s/ Cynthia Belak | Vice President and | |||||||||||||||||||
Cynthia Belak | Controller (Principal Accounting Officer) | February 25, 2021 | ||||||||||||||||||
/s/ Robert Mehrabian | Executive Chairman and Director | |||||||||||||||||||
Robert Mehrabian | February 25, 2021 | |||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Roxanne S. Austin | ||||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Denise R. Cade | ||||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Charles Crocker | ||||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Kenneth C. Dahlberg | ||||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Michelle A. Kumbier | ||||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Simon M. Lorne | ||||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Robert A. Malone | ||||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Wesley W. von Schack | ||||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Jane C. Sherburne | ||||||||||||||||||||
* | Director | February 25, 2021 | ||||||||||||||||||
Michael T. Smith | ||||||||||||||||||||
*By: | /s/ Melanie S. Cibik | |||||||||||||||||||
Melanie S. Cibik Pursuant to Power of Attorney filed as Exhibit 24.1 |
EXECUTIVE By: /s/ Aldo Pichelli | TELEDYNE TECHNOLOGIES INCORPORATED By: /s/ Charles Crocker Chair, Personnel and Compensation Committee |
By: /s/ Aldo Pichelli | By: /s/ Charles Crocker Chair, Personnel and Compensation Committee |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
Ensambles de Precision S.A. de C.V. | Mexico | |||||||
GMI Group Holdings Limited | United Kingdom | |||||||
Intelek Limited | United Kingdom | |||||||
Intelek Pension Trustees Limited | United Kingdom | |||||||
Intelek Properties Limited | United Kingdom | |||||||
Gas Performance Testing Services Ltd (dormant) | United Kingdom | |||||||
IST Oldham Instruments India Private Limited | India | |||||||
IST Fire & Gas DMCC (dormant) | United Arab Emirates | |||||||
LeCroy (Beijing) Trading Co., Ltd. | China | |||||||
Lidar Aviation Services, Inc. | Ontario, Canada | |||||||
Maple Imaging, LLC | Delaware | |||||||
Ocean Design Ltda. | Brazil | Teledyne ODI Brasil; Teledyne Oleo & Gas | ||||||
Oldham Instrument (Shanghai) Co. Ltd. | China | |||||||
Oldham-Winter GmbH | Germany | |||||||
Firewok Merger Sub I, Inc. | Delaware | |||||||
Firework Merger Sub II, Inc. | Delaware | |||||||
Rhombi Holdings Limited | United Kingdom | |||||||
Rhombi Netherlands B.V. | Netherlands | |||||||
Simtronics AS | Norway | |||||||
TDY Jersey Limited | Bailiwick of Jersey | |||||||
Teledyne Australia Pty Ltd | Australia | Teledyne Defence Australia | ||||||
Teledyne Brown Engineering, Inc. | Delaware | Teledyne Turbine Engines | ||||||
Teledyne C.M.L. Group Limited | United Kingdom | |||||||
Teledyne CARIS B.V. | Netherlands | |||||||
Teledyne Controls, LLC | Delaware | |||||||
Teledyne Czech s.r.o. | Czech Republic | |||||||
Teledyne DALSA (Shanghai) Trading Co., Ltd. | China | |||||||
Teledyne DALSA B.V. | Netherlands | |||||||
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
Teledyne Defense Electronics, LLC | Delaware | Teledyne Coax Switches Teledyne e2v Teledyne e2v HiRel Electronics Teledyne MEC Teledyne Microwave Teledyne Microwave Solutions Teledyne Paradise Datacom Teledyne Relays Teledyne Reynolds Teledyne Storm Microwave Teledyne TWT Products Teledyne Wireless | ||||||
Teledyne Detcon, Inc. | Texas | |||||||
Teledyne Digital Imaging US, Inc. | Delaware | Teledyne Acton Research Teledyne Caris Teledyne e2v US Teledyne Integrated Designs Teledyne Photometrics Teledyne Princeton Instruments Teledyne Rad-icon Imaging Teledyne Scientific Cameras | ||||||
Teledyne Digital Imaging, Inc. | Ontario, Canada | Teledyne Caris Teledyne Dalsa Teledyne Dalsa Semiconductor Teledyne Lumenera Teledyne Optech Teledyne Quantitative Imaging Teledyne Photometrics Teledyne Scientific Cameras Teledyne VariSystems | ||||||
Teledyne e2v (Beijing) Co., Ltd. | China | |||||||
Teledyne e2v (Overseas) Holdings Limited | United Kingdom | |||||||
Teledyne UK Limited | United Kingdom | |||||||
Teledyne e2v Asia Pacific Limited | Hong Kong | |||||||
Teledyne e2v Limited | United Kingdom | |||||||
Teledyne e2v Semiconductors SAS | France | |||||||
Teledyne Energy Systems, Inc. | Delaware | |||||||
Teledyne Europe Holdings C.V. | Netherlands | |||||||
Teledyne France SAS | France | Teledyne RD Instruments Europe | ||||||
Teledyne Gas Measurement Instruments Limited | United Kingdom | |||||||
Teledyne Gavia ehf. | Iceland | |||||||
Teledyne ICM SPRL | Belgium | |||||||
Teledyne Innovaciones Microelectronics, S.L.U. | Spain | |||||||
Teledyne Instruments Malaysia Sdn. Bhd. | Malaysia |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
Teledyne Instruments, Inc. | Delaware | Teledyne Advanced Chemistry Systems Teledyne Advanced Monitoring Solutions Teledyne Advanced Pollution Instrumentation Teledyne A-G Geophysical Products Teledyne AGG Teledyne Analytical Instruments Teledyne API Teledyne Benthos Teledyne BlueView Teledyne Cable Solutions Teledyne CETAC Technologies Teledyne Cormon Teledyne D.G. O’Brien Teledyne Geophysical Instruments Teledyne Hanson Research Teledyne Hastings Instruments Teledyne Impulse Teledyne Isco Teledyne Laboratory and Field Instruments Teledyne Leeman Labs Teledyne Marine Teledyne Marine Interconnect Solutions Teledyne Monitor Labs Teledyne Oceanscience Teledyne ODI Teledyne Odom Hydrographic Teledyne Oil & Gas Teledyne Process and Air Quality Instruments Teledyne RD Instruments Teledyne RDI Teledyne Real Time Systems Teledyne RTS Teledyne SeaBotix Teledyne SSI Teledyne Taptone Teledyne Tekmar Teledyne TSS Teledyne Webb Research | ||||||
Teledyne Labtech Limited (dormant) | United Kingdom | |||||||
Teledyne GmbH | Germany | |||||||
Teledyne LeCroy India Trading Private Ltd. | India | |||||||
Teledyne Japan Corporation | Japan | |||||||
Teledyne Korea, Ltd. | South Korea | |||||||
Teledyne LeCroy S.A.R.L. | France | |||||||
Teledyne LeCroy S.R.L. | Italy | |||||||
Teledyne LeCroy SA | Switzerland |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
Teledyne LeCroy, Inc. | Delaware | Teledyne LeCroy Frontline Teledyne LeCroy OakGate Teledyne LeCroy Protocol Solutions Group Teledyne Test Services Teledyne Test Tools | ||||||
Teledyne Limited | United Kingdom | Teledyne Bowtech Teledyne CML Composites Teledyne Controls (UK) Teledyne Cormon Teledyne Defence and Space Teledyne Geophysical Instruments (UK) Teledyne Impulse- PDM Teledyne Labtech Teledyne LeCroy (UK) Teledyne Oil & Gas Teledyne Paradise Datacom Teledyne Relays (UK) Teledyne Reynolds (UK) Teledyne TSS | ||||||
Teledyne Micralyne, Inc. | Alberta, Canada | |||||||
Teledyne Netherlands B.V. | Netherlands | |||||||
Teledyne Oldham Simtronics SAS | France | |||||||
Teledyne Optech, Inc. | Delaware | |||||||
Teledyne RESON A/S | Denmark | |||||||
Teledyne RESON B.V. | Netherlands | |||||||
Teledyne RESON Holding B.V. | Netherlands | |||||||
Teledyne RESON, Inc. | California | |||||||
Teledyne RISI, Inc. | California | Teledyne Electronic Safety Products Teledyne Energetics | ||||||
Teledyne Scientific & Imaging, LLC | Delaware | Teledyne Imaging Sensors Teledyne Judson Technologies Teledyne Scientific Company | ||||||
Teledyne Scientific Imaging GmbH | Germany | |||||||
Teledyne Scientific Imaging Limited** | United Kingdom | |||||||
Teledyne Signal Processing Devices Sweden AB | Sweden | |||||||
Teledyne Singapore Private Limited | Singapore | |||||||
Teledyne Taiwan Company | Taiwan | |||||||
Teledyne Technologies (Bermuda) Limited | Bermuda | |||||||
Teledyne Technologies Israel Ltd. | Israel | |||||||
Teledyne Technologies (Shanghai) Co., Ltd. | China | |||||||
Teledyne Technologies International Corp. | Delaware | |||||||
/s/ Roxanne S. Austin | Director | ||||
Roxanne S. Austin | |||||
/s/ Denise R. Cade | Director | ||||
Denise R. Cade | |||||
/s/ Charles Crocker | Director | ||||
Charles Crocker | |||||
/s/ Kenneth C. Dahlberg | Director | ||||
Kenneth C. Dahlberg | |||||
/s/ Michelle A. Kumibier | Director | ||||
Michelle A. Kumbier | |||||
/s/ Simon M. Lorne | Director | ||||
Simon M. Lorne | |||||
/s/ Robert A. Malone | Director | ||||
Robert A. Malone | |||||
/s/ Jane C. Sherburne | Director | ||||
Jane C. Sherburne | |||||
/s/ Michael T. Smith | Director | ||||
Michael T. Smith | |||||
/s/ Wesley W. von Schack | Director | ||||
Wesley W. von Schack |
By: | /s/ Aldo Pichelli | ||||
Aldo Pichelli | |||||
President and Chief Executive Officer |
By: | /s/ Susan L. Main | ||||
Susan L. Main | |||||
Senior Vice President and Chief Financial Officer |
By: | /s/ Aldo Pichelli | ||||
Aldo Pichelli | |||||
President and Chief Executive Officer | |||||
February 25, 2021 |
By: | /s/ Susan L. Main | ||||
Susan L. Main | |||||
Senior Vice President and Chief Financial Officer | |||||
February 25, 2021 |
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 29, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Income Statement [Abstract] | |||||||||||
Net Sales | $ 809.3 | $ 749.0 | $ 743.3 | $ 784.6 | $ 834.2 | $ 802.2 | $ 782.0 | $ 745.2 | $ 3,086.2 | $ 3,163.6 | $ 2,901.8 |
Costs and expenses | |||||||||||
Cost of sales | 493.6 | 458.5 | 460.6 | 492.6 | 505.1 | 487.7 | 463.6 | 463.9 | 1,905.3 | 1,920.3 | 1,791.0 |
Selling, general and administrative expenses | 171.9 | 168.0 | 172.9 | 188.0 | 195.3 | 185.8 | 186.5 | 184.0 | 700.8 | 751.6 | 694.2 |
Total costs and expenses | 665.5 | 626.5 | 633.5 | 680.6 | 700.4 | 673.5 | 650.1 | 647.9 | 2,606.1 | 2,671.9 | 2,485.2 |
Operating income | 143.8 | 122.5 | 109.8 | 104.0 | 133.8 | 128.7 | 131.9 | 97.3 | 480.1 | 491.7 | 416.6 |
Interest and debt expense, net | (3.4) | (4.1) | (3.7) | (4.1) | (4.7) | (5.5) | (5.4) | (5.4) | (15.3) | (21.0) | (25.5) |
Non-service retirement benefit income | 3.2 | 3.2 | 3.2 | 2.5 | 1.9 | 1.9 | 2.0 | 2.2 | 12.1 | 8.0 | 13.5 |
Other expense, net | (2.5) | (1.9) | (1.4) | (1.4) | (1.5) | (1.7) | (0.6) | (1.2) | (7.2) | (5.0) | (10.7) |
Income before income taxes | 141.1 | 119.7 | 107.9 | 101.0 | 129.5 | 123.4 | 127.9 | 92.9 | 469.7 | 473.7 | 393.9 |
Provision for income taxes | 9.0 | 25.8 | 14.2 | 18.8 | 13.8 | 16.7 | 23.3 | 17.6 | 67.8 | 71.4 | 60.1 |
Net income | $ 132.1 | $ 93.9 | $ 93.7 | $ 82.2 | $ 115.7 | $ 106.7 | $ 104.6 | $ 75.3 | $ 401.9 | $ 402.3 | $ 333.8 |
Basic earnings per common share (in USD per share) | $ 3.58 | $ 2.55 | $ 2.55 | $ 2.25 | $ 3.17 | $ 2.93 | $ 2.89 | $ 2.09 | $ 10.95 | $ 11.08 | $ 9.32 |
Weighted average common shares outstanding (in shares) | 36.7 | 36.3 | 35.8 | ||||||||
Diluted earnings per common share (in USD per share) | $ 3.48 | $ 2.48 | $ 2.48 | $ 2.17 | $ 3.06 | $ 2.84 | $ 2.80 | $ 2.02 | $ 10.62 | $ 10.73 | $ 9.01 |
Weighted average diluted common shares outstanding (in shares) | 37.9 | 37.5 | 37.0 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 401.9 | $ 402.3 | $ 333.8 | ||
Other comprehensive income (loss): | |||||
Foreign exchange translation adjustment | 65.8 | 31.1 | (79.5) | ||
Hedge activity, net of tax | 4.6 | 2.6 | |||
Hedge activity, net of tax | (5.4) | ||||
Pension and postretirement benefit adjustments, net of tax | (24.7) | (16.3) | (31.4) | ||
Other comprehensive income (loss) | [1] | 45.7 | 17.4 | (116.3) | |
Comprehensive income | $ 447.6 | $ 419.7 | $ 217.5 | ||
|
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income (loss), income tax expense (benefit) | $ 9.8 | $ 6.6 | $ 10.6 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares, issued (in shares) | 37,697,865 | 37,697,865 |
Common stock, shares outstanding (in shares) | 36,951,607 | 36,547,966 |
Treasury stock, shares (in shares) | 746,258 | 1,149,899 |
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions |
Total |
Cumulative effect of new accounting standards |
Common Stock |
Additional Paid-in Capital |
Treasury Stock |
Retained Earnings |
Retained Earnings
Cumulative effect of new accounting standards
|
Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss)
Cumulative effect of new accounting standards
|
|||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning stockholders’ equity at Dec. 31, 2017 | $ 1,947.3 | $ 3.3 | $ 0.4 | $ 337.3 | $ (200.7) | $ 2,139.6 | $ 50.9 | $ (329.3) | $ (47.6) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 333.8 | 333.8 | ||||||||||
Other comprehensive income (loss) | (116.3) | [1] | (116.3) | |||||||||
Treasury stock issued | 0.0 | (55.8) | 55.8 | |||||||||
Stock-based compensation | 37.2 | 37.2 | ||||||||||
Exercise of stock options and other | 24.4 | 25.0 | (0.6) | |||||||||
Ending stockholders' equity at Dec. 30, 2018 | 2,229.7 | 0.4 | 343.7 | (144.9) | 2,523.7 | (493.2) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 402.3 | 402.3 | ||||||||||
Other comprehensive income (loss) | 17.4 | [1] | 17.4 | |||||||||
Treasury stock issued | 0.0 | (48.5) | 48.5 | |||||||||
Stock-based compensation | 30.7 | 30.7 | ||||||||||
Exercise of stock options and other | 34.6 | 34.6 | ||||||||||
Ending stockholders' equity at Dec. 29, 2019 | 2,714.7 | 0.4 | 360.5 | (96.4) | 2,926.0 | (475.8) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 401.9 | 401.9 | ||||||||||
Other comprehensive income (loss) | 45.7 | [1] | 45.7 | |||||||||
Treasury stock issued | 0.0 | (36.9) | 36.9 | |||||||||
Stock-based compensation | 30.0 | 30.0 | ||||||||||
Exercise of stock options and other | 36.3 | 36.3 | ||||||||||
Ending stockholders' equity at Jan. 03, 2021 | $ 3,228.6 | $ 0.4 | $ 389.9 | $ (59.5) | $ 3,327.9 | $ (430.1) | ||||||
|
Description of Business |
12 Months Ended |
---|---|
Jan. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Teledyne Technologies Incorporated (“Teledyne” or the “Company”) became an independent, public company effective November 29, 1999. Teledyne provides enabling technologies for industrial growth markets that require advanced technology and high reliability. These markets include aerospace and defense, factory automation, air and water quality environmental monitoring, electronics design and development, oceanographic research, deepwater oil and gas exploration and production, medical imaging and pharmaceutical research. The products include digital imaging sensors, cameras and systems within the visible, infrared and X-ray spectra, monitoring and control instrumentation for marine and environmental applications, harsh environment interconnects, electronic test and measurement equipment, aircraft information management systems, and defense electronics and satellite communication subsystems. Teledyne also supplies engineered systems for defense, space, environmental and energy applications. Teledyne differentiates itself from many of its direct competitors by having a customer and company-sponsored applied research center that augments our product development expertise. Teledyne consists of the Instrumentation segment with principal operations in the United States, the United Kingdom and Denmark; the Digital Imaging segment with principal operations in the United States, Canada, France, the Netherlands and the United Kingdom: the Aerospace and Defense Electronics segment with principal operations in the United States and the United Kingdom; and the Engineered Systems segment with principal operations in the United States.
|
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of Teledyne and its majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated. Fiscal Year The Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December 31. Fiscal year 2020 was a 53-week fiscal year and ended on January 3, 2021. Fiscal year 2019 was a 52-week fiscal year and ended on December 29, 2019. Fiscal year 2018 was a 52-week fiscal year and ended on December 30, 2018. References to the years 2020, 2019 and 2018 are intended to refer to the respective fiscal year unless otherwise noted. Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to sales returns and allowances, allowance for doubtful accounts, inventories, goodwill, intangible assets, asset valuations, income taxes, warranty obligations, pension and other postretirement benefits, long-term contracts, environmental, workers’ compensation and general liability, employee benefits and other contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at the time, the results of which form the basis for making its judgments. Actual results may differ materially from these estimates under different assumptions or conditions. Management believes that the estimates are reasonable. Accumulated Other Comprehensive Income/(Loss) The following table summarizes the changes in accumulated balances of other comprehensive income/(loss) (“AOCI”) for the fiscal years ended January 3, 2021, and December 29, 2019 (in millions):
The reclassification out of AOCI for the fiscal years ended January 3, 2021, and December 29, 2019, are as follows (in millions):
Revenue Recognition We determine the appropriate method by which we recognize revenue by analyzing the nature of the products or services being provided as well as the terms and conditions of contracts or arrangements entered into with our customers. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A contract’s transaction price is allocated to each distinct good or service (i.e., performance obligation) identified in the contract, and each performance obligation is valued based on its estimated relative standalone selling price. For standard products or services, list prices generally represent the standalone selling price. For performance obligations where list price is not available, we typically use the expected cost plus a margin approach to estimate the standalone selling price for that performance obligation. Approximately 60% of our revenue is recognized at a point in time, with the remaining 40% recognized over time. Revenue recognized at a point in time relates primarily to the sale of standard or minimally customized products, with control transferring to the customer generally upon the transfer of title. This type of revenue arrangement is typical for our commercial contracts within the Instrumentation, Digital Imaging, and Aerospace and Defense Electronics segments, and to a lesser extent for certain commercial contracts within the Engineered Systems segment relating to the sale of standard hydrogen/oxygen gas generators. In limited circumstances, customer specified acceptance criteria exist. If we cannot objectively demonstrate that the product meets those specifications prior to the shipment, the revenue is deferred until customer acceptance is obtained. The transaction price in these arrangements can include variable consideration, such as product returns and sales allowances. The estimation of this variable consideration and determination of whether to include estimated amounts as a reduction in the transaction price is based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Revenue recognized over time relates primarily to contracts to design, develop and/or manufacture highly engineered products used in both defense and commercial applications. This type of revenue arrangement is typical of our U.S. government contracts and to a lesser extent for certain commercial contracts, with both contract types occurring across all segments. The customer typically controls the work in process as evidenced either by contractual termination clauses or by our right to payment for costs incurred to date plus a reasonable profit for products or services that do not have an alternative use. As control transfers continuously over time on these contracts, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We generally use the cost-to-cost measure of progress as this measure best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The transaction price in these arrangements may include estimated amounts of variable consideration, including award fees, incentive fees, contract amounts not yet funded, or other provisions that can either increase or decrease the transaction price. We estimate variable consideration at the amount to which we expect to be entitled, and we include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the estimation uncertainty is resolved. The estimation of this variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. The majority of our over time contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Over time contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of our contract modifications on over time contracts are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. For over time contracts using cost-to-cost, we have an Estimate at Completion (“EAC”) process in which management reviews the progress and execution of our performance obligations. This EAC process requires management judgment relative to assessing risks, estimating contract revenue, determining reasonably dependable cost estimates, and making assumptions for schedule and technical issues. Since certain contracts extend over a longer 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 majority of revenue recognized over time uses an EAC process. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in 2020 was approximately $14.6 million of favorable operating income, primarily within the Digital Imaging operating segment, related to favorable changes in estimates that impacted revenue, and, to a lesser degree, cost of sales. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in 2019 was approximately $20.2 million of favorable operating income, primarily within the Digital Imaging operating segment, related to changes in estimates that favorably 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. While extended or non-customary warranties do not represent a significant portion of our revenue, we recognize warranty services as a separate performance obligations when it is material to the contract. When extended or non-customary warranties represents a separate performance obligation, the revenue is deferred and recognized ratably over the extended warranty period. Remaining performance obligations represent the transaction price of firm orders for which work has not been performed as of the period end date and excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). As of January 3, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,839.0 million. The Company expects approximately 77% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 23% recognized thereafter. Shipping and Handling Shipping and handling fees reimbursed by customers are classified as revenue while shipping and handling costs incurred by Teledyne are classified as cost of sales in the accompanying consolidated statements of income. Product Warranty Costs Some of the Company’s products are subject to standard warranties and the Company reserves for the estimated cost of product warranties on a product-specific basis. Facts and circumstances related to a product warranty matter and cost estimates to return, repair and/or replace the product are considered when establishing a product warranty reserve. The adequacy of the preexisting warranty liabilities 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, which are typically one year. The product warranty reserve is included in current accrued liabilities and long-term liabilities on the balance sheet.
Research and Development and Bid and Proposal Costs Selling, general and administrative expenses include Company-funded research and development and bid and proposal costs which are expensed as incurred and were $196.0 million in 2020, $209.6 million in 2019 and $185.6 million in 2018. Income Taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for temporary differences between the tax basis of assets and liabilities and their reported amount in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and incorporate assumptions about the amount of future state, federal and foreign pretax operating income adjusted for items that do not have tax consequences. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Income tax positions must meet a more-likely-than-not recognition in order to be recognized in the financial statements. We recognize potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. As new information becomes available, the assessment of the recognition threshold and the measurement of the associated tax benefit of uncertain tax positions may result in financial statement recognition or derecognition. Net Income Per Common Share Basic and diluted earnings per share were computed based on net income. The weighted average number of common shares outstanding during the period was used in the calculation of basic earnings per share. This number of shares was increased by contingent shares that could be issued under various compensation plans as well as by the dilutive effect of stock options based on the treasury stock method in the calculation of diluted earnings per share. The following table sets forth the computations of basic and diluted earnings per share (amounts in millions, except per share data):
For 2020, 239,422 stock options were excluded in the computation of diluted earnings per share because the effect of their inclusion would have been anti-dilutive. For each of 2019 and 2018, less than 3,000 stock options were excluded in the computation of diluted earnings per share because the effect of their inclusion would have been anti-dilutive. For 2020, 2019 and 2018, stock options to purchase 1.6 million, 2.0 million and 2.1 million shares of common stock, respectively, had exercise prices that were less than the average market price of the Company’s common stock during the respective periods and are included in the computation of diluted earnings per share. For 2020, 497 shares under the restricted stock plan were excluded from fully diluted shares outstanding because they did not meet the applicable performance conditions for issuance. No contingent shares under the restricted stock plan were excluded from fully diluted shares outstanding for 2019 or 2018. No contingent shares under the performance share compensation plan were excluded from fully diluted shares outstanding for 2020, 2019 or 2018. Cash and Cash Equivalents Cash and cash equivalents totaled $673.1 million at January 3, 2021, of which $192.3 million was held by foreign subsidiaries. Cash equivalents consist of highly liquid money-market mutual funds and bank deposits with maturities of three months or less when purchased. Accounts Receivable, Unbilled Receivables and Contract Liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities, which are included in accrued liabilities and other long-term liabilities) on the Consolidated Balance Sheet. Under the typical payment terms of our over time contracts, the customer pays us either performance-based payments or progress payments. Amounts billed and due from our customers are classified as receivables on the Consolidated Balance Sheet. We may receive interim payments as work progresses, although for some contracts, we may be entitled to receive an advance payment. We recognize a liability for these interim and advance payments in excess of revenue recognized and present it as a contract liability which is included within accrued liabilities and other long-term liabilities on the Consolidated Balance Sheet, which represented $160.1 million and $14.0 million as of January 3, 2021 and $126.8 million and $17.9 million as of December 29, 2019, respectively. Contract liabilities typically are not considered a significant financing component because these cash advances are used to meet working capital demands that can be higher in the early stages of a contract, and these cash advances protect us from the other party failing to adequately complete some or all of its obligations under the contract. When revenue recognized exceeds the amount billed to the customer, we record an unbilled receivable (contract asset) for the amount we are entitled to receive based on our enforceable right to payment. The unbilled receivable balance increased from the beginning of the year by $21.6 million, or 10.8%, primarily due to work performed ahead of billings on certain over time revenue contracts primarily in our Engineered Systems segment. Contract liabilities increased from the beginning of the year by $29.4 million, or 20.3% primarily due to an increase in customer advances in our Digital Imaging segment. The Company recognized revenue of $80.7 million during the year ended January 3, 2021 from contract liabilities that existed at the beginning of year. The Company recognizes the incremental costs of obtaining or fulfilling a contract as expense when incurred if the amortization period of the asset is one year or less. Incremental costs to obtain or fulfill contracts with an amortization period greater than one year were not material. Accounts receivable is presented net of an allowance for doubtful accounts of $12.3 million at January 3, 2021, and $10.2 million at December 29, 2019. Expense recorded for the allowance for doubtful accounts was $4.1 million, $1.3 million and $0.6 million for 2020, 2019 and 2018, respectively. An allowance for doubtful accounts is established for losses expected to be incurred on accounts receivable balances. Judgment is required in the estimation of the allowance and we evaluate the collectability of our accounts receivable and contract assets based on a combination of factors. If we become aware of a customer’s inability to meet its financial obligations, a specific allowance is recorded to reduce the net receivable to the amount reasonably believed to be collectible from the customer. For all other customers, we use an aging schedule and recognize allowances for doubtful accounts based on the creditworthiness of the debtor, the age and status of outstanding receivables, the current business environment and our historical collection experience adjusted for current expectations for the customers or industry. Accounts receivable are written off against the allowance for uncollectible accounts when we determine amounts are no longer collectible. Trade credit is extended based upon evaluations of each customer’s ability to perform its obligations, which are updated periodically. Inventories Inventories are stated at the lower of cost or net realizable value. The majority of inventory values are valued on an average cost or first-in, first-out method, while the remainder are stated at cost based on the last-in, first-out method. Costs include direct material, direct labor, applicable manufacturing and engineering overhead, and other direct costs. Judgment is required when establishing reserves to reduce the carrying amount of inventory to market or net realizable value. Inventory reserves are recorded when inventory is considered to be excess or obsolete based upon an analysis of actual on-hand quantities on a part-level basis to forecasted product demand and historical usage. Property, Plant and Equipment Property, plant and equipment is capitalized at cost. Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are determined using a combination of accelerated and straight-line methods over the estimated useful lives of the various asset classes. Buildings and building improvements are depreciated over periods not exceeding 45 years, equipment over 5 to 18 years, computer hardware and software over 3 to 7 years and leasehold improvements over the shorter of the estimated remaining lives or lease terms. Significant improvements are capitalized while maintenance and repairs are charged to expense as incurred. Depreciation expense on property, plant and equipment was $76.6 million in 2020, $74.5 million in 2019 and $73.5 million in 2018. Goodwill, Acquired Intangible Assets and Other Long-lived Assets Business acquisitions are accounted for under the acquisition method by assigning the purchase price to tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Goodwill and acquired intangible assets with indefinite lives are not amortized, but tested at least annually for impairment. The Company performs an annual impairment test for goodwill and other indefinite-lived intangible assets in the fourth quarter of each year, or more often as circumstances require. The Company uses qualitative and quantitative approaches when testing goodwill for impairment. For selected reporting units under the qualitative approach, the Company performs a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if the Company determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise the Company performs a quantitative impairment test. The Company performs quantitative tests for reporting units at least once every three years. However, for certain reporting units the Company may perform a quantitative impairment test every year. The Company performed a quantitative test for all reporting units in 2020. The two-step quantitative impairment test is used to first identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any. When it is determined that an impairment has occurred, an appropriate charge to operations is recorded. The results of our annual impairment tests of goodwill indicated that no impairment existed in 2020, 2019 or 2018. The Company reviews intangible and other long-lived assets subject to depreciation or amortization for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable. Acquired intangible assets with finite lives are amortized and reflected in the segment’s operating income over their estimated useful lives. The Company assesses the recoverability of the carrying value of assets held for use based on a review of projected undiscounted cash flows. Impairment losses, where identified, are determined as the excess of the carrying value over the estimated fair value of the long-lived asset. Recorded impairment charges to intangible or other long-lived assets were not material in 2020, 2019 or 2018. Deferred Compensation Plan The Company has a non-qualified executive deferred compensation plan that provides supplemental retirement income benefits for a select group of management. This plan permits eligible employees to make salary and bonus deferrals that are 100% vested. We have an unsecured obligation to pay in the future the value of the deferred compensation adjusted to reflect the performance, whether positive or negative, of selected investment measurement options chosen by each participant during the deferral period. As of January 3, 2021 and December 29, 2019, $68.9 million and $63.0 million, respectively, is included in other long-term liabilities related to these deferred compensation liabilities. Additionally, the Company purchased life insurance policies on certain participants to potentially offset these unsecured obligations. These policies are recorded at their cash surrender value as determined by the insurance carrier. The cash surrender value of these policies was $72.6 million and $65.6 million, as of January 3, 2021 and December 29, 2019, respectively, and are recorded in other non-current assets. Environmental Costs that mitigate or prevent future environmental contamination or extend the life, increase the capacity or improve the safety or efficiency of property utilized in current operations are capitalized. Other costs that relate to current operations or an existing condition caused by past operations are expensed in the period incurred. Environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable, which is generally not later than the completion of the feasibility study or the Company’s recommendation of a remedy or commitment to an appropriate plan of action. The accruals are reviewed periodically and, as investigations and remediations proceed, adjustments are made as necessary. Accruals for losses from environmental remediation obligations do not consider the effects of inflation, and anticipated expenditures are not discounted to their present value. The accruals are not reduced by possible recoveries from insurance carriers or other third parties, but do reflect anticipated allocations among potentially responsible parties at federal Superfund sites or similar state-managed sites and an assessment of the likelihood that such parties will fulfill their obligations at such sites. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations, and current technology. Such estimates take into consideration the Company’s prior experience in site investigation and remediation, the data concerning cleanup costs available from other companies and regulatory authorities, and the professional judgment of the Company’s environmental personnel in consultation with outside environmental specialists, when necessary. The Company’s reserves for environmental remediation obligations totaled $6.5 million and $6.0 million as of January 3, 2021 and December 29, 2019, respectively. The short term amount is included in current accrued liabilities and the long-term amount is included in long-term accrued liabilities. Foreign Currency Translation The Company’s foreign entities’ accounts are generally measured using local currency as the functional currency. Assets and liabilities of these entities are translated at the exchange rate in effect at year-end. Revenues and expenses are translated at average month end rates of exchange prevailing during the year. Unrealized translation gains and losses arising from differences in exchange rates from period to period are included as a component of AOCI. Derivative Instruments and Hedging Activities Teledyne transacts business in various foreign currencies and has international sales and expenses denominated in foreign currencies, subjecting the Company to foreign currency risk. The Company’s primary foreign currency risk objective is to protect the U.S. dollar value of future cash flows and minimize the volatility of reported earnings. The Company utilizes foreign currency forward contracts to reduce the volatility of cash flows primarily related to forecasted 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. The Company has also converted a U.S. dollar denominated, variable rate debt obligation into a euro fixed rate obligation using a receive-float, pay fixed cross currency swap. These cross currency swaps are designated as cash flow hedges. In addition, the Company has converted domestic U.S. variable rate debt to fixed rate debt using a receive variable, pay fixed interest rate swap. The interest rate swap is also designated as a cash flow hedge. The effectiveness of the cash flow hedge forward contracts, is assessed prospectively and retrospectively on a monthly basis using regression analysis, as well as using other timing and probability criteria. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows on hedged transactions. The effective portion of the cash flow hedge contracts’ gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of AOCI in stockholders’ equity until the underlying hedged item is reflected in our consolidated statements of income, at which time the effective amount in AOCI is reclassified to revenue in our consolidated statements of income. Net deferred gains recorded in AOCI, net of tax, for forward contracts that will mature in the next 12 months total $5.4 million. These gains are expected to be offset by anticipated losses in the value of the forecasted underlying hedged item. Amounts related to the cross currency swaps and interests rate swap expected to be reclassified from AOCI into income in the next 12 months total $1.2 million. In the event that the underlying forecasted transactions do not occur, or it becomes remote that they will occur, within the defined hedge period, the gains or losses on the related cash flow hedges will be reclassified from AOCI to other income and expense. During the current reporting period, all forecasted transactions occurred and, therefore, there were no such gains or losses reclassified to other income and expense, due to missed forecasts. As of January 3, 2021, Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $127.5 million. These foreign currency forward contracts have maturities ranging from March 2021 to February 2022. The cross currency swaps have notional amounts of €113.0 million and $125.0 million, and €135.0 million and $150.0 million, and mature in March 2023 and October 2024, respectively. The interest rate swap has a notional amount of $125.0 million U.S. dollars and matures in March 2023. In addition, the Company utilizes foreign currency forward contracts which are not designated as hedging instruments for accounting purposes to mitigate foreign exchange rate risk associated with foreign currency denominated monetary assets and liabilities, including intercompany receivables and payables. As of January 3, 2021, Teledyne primarily had foreign currency contracts of this type in the following pairs (in millions):
The above table includes non-designated hedges derived from terms contained in triggered or previously designated cash flow hedges. The gains and losses on these derivatives which are not designated as hedging instruments, are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings. All derivatives are recorded on the balance sheet at fair value. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. Teledyne does not use foreign currency forward contracts for speculative or trading purposes. The effect of derivative instruments designated as cash flow hedges for 2020 and 2019 was as follows (in millions):
(a)Effective portion (b)Amount reclassified to offset earnings impact of liability hedged by cross currency swap (c)Amount excluded from effectiveness testing (recorded in other income and expense in 2018) The effect of derivative instruments not designated as cash flow hedges recognized in other income and expense for 2020 and 2019 was a gain of $7.4 million and a gain of $4.9 million, respectively. The Company has elected to use the income approach to value the derivatives, using observable Level 2 market expectations at measurement date and standard valuation techniques to convert future amounts to a single present amount. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts on LIBOR and EURIBOR) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR and EURIBOR cash and swap rates, foreign currency forward rates and cross currency basis spreads). Mid-market pricing is used as a practical expedient for fair value measurements. The fair value measurement of an asset or liability must reflect the nonperformance risk of the entity and the counterparty. Therefore, the impact of the counterparty’s creditworthiness when in an asset position and the Company’s creditworthiness when in a liability position has also been factored into the fair value measurement of the derivative instruments and did not have a material impact on the fair value of these derivative instruments. Both the counterparty and the Company are expected to continue to perform under the contractual terms of the instruments. The fair values of the Company’s derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy (in millions):
Supplemental Cash Flow Information Cash payments for federal, foreign and state income taxes were $74.5 million for 2020, which are net of $8.1 million in tax refunds. Cash payments for federal, foreign and state income taxes were $110.1 million for 2019, which are net of $7.1 million in tax refunds. Cash payments for federal, foreign and state income taxes were $64.7 million for 2018, which are net of $7.6 million in tax refunds. Cash payments for interest and credit facility fees totaled $19.1 million, $23.4 million and $28.1 million for 2020, 2019 and 2018, respectively. Fair Value Measurements Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The Company considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The Company uses the following three levels of inputs in determining the fair value, focusing on the most observable inputs when available: •Level 1-Quoted prices in active markets for identical assets or liabilities. •Level 2-Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3-Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. Related Party Transactions For all periods presented, the Company had no material related party transactions that required disclosure. Recent Accounting Standards In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, to address a specific consequence of the Tax Cuts and Jobs Act (“Tax Act”) by allowing a reclassification from AOCI to retained earnings for stranded tax effects resulting from the Tax Act reduction of the U.S. federal corporate income tax rate. The guidance is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. In the third quarter of 2018, Teledyne elected to early adopt this ASU and elected to reclassify, in the period of enactment, stranded tax effects totaling $47.6 million from AOCI to retained earnings in its consolidated balance sheet. The reclassification amount primarily included income tax effects related to our pension and postretirement benefit plans. Income tax effects remaining in AOCI will be released into earnings as the related pretax amounts are reclassified to earnings. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities.” This guidance better aligns an entity’s risk management activities and financial reporting for hedging relationships and expands and refines hedge accounting for both nonfinancial and financial risk components. This guidance also simplifies and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. We adopted the guidance as of December 31, 2018, the beginning of our 2019 fiscal year using the modified retrospective approach, there was no cumulative adjustment to retained earnings related to hedge ineffectiveness for the year ended December 31, 2018. Additionally, as a result of the adoption, we no longer disclose the ineffective portion of the change in fair value of our derivative financial instruments. The entire change in the fair value of the cash flow hedging instruments aside from components excluded from the assessment of hedge effectiveness is now recorded in other comprehensive income and will be subsequently reclassified to earnings in the period the hedged item impacts earnings. The adoption of this guidance did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment”, which eliminates the computation of the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. We adopted the this ASU as of December 30, 2019 which reduced the complexity surrounding the evaluation of goodwill for impairment. The adoption of this guidance did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We adopted this ASU as of December 30, 2019 using the modified retrospective approach related to our accounts receivables and contract assets, resulting in no cumulative adjustment to retained earnings. The adoption of this guidance did not have a material impact on our consolidated financial statements.
|
Business Acquisitions, Goodwill and Acquired Intangible Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisitions, Goodwill and Acquired Intangible Assets | Business Acquisitions, Goodwill and Acquired Intangible Assets The Company spent $29.0 million, $484.0 million and $3.1 million on acquisitions and other investments, net of cash acquired, in 2020, 2019 and 2018, respectively. 2020 Acquisition On January 5, 2020, we acquired OakGate Technology, Inc. (“OakGate”) for $28.5 million in cash, net of cash acquired. Based in Loomis, California, OakGate provides software and hardware designed to test electronic data storage devices from development through manufacturing and end-use applications. The acquired business is part of the Test and Measurement product line of the Instrumentation segment. 2019 Acquisitions On February 5, 2019, we acquired the scientific imaging businesses of Roper Technologies, Inc. for $224.8 million in cash. The acquired businesses include Princeton Instruments, Photometrics and Lumenera. The acquired businesses provide a range of imaging solutions, primarily for life sciences, academic research and customized original equipment manufacturer industrial imaging solutions. Princeton Instruments and Photometrics manufacture state-of-the-art cameras, spectrographs and optics for advanced research in physical sciences, life sciences research and spectroscopy imaging. Applications and markets include materials analysis, quantum technology and cell biology imaging using fluorescence and chemiluminescence. Lumenera primarily provides rugged USB-based customized cameras for markets such as traffic management, as well as life sciences applications. Principally located in the United States and Canada, the acquired businesses are part of the Digital Imaging segment. On August 1, 2019, we acquired the gas and flame detection businesses of 3M Company for $233.5 million in cash. The gas and flame detection businesses includes Oldham, Simtronics, Gas Measurement Instruments, Detcon and select Scott Safety products. The gas and flame detection businesses provides a portfolio of fixed and portable industrial gas and flame detection instruments used in a variety of industries including petrochemical, power generation, oil and gas, food and beverage, mining and waste water treatment. Principally located in France, the United Kingdom and the United States, the acquired businesses are part of the Environmental Instrumentation product line of the Instrumentation segment. On August 30, 2019, we acquired Micralyne Inc. (“Micralyne”) for $25.7 million in cash. Micralyne is a foundry providing MEMS devices. In particular, Micralyne possesses unique microfluidic technology for biotech applications, as well as capabilities in non-silicon-based MEMS (e.g. gold, polymers) often required for human body compatibility. Based in Edmonton, Alberta, Canada, the acquired business is part of the Digital Imaging segment. The results of these acquisitions have been included in Teledyne’s results since the dates of their respective acquisition. Pending 2021 Acquisition See Note 15, Subsequent Events, to these Consolidated Financial Statements for information about the pending acquisition of FLIR Systems, Inc. (“FLIR”). Other The primary reasons for the above acquisitions were to strengthen and expand our core businesses through adding complementary product and service offerings, allowing greater integrated products and services, enhancing our technical capabilities or increasing our addressable markets. The significant factors that resulted in recognition of goodwill were: (a) the purchase price was based on cash flow and return on capital projections assuming integration with our businesses and (b) the calculation of the fair value of tangible and intangible assets acquired that qualified for recognition. Teledyne funded the acquisitions primarily from borrowings under its credit facilities, issuance of senior notes and term loans and cash on hand. Teledyne’s goodwill was $2,150.0 million at January 3, 2021, and $2,050.5 million at December 29, 2019. The increase in the balance of goodwill in 2019 resulted from recent acquisitions and the impact of exchange rate changes. Teledyne’s net acquired intangible assets were $409.7 million at January 3, 2021, and $430.8 million at December 29, 2019. The decrease in the balance of acquired intangible assets in 2020 primarily resulted from amortization of acquired intangible assets, partially offset by recent acquisitions and the impact of exchange rate changes. The Company’s cost to acquire the 2020 and 2019 acquisitions has been 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 has been recorded as goodwill. The fair value of all the acquired identifiable assets and liabilities summarized below for the 2020 acquisition 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. The following tables show the purchase price (net of cash acquired), provisional goodwill acquired for the OakGate acquisition and other investments made in 2020 (in millions):
Goodwill resulting from the OakGate acquisition will not be deductible for tax purposes.
The following table is a summary at the acquisition date of the acquired intangible assets and weighted average useful life in years for the OakGate acquisition made in 2020 (dollars in millions; amounts considered provisional as discussed above):
(a) Certain prior period balances have been recast due to a business realignment affecting the Aerospace and Defense Electronics segment the Digital Imaging segment and the Engineered Systems segment in 2019.
Amortizable acquired intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from to 15 years. Consistent with Teledyne’s growth strategy, we seek to acquire companies in markets characterized by high barriers to entry and that include specialized products not likely to be commoditized. Given our markets and highly engineered nature of our products, the rates of new technology development and customer acquisition and/or attrition are often not volatile. As such, we believe the value of acquired intangible assets decline in a linear, as opposed to an accelerated fashion, and we believe amortization on a straight-line basis is appropriate. The Company recorded $39.6 million, $37.4 million and $39.5 million in amortization expense in 2020, 2019 and 2018, respectively, for acquired intangible assets. The expected future amortization expense for the next five years is as follows (in millions): 2021 - $39.0; 2022 - $36.2; 2023 - $32.2; 2024 - $30.4; 2025 - $24.4. The estimated remaining useful lives by asset category as of January 3, 2021, are as follows:
|
Financial Instruments |
12 Months Ended |
---|---|
Jan. 03, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial InstrumentsThe Company had $471.0 million in cash equivalents at January 3, 2021 and no cash equivalents at December 29, 2019. 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. The fair value of the Company’s forward currency contracts as of January 3, 2021 and December 29, 2019, are disclosed in Note 2, under “Derivative Instruments and Hedging Activities,” of the Notes to Consolidated Financial Statements and are based on Level 2 inputs. 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 fair value of the Company’s senior unsecured notes as described in Note 9, “Long-Term Debt,” of the Notes to Consolidated Financial Statements approximated the carrying value based upon Level 2 inputs and is valued based on observable market data at January 3, 2021 and December 29, 2019. The fair value of the Company’s credit facility, term loans and other debt, also described in Note 9, at January 3, 2021 and December 29, 2019, approximated the carrying value due to the variable market rate used to calculate interest payments. The Company does not have any other significant financial assets or liabilities that are measured at fair value. The carrying value of other on-balance-sheet financial instruments approximates fair value, and the cost, if any, to terminate off-balance sheet financial instruments (primarily letters of credit) is not significant. |
Accounts Receivable and Unbilled Receivables |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable and Unbilled Receivables | Accounts Receivable and Unbilled Receivables
|
Inventories |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories
Inventories at cost determined on the LIFO method were $29.2 million at January 3, 2021, and $40.0 million at December 29, 2019. The remainder of the inventories using average cost or the FIFO methods, were $324.8 million at January 3, 2021, and $361.2 million at December 29, 2019. The Company recorded LIFO income of $1.1 million, $1.6 million and $0.1 million in 2020, 2019 and 2018, respectively.
|
Supplemental Balance Sheet Information |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information
The following table presents selected balance sheet components (in millions):
|
Stockholder's Equity |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholder's Equity | Stockholders’ Equity
Shares issued include stock options exercised as well as shares issued under certain compensation plans. Treasury Stock In January 2016, the Company’s Board of Directors authorized a stock repurchase program authorizing the Company to repurchase up to 3,000,000 shares of its common stock. The number of shares that we may repurchase will depend on a variety of factors, such as share price, levels of cash and borrowing capacity available, alternative investment opportunities available immediately or longer-term, and other regulatory, market or economic conditions. Although we have no current plans to repurchase stock, future repurchases, if any, are expected to be funded with cash on hand and borrowings under the Company’s credit facility. No repurchases were made since 2015. Up to approximately three million shares may be repurchased under the stock repurchase program. Preferred Stock Authorized preferred stock may be issued with designations, powers and preferences designated by the Board of Directors. There were no shares of preferred stock issued or outstanding in 2020, 2019 or 2018. Stock Incentive Plan Teledyne has long-term incentive plans which provide its Board of Directors the flexibility to grant restricted stock, restricted stock units, performance shares, non-qualified stock options, incentive stock options and stock appreciation rights to officers and employees of Teledyne. Employee stock options become exercisable in one-third increments on the first, second and third anniversary of the grant and have a maximum 10-year life. Stock Options Stock option compensation expense is recorded on a straight line basis over the appropriate vesting period, generally three years except for stock options that were granted after 2018 to Teledyne’s President and Chief Executive Officer and Teledyne’s Executive Chairman, which were expensed immediately. The Company recorded $24.7 million, $26.1 million, and $19.8 million for stock option expense, for 2020, 2019 and 2018, respectively. The Company issues shares of common stock upon the exercise of stock options. The total pretax intrinsic value of options exercised during 2020 and 2019 (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) was $96.9 million and $82.5 million, respectively. At January 3, 2021, the intrinsic value of stock options outstanding was $403.6 million and the intrinsic value of stock options exercisable was $339.8 million. During 2020 and 2019, the amount of cash received from the exercise of stock options was $36.3 million and $34.6 million, respectively. At January 3, 2021, there was $24.5 million of total unrecognized compensation cost related to non-vested stock option awards which is expected to be recognized over a weighted-average period of 1.3 years. The fair value of stock options is determined by using a lattice-based option pricing model. The Company uses a combination of its historical stock price volatility and the volatility of exchange traded options, if any, on the Company stock to compute the expected volatility for purposes of valuing stock options granted. The period used for the historical stock price corresponded to the expected term of the options. The period used for the exchange traded options, if any, included the longest-dated options publicly available, generally three months. The expected dividend yield is based on Teledyne’s practice of not paying dividends. The risk-free rate of return is based on the yield of U.S. Treasury Strips with terms equal to the expected life of the options as of the grant date. The expected life in years is based on historical actual stock option exercise experience.
Based on the assumptions used in the valuation of stock options, the grant date weighted average fair value of stock options granted in 2020, 2019 and 2018 was $106.26, $72.00 and $71.89, respectively. Stock option transactions for Teledyne’s stock option plans are summarized as follows:
The following table provides certain information with respect to stock options outstanding and stock options exercisable at January 3, 2021, under the stock option plans:
Performance Shares Teledyne’s Performance Share Plan (“PSP”) provides grants of performance share units, which key officers and executives may earn if Teledyne meets specified performance objectives over a three-year period. Awards are payable in cash and to the extent available, shares of Teledyne common stock. Awards are generally paid to the participants in three annual installments after the end of the performance cycle so long as they remain employed by Teledyne (with an exception for retirement). Participants in the PSP program can elect to receive a cash payment in lieu of awarded shares to pay income taxes due with respect to an installment payment. The cash payment in lieu of awarded shares is based on the then current market value of Teledyne stock. Under the 2015 to 2017 plan, and based on actual performance, the Company issued 7,673, 8,586 and 6,481 shares of Teledyne common stock in 2020, 2019 and 2018, respectively. In February 2018, the performance cycle for the three-year period ending December 31, 2020, was set. Under the plan, and based on actual performance, the maximum number of shares that could be issued in three equal installments in 2021, 2022 and 2023, is 51,630. The estimated expense for each plan year was based on the expected cash payout and the expected shares to be issued, valued at the share price at the inception of the performance cycle, except for the shares that can be issued based on a market comparison. The estimated expense for these shares was calculated using a lattice-based simulation which takes into consideration several factors including volatility, risk free interest rates and correlation of Teledyne’s stock price with the comparator, the Russell 1000 Index (for the 2015-2017 performance cycle, the comparator was the Russell 2000). No adjustment to the calculated expense for the shares issued based on a market based comparison will be made regardless of the actual performance. The Company recorded $6.2 million, $7.5 million and $5.1 million in compensation expense related to the PSP program for fiscal years 2020, 2019 and 2018, respectively. Restricted Stock Under Teledyne’s restricted stock award program key officers and executives receive a grant of stock equal to a specified percentage of the participant’s annual base salary at the date of grant. The restricted stock is subject to transfer and forfeiture restrictions during an applicable “restricted period”. The restrictions have both time-based and performance-based components. The restricted period expires (and the restrictions lapse) on the third anniversary of the date of grant, subject to the achievement of stated performance objectives over a specified three-year performance period. If employment is terminated (other than by death, retirement or disability) during the restricted period, the stock grant is forfeited. The estimated expense for restricted stock awards to employees is based on a lattice-based simulation which takes into consideration several factors including volatility, risk free interest rates and the correlation of Teledyne’s stock price with the comparator, the Russell 1000 Index (for awards granted prior to 2018 the comparator was the Russell 2000). No adjustment to the estimated expense will be made regardless of actual performance. The Company recorded $3.3 million, $3.0 million and $2.7 million in compensation expense related to restricted stock awards to employees, for fiscal years 2020, 2019 and 2018, respectively. At January 3, 2021, there was $3.6 million of total estimated unrecognized compensation cost related to non-vested awards which is expected to be recognized over a weighted-average period of approximately 1.5 years. The following table shows restricted stock award activity for grants made to employees:
In December 2016, Teledyne granted 16,045 restricted stock units with a grant date fair value of $2.0 million to Teledyne’s then Chief Executive Officer, which vested in equal annual installments over three years. The calculated expense of $2.0 million was expensed evenly over the three years performance period. In 2019, 2018 and 2017 we issued 2,697, 2,697 and 2,389 shares, respectively, which were net of shares withheld to pay income taxes. Non-employee directors each receive restricted stock units valued at $110,000 (or valued at $55,000 for a person who becomes a director for the first time after the date of the Annual Meeting). The restricted stock units generally vest one year following the date of grant and are settled in shares of common stock on the date of vesting unless a director has elected to defer settlement of the award until his or her separation from Board service. The annual expense related to non-employee director’s restricted stock units was approximately $1.0 million for each of 2020, 2019 and 2018. The following table shows restricted stock award activity for grants made to non-employee directors:
|
Long-Term Debt |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt
Maturities of long-term debt as of January 3, 2021 (in millions):
The Company has no sinking fund requirements. Teledyne's $750.0 million credit agreement has a maturity date to March 2024. The credit agreement permits Teledyne to increase the aggregate amount of the borrowing capacity by up to $250.0 million subject to certain conditions. Excluding interest and fees, no payments are due under the $750.0 million unsecured credit facility (“credit facility”) until it matures. Borrowings under our credit facility and term loans are at variable rates which are, at our option, tied to a Eurocurrency rate equal to LIBOR (London Interbank Offered Rate) plus an applicable rate or a base rate as defined in our credit agreements. Eurocurrency rate loans may be denominated in U.S. dollars or an alternative currency as defined in the agreement. Eurocurrency or LIBOR based loans under the facility typically have terms of one, two, three or six months and the interest rate for each such loan is subject to change if the loan is continued or converted following the applicable maturity date. The Company has not drawn any loans with a term longer than three months under the credit facility. Base rate loans have interest rates that primarily fluctuate with changes in the prime rate. Interest rates are also subject to change based on our consolidated leverage ratio as defined in the credit agreement. The credit facility also provides for facility fees that vary between 0.12% and 0.25% of the credit line, depending on our consolidated leverage ratio as calculated from time to time. Available borrowing capacity under the credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $615.5 million at January 3, 2021. The credit agreement and term loans requires the Company to comply with various financial and operating covenants and at January 3, 2021, the Company was in compliance with these covenants. At January 3, 2021, Teledyne had $27.7 million in outstanding letters of credit. As part of the pending FLIR acquisition, Teledyne has arranged a $4.5 billion 364-day credit commitment to fund the transaction and refinance certain existing debt. See also Note 15, Subsequent Events, to these Consolidated Financial Statements for additional information regarding the funding of the pending acquisition of FLIR. Total interest expense including credit facility fees and other bank charges was $15.8 million in 2020, $22.0 million in 2019 and $29.2 million in 2018.
|
Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income before income taxes included income from domestic operations of $289.5 million for 2020, $295.9 million for 2019 and $243.7 million for 2018. Income before taxes included income from foreign operations of $180.2 million for 2020, $177.8 million for 2019 and $150.2 million for 2018.
The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate:
Deferred income taxes result from temporary differences in the recognition of income and expense for financial and income tax reporting purposes, and differences between the fair value of assets acquired in business combinations accounted for as purchases for financial reporting purposes and their corresponding tax bases. Deferred income taxes represent future tax benefits or costs to be recognized when those temporary differences reverse. The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense were as follows (in millions):
We intend to reinvest indefinitely the earnings of our material foreign subsidiaries in our operations outside of the United States. The cash that the Company’s foreign subsidiaries hold for indefinite reinvestment is generally used to finance foreign operations and investments, including acquisitions. We estimate that future domestic cash generation will be sufficient to meet future domestic cash requirements. Due to the Tax Act, U.S. federal and applicable state income taxes have been accrued for the deemed repatriation. At January 3, 2021, the amount of undistributed foreign earnings was $326.8 million, for which we have not recorded a deferred tax liability of approximately $1.4 million for corporate income taxes which would be due if reinvested foreign earnings were repatriated. Should we decide to repatriate the foreign earnings, we would need to adjust our income tax provision in the period we determined that we would no longer indefinitely reinvest the earnings outside the United States. In assessing the need for a valuation allowance, we consider all positive and negative evidence, including recent financial performance, scheduled reversals of temporary differences, projected future taxable income, availability of taxable income in carryback periods and tax planning strategies. Based on a review of such information, management believes that it is possible that some portion of deferred tax assets will not be realized as a future benefit and therefore has recorded a valuation allowance. The valuation allowance for deferred tax assets increased by $6.8 million in 2020, primarily related to deferred tax assets for which it is more likely than not that a tax benefit will not be realized by the reporting entity. At January 3, 2021, the Company had approximately $71.5 million of net operating loss carryforward primarily from the Company’s entities in the United Kingdom, Denmark and Norway, all of which have no expiration date. The Company had foreign capital loss carryforward in the amount of $2.2 million which has no expiration date. Also the Company had aggregate Canadian federal and provincial investment tax credits of $16.3 million, which have expiration dates of 2030 to 2040. In addition, the Company had domestic federal and state net operating loss carryforward of $19.6 million and $113.2 million, respectively. Generally, federal net operating loss carryforward amounts are limited in their use by earnings of certain acquired subsidiaries, and have no expiration date and the state net operating loss carryforward amounts have expiration dates ranging from 2021 to 2040. Finally, the Company had federal research and development credit carryforward in the amount of $0.5 million which will expire between 2032 and 2035 and state tax credits of $11.7 million, of which $11.3 million have no expiration date and $0.4 million have expiration dates ranging from 2023 to 2040.
The Company anticipates the total unrecognized tax benefit for various federal, state and foreign tax items may be reduced by $2.8 million due to the expiration of statutes of limitation for various federal, state and foreign tax issues in the next 12 months. We recognized net tax benefits and expense for interest and penalties related to unrecognized tax benefits within the provision for income taxes in our statements of operations of $0.1 million of expense, $0.3 million of benefit and $0.3 million of expense, for 2020, 2019 and 2018, respectively. Interest and penalties in the amount of $1.2 million, $1.1 million and $1.7 million were recognized in the 2020, 2019 and 2018 statement of financial position, respectively. Substantially all of the unrecognized tax benefits as of January 3, 2021, if recognized, would affect our effective tax rate. We file income tax returns in the United States federal jurisdiction and in various states and foreign jurisdictions. The Company has substantially concluded on all U.S. federal income tax matters for all years through 2016, United Kingdom income tax matters for all years through 2019, France income tax matters for all years through 2016 and Canadian income tax matters for all years through 2012.
|
Pension Plans and Postretirement Benefits |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Postretirement Benefits | Pension Plans and Postretirement Benefits Pension Plans Effective January 1, 2020, Teledyne restructured its domestic qualified defined benefit pension plan. The restructuring involved dividing our domestic qualified defined pension plan into two separate plans, one comprised primarily of inactive participants (the “inactive plan”) and the other comprised primarily of active participants (the “active plan”). The reorganization was made to facilitate a targeted investment strategy over time and to provide additional flexibility in evaluating opportunities to reduce risk and volatility. Actuarial gains and losses associated with the active plan will continue to be amortized over the average remaining service period of the active participants, which is approximately nine years, while the actuarial gains and losses associated with the inactive plan will be amortized over the average remaining life expectancy of the inactive participants which is approximately 17 years. These plans cover substantially all U.S. employees hired before January 1, 2004, or approximately 10% of Teledyne’s active employees. As of January 1, 2004, new hires participate in a defined contribution plan only. The Company also has several small domestic non-qualified and foreign-based defined benefit pension plans. In 2018, the Company’s U.S. domestic qualified pension plan purchased group annuity contracts from insurance companies and paid a total annuity premium of $17.8 million. These annuity contracts transfer the obligation to the insurance companies to guarantee the full payment of all annuity payments to existing retired pension plan participants or their surviving beneficiaries. These annuity contracts assume all investment risk associated with the assets that were delivered as the annuity contract premiums. These annuity contracts covered 321 existing retired pension plan participants for 2018, at the time of purchase. No annuity contracts were purchased in 2020 or 2019. The domestic qualified pension plans allow participants to elect a lump-sum payment at retirement. In 2020, 2019 and 2018, the Company made lump sum payments of $24.9 million, $17.2 million and $18.6 million, respectively, from the domestic qualified pension plan assets to certain participants in the plan. Each year beginning with 2014, the Society of Actuaries released revised mortality tables, which updated life expectancy assumptions. In consideration of these tables, each year the Company reviews the mortality assumptions used in determining our pension and post-retirement obligations.
The expected long-term rate of return on plan assets is reviewed annually, taking into consideration the Company’s asset allocation, historical returns on the types of assets held, the current economic environment, and prospective expectations. We determined the discount rate based on a model which matches the timing and amount of expected benefit payments to maturities of high-quality corporate bonds priced as of the pension plan measurement date. The yields on the bonds are used to derive a discount rate for the obligation. The following assumptions were used to measure the net benefit income/cost within each respective year for the domestic qualified plans and the foreign plans:
For its domestic based pension plans the Company is projecting a long-term rate of return on plan assets will range from 6.71% to7.80% in 2021. For its foreign based pension plans the Company is projecting a long-term rate of return on plan assets will range from 0.80% to 2.50% in 2021.
The key assumptions used to measure the benefit obligation at each respective year-end were:
The measurement date for the Company’s pension plans is December 31. The following tables sets forth the funded status and amounts recognized in the consolidated balance sheets at year-end 2020 and 2019 for the domestic qualified and nonqualified pension plans and the foreign-based pension plans for benefits provided to certain employees (in millions):
Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows (in millions):
At year-end 2020 and 2019 the Company had an accumulated non-cash reduction to stockholders’ equity of $347.8 million and $323.1 million, respectively, related to its pension and postretirement plans. The accumulated non-cash reductions to stockholders’ equity did not affect net income and were recorded net of accumulated deferred taxes of $110.5 million at year end 2020 and $102.5 million at year end 2019. At January 3, 2021, the estimated amounts of the minimum liability adjustment that are expected to be recognized as components of net periodic benefit cost during 2021 for the pension plans are: net loss $26.7 million and net prior service credit $3.5 million.
The following table sets forth the percentage of year-end market value by asset class for the pension plans:
The Company has an active management policy for the pension assets in the qualified domestic pension plan. As of January 3, 2021, the long term asset allocation target for the domestic plan consists of approximately 38% in equity instruments, approximately 51% in fixed income instruments and approximately 11% in alternatives. The pension plan’s investments are stated at fair value. Plan investments that are considered a level 1 fair value hierarchy and are valued at quoted market prices in active markets. Plan investments that are considered a level 2 fair value hierarchy and are valued based on observable market data. Plan investments that would be considered a level 3 fair value hierarchy are valued based on management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Certain investments measured at fair value using net asset values as a practical expedient are not required to be categorized in the fair value hierarchy table listed below. As such, the total fair value of these net asset values based investments has been included in the table below to permit reconciliation to the plan asset amounts previously disclosed. The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S. and foreign pension plans as of January 3, 2021, by asset category are as follows (in millions):
a) There were no transfers of plan assets between the three levels of the fair value hierarchy during the year. b) Reflects cash and cash equivalents held in overnight cash investments. c) The mutual funds are invested in equity securities. The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S. and foreign pension plans as of December 29, 2019, by asset category are as follows (in millions):
(a) There were no transfers of plan assets between the three levels of the fair value hierarchy during the year. (b) Reflects cash and cash equivalents held in overnight cash investments. (c) The mutual funds are invested in equity securities. U.S. equities are valued at the closing price reported in an active market on which the individual securities are traded. U.S. equities and non-U.S. equities are also valued at the net asset value provided by the independent administrator or custodian of the commingled fund. The net asset value is based on the value of the underlying equities, which are traded on an active market. Corporate bonds are valued using inputs such as the closing price reported, if traded on an active market, values derived from comparable securities of issuers with similar credit ratings, or under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments. Fixed income investments are also valued at the net asset value provided by the independent administrator or custodian of the fund. The net asset value is based on the underlying assets, which are valued using inputs such as the closing price reported, if traded on an active market, values derived from comparable securities of issuers with similar credit ratings, or under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments. Alternative investments are primarily valued at the net asset value as determined by the independent administrator or custodian of the fund. The net asset value is based on the underlying investments, which are valued using inputs such as quoted market prices of identical instruments or values derived from comparable securities of issuers with similar credit ratings, or under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments. The Company’s contributions associated with its 401(k) plans were $13.8 million, $13.4 million and $11.9 million, for 2020, 2019 and 2018, respectively. Postretirement Plans The Company sponsors several postretirement defined benefit plans covering certain salaried and hourly employees. The plans provide health care and life insurance benefits for certain eligible retirees. No service cost was incurred for these plans in 2020, 2019 or 2018.
The measurement date for the Company’s postretirement plans is December 31.
The following table sets forth the funded status and amounts recognized in Teledyne’s consolidated balance sheets for the postretirement plans at year-end 2020 and 2019 (in millions):
At January 3, 2021, the amount in AOCI that has not yet been recognized as a component of net periodic benefit income for the retiree medical plans is a net gain $0.9 million and no net prior service credit. At January 3, 2021, the estimated amortization from AOCI expected to be recognized as components of net periodic benefit income during 2021 for the retiree medical plans is a net gain of $0.1 million and no net prior service cost. The annual assumed rate of increase in the per capita cost of covered benefits (the health care cost trend rate) for health care plans is 6.25% in 2021 and was assumed to decrease to 5.0% by the year 2027 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one percentage point increase in the assumed health care cost trend rates would result in an increase in the annual service and interest costs by less than $0.1 million for 2020 and would result in an increase in the postretirement benefit obligation by $0.2 million at January 3, 2021. A one percentage point decrease in the assumed health care cost trend rates would result in a decrease in the annual service and interest costs by less than $0.1 million for 2020 and would result in a decrease in the postretirement benefit obligation by $0.2 million at January 3, 2021.
|
Business Segments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business SegmentsThe Company has four reportable segments: Instrumentation; Digital Imaging; Aerospace and Defense Electronics; and Engineered Systems. The Company manages, evaluates and aggregates its operating segments for segment reporting purposes primarily on the basis of product and service type, production process, distribution methods, type of customer, management organization, sales growth potential and long-term profitability. The Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, electronic test and measurement equipment and harsh environment interconnect products. The Digital Imaging segment includes high-performance sensors, cameras and systems, within the visible, infrared and X-ray spectra, for use in industrial, government and medical applications, as well as micro electro-mechanical systems (“MEMS”) and high-performance, high-reliability semiconductors including analog-to-digital and digital-to-analog converters. It also includes our sponsored and centralized research laboratories benefiting government programs and businesses. The Aerospace and Defense Electronics segment provides sophisticated electronic components and subsystems and communications products, including defense electronics, harsh environment interconnects, data acquisition and communications equipment for aircraft and components and subsystems for wireless and satellite communications, as well as general aviation batteries. The Engineered Systems segment provides innovative systems engineering and integration, advanced technology application, software development and manufacturing solutions for defense, space, environmental and energy applications. The Engineered Systems segment also designs and manufactures electrochemical energy systems and small turbine engines. Segment results include net sales and operating income by segment but excludes noncontrolling interest, equity income or loss, unusual non-recurring legal matter settlements, interest income and expense, gains and losses on the disposition of assets, sublease rental income and non-revenue licensing and royalty income, domestic and foreign income taxes and corporate office expenses. Corporate expense includes various administrative expenses relating to the corporate office and certain nonoperating expenses not allocated to our segments. As part of a continuing effort to reduce costs and improve operating performance, as well as to respond to the impact of COVID-19, in 2020, the Company took actions to reduce headcount by 9.8% across various businesses, reducing our exposure to weak end markets, such as commercial aerospace. At January 3, 2021, $2.1 million remains to be paid related to these actions. The following pre-tax charges were incurred related to severance and facility consolidations (in millions):
Information on the Company’s business segments was as follows (in millions):
Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, pension assets and other assets.
Information on the Company’s sales by country of origin and long-lived assets by major geographic area was as follows (in millions):
Long-lived assets consist of property, plant and equipment, goodwill, acquired intangible assets, prepaid pension assets and other long-term assets including deferred compensation assets but excluding any deferred tax assets. The all other countries category primarily consists of Teledyne’s operations in Europe. Product Lines The Instrumentation segment includes three product lines: Environmental Instrumentation, Marine Instrumentation and Test and Measurement Instrumentation. All other segments each contain one product line. The tables below provide a summary of the sales by product line for the Instrumentation segment (in millions):
Sales to the U.S. Government included sales to the U.S. Department of Defense of $578.4 million in 2020, $545.5 million in 2019, and $494.9 million in 2018. Total sales to international customers were $1,385.3 million in 2020, $1,391.6 million in 2019, and $1,353.7 million in 2018. Of these amounts, sales by operations in the United States to customers in other countries were $546.8 million in 2020, $638.0 million in 2019, and $600.5 million in 2018. There were no sales to individual countries outside of the United States in excess of 10 percent of the Company’s sales. Sales between business segments generally were priced at prevailing market prices and were $23.4 million, $30.3 million and $23.4 million for 2020, 2019 and 2018, respectively. We also disaggregate our revenue from contracts with customers by customer type, contract-type and geographic region for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
a) Includes sales as a prime contractor or subcontractor.
a) Net sales by geographic region of origin.
|
Lease Commitments |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Commitments | Lease Commitments Lease Commitments We determine if an arrangement is a lease at inception. Operating leases are recorded as right-of-use assets, other long-term lease liabilities and current accrued liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, current accrued liabilities, and other long-term liabilities in our consolidated balance sheets. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and use an implicit rate when readily available. Since most of our leases do not provide an implicit rate, we use the incremental borrowing rate to determine the present value of lease payments. The rate will take into consideration the underlying asset’s economic environment, including the length of the lease term and currency that the lease is payable in. Our lease agreements may include options to extend the lease term at either a fixed cost, fixed increase or market value adjustment. We evaluate the likelihood of exercising each renewal option based on many factors, including the length of the renewal option and the future new lease cost, if known, or the estimated future new lease cost if it is not a fixed amount and will include those renewal options that are reasonably certain to be exercised for purposes of calculating the lease liability and corresponding right-of-use asset. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating Leases Teledyne has approximately 115 long-term operating lease agreements for manufacturing facilities and office space. These agreements frequently include one or more renewal options and may require the Company to pay for non-lease components such as utilities, taxes, insurance and maintenance expense. We account for lease and non-lease components as a single lease component when the payments are fixed. Variable payments included in the lease agreement are expensed as incurred. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At January 3, 2021, Teledyne has right-of-use assets of $123.4 million included in other long-term other assets on the balance sheet. At January 3, 2021, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions):
The weighted average remaining lease term for operating leases is approximately 9 years and the weighted average discount rate is approximately 4.00% Rental expense under operating leases, including leases with a term of 12 months or less, net of immaterial sublease income, was $29.4 million in 2020, $26.5 million in 2019 and $30.7 million in 2018. Cash paid for amounts included in the measurement of lease liabilities was $27.8 million for 2020 and $24.7 million for 2019. Finance Leases and Subleases Our finance leases and subleases are not material.
|
Commitments and Contingencies |
12 Months Ended |
---|---|
Jan. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to federal, state and local environmental laws and regulations which require that it investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations, including sites at which the Company has been identified as a potentially responsible party under the federal Superfund laws and comparable state laws. In accordance with the Company’s accounting policy disclosed in Note 2, environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable. In many cases, however, investigations are not yet at a stage where the Company has been able to determine whether it is liable or, if liability is probable, to reasonably estimate the loss or range of loss, or certain components thereof. Estimates of the Company’s liability are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluations and estimates of appropriate cleanup technology, methodology and cost, the extent of corrective actions that may be required, and the number and financial condition of other potentially responsible parties, as well as the extent of their responsibility for the remediation. Accordingly, as investigation and remediation of these sites proceeds, it is likely that adjustments in the Company’s accruals will be necessary to reflect new information. The amounts of any such adjustments could have a material adverse effect on the Company’s results of operations in a given period, but the amounts, and the possible range of loss in excess of the amounts accrued, are not reasonably estimable. Based on currently available information, however, management does not believe that future environmental costs in excess of those accrued with respect to sites with which the Company has been identified are likely to have a material adverse effect on the Company’s financial condition or liquidity. At January 3, 2021, the Company’s reserves for environmental remediation obligations totaled $6.5 million, of which $1.5 million is included in current accrued liabilities with the remainder included in long-term accrued liabilities. The Company periodically evaluates whether it may be able to recover a portion of future costs for environmental liabilities from its insurance carriers and from third parties. The timing of expenditures depends on a number of factors that vary by site, including the nature and extent of contamination, the number of potentially responsible parties, the timing of regulatory approvals, the complexity of the investigation and remediation, and the standards for remediation. The Company expects that it will expend present accruals over many years, and will complete remediation of all sites with which it has been identified in up to thirty years. Various claims (whether based on U.S. Government or Company audits and investigations or otherwise) may be asserted against the Company related to its U.S. Government contract work, including claims based on business practices and cost classifications and actions under the False Claims Act. Although such claims are generally resolved by detailed fact-finding and negotiation, on those occasions when they are not so resolved, civil or criminal legal or administrative proceedings may ensue. Depending on the circumstances and the outcome, such proceedings could result in fines, penalties, compensatory and treble damages or the cancellation or suspension of payments under one or more U.S. Government contracts. Under government regulations, a company, or one or more of its operating divisions or units, can also be suspended or debarred from government contracts based on the results of investigations. However, although the outcome of these matters cannot be predicted with certainty, management does not believe there is any audit, review or investigation currently pending against the Company of which management is aware that is likely to result in suspension or debarment of the Company, or that is otherwise likely to have a material adverse effect on the Company’s financial condition or liquidity, although the resolution in any reporting period of one or more of these matters could have a material adverse effect on the Company’s results of operations for that period. A number of other lawsuits, claims and proceedings have been or may be asserted against the Company, including those pertaining to product liability, acquisitions, patent infringement, commercial contracts, employment and employee benefits. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on the Company’s financial condition.
|
Subsequent Events |
12 Months Ended |
---|---|
Jan. 03, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 4, 2021, the first day of the 2021 fiscal year, Teledyne and FLIR entered into a definitive agreement under which Teledyne will acquire FLIR in a cash and stock transaction valued at approximately $8.0 billion. Under the terms of the agreement, FLIR stockholders will receive $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which implies a total purchase price of $56.00 per FLIR share based on Teledyne’s 5-day volume weighted average price as of December 31, 2020. The transaction is expected to close in the middle of 2021 subject to the receipt of required regulatory approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, approvals of Teledyne and FLIR stockholders and other customary closing conditions. FLIR Systems, Inc. designs, develops, manufactures, markets, and distributes technologies that enhance perception and awareness. FLIR provides innovative sensing solutions through thermal imaging, visible-light imaging, video analytics, measurement and diagnostic, and advanced threat detection systems. FLIR offers a diversified portfolio that serves a number of applications in government and defense, industrial, and commercial markets. FLIR, headquartered in Wilsonville, Oregon, will be part of the Digital Imaging segment. As part of the pending acquisition of FLIR, Teledyne has arranged a $4.5 billion 364-day credit commitment to support funding of the transaction. Teledyne expects to fund the acquisition with a combination of equity, cash on hand and permanent debt financing, including a combination of senior notes and bank term loans.
|
Quarterly Financial Data (Unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited)
a) Fiscal year 2020 was a 53-week fiscal-year, each quarter contained 13 weeks except the fourth quarter which contained 14 weeks.. b) Includes $4.2 million in net discrete income tax benefits in the first quarter, $10.4 million in net discrete income tax benefits in the second quarter, $1.2 million in net discrete income tax benefits the third quarter and $18.8 million in net discrete income tax benefits in the fourth quarter.
a) Fiscal year 2019 was a 52-week fiscal-year, each quarter contained 13 weeks. b) Includes $3.1 million in net discrete income tax benefits in the first quarter, $4.3 million in net discrete income tax benefits in the second quarter, $10.4 million in net discrete income tax benefits the third quarter and $8.3 million in net discrete income tax benefits in the fourth quarter.
|
Schedule II Valuation and Qualifying Accounts |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS For the Fiscal Years Ended January 3, 2021, December 29, 2019 and December 30, 2018 (In millions)
|
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of ConsolidationThe consolidated financial statements include the accounts of Teledyne and its majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | Fiscal Year The Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December 31. Fiscal year 2020 was a 53-week fiscal year and ended on January 3, 2021. Fiscal year 2019 was a 52-week fiscal year and ended on December 29, 2019. Fiscal year 2018 was a 52-week fiscal year and ended on December 30, 2018. References to the years 2020, 2019 and 2018 are intended to refer to the respective fiscal year unless otherwise noted.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimates | Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to sales returns and allowances, allowance for doubtful accounts, inventories, goodwill, intangible assets, asset valuations, income taxes, warranty obligations, pension and other postretirement benefits, long-term contracts, environmental, workers’ compensation and general liability, employee benefits and other contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at the time, the results of which form the basis for making its judgments. Actual results may differ materially from these estimates under different assumptions or conditions. Management believes that the estimates are reasonable.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition We determine the appropriate method by which we recognize revenue by analyzing the nature of the products or services being provided as well as the terms and conditions of contracts or arrangements entered into with our customers. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A contract’s transaction price is allocated to each distinct good or service (i.e., performance obligation) identified in the contract, and each performance obligation is valued based on its estimated relative standalone selling price. For standard products or services, list prices generally represent the standalone selling price. For performance obligations where list price is not available, we typically use the expected cost plus a margin approach to estimate the standalone selling price for that performance obligation. Approximately 60% of our revenue is recognized at a point in time, with the remaining 40% recognized over time. Revenue recognized at a point in time relates primarily to the sale of standard or minimally customized products, with control transferring to the customer generally upon the transfer of title. This type of revenue arrangement is typical for our commercial contracts within the Instrumentation, Digital Imaging, and Aerospace and Defense Electronics segments, and to a lesser extent for certain commercial contracts within the Engineered Systems segment relating to the sale of standard hydrogen/oxygen gas generators. In limited circumstances, customer specified acceptance criteria exist. If we cannot objectively demonstrate that the product meets those specifications prior to the shipment, the revenue is deferred until customer acceptance is obtained. The transaction price in these arrangements can include variable consideration, such as product returns and sales allowances. The estimation of this variable consideration and determination of whether to include estimated amounts as a reduction in the transaction price is based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Revenue recognized over time relates primarily to contracts to design, develop and/or manufacture highly engineered products used in both defense and commercial applications. This type of revenue arrangement is typical of our U.S. government contracts and to a lesser extent for certain commercial contracts, with both contract types occurring across all segments. The customer typically controls the work in process as evidenced either by contractual termination clauses or by our right to payment for costs incurred to date plus a reasonable profit for products or services that do not have an alternative use. As control transfers continuously over time on these contracts, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We generally use the cost-to-cost measure of progress as this measure best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The transaction price in these arrangements may include estimated amounts of variable consideration, including award fees, incentive fees, contract amounts not yet funded, or other provisions that can either increase or decrease the transaction price. We estimate variable consideration at the amount to which we expect to be entitled, and we include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the estimation uncertainty is resolved. The estimation of this variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. The majority of our over time contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Over time contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of our contract modifications on over time contracts are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. For over time contracts using cost-to-cost, we have an Estimate at Completion (“EAC”) process in which management reviews the progress and execution of our performance obligations. This EAC process requires management judgment relative to assessing risks, estimating contract revenue, determining reasonably dependable cost estimates, and making assumptions for schedule and technical issues. Since certain contracts extend over a longer 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 majority of revenue recognized over time uses an EAC process. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in 2020 was approximately $14.6 million of favorable operating income, primarily within the Digital Imaging operating segment, related to favorable changes in estimates that impacted revenue, and, to a lesser degree, cost of sales. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in 2019 was approximately $20.2 million of favorable operating income, primarily within the Digital Imaging operating segment, related to changes in estimates that favorably 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. While extended or non-customary warranties do not represent a significant portion of our revenue, we recognize warranty services as a separate performance obligations when it is material to the contract. When extended or non-customary warranties represents a separate performance obligation, the revenue is deferred and recognized ratably over the extended warranty period. Remaining performance obligations represent the transaction price of firm orders for which work has not been performed as of the period end date and excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). As of January 3, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,839.0 million. The Company expects approximately 77% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 23% recognized thereafter. Shipping and Handling Shipping and handling fees reimbursed by customers are classified as revenue while shipping and handling costs incurred by Teledyne are classified as cost of sales in the accompanying consolidated statements of income.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty Costs | Product Warranty CostsSome of the Company’s products are subject to standard warranties and the Company reserves for the estimated cost of product warranties on a product-specific basis. Facts and circumstances related to a product warranty matter and cost estimates to return, repair and/or replace the product are considered when establishing a product warranty reserve. The adequacy of the preexisting warranty liabilities 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, which are typically one year. The product warranty reserve is included in current accrued liabilities and long-term liabilities on the balance sheet. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and Development and Bid and Proposal Costs | Research and Development and Bid and Proposal CostsSelling, general and administrative expenses include Company-funded research and development and bid and proposal costs which are expensed as incurred and were $196.0 million in 2020, $209.6 million in 2019 and $185.6 million in 2018. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for temporary differences between the tax basis of assets and liabilities and their reported amount in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and incorporate assumptions about the amount of future state, federal and foreign pretax operating income adjusted for items that do not have tax consequences. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Income tax positions must meet a more-likely-than-not recognition in order to be recognized in the financial statements. We recognize potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. As new information becomes available, the assessment of the recognition threshold and the measurement of the associated tax benefit of uncertain tax positions may result in financial statement recognition or derecognition.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | Net Income Per Common Share Basic and diluted earnings per share were computed based on net income. The weighted average number of common shares outstanding during the period was used in the calculation of basic earnings per share. This number of shares was increased by contingent shares that could be issued under various compensation plans as well as by the dilutive effect of stock options based on the treasury stock method in the calculation of diluted earnings per share.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents | Cash equivalents consist of highly liquid money-market mutual funds and bank deposits with maturities of three months or less when purchased. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Unbilled Receivables and Contract Liabilities | Accounts Receivable, Unbilled Receivables and Contract Liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities, which are included in accrued liabilities and other long-term liabilities) on the Consolidated Balance Sheet. Under the typical payment terms of our over time contracts, the customer pays us either performance-based payments or progress payments. Amounts billed and due from our customers are classified as receivables on the Consolidated Balance Sheet. We may receive interim payments as work progresses, although for some contracts, we may be entitled to receive an advance payment. We recognize a liability for these interim and advance payments in excess of revenue recognized and present it as a contract liability which is included within accrued liabilities and other long-term liabilities on the Consolidated Balance Sheet, which represented $160.1 million and $14.0 million as of January 3, 2021 and $126.8 million and $17.9 million as of December 29, 2019, respectively. Contract liabilities typically are not considered a significant financing component because these cash advances are used to meet working capital demands that can be higher in the early stages of a contract, and these cash advances protect us from the other party failing to adequately complete some or all of its obligations under the contract. When revenue recognized exceeds the amount billed to the customer, we record an unbilled receivable (contract asset) for the amount we are entitled to receive based on our enforceable right to payment. The unbilled receivable balance increased from the beginning of the year by $21.6 million, or 10.8%, primarily due to work performed ahead of billings on certain over time revenue contracts primarily in our Engineered Systems segment. Contract liabilities increased from the beginning of the year by $29.4 million, or 20.3% primarily due to an increase in customer advances in our Digital Imaging segment. The Company recognized revenue of $80.7 million during the year ended January 3, 2021 from contract liabilities that existed at the beginning of year. The Company recognizes the incremental costs of obtaining or fulfilling a contract as expense when incurred if the amortization period of the asset is one year or less. Incremental costs to obtain or fulfill contracts with an amortization period greater than one year were not material. Accounts receivable is presented net of an allowance for doubtful accounts of $12.3 million at January 3, 2021, and $10.2 million at December 29, 2019. Expense recorded for the allowance for doubtful accounts was $4.1 million, $1.3 million and $0.6 million for 2020, 2019 and 2018, respectively. An allowance for doubtful accounts is established for losses expected to be incurred on accounts receivable balances. Judgment is required in the estimation of the allowance and we evaluate the collectability of our accounts receivable and contract assets based on a combination of factors. If we become aware of a customer’s inability to meet its financial obligations, a specific allowance is recorded to reduce the net receivable to the amount reasonably believed to be collectible from the customer. For all other customers, we use an aging schedule and recognize allowances for doubtful accounts based on the creditworthiness of the debtor, the age and status of outstanding receivables, the current business environment and our historical collection experience adjusted for current expectations for the customers or industry. Accounts receivable are written off against the allowance for uncollectible accounts when we determine amounts are no longer collectible. Trade credit is extended based upon evaluations of each customer’s ability to perform its obligations, which are updated periodically.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | InventoriesInventories are stated at the lower of cost or net realizable value. The majority of inventory values are valued on an average cost or first-in, first-out method, while the remainder are stated at cost based on the last-in, first-out method. Costs include direct material, direct labor, applicable manufacturing and engineering overhead, and other direct costs. Judgment is required when establishing reserves to reduce the carrying amount of inventory to market or net realizable value. Inventory reserves are recorded when inventory is considered to be excess or obsolete based upon an analysis of actual on-hand quantities on a part-level basis to forecasted product demand and historical usage. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and EquipmentProperty, plant and equipment is capitalized at cost. Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are determined using a combination of accelerated and straight-line methods over the estimated useful lives of the various asset classes. Buildings and building improvements are depreciated over periods not exceeding 45 years, equipment over 5 to 18 years, computer hardware and software over 3 to 7 years and leasehold improvements over the shorter of the estimated remaining lives or lease terms. Significant improvements are capitalized while maintenance and repairs are charged to expense as incurred. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill, Acquired Intangible Assets and Other Long-lived Assets | Goodwill, Acquired Intangible Assets and Other Long-lived Assets Business acquisitions are accounted for under the acquisition method by assigning the purchase price to tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Goodwill and acquired intangible assets with indefinite lives are not amortized, but tested at least annually for impairment. The Company performs an annual impairment test for goodwill and other indefinite-lived intangible assets in the fourth quarter of each year, or more often as circumstances require. The Company uses qualitative and quantitative approaches when testing goodwill for impairment. For selected reporting units under the qualitative approach, the Company performs a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if the Company determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise the Company performs a quantitative impairment test. The Company performs quantitative tests for reporting units at least once every three years. However, for certain reporting units the Company may perform a quantitative impairment test every year. The Company performed a quantitative test for all reporting units in 2020. The two-step quantitative impairment test is used to first identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any. When it is determined that an impairment has occurred, an appropriate charge to operations is recorded. The results of our annual impairment tests of goodwill indicated that no impairment existed in 2020, 2019 or 2018. The Company reviews intangible and other long-lived assets subject to depreciation or amortization for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable. Acquired intangible assets with finite lives are amortized and reflected in the segment’s operating income over their estimated useful lives. The Company assesses the recoverability of the carrying value of assets held for use based on a review of projected undiscounted cash flows. Impairment losses, where identified, are determined as the excess of the carrying value over the estimated fair value of the long-lived asset.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Compensation Plan | Deferred Compensation Plan The Company has a non-qualified executive deferred compensation plan that provides supplemental retirement income benefits for a select group of management. This plan permits eligible employees to make salary and bonus deferrals that are 100% vested. We have an unsecured obligation to pay in the future the value of the deferred compensation adjusted to reflect the performance, whether positive or negative, of selected investment measurement options chosen by each participant during the deferral period. As of January 3, 2021 and December 29, 2019, $68.9 million and $63.0 million, respectively, is included in other long-term liabilities related to these deferred compensation liabilities. Additionally, the Company purchased life insurance policies on certain participants to potentially offset these unsecured obligations. These policies are recorded at their cash surrender value as determined by the insurance carrier. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental | EnvironmentalCosts that mitigate or prevent future environmental contamination or extend the life, increase the capacity or improve the safety or efficiency of property utilized in current operations are capitalized. Other costs that relate to current operations or an existing condition caused by past operations are expensed in the period incurred. Environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable, which is generally not later than the completion of the feasibility study or the Company’s recommendation of a remedy or commitment to an appropriate plan of action. The accruals are reviewed periodically and, as investigations and remediations proceed, adjustments are made as necessary. Accruals for losses from environmental remediation obligations do not consider the effects of inflation, and anticipated expenditures are not discounted to their present value. The accruals are not reduced by possible recoveries from insurance carriers or other third parties, but do reflect anticipated allocations among potentially responsible parties at federal Superfund sites or similar state-managed sites and an assessment of the likelihood that such parties will fulfill their obligations at such sites. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations, and current technology. Such estimates take into consideration the Company’s prior experience in site investigation and remediation, the data concerning cleanup costs available from other companies and regulatory authorities, and the professional judgment of the Company’s environmental personnel in consultation with outside environmental specialists, when necessary. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | Foreign Currency TranslationThe Company’s foreign entities’ accounts are generally measured using local currency as the functional currency. Assets and liabilities of these entities are translated at the exchange rate in effect at year-end. Revenues and expenses are translated at average month end rates of exchange prevailing during the year. Unrealized translation gains and losses arising from differences in exchange rates from period to period are included as a component of AOCI. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Teledyne transacts business in various foreign currencies and has international sales and expenses denominated in foreign currencies, subjecting the Company to foreign currency risk. The Company’s primary foreign currency risk objective is to protect the U.S. dollar value of future cash flows and minimize the volatility of reported earnings. The Company utilizes foreign currency forward contracts to reduce the volatility of cash flows primarily related to forecasted 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. The Company has also converted a U.S. dollar denominated, variable rate debt obligation into a euro fixed rate obligation using a receive-float, pay fixed cross currency swap. These cross currency swaps are designated as cash flow hedges. In addition, the Company has converted domestic U.S. variable rate debt to fixed rate debt using a receive variable, pay fixed interest rate swap. The interest rate swap is also designated as a cash flow hedge. The effectiveness of the cash flow hedge forward contracts, is assessed prospectively and retrospectively on a monthly basis using regression analysis, as well as using other timing and probability criteria. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows on hedged transactions. The effective portion of the cash flow hedge contracts’ gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of AOCI in stockholders’ equity until the underlying hedged item is reflected in our consolidated statements of income, at which time the effective amount in AOCI is reclassified to revenue in our consolidated statements of income. Net deferred gains recorded in AOCI, net of tax, for forward contracts that will mature in the next 12 months total $5.4 million. These gains are expected to be offset by anticipated losses in the value of the forecasted underlying hedged item. Amounts related to the cross currency swaps and interests rate swap expected to be reclassified from AOCI into income in the next 12 months total $1.2 million. In the event that the underlying forecasted transactions do not occur, or it becomes remote that they will occur, within the defined hedge period, the gains or losses on the related cash flow hedges will be reclassified from AOCI to other income and expense. During the current reporting period, all forecasted transactions occurred and, therefore, there were no such gains or losses reclassified to other income and expense, due to missed forecasts. As of January 3, 2021, Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $127.5 million. These foreign currency forward contracts have maturities ranging from March 2021 to February 2022. The cross currency swaps have notional amounts of €113.0 million and $125.0 million, and €135.0 million and $150.0 million, and mature in March 2023 and October 2024, respectively. The interest rate swap has a notional amount of $125.0 million U.S. dollars and matures in March 2023. In addition, the Company utilizes foreign currency forward contracts which are not designated as hedging instruments for accounting purposes to mitigate foreign exchange rate risk associated with foreign currency denominated monetary assets and liabilities, including intercompany receivables and payables. As of January 3, 2021, Teledyne primarily had foreign currency contracts of this type in the following pairs (in millions):
The above table includes non-designated hedges derived from terms contained in triggered or previously designated cash flow hedges. The gains and losses on these derivatives which are not designated as hedging instruments, are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings. All derivatives are recorded on the balance sheet at fair value. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. Teledyne does not use foreign currency forward contracts for speculative or trading purposes. The effect of derivative instruments designated as cash flow hedges for 2020 and 2019 was as follows (in millions):
(a)Effective portion (b)Amount reclassified to offset earnings impact of liability hedged by cross currency swap (c)Amount excluded from effectiveness testing (recorded in other income and expense in 2018) The effect of derivative instruments not designated as cash flow hedges recognized in other income and expense for 2020 and 2019 was a gain of $7.4 million and a gain of $4.9 million, respectively. The Company has elected to use the income approach to value the derivatives, using observable Level 2 market expectations at measurement date and standard valuation techniques to convert future amounts to a single present amount. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts on LIBOR and EURIBOR) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR and EURIBOR cash and swap rates, foreign currency forward rates and cross currency basis spreads). Mid-market pricing is used as a practical expedient for fair value measurements. The fair value measurement of an asset or liability must reflect the nonperformance risk of the entity and the counterparty. Therefore, the impact of the counterparty’s creditworthiness when in an asset position and the Company’s creditworthiness when in a liability position has also been factored into the fair value measurement of the derivative instruments and did not have a material impact on the fair value of these derivative instruments. Both the counterparty and the Company are expected to continue to perform under the contractual terms of the instruments.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The Company considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The Company uses the following three levels of inputs in determining the fair value, focusing on the most observable inputs when available: •Level 1-Quoted prices in active markets for identical assets or liabilities. •Level 2-Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3-Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Standards | Recent Accounting Standards In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, to address a specific consequence of the Tax Cuts and Jobs Act (“Tax Act”) by allowing a reclassification from AOCI to retained earnings for stranded tax effects resulting from the Tax Act reduction of the U.S. federal corporate income tax rate. The guidance is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. In the third quarter of 2018, Teledyne elected to early adopt this ASU and elected to reclassify, in the period of enactment, stranded tax effects totaling $47.6 million from AOCI to retained earnings in its consolidated balance sheet. The reclassification amount primarily included income tax effects related to our pension and postretirement benefit plans. Income tax effects remaining in AOCI will be released into earnings as the related pretax amounts are reclassified to earnings. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities.” This guidance better aligns an entity’s risk management activities and financial reporting for hedging relationships and expands and refines hedge accounting for both nonfinancial and financial risk components. This guidance also simplifies and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. We adopted the guidance as of December 31, 2018, the beginning of our 2019 fiscal year using the modified retrospective approach, there was no cumulative adjustment to retained earnings related to hedge ineffectiveness for the year ended December 31, 2018. Additionally, as a result of the adoption, we no longer disclose the ineffective portion of the change in fair value of our derivative financial instruments. The entire change in the fair value of the cash flow hedging instruments aside from components excluded from the assessment of hedge effectiveness is now recorded in other comprehensive income and will be subsequently reclassified to earnings in the period the hedged item impacts earnings. The adoption of this guidance did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment”, which eliminates the computation of the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. We adopted the this ASU as of December 30, 2019 which reduced the complexity surrounding the evaluation of goodwill for impairment. The adoption of this guidance did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We adopted this ASU as of December 30, 2019 using the modified retrospective approach related to our accounts receivables and contract assets, resulting in no cumulative adjustment to retained earnings. The adoption of this guidance did not have a material impact on our consolidated financial statements.
|
Summary of Significant Accounting Policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income/(Loss) | The following table summarizes the changes in accumulated balances of other comprehensive income/(loss) (“AOCI”) for the fiscal years ended January 3, 2021, and December 29, 2019 (in millions):
The reclassification out of AOCI for the fiscal years ended January 3, 2021, and December 29, 2019, are as follows (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Product Warranty Reserve |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computations of Basic and Diluted Earnings per Share | The following table sets forth the computations of basic and diluted earnings per share (amounts in millions, except per share data):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts | As of January 3, 2021, Teledyne primarily had foreign currency contracts of this type in the following pairs (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The effect of derivative instruments designated as cash flow hedges for 2020 and 2019 was as follows (in millions):
(a)Effective portion (b)Amount reclassified to offset earnings impact of liability hedged by cross currency swap (c)Amount excluded from effectiveness testing (recorded in other income and expense in 2018)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Financial Instruments | The fair values of the Company’s derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy (in millions):
|
Business Acquisitions, Goodwill and Acquired Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Price Goodwill Acquired, and Intangible Assets Acquired for the Acquisitions | The following tables show the purchase price (net of cash acquired), provisional goodwill acquired for the OakGate acquisition and other investments made in 2020 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values of the Assets Acquired and Liabilities Assumed | Goodwill resulting from the OakGate acquisition will not be deductible for tax purposes.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Intangible Assets | The following table is a summary at the acquisition date of the acquired intangible assets and weighted average useful life in years for the OakGate acquisition made in 2020 (dollars in millions; amounts considered provisional as discussed above):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in the Carrying Value of Goodwill |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Carrying Value of Other Acquired Intangible Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Remaining Useful Lives by Asset Category | The estimated remaining useful lives by asset category as of January 3, 2021, are as follows:
|
Accounts Receivable and Unbilled Receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable And Unbilled Receivables |
|
Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
|
Supplemental Balance Sheet Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Components | The following table presents selected balance sheet components (in millions):
|
Stockholder's Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Treasury Stock Share Activity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options Valuation Assumptions |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Transactions for Stock Option Plans | Stock option transactions for Teledyne’s stock option plans are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options Outstanding and Stock Options Exercisable Under Stock Option Plans | The following table provides certain information with respect to stock options outstanding and stock options exercisable at January 3, 2021, under the stock option plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Activity | The following table shows restricted stock award activity for grants made to employees:
The following table shows restricted stock award activity for grants made to non-employee directors:
|
Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | Maturities of long-term debt as of January 3, 2021 (in millions):
|
Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Tax Provision (Benefit) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the Statutory Federal Income Tax Rate to the Actual Effective Income Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense were as follows (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward of our Unrecognized Tax Benefits |
|
Pension Plans and Postretirement Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost (Income) for Defined Benefit Pension Plans and Postretirement Benefit Plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used | The following assumptions were used to measure the net benefit income/cost within each respective year for the domestic qualified plans and the foreign plans:
The key assumptions used to measure the benefit obligation at each respective year-end were:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Beginning and Ending Balances of Benefit Obligation |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the Beginning and Ending Balances of the Fair Value of Plan Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Funded Status and Amounts Recognized in Balance Sheet | The following tables sets forth the funded status and amounts recognized in the consolidated balance sheets at year-end 2020 and 2019 for the domestic qualified and nonqualified pension plans and the foreign-based pension plans for benefits provided to certain employees (in millions):
The following table sets forth the funded status and amounts recognized in Teledyne’s consolidated balance sheets for the postretirement plans at year-end 2020 and 2019 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets by Fair Value Hierarchy | The following table sets forth the percentage of year-end market value by asset class for the pension plans:
The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S. and foreign pension plans as of January 3, 2021, by asset category are as follows (in millions):
a) There were no transfers of plan assets between the three levels of the fair value hierarchy during the year. b) Reflects cash and cash equivalents held in overnight cash investments. c) The mutual funds are invested in equity securities. The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S. and foreign pension plans as of December 29, 2019, by asset category are as follows (in millions):
(a) There were no transfers of plan assets between the three levels of the fair value hierarchy during the year. (b) Reflects cash and cash equivalents held in overnight cash investments. (c) The mutual funds are invested in equity securities.
|
Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Segment Disclosures for Net Sales and Operating Profit Including Other Segment Income | The following pre-tax charges were incurred related to severance and facility consolidations (in millions):
Information on the Company’s business segments was as follows (in millions):
Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, pension assets and other assets.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales by Country of Origin and Long-Lived Assets by Major Geographic Area | Information on the Company’s sales by country of origin and long-lived assets by major geographic area was as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Sales by Product Line | The tables below provide a summary of the sales by product line for the Instrumentation segment (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue |
a) Includes sales as a prime contractor or subcontractor.
a) Net sales by geographic region of origin.
|
Lease Commitments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments for Operating Leases | At January 3, 2021, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions):
|
Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information |
a) Fiscal year 2020 was a 53-week fiscal-year, each quarter contained 13 weeks except the fourth quarter which contained 14 weeks.. b) Includes $4.2 million in net discrete income tax benefits in the first quarter, $10.4 million in net discrete income tax benefits in the second quarter, $1.2 million in net discrete income tax benefits the third quarter and $18.8 million in net discrete income tax benefits in the fourth quarter.
a) Fiscal year 2019 was a 52-week fiscal-year, each quarter contained 13 weeks. b) Includes $3.1 million in net discrete income tax benefits in the first quarter, $4.3 million in net discrete income tax benefits in the second quarter, $10.4 million in net discrete income tax benefits the third quarter and $8.3 million in net discrete income tax benefits in the fourth quarter.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information by Segment | The following pre-tax charges were incurred related to severance and facility consolidations (in millions):
Information on the Company’s business segments was as follows (in millions):
Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, pension assets and other assets.
|
Summary of Significant Accounting Policies (Narrative) (Details) € in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 03, 2021
USD ($)
shares
|
Dec. 29, 2019
USD ($)
shares
|
Dec. 30, 2018
USD ($)
shares
|
Jan. 03, 2021
EUR (€)
|
Dec. 31, 2017
USD ($)
|
|
Revenue Recognition | |||||
Cumulative catch-up adjustment to revenue | $ 14,600,000 | $ 20,200,000 | |||
Remaining performance obligation | 1,839,000,000.0 | ||||
Research and Development [Abstract] | |||||
Selling, general and administrative expenses include company-funded research and development | $ 196,000,000.0 | $ 209,600,000 | $ 185,600,000 | ||
Income Tax Disclosure [Abstract] | |||||
Number of years of cumulative operating income used to determine income tax valuation allowance | 3 years | ||||
Earnings Per Share [Abstract] | |||||
Stock options to purchase common stock (in shares) | shares | 1,600,000 | 2,000,000.0 | 2,100,000 | ||
Cash and Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | $ 673,100,000 | $ 199,500,000 | |||
Cash equivalents held by foreign subsidiaries of Teledyne | 192,300,000 | ||||
Accounts Receivable, Net [Abstract] | |||||
Contract liability current | 160,100,000 | 126,800,000 | |||
Contract liability noncurrent | 14,000,000.0 | 17,900,000 | |||
Contract asset change | $ 21,600,000 | ||||
Contract asset change (percentage) | 10.80% | ||||
Contract liability change | $ 29,400,000 | ||||
Contract liability change (percentage) | 20.30% | ||||
Revenue recognized | $ 80,700,000 | ||||
Reserve for doubtful accounts | 12,300,000 | 10,200,000 | |||
Expense of reserve for doubtful accounts | 4,100,000 | 1,300,000 | $ 600,000 | ||
Property, Plant and Equipment, Net [Abstract] | |||||
Depreciation | 76,600,000 | 74,500,000 | 73,500,000 | ||
Goodwill and Intangible Asset Impairment [Abstract] | |||||
Impairment of goodwill | $ 0 | 0 | 0 | ||
Deferred Compensation Plan [Abstract] | |||||
Deferred compensation employee contribution vesting percentage | 1 | ||||
Deferred compensation liability | $ 68,900,000 | 63,000,000.0 | |||
Cash surrender value of life insurance | 72,600,000 | 65,600,000 | |||
Accrual for Environmental Loss Contingencies Disclosure [Abstract] | |||||
Accrual for environmental loss contingencies | 6,500,000 | 6,000,000.0 | |||
Supplemental Cash Flow Information [Abstract] | |||||
Cash payments for federal, foreign and state income taxes | 74,500,000 | 110,100,000 | 64,700,000 | ||
Tax refunds received totaled | 8,100,000 | 7,100,000 | 7,600,000 | ||
Cash payments for interest and credit facility fees totaled | 19,100,000 | 23,400,000 | 28,100,000 | ||
Related Party Transactions [Abstract] | |||||
Related party transactions | 0 | 0 | 0 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||
Stockholders' Equity | (3,228,600,000) | (2,714,700,000) | (2,229,700,000) | $ (1,947,300,000) | |
Accumulated Other Comprehensive Income (Loss) | |||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||
Stockholders' Equity | $ 430,100,000 | $ 475,800,000 | $ 493,200,000 | 329,300,000 | |
Cumulative effect of new accounting standards | |||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||
Stockholders' Equity | (3,300,000) | ||||
Cumulative effect of new accounting standards | Accumulated Other Comprehensive Income (Loss) | |||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||
Stockholders' Equity | $ 47,600,000 | ||||
Employee stock options | |||||
Earnings Per Share [Abstract] | |||||
Shares excluded from computation of diluted earnings per share (less than for 2019 and 2018) (in shares) | shares | 239,422 | 3,000 | 3,000 | ||
Restricted stock | |||||
Earnings Per Share [Abstract] | |||||
Shares excluded from computation of diluted earnings per share (less than for 2019 and 2018) (in shares) | shares | 497 | 0 | 0 | ||
Forward Contracts | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Expected reclassification of loss over the next 12 months | $ 5,400,000 | ||||
Currency Swap | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Expected reclassification of loss over the next 12 months | 1,200,000 | ||||
Currency Swap Maturing March 2023 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative notional amount | 125,000,000.0 | € 113.0 | |||
Currency Swap Maturing October 2024 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative notional amount | 150,000,000.0 | € 135.0 | |||
Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative notional amount | 125,000,000.0 | ||||
Designated as hedging instrument | Forward Contracts | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative notional amount | 127,500,000 | ||||
Not designated as hedging instrument | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Gain on derivative instruments | $ 7,400,000 | $ 4,900,000 | |||
Minimum | Equipment | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 5 years | ||||
Minimum | Computer hardware and software | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 3 years | ||||
Maximum | |||||
Goodwill and Intangible Asset Impairment [Abstract] | |||||
Threshold period to test goodwill for impairment | 3 years | ||||
Maximum | Building | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 45 years | ||||
Maximum | Equipment | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 18 years | ||||
Maximum | Computer hardware and software | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 7 years | ||||
Sales Revenue, Net | Transferred at Point in Time | |||||
Revenue Recognition | |||||
Concentration percentage | 60.00% | ||||
Sales Revenue, Net | Transferred over Time | |||||
Revenue Recognition | |||||
Concentration percentage | 40.00% |
Summary of Significant Accounting Policies (Remaining Performance Obligation) (Details) |
Jan. 03, 2021 |
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-04 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 77.00% |
Remaining performance obligation expected timing of satisfaction | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 23.00% |
Remaining performance obligation expected timing of satisfaction | 2 years |
Summary of Significant Accounting Policies (Product Warranty and Replacement Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Accounting Policies [Abstract] | |||
Period for product warranty | 1 year | ||
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of year | $ 24.8 | $ 21.0 | $ 21.1 |
Product warranty expense | 3.3 | 13.1 | 10.0 |
Deductions | (8.2) | (14.2) | (10.1) |
Acquisitions | 2.5 | 4.9 | 0.0 |
Balance at end of year | $ 22.4 | $ 24.8 | $ 21.0 |
Summary of Significant Accounting Policies (Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 29, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Net Income Per Common Share: | |||||||||||
Net income | $ 132.1 | $ 93.9 | $ 93.7 | $ 82.2 | $ 115.7 | $ 106.7 | $ 104.6 | $ 75.3 | $ 401.9 | $ 402.3 | $ 333.8 |
Basic earnings per common share: | |||||||||||
Weighted average common shares outstanding (in shares) | 36.7 | 36.3 | 35.8 | ||||||||
Basic earnings per common share (in USD per share) | $ 3.58 | $ 2.55 | $ 2.55 | $ 2.25 | $ 3.17 | $ 2.93 | $ 2.89 | $ 2.09 | $ 10.95 | $ 11.08 | $ 9.32 |
Diluted earnings per share: | |||||||||||
Effect of diluted securities (in shares) | 1.2 | 1.2 | 1.2 | ||||||||
Weighted average diluted common shares outstanding (in shares) | 37.9 | 37.5 | 37.0 | ||||||||
Diluted earnings per common share (in USD per share) | $ 3.48 | $ 2.48 | $ 2.48 | $ 2.17 | $ 3.06 | $ 2.84 | $ 2.80 | $ 2.02 | $ 10.62 | $ 10.73 | $ 9.01 |
Summary of Significant Accounting Policies (Schedule of Notional Amounts of Outstanding Foreign Currency Contracts) (Details) - Jan. 03, 2021 - Not designated as hedging instrument € in Millions, £ in Millions, kr in Millions, $ in Millions, $ in Millions |
USD ($) |
EUR (€) |
CAD ($) |
GBP (£) |
DKK (kr) |
---|---|---|---|---|---|
Sell US dollars and buy Canadian dollars | Contracts to Buy | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 78.0 | ||||
Sell US dollars and buy Canadian dollars | Contracts to Sell | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 59.7 | ||||
Sell US dollars and buy Euros | Contracts to Buy | |||||
Derivative [Line Items] | |||||
Derivative notional amount | € | € 36.2 | ||||
Sell US dollars and buy Euros | Contracts to Sell | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 43.3 | ||||
Sell US dollars and buy Great Britain pounds | Contracts to Buy | |||||
Derivative [Line Items] | |||||
Derivative notional amount | £ | £ 88.9 | ||||
Sell US dollars and buy Great Britain pounds | Contracts to Sell | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 119.1 | ||||
Sell Euros and Buy Canadian Dollars | Contracts to Buy | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 22.3 | ||||
Sell Euros and Buy Canadian Dollars | Contracts to Sell | |||||
Derivative [Line Items] | |||||
Derivative notional amount | € | € 14.4 | ||||
Sell US Dollars And Buy Danish Krone | Contracts to Buy | |||||
Derivative [Line Items] | |||||
Derivative notional amount | kr | kr 302.3 | ||||
Sell US Dollars And Buy Danish Krone | Contracts to Sell | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 49.0 |
Summary of Significant Accounting Policies (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - Designated as hedging instrument - Cash Flow Hedging - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in AOCI | $ (13.7) | $ 9.3 |
Net foreign exchange gain (loss) recognized in other income and expense, net | 0.0 | (0.5) |
Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 1.5 | (1.8) |
Sales | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 4.8 | 0.8 |
Other Operating Income (Expense) | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 4.4 | 2.4 |
Interest Expense | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | (1.0) | 0.2 |
Interest Expense | Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | $ (26.7) | $ 6.0 |
Summary of Significant Accounting Policies (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Derivative [Line Items] | ||
Total liability derivatives | $ (16.3) | $ (0.7) |
Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | (21.8) | (0.4) |
Not designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 5.5 | (0.3) |
Other assets | Foreign Exchange Contract | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 7.3 | 1.3 |
Other current assets | Foreign Exchange Contract | Not designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 6.7 | 0.1 |
Other current assets | Interest Rate Contract | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 0.0 | 0.2 |
Other current assets | Currency Swap | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 3.3 | 5.4 |
Other non-current assets | Interest Rate Contract | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 0.3 | |
Other non-current assets | Currency Swap | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 0.1 | 0.0 |
Other current liabilities | Interest Rate Contract | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | (1.5) | 0.0 |
Accrued liabilities | Foreign Exchange Contract | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | 0.0 | (0.1) |
Accrued liabilities | Foreign Exchange Contract | Not designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | (1.2) | (0.4) |
Accrued liabilities | Currency Swap | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | 0.0 | 0.3 |
Other non-current liabilities | Interest Rate Contract | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | (1.8) | |
Other non-current liabilities | Currency Swap | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | $ 29.2 | $ 7.8 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jan. 05, 2020 |
Aug. 30, 2019 |
Aug. 01, 2019 |
Feb. 05, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses | $ 29.0 | $ 484.0 | $ 3.1 | ||||
Goodwill | 2,150.0 | 2,050.5 | 1,735.2 | ||||
Acquired intangible assets, net | 409.7 | 430.8 | |||||
Amortization of intangible assets | 39.6 | $ 37.4 | $ 39.5 | ||||
Amortization expense 2021 | 39.0 | ||||||
Amortization expense 2022 | 36.2 | ||||||
Amortization expense 2023 | 32.2 | ||||||
Amortization expense 2024 | 30.4 | ||||||
Amortization expense 2025 | $ 24.4 | ||||||
Minimum | |||||||
Business Acquisition [Line Items] | |||||||
Useful life | 1 year | ||||||
Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Useful life | 15 years | ||||||
OakGate Technology, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses | $ 28.5 | $ 28.5 | |||||
Goodwill | $ 16.9 | ||||||
Roper Technologies, Inc | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses | $ 224.8 | ||||||
3M Gas And Flame Detection Business | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses | $ 233.5 | ||||||
Purchase price adjustment - Micralyne Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses | $ 25.7 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Purchase Price) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 05, 2020 |
Aug. 30, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Business Acquisition [Line Items] | |||||
Cash paid | $ 29.0 | $ 484.0 | $ 3.1 | ||
Goodwill Acquired | 16.9 | $ 304.9 | |||
Acquired Intangible Assets | 7.0 | ||||
OakGate Technology, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash paid | $ 28.5 | 28.5 | |||
Goodwill Acquired | 16.9 | ||||
Acquired Intangible Assets | 7.0 | ||||
Purchase price adjustment - Micralyne Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash paid | $ 25.7 | ||||
Payments for Previous Acquisition | $ 0.5 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 2,150.0 | $ 2,050.5 | $ 1,735.2 |
OakGate Technology, Inc. | |||
Business Acquisition [Line Items] | |||
Current assets, excluding cash acquired | 3.7 | ||
Goodwill | 16.9 | ||
Acquired intangible assets | 7.0 | ||
Other long-term assets | 2.8 | ||
Total assets acquired | 30.4 | ||
Current liabilities | (1.9) | ||
Total liabilities assumed | (1.9) | ||
Cash paid, net of cash acquired | $ 28.5 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Goodwill | $ 2,150.0 | $ 2,050.5 | $ 1,735.2 |
Weighted average useful life in years | 5 years 9 months 18 days | ||
Proprietary technology | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Weighted average useful life in years | 5 years 9 months 18 days | ||
Customer list/relationships | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Weighted average useful life in years | 5 years 7 months 6 days | ||
Trademarks | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Weighted average useful life in years | 6 years 1 month 6 days | ||
OakGate Technology, Inc. | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Intangibles subject to amortization | $ 7.0 | ||
Goodwill | $ 16.9 | ||
Weighted average useful life in years | 7 years 3 months 18 days | ||
OakGate Technology, Inc. | Proprietary technology | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Intangibles subject to amortization | $ 5.5 | ||
Weighted average useful life in years | 7 years | ||
OakGate Technology, Inc. | Customer list/relationships | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Intangibles subject to amortization | $ 1.2 | ||
Weighted average useful life in years | 10 years | ||
OakGate Technology, Inc. | Trademarks | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Intangibles subject to amortization | $ 0.3 | ||
Weighted average useful life in years | 3 years |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 2,050.5 | $ 1,735.2 |
Current year acquisitions | 16.9 | 304.9 |
Foreign currency changes and other | 82.6 | 10.4 |
Goodwill, ending balance | 2,150.0 | 2,050.5 |
Instrumentation | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 905.9 | 754.7 |
Current year acquisitions | 16.9 | 147.7 |
Foreign currency changes and other | 46.0 | 3.5 |
Goodwill, ending balance | 968.8 | 905.9 |
Digital Imaging | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 962.7 | 809.7 |
Current year acquisitions | 0.0 | 157.2 |
Foreign currency changes and other | 35.1 | (4.2) |
Goodwill, ending balance | 997.8 | 962.7 |
Aerospace and Defense Electronics | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 164.3 | 148.5 |
Current year acquisitions | 0.0 | 0.0 |
Foreign currency changes and other | 1.5 | 15.8 |
Goodwill, ending balance | 165.8 | 164.3 |
Engineered Systems | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 17.6 | 22.3 |
Current year acquisitions | 0.0 | 0.0 |
Foreign currency changes and other | 0.0 | (4.7) |
Goodwill, ending balance | $ 17.6 | $ 17.6 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Other Acquired Intangible Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | $ 611.2 | $ 597.2 |
Accumulated amortization | 377.2 | 329.9 |
Net carrying amount | 234.0 | 267.3 |
Total other acquired intangible assets, gross carrying amount | 786.9 | 760.7 |
Total other acquired intangible assets, net carrying amount | 409.7 | 430.8 |
Trademarks | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Other acquired intangible assets not subject to amortization | 175.7 | 163.5 |
Proprietary technology | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 420.3 | 397.5 |
Accumulated amortization | 242.7 | 207.6 |
Net carrying amount | 177.6 | 189.9 |
Customer list/relationships | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 168.3 | 177.6 |
Accumulated amortization | 112.8 | 101.4 |
Net carrying amount | 55.5 | 76.2 |
Patents | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 0.7 | 0.7 |
Accumulated amortization | 0.7 | 0.6 |
Net carrying amount | 0.0 | 0.1 |
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 | 0.0 |
Trademarks | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 4.5 | 4.1 |
Accumulated amortization | 3.6 | 3.3 |
Net carrying amount | 0.9 | 0.8 |
Trademarks | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 16.5 | 16.4 |
Accumulated amortization | 16.5 | 16.1 |
Net carrying amount | $ 0.0 | $ 0.3 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Remaining Useful Life) (Details) |
12 Months Ended |
---|---|
Jan. 03, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 5 years 9 months 18 days |
Proprietary technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 5 years 9 months 18 days |
Customer list/relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 5 years 7 months 6 days |
Patents | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 2 years 2 months 12 days |
Trademarks | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 6 years 1 month 6 days |
Financial Instruments (Details) - USD ($) |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Cash equivalents | $ 471,000,000.0 | $ 0 |
Accounts Receivable and Unbilled Receivables (Details) - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Billed receivables | $ 414.3 | $ 470.6 |
Allowance for doubtful accounts | (12.3) | (10.2) |
Account receivable, net | 402.0 | 460.4 |
Commercial and other unbilled receivables, net | 222.1 | 200.4 |
Commercial and other billed receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Billed receivables | 377.4 | 440.1 |
Commercial and other unbilled receivables, net | 147.1 | 143.9 |
U.S. Government and prime contractors billed receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Billed receivables | 36.9 | 30.5 |
Commercial and other unbilled receivables, net | $ 75.0 | $ 56.5 |
Inventories (Details) - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Inventories | ||
Raw materials and supplies | $ 231.0 | $ 231.2 |
Work in process | 60.5 | 108.3 |
Finished goods | 62.5 | 61.7 |
Total inventories, Gross | 354.0 | 401.2 |
Reduction to LIFO cost basis | (6.7) | (7.8) |
Total inventories, net | $ 347.3 | $ 393.4 |
Inventories (Details Textual) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Inventories (Textual) [Abstract] | |||
Inventories at cost as per LIFO | $ 29.2 | $ 40.0 | |
Inventories at average cost or FIFO methods | 324.8 | 361.2 | |
LIFO income | $ 1.1 | $ 1.6 | $ 0.1 |
Supplemental Balance Sheet Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,162.7 | $ 1,111.8 |
Accumulated depreciation and amortization | (673.4) | (623.9) |
Total property, plant and equipment, net | 489.3 | 487.9 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 70.0 | 68.1 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 286.0 | 280.6 |
Equipment and software and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 806.7 | $ 763.1 |
Supplemental Balance Sheet Information (Selected Balance Sheet) (Details) - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Salaries and wage accruals | $ 126.2 | $ 124.1 |
Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Deferred tax liabilities | $ 39.0 | $ 34.0 |
Stockholder's Equity (Common Stock Share Activity) (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Common Stock | |||
Beginning balance, common stock (in shares) | 37,697,865 | 37,697,865 | 37,697,865 |
Ending balance, common stock (in shares) | 37,697,865 | 37,697,865 | 37,697,865 |
Treasury Stock | |||
Beginning balance, treasury stock (in shares) | 1,149,899 | 1,610,568 | 2,157,632 |
Treasury stock, issued (in shares) | (403,641) | (460,669) | (547,064) |
Ending balance, treasury stock (in shares) | 746,258 | 1,149,899 | 1,610,568 |
Stockholder's Equity (Narrative) (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
shares
|
Jan. 31, 2016
shares
|
Jan. 03, 2021
USD ($)
installment
$ / shares
shares
|
Dec. 29, 2019
USD ($)
$ / shares
shares
|
Dec. 30, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2017
shares
|
Feb. 28, 2018
installment
shares
|
Jan. 26, 2016
shares
|
|
Preferred Stock | ||||||||
Preferred stock issued (in shares) | shares | 0 | 0 | 0 | |||||
Preferred stock, shares outstanding (in shares) | shares | 0 | 0 | 0 | |||||
Stock Incentive Plan | ||||||||
Pretax intrinsic value of options exercised | $ 96,900 | $ 82,500 | ||||||
Intrinsic value of options outstanding | 403,600 | |||||||
Intrinsic value of options exercisable | 339,800 | |||||||
Amount of cash received from exercise of stock options | $ 36,300 | $ 34,600 | $ 37,200 | |||||
Period used for the exchange traded option included the longest dated options | 3 months | |||||||
Grant date fair value of stock options granted (in USD per share) | $ / shares | $ 106.26 | $ 72.00 | $ 71.89 | |||||
Employee stock options | ||||||||
Stock Incentive Plan | ||||||||
Stock options maximum life | 10 years | |||||||
Employee stock options | Year one | ||||||||
Stock Incentive Plan | ||||||||
Annual award vesting percentage | 33.33% | |||||||
Employee stock options | Year two | ||||||||
Stock Incentive Plan | ||||||||
Annual award vesting percentage | 33.33% | |||||||
Employee stock options | Year three | ||||||||
Stock Incentive Plan | ||||||||
Annual award vesting percentage | 33.33% | |||||||
Employee and non-employee stock option | ||||||||
Stock Incentive Plan | ||||||||
Vesting period | 3 years | |||||||
Stock option expense | $ 24,700 | $ 26,100 | $ 19,800 | |||||
Nonvested awards unrecognized cost | $ 24,500 | |||||||
Weighted average period for non-vested awards expected to be recognized | 1 year 3 months 18 days | |||||||
Performance Shares | ||||||||
Share-based compensation expense | $ 24,700 | 26,100 | 19,800 | |||||
Performance shares | ||||||||
Stock Incentive Plan | ||||||||
Stock option expense | $ 6,200 | $ 7,500 | $ 5,100 | |||||
Performance Shares | ||||||||
Performance period for judging awards | 3 years | |||||||
Number of equal annual installments | installment | 3 | 3 | ||||||
Number of shares issued (in shares) | shares | 7,673 | 8,586 | 6,481 | |||||
Shares expected to be issued in three installments (in shares) | shares | 51,630 | |||||||
Share-based compensation expense | $ 6,200 | $ 7,500 | $ 5,100 | |||||
Restricted stock | ||||||||
Stock Incentive Plan | ||||||||
Stock option expense | 3,300 | 3,000 | 2,700 | |||||
Nonvested awards unrecognized cost | $ 3,600 | |||||||
Weighted average period for non-vested awards expected to be recognized | 1 year 6 months | |||||||
Performance Shares | ||||||||
Performance period for judging awards | 3 years | |||||||
Share-based compensation expense | $ 3,300 | $ 3,000 | $ 2,700 | |||||
Restricted Stock | ||||||||
Granted (in shares) | shares | 10,080 | 17,522 | 16,733 | |||||
Restricted stock | Non-Employee Director | ||||||||
Stock Incentive Plan | ||||||||
Grant date fair value of stock options granted (in USD per share) | $ / shares | $ 312.41 | $ 251.23 | $ 193.39 | |||||
Restricted stock units (RSUs) | ||||||||
Performance Shares | ||||||||
Performance period for judging awards | 3 years | |||||||
Restricted stock units (RSUs) | Chief Executive Officer | ||||||||
Stock Incentive Plan | ||||||||
Vesting period | 3 years | |||||||
Stock option expense | $ 2,000 | |||||||
Performance Shares | ||||||||
Share-based compensation expense | 2,000 | |||||||
Restricted Stock | ||||||||
Fair value restricted stock units granted | $ 2,000 | |||||||
Granted (in shares) | shares | 16,045 | |||||||
Shares paid for tax withholding for share based compensation (in shares) | shares | 2,697 | 2,697 | 2,389 | |||||
Restricted stock units (RSUs) | Non-Employee Director | ||||||||
Stock Incentive Plan | ||||||||
Stock option expense | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Performance Shares | ||||||||
Share-based compensation expense | 1,000 | $ 1,000 | $ 1,000 | |||||
Restricted Stock | ||||||||
Fair value restricted stock units granted | $ 110 | |||||||
Restricted stock units (RSUs) | First Time Director Appointed After Annual Meeting | ||||||||
Stock Incentive Plan | ||||||||
Vesting period | 1 year | |||||||
Restricted Stock | ||||||||
Fair value restricted stock units granted | $ 55 | |||||||
Accelerated Share Repurchase Program | ||||||||
Treasury Stock | ||||||||
Number of shares authorized to be repurchased (in shares) | shares | 3,000,000 | 3,000,000 | ||||||
Treasury shares, acquired (in shares) | shares | 0 |
Stockholder's Equity (Fair Value Assumptions) (Details) - Employee and non-employee stock option |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 23.70% | 26.70% | 31.00% |
Expected life in years | 6 years 7 months 6 days | 6 years 7 months 6 days | 6 years 9 months 18 days |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.50% | 2.47% | 1.99% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.75% | 2.70% | 2.58% |
Stockholder's Equity (Stock Option Plans) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Shares | |||
Beginning balance (in shares) | 1,988,576 | 2,064,740 | 2,285,703 |
Granted (in shares) | 247,273 | 390,789 | 376,065 |
Exercised (in shares) | (382,554) | (429,654) | (516,927) |
Canceled or expired (in shares) | (34,148) | (37,299) | (80,101) |
Ending balance (in shares) | 1,819,147 | 1,988,576 | 2,064,740 |
Options exercisable at end of period (in shares) | 1,242,786 | 1,242,205 | 1,257,766 |
Weighted Average Exercise Price | |||
Beginning balance (in USD per share) | $ 130.67 | $ 104.66 | $ 83.73 |
Granted (in USD per share) | 382.91 | 217.58 | 192.28 |
Exercised (in USD per share) | 95.22 | 80.31 | 71.95 |
Canceled or expired (in USD per share) | 252.43 | 181.62 | 129.85 |
Ending balance (in USD per share) | 170.10 | 130.67 | 104.66 |
Options exercisable at end of period (in USD per share) | $ 118.57 | $ 94.04 | $ 78.26 |
Stockholder's Equity (Exercise Price Range) (Details) |
12 Months Ended |
---|---|
Jan. 03, 2021
$ / shares
shares
| |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock options outstanding (in shares) | shares | 1,819,147 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 170.10 |
Stock options outstanding, remaining life in years | 6 years 1 month 6 days |
Stock options exercisable (in shares) | shares | 1,242,786 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 118.57 |
$31.64-$49.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 31.64 |
Maximum range of exercise prices (in USD per share) | $ 49.99 |
Stock options outstanding (in shares) | shares | 32,723 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 44.23 |
Stock options outstanding, remaining life in years | 8 months 12 days |
Stock options exercisable (in shares) | shares | 32,723 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 44.23 |
$31.64-$49.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 50.00 |
Maximum range of exercise prices (in USD per share) | $ 99.99 |
Stock options outstanding (in shares) | shares | 601,559 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 81.19 |
Stock options outstanding, remaining life in years | 3 years 7 months 6 days |
Stock options exercisable (in shares) | shares | 601,559 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 81.19 |
$100.00-$149.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 100.00 |
Maximum range of exercise prices (in USD per share) | $ 149.99 |
Stock options outstanding (in shares) | shares | 328,787 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 123.40 |
Stock options outstanding, remaining life in years | 6 years 1 month 6 days |
Stock options exercisable (in shares) | shares | 328,787 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 123.40 |
$150.00-$199.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 150.00 |
Maximum range of exercise prices (in USD per share) | $ 199.99 |
Stock options outstanding (in shares) | shares | 277,375 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 191.98 |
Stock options outstanding, remaining life in years | 7 years 1 month 6 days |
Stock options exercisable (in shares) | shares | 174,385 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 191.97 |
$200.00-$249.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 200.00 |
Maximum range of exercise prices (in USD per share) | $ 249.99 |
Stock options outstanding (in shares) | shares | 340,564 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 217.70 |
Stock options outstanding, remaining life in years | 8 years 1 month 6 days |
Stock options exercisable (in shares) | shares | 104,877 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 217.83 |
$250.00-$383.33 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 250.00 |
Maximum range of exercise prices (in USD per share) | $ 383.33 |
Stock options outstanding (in shares) | shares | 238,139 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 382.90 |
Stock options outstanding, remaining life in years | 9 years 1 month 6 days |
Stock options exercisable (in shares) | shares | 455 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 383.33 |
Stockholder's Equity (Nonvested Restricted Stock Activity) (Details) - Restricted stock - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Shares | |||
Beginning balance (in shares) | 56,412 | 74,220 | 88,436 |
Granted (in shares) | 10,080 | 17,522 | 16,733 |
Issued (in shares) | (23,087) | (35,330) | (28,855) |
Forfeited/Canceled (in shares) | (2,094) | ||
Ending balance (in shares) | 43,405 | 56,412 | 74,220 |
Weighted average fair value per share | |||
Weighted average fair value per share, beginning balance (in USD per share) | $ 158.62 | $ 108.05 | $ 90.72 |
Weighted average fair value per share, granted (in USD per share) | 360.33 | 200.00 | 176.64 |
Weighted average fair value per share, issued (in USD per share) | 114.74 | 72.91 | 92.74 |
Weighted average fair value per share, forfeited/canceled (in USD per share) | 135.48 | ||
Weighted average fair value per share, ending balance (in USD per share) | $ 228.80 | $ 158.62 | $ 108.05 |
Stockholder's Equity (Directors' Restricted Stock Activity) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Weighted average fair value per share | |||
Grant date fair value of stock options granted (in USD per share) | $ 106.26 | $ 72.00 | $ 71.89 |
Restricted stock | |||
Shares | |||
Issued (in shares) | (23,087) | (35,330) | (28,855) |
Canceled (in shares) | (2,094) | ||
Weighted average fair value per share | |||
Weighted average fair value per share, beginning balance (in USD per share) | $ 158.62 | $ 108.05 | $ 90.72 |
Weighted average fair value per share, issued (in USD per share) | 114.74 | 72.91 | 92.74 |
Weighted average fair value per share, canceled (in USD per share) | 135.48 | ||
Weighted average fair value per share, ending balance (in USD per share) | $ 228.80 | $ 158.62 | $ 108.05 |
Non-Employee Director | Restricted stock | |||
Shares | |||
Beginning balance (in shares) | 9,067 | 7,752 | 8,373 |
Granted in period (in shares) | 3,692 | 4,155 | 5,112 |
Issued (in shares) | (2,640) | (2,840) | (5,733) |
Canceled (in shares) | (353) | ||
Ending balance (in shares) | 9,766 | 9,067 | 7,752 |
Weighted average fair value per share | |||
Weighted average fair value per share, beginning balance (in USD per share) | $ 199.90 | $ 170.00 | $ 131.25 |
Grant date fair value of stock options granted (in USD per share) | 312.41 | 251.23 | 193.39 |
Weighted average fair value per share, issued (in USD per share) | 249.72 | 193.39 | 134.26 |
Weighted average fair value per share, canceled (in USD per share) | 311.17 | ||
Weighted average fair value per share, ending balance (in USD per share) | $ 224.94 | $ 199.90 | $ 170.00 |
Long-Term Debt (Details) |
Jan. 03, 2021
USD ($)
|
Jan. 03, 2021
EUR (€)
|
Dec. 29, 2019
USD ($)
|
---|---|---|---|
Debt Instrument [Line Items] | |||
Long-term debt gross | $ 779,300,000 | ||
Debt issuance costs | (800,000) | $ (1,200,000) | |
Total debt | 778,500,000 | 850,600,000 | |
Current portion of long-term debt and other debt | (97,600,000) | (100,600,000) | |
Total long-term debt, net of current portion | 680,900,000 | 750,000,000.0 | |
Other debt | |||
Debt Instrument [Line Items] | |||
Long-term debt gross | $ 4,000,000.0 | 2,000,000.0 | |
Term loan due October 2024, variable rate of 1.15% at January 3, 2021 and 2.702% at December 29, 2019, swapped to a Euro fixed rate of 0.612% | Term loans | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.612% | 0.612% | |
Long-term debt gross | $ 150,000,000.0 | $ 150,000,000.0 | |
Derivative, Basis Spread on Variable Rate | 1.15% | 1.15% | 2.702% |
5.30% Fixed Rate Senior Notes repaid September 2020 | Senior notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.30% | 5.30% | |
Long-term debt gross | $ 0 | $ 75,000,000.0 | |
2.81% Fixed Rate Senior Notes repaid November 2020 | Senior notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.81% | 2.81% | |
Long-term debt gross | $ 0 | 25,000,000.0 | |
3.09% Fixed Rate Senior Notes due December 2021 | Senior notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.09% | 3.09% | |
Long-term debt gross | $ 95,000,000.0 | 95,000,000.0 | |
3.28% Fixed Rate Senior Notes due November 2022 | Senior notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.28% | 3.28% | |
Long-term debt gross | $ 100,000,000.0 | 100,000,000.0 | |
0.70% €50 Million Fixed Rate Senior Notes due April 2022 | Senior notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.70% | 0.70% | |
Aggregate principal amount | € | € 50,000,000 | ||
Long-term debt gross | $ 61,100,000 | 56,000,000.0 | |
0.92% €100 Million Fixed Rate Senior Notes due April 2023 | Senior notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.92% | 0.92% | |
Aggregate principal amount | € | € 100,000,000 | ||
Long-term debt gross | $ 122,100,000 | 111,900,000 | |
1.09% €100 Million Fixed Rate Senior Notes due April 2024 | Senior notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.09% | 1.09% | |
Aggregate principal amount | € | € 100,000,000 | ||
Long-term debt gross | $ 122,100,000 | $ 111,900,000 | |
Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 750,000,000.0 | ||
Long-term debt, weighted average interest rate | 1.05% | 1.05% | 2.80% |
Long-term debt gross | $ 125,000,000.0 | $ 125,000,000.0 |
Long-term Debt Maturities (Details) - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Debt Disclosure [Abstract] | ||
2021 | $ 97.1 | |
2022 | 161.1 | |
2023 | 122.1 | |
2024 | 397.1 | |
2025 | 0.8 | |
Thereafter | 1.1 | |
Total principal payments | 779.3 | |
Debt issuance costs | (0.8) | $ (1.2) |
Total debt | $ 778.5 | $ 850.6 |
Long-Term Debt (Narrative) (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Jan. 04, 2021 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Line of Credit Facility [Line Items] | ||||
Interest expense | $ 15,800,000 | $ 22,000,000.0 | $ 29,200,000 | |
FLIR Systems, Inc | Subsequent Event | 364-day Credit Commitment | Bridge Loan | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 4,500,000,000 | |||
Line of credit facility expiration | 364 days | |||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Facility fees minimum | 0.12% | |||
Facility fees maximum | 0.25% | |||
Revolving Credit Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 750,000,000.0 | |||
Line of credit facility additional borrowing capacity | 250,000,000.0 | |||
Remaining borrowing capacity under credit facility | 615,500,000 | |||
Letter of credit | ||||
Line of Credit Facility [Line Items] | ||||
Outstanding balance | $ 27,700,000 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Income Tax Contingency [Line Items] | |||
Income from domestic operations included in income from continuing operations before income taxes | $ 289.5 | $ 295.9 | $ 243.7 |
Income from foreign operations included in income before taxes | 180.2 | 177.8 | 150.2 |
Undistributed foreign earnings | 326.8 | ||
Estimated deferred tax liability, undistributed foreign earnings | 1.4 | ||
Increase (decrease) in valuation allowance | 6.8 | ||
Expected decrease in unrecognized tax benefits over next 12 months | 2.8 | ||
Interest related to unrecognized tax benefit | 0.1 | (0.3) | 0.3 |
Interest accrued for unrecognized tax benefits | 1.2 | $ 1.1 | $ 1.7 |
Foreign | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 71.5 | ||
Foreign | Capital Loss Carryforward | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforwards | 2.2 | ||
Foreign | Investment tax credit carryforward | Canada Revenue Agency | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforwards subject to expiration | 16.3 | ||
Domestic State | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforwards subject to expiration | 0.4 | ||
Operating loss carryforwards subject to expiration | 113.2 | ||
Tax credit carryforwards not subject to expiration | 11.3 | ||
Domestic State | Research tax credit carryforward | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforwards | 11.7 | ||
Federal Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards subject to expiration | 19.6 | ||
Federal Tax Authority | Research tax credit carryforward | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforwards | $ 0.5 |
Income Taxes (Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 29, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Current | |||||||||||
Federal | $ 25.3 | $ 66.0 | $ 22.9 | ||||||||
State | 7.0 | 10.6 | 8.1 | ||||||||
Foreign | 39.1 | 28.4 | 31.8 | ||||||||
Total current | 71.4 | 105.0 | 62.8 | ||||||||
Deferred | |||||||||||
Federal | (0.5) | (37.0) | 2.3 | ||||||||
State | 2.3 | (2.3) | 0.6 | ||||||||
Foreign | (5.4) | 5.7 | (5.6) | ||||||||
Total deferred | (3.6) | (33.6) | (2.7) | ||||||||
Provision for income taxes | $ 9.0 | $ 25.8 | $ 14.2 | $ 18.8 | $ 13.8 | $ 16.7 | $ 23.3 | $ 17.6 | $ 67.8 | $ 71.4 | $ 60.1 |
Income Taxes (Effective Income Tax Rate) (Details) |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State and local taxes, net of federal benefit | 2.00% | 2.20% | 1.90% |
Research and development tax credits | (3.40%) | (2.20%) | (2.30%) |
Investment tax credits | (1.00%) | (1.10%) | (1.20%) |
Foreign rate differential | 0.60% | 0.70% | 1.10% |
Net reversals for unrecognized tax benefits | 0.70% | (0.60%) | (0.30%) |
Stock-based compensation | (4.50%) | (3.30%) | (3.30%) |
U.S. export sales | (2.50%) | (3.00%) | (1.30%) |
Other | 1.50% | 1.40% | (0.30%) |
Effective income tax rate | 14.40% | 15.10% | 15.30% |
Income Taxes (Deferred Income Tax) (Details) - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Long-term: | ||
Accrued liabilities | $ 22.2 | $ 20.5 |
Inventory valuation | 15.4 | 14.5 |
Accrued vacation | 7.6 | 7.8 |
Deferred compensation and other benefit plans | 39.0 | 30.2 |
Postretirement benefits other than pensions | 1.8 | 1.8 |
Operating lease liabilities | 29.9 | 33.5 |
Capitalization of research and development | 37.1 | 38.8 |
Tax credit and net operating loss carryforward | 44.2 | 30.2 |
Valuation allowance | (12.9) | (6.1) |
Total deferred income tax assets | 184.3 | 171.2 |
Long-term: | ||
Property, plant and equipment differences | 16.5 | 16.0 |
Intangible amortization | 139.4 | 133.5 |
Operating lease right-of-use assets | 27.7 | 33.5 |
Other | 3.7 | 5.5 |
Total deferred income tax liabilities | 187.3 | 188.5 |
Net deferred income tax liabilities | $ 3.0 | $ 17.3 |
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning of year | $ 24.5 | $ 25.0 | $ 26.0 |
Increase in prior year tax positions | 5.1 | 4.2 | 2.3 |
Increase for tax positions taken during the current period | 9.4 | 4.3 | 2.1 |
Reduction related to settlements with taxing authorities | (1.9) | (4.6) | (0.1) |
Reduction related to lapse of the statute of limitations | (4.9) | (4.3) | (5.2) |
Impact of exchange rate changes | 0.1 | ||
Impact of exchange rate changes | (0.1) | (0.1) | |
End of year | $ 32.3 | $ 24.5 | $ 25.0 |
Pension Plans and Postretirement Benefits (Narrative) (Details) |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 01, 2020
plan
|
Dec. 26, 2021 |
Jan. 03, 2021
USD ($)
|
Dec. 29, 2019
USD ($)
|
Dec. 30, 2018
USD ($)
participant
|
|
Defined Benefit Plan Disclosure [Line Items] | |||||
Actuarial amortization period | 9 years | ||||
Non-cash reduction to stockholders' equity | $ 347,800,000 | $ 323,100,000 | |||
Deferred tax on non-cash reductions to stockholders' equity | 110,500,000 | 102,500,000 | |||
Employer contributions to 401(k) plans | $ 13,800,000 | 13,400,000 | $ 11,900,000 | ||
Assumed rate of increase in the per capita cost of covered benefits 2020 | 6.25% | ||||
Assumed rate of decrease in the per capita cost of covered benefits by 2027 | 5.00% | ||||
Effect of one percentage point increase in assumed health care cost trend rates on annual service and interest costs (less than) | $ 100,000 | ||||
Effect of one percentage point increase in assumed health care cost trend rates on postretirement benefit obligation | 200,000 | ||||
Effect of one percentage point decrease in assumed health care cost trend rates on annual service and interest costs | 100,000 | ||||
Effect of one percentage point decrease in assumed health care cost trend rates on postretirement benefit obligation | 200,000 | ||||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Annuity premium | 0 | 0 | |||
Minimum liability adjustment to be recognized for the pension plans, net gain (loss) | 26,700,000 | ||||
Minimum liability adjustment to be recognized for the pension plans, net prior service credit | 3,500,000 | ||||
Postretirement Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost - benefits earned during the period (in millions) | 0 | 0 | $ 0 | ||
Unrecognized net gain | 900,000 | $ 2,200,000 | |||
Retiree Medical Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Minimum liability adjustment to be recognized for the pension plans, net gain (loss) | 100,000 | ||||
Unrecognized net gain | 900,000 | ||||
Domestic | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return | 7.80% | 8.00% | |||
Service cost - benefits earned during the period (in millions) | $ 9,300,000 | $ 8,500,000 | $ 9,800,000 | ||
Domestic | Pension Plan | Equity instruments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of plan assets | 38.00% | ||||
Domestic | Pension Plan | Fixed income instruments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of plan assets | 51.00% | ||||
Domestic | Pension Plan | Alternatives | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of plan assets | 11.00% | ||||
Domestic | Pension Plan | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return | 6.71% | ||||
Domestic | Pension Plan | Minimum | Scenario, Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return | 6.71% | ||||
Domestic | Pension Plan | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return | 7.80% | ||||
Domestic | Pension Plan | Maximum | Scenario, Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return | 7.80% | ||||
Foreign | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost - benefits earned during the period (in millions) | $ 1,100,000 | $ 900,000 | $ 900,000 | ||
Foreign | Pension Plan | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return | 1.00% | 1.00% | 1.00% | ||
Foreign | Pension Plan | Minimum | Scenario, Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return | 0.80% | ||||
Foreign | Pension Plan | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return | 3.00% | 3.80% | 4.50% | ||
Foreign | Pension Plan | Maximum | Scenario, Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return | 2.50% | ||||
Inactive Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actuarial amortization period | 17 years | ||||
Qualified plan | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Annuity premium | $ 17,800,000 | ||||
Number of plan participants | participant | 321 | ||||
Qualified plan | Domestic | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of plans | plan | 2 | ||||
Percentage of employees under defined benefit pension plan | 10.00% | ||||
Settlements | $ 24,900,000 | $ 17,200,000 | $ 18,600,000 | ||
Qualified plan | Inactive Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of plans | plan | 1 |
Pension Plans and Postretirement Benefits (Net Periodic Pension Benefit (Income) Expense) (Details) - Pension Plan - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Domestic | |||
Components of net period pension benefit expense | |||
Service cost - benefits earned during the period (in millions) | $ 9.3 | $ 8.5 | $ 9.8 |
Pension non-service (income)/expense (in millions): | |||
Interest cost on benefit obligation | 26.5 | 32.4 | 31.5 |
Expected return on plan assets | (56.0) | (64.8) | (70.0) |
Amortization of prior service cost | (6.0) | (6.0) | (6.0) |
Amortization of actuarial gain | 22.5 | 30.6 | 31.1 |
Settlements/Curtailment | 0.0 | 0.0 | 0.0 |
Postretirement benefits non-service expense | (13.0) | (7.8) | (13.4) |
Foreign | |||
Components of net period pension benefit expense | |||
Service cost - benefits earned during the period (in millions) | 1.1 | 0.9 | 0.9 |
Pension non-service (income)/expense (in millions): | |||
Interest cost on benefit obligation | 0.9 | 1.2 | 1.3 |
Expected return on plan assets | (1.1) | (1.4) | (1.7) |
Amortization of prior service cost | 0.1 | 0.1 | (0.1) |
Amortization of actuarial gain | 0.3 | 0.3 | 0.4 |
Settlements/Curtailment | 0.0 | (0.5) | (0.1) |
Postretirement benefits non-service expense | $ 0.2 | $ (0.3) | $ (0.2) |
Pension Plans and Postretirement Benefits (Benefit Obligation and Net Benefit Cost) (Details) - Pension Plan |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.59% | 4.02% | |
Weighted average increase in future compensation levels | 2.75% | 2.75% | 2.75% |
Expected weighted-average long-term rate of return | 7.80% | 8.00% | |
Discount rate | 341.00% | 459.00% | |
Salary growth rate | 275.00% | 275.00% | 275.00% |
Domestic | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 3.38% | ||
Expected weighted-average long-term rate of return | 6.71% | ||
Discount rate | 2.55% | ||
Domestic | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 3.52% | ||
Expected weighted-average long-term rate of return | 7.80% | ||
Discount rate | 2.78% | ||
Foreign | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 0.20% | 0.90% | 0.70% |
Weighted average increase in future compensation levels | 1.00% | 1.00% | 1.00% |
Expected weighted-average long-term rate of return | 1.00% | 1.00% | 1.00% |
Discount rate | 0.10% | 0.20% | 0.90% |
Salary growth rate | 1.00% | 1.00% | 1.00% |
Foreign | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 1.80% | 2.60% | 2.40% |
Weighted average increase in future compensation levels | 2.50% | 2.50% | 2.50% |
Expected weighted-average long-term rate of return | 3.00% | 3.80% | 4.50% |
Discount rate | 1.20% | 1.80% | 2.60% |
Salary growth rate | 2.50% | 2.50% | 2.50% |
Pension Plans and Postretirement Benefits (Benefit Obligation) (Details) - Pension Plan - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
United States | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation - beginning of year | $ 805.7 | $ 731.7 | |
Service cost - benefits earned during the year | 9.3 | 8.5 | $ 9.8 |
Interest cost on projected benefit obligation | 26.5 | 32.4 | 31.5 |
Actuarial (gain) loss | 72.5 | 93.1 | |
Benefits paid | (67.2) | (60.0) | |
Other - including foreign currency, settlements/curtailments | 0.0 | 0.0 | |
Benefit obligation - end of year | 846.8 | 805.7 | 731.7 |
Accumulated benefit obligation - end of year | 842.0 | 801.3 | |
Foreign | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation - beginning of year | 60.3 | 52.3 | |
Service cost - benefits earned during the year | 1.1 | 0.9 | 0.9 |
Interest cost on projected benefit obligation | 0.9 | 1.2 | 1.3 |
Actuarial (gain) loss | 5.8 | 5.6 | |
Benefits paid | (1.7) | (2.0) | |
Other - including foreign currency, settlements/curtailments | 4.0 | 2.3 | |
Benefit obligation - end of year | 70.4 | 60.3 | $ 52.3 |
Accumulated benefit obligation - end of year | $ 65.3 | $ 56.3 |
Pension Plans and Postretirement Benefits (Changes in Plan Assets) (Details) - Pension Plan - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Domestic | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of net plan assets - beginning of year | $ 835.7 | $ 780.3 |
Actual return on plan assets | 83.5 | 113.1 |
Employer contribution - other benefit plan | 2.5 | 2.3 |
Foreign currency changes | 0.0 | 0.0 |
Benefits paid | (67.2) | (60.0) |
Other | 0.0 | 0.0 |
Fair value of net plan assets - end of year | 854.5 | 835.7 |
Foreign | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of net plan assets - beginning of year | 48.0 | 43.4 |
Actual return on plan assets | 4.0 | 5.4 |
Employer contribution - other benefit plan | 1.1 | 0.7 |
Foreign currency changes | 3.4 | 0.6 |
Benefits paid | (1.7) | (2.0) |
Other | (0.4) | (0.1) |
Fair value of net plan assets - end of year | $ 54.4 | $ 48.0 |
Pension Plans and Postretirement Benefits (Funded Status) (Details) - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Amounts recognized in the consolidated balance sheets: | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 67.9 | $ 71.8 |
Pension Plan | Domestic | ||
Funded Status and Amounts Recognized in Balance Sheets [Abstract] | ||
Funded status | 7.7 | 30.0 |
Amounts recognized in the consolidated balance sheets: | ||
Assets for Plan Benefits, Defined Benefit Plan | 67.9 | 71.8 |
Accrued pension obligation long-term | (51.6) | (33.8) |
Accrued pension obligation short-term | (2.7) | (2.7) |
Other long-term liabilities | (5.9) | (5.3) |
Accrued benefit cost | 7.7 | 30.0 |
Amounts recognized in accumulated other comprehensive loss: | ||
Net prior service cost (credit) | (6.6) | (30.6) |
Net loss | 454.2 | 431.7 |
Net amount recognized, before tax effect | 447.6 | 401.1 |
Pension Plan | Foreign | ||
Funded Status and Amounts Recognized in Balance Sheets [Abstract] | ||
Funded status | (16.0) | (12.3) |
Amounts recognized in the consolidated balance sheets: | ||
Assets for Plan Benefits, Defined Benefit Plan | 0.0 | 0.0 |
Accrued pension obligation long-term | (15.5) | (11.7) |
Accrued pension obligation short-term | (0.5) | (0.6) |
Other long-term liabilities | 0.0 | 0.0 |
Accrued benefit cost | (16.0) | (12.3) |
Amounts recognized in accumulated other comprehensive loss: | ||
Net prior service cost (credit) | 0.8 | (0.4) |
Net loss | 10.6 | 7.8 |
Net amount recognized, before tax effect | $ 11.4 | $ 7.4 |
Pension Plans and Post Retirement Benefits (Pension Plans with Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - Pension Plan - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 300.4 | $ 102.0 |
Accumulated benefit obligation | 290.8 | 98.0 |
Fair value of plan assets | $ 224.3 | $ 48.0 |
Pension Plans and Postretirement Benefits (Estimated Future Benefit Payments) (Details) $ in Millions |
Jan. 03, 2021
USD ($)
|
---|---|
Postretirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 0.9 |
2022 | 0.8 |
2023 | 0.8 |
2024 | 0.7 |
2025 | 0.6 |
2026-2030 | 2.6 |
Total | 6.4 |
Domestic | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 54.9 |
2022 | 56.4 |
2023 | 55.4 |
2024 | 54.4 |
2025 | 55.3 |
2026-2030 | 263.6 |
Total | 540.0 |
Foreign | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 2.4 |
2022 | 2.3 |
2023 | 2.5 |
2024 | 2.5 |
2025 | 2.6 |
2026-2030 | 14.2 |
Total | $ 26.5 |
Pension Plans and Postretirement Benefits (Percentage of Plan Assets) (Details) - Pension Plan |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 100.00% | 100.00% |
Domestic | Equity instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 38.00% | 49.00% |
Domestic | Fixed income instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 49.00% | 31.00% |
Domestic | Alternatives and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 13.00% | 20.00% |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 100.00% | 100.00% |
Foreign | Equity instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 52.00% | 56.00% |
Foreign | Fixed income instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 25.00% | 25.00% |
Foreign | Alternatives and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 23.00% | 19.00% |
Pension Plans and Postretirement Benefits (Fair Value) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Transfers between all three levels | $ 0 | $ 0 |
Fair Value, Measurements, Recurring | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 599,600,000 | 580,900,000 |
Fair Value, Measurements, Recurring | Pension Plan | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 246,700,000 | 180,800,000 |
Fair Value, Measurements, Recurring | Pension Plan | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 352,900,000 | 400,100,000 |
Fair Value, Measurements, Recurring | Pension Plan | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Pension Plan | Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 309,300,000 | 302,900,000 |
Fair Value, Measurements, Recurring | Pension Plan | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 55,000,000.0 | 65,400,000 |
Fair Value, Measurements, Recurring | Pension Plan | Cash and Cash Equivalents | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Pension Plan | Cash and Cash Equivalents | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 55,000,000.0 | 65,400,000 |
Fair Value, Measurements, Recurring | Pension Plan | Cash and Cash Equivalents | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Pension Plan | Equity instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 263,500,000 | 319,200,000 |
Fair Value, Measurements, Recurring | Pension Plan | Equity instruments | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 44,600,000 | 52,500,000 |
Fair Value, Measurements, Recurring | Pension Plan | Equity instruments | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 218,900,000 | 266,700,000 |
Fair Value, Measurements, Recurring | Pension Plan | Equity instruments | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Pension Plan | U.S. government securities and futures | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 215,400,000 | 134,900,000 |
Fair Value, Measurements, Recurring | Pension Plan | U.S. government securities and futures | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 202,100,000 | 128,300,000 |
Fair Value, Measurements, Recurring | Pension Plan | U.S. government securities and futures | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13,300,000 | 6,600,000 |
Fair Value, Measurements, Recurring | Pension Plan | U.S. government securities and futures | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Pension Plan | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 48,800,000 | 47,400,000 |
Fair Value, Measurements, Recurring | Pension Plan | Corporate bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Pension Plan | Corporate bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 48,800,000 | 47,400,000 |
Fair Value, Measurements, Recurring | Pension Plan | Corporate bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Pension Plan | Insurance contracts related to foreign plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 16,900,000 | 14,000,000.0 |
Fair Value, Measurements, Recurring | Pension Plan | Insurance contracts related to foreign plans | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Pension Plan | Insurance contracts related to foreign plans | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 16,900,000 | 14,000,000.0 |
Fair Value, Measurements, Recurring | Pension Plan | Insurance contracts related to foreign plans | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Pension Plan | Alternatives | Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 202,900,000 | 195,300,000 |
Fair Value, Measurements, Recurring | Pension Plan | Mutual funds | Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 16,800,000 | 29,700,000 |
Fair Value, Measurements, Recurring | Pension Plan | Mortgage-backed securities | Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 52,500,000 | 49,200,000 |
Fair Value, Measurements, Recurring | Pension Plan | High-yield bonds | Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 37,100,000 | $ 28,700,000 |
Pension Plans and Postretirement Benefits (Postretirement Benefit cost (income)) (Details) - Postretirement Plans - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $ 0.2 | $ 0.4 | $ 0.4 |
Amortization of actuarial gain | (0.2) | (0.3) | (0.3) |
Postretirement benefits non-service expense | $ 0.0 | $ 0.1 | $ 0.1 |
Pension Plans and Postretirement Benefits (Changes in Benefit Obligation) (Details) - Postretirement Plans - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation - beginning of year | $ 8.1 | $ 8.7 | |
Interest cost on projected benefit obligation | 0.2 | 0.4 | $ 0.4 |
Actuarial loss | 1.1 | 0.1 | |
Benefits paid | (1.4) | (1.2) | |
Other | 0.1 | 0.1 | |
Benefit obligation - end of year | $ 8.1 | $ 8.1 | $ 8.7 |
Pension Plans and Postretirement Benefits (Postretirement Funded Status) (Details) - Postretirement Plans - USD ($) $ in Millions |
Jan. 03, 2021 |
Dec. 29, 2019 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ (8.1) | $ (8.1) |
Unrecognized net gain | (0.9) | (2.2) |
Accrued benefit cost | (9.0) | (10.3) |
Accrued postretirement benefits (long-term) | (7.2) | (7.2) |
Accrued postretirement benefits (short-term) | (0.9) | (0.9) |
Accumulated other comprehensive income | $ (0.9) | $ (2.2) |
Business Segments (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021
USD ($)
product_line
|
Sep. 27, 2020
USD ($)
|
Jun. 28, 2020
USD ($)
|
Mar. 29, 2020
USD ($)
|
Dec. 29, 2019
USD ($)
|
Sep. 29, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
Jan. 03, 2021
USD ($)
product_line
segment
|
Dec. 29, 2019
USD ($)
|
Dec. 30, 2018
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 4 | ||||||||||
Reduction in headcount, percent | 9.80% | ||||||||||
Amount remaining to be paid for severance and facility consolidations | $ 2.1 | $ 2.1 | |||||||||
Net Sales | $ 809.3 | $ 749.0 | $ 743.3 | $ 784.6 | $ 834.2 | $ 802.2 | $ 782.0 | $ 745.2 | 3,086.2 | $ 3,163.6 | $ 2,901.8 |
Sales between business segments | 23.4 | 30.3 | 23.4 | ||||||||
United States Department of Defense | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 578.4 | 545.5 | 494.9 | ||||||||
Countries Other Than United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,385.3 | 1,391.6 | 1,353.7 | ||||||||
Countries Other Than United States | Domestic Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 546.8 | 638.0 | 600.5 | ||||||||
Instrumentation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of product lines | product_line | 3 | 3 | |||||||||
Net Sales | $ 1,094.5 | 1,105.1 | 1,021.2 | ||||||||
Aerospace and Defense Electronics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of product lines | product_line | 1 | 1 | |||||||||
Net Sales | $ 589.4 | 690.1 | 640.2 | ||||||||
Digital Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of product lines | product_line | 1 | 1 | |||||||||
Net Sales | $ 986.0 | 992.9 | 875.3 | ||||||||
Engineered Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of product lines | product_line | 1 | 1 | |||||||||
Net Sales | $ 416.3 | $ 375.5 | $ 365.1 |
Business Segments (Business Segments) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 29, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Restructuring Charges: | |||||||||||
Restructuring charges | $ 20.8 | $ 3.2 | $ 7.8 | ||||||||
Net sales: | |||||||||||
Net Sales | $ 809.3 | $ 749.0 | $ 743.3 | $ 784.6 | $ 834.2 | $ 802.2 | $ 782.0 | $ 745.2 | 3,086.2 | 3,163.6 | 2,901.8 |
Operating income: | |||||||||||
Total operating income | 143.8 | 122.5 | 109.8 | 104.0 | 133.8 | 128.7 | 131.9 | 97.3 | 480.1 | 491.7 | 416.6 |
Depreciation and amortization: | |||||||||||
Depreciation and amortization: | 116.2 | 111.9 | 113.0 | ||||||||
Capital expenditures: | |||||||||||
Capital expenditures: | 71.4 | 88.4 | 86.8 | ||||||||
Identifiable assets: | |||||||||||
Identifiable assets | 5,084.8 | 4,579.8 | 5,084.8 | 4,579.8 | 3,809.3 | ||||||
Instrumentation | |||||||||||
Net sales: | |||||||||||
Net Sales | 1,094.5 | 1,105.1 | 1,021.2 | ||||||||
Digital Imaging | |||||||||||
Net sales: | |||||||||||
Net Sales | 986.0 | 992.9 | 875.3 | ||||||||
Aerospace and Defense Electronics | |||||||||||
Net sales: | |||||||||||
Net Sales | 589.4 | 690.1 | 640.2 | ||||||||
Engineered Systems | |||||||||||
Net sales: | |||||||||||
Net Sales | 416.3 | 375.5 | 365.1 | ||||||||
Operating Segments | |||||||||||
Net sales: | |||||||||||
Net Sales | 809.3 | 749.0 | 743.3 | 784.6 | 834.2 | 802.2 | 782.0 | 745.2 | 3,086.2 | 3,163.6 | 2,901.8 |
Operating Segments | Instrumentation | |||||||||||
Restructuring Charges: | |||||||||||
Restructuring charges | 5.9 | 1.5 | 5.6 | ||||||||
Net sales: | |||||||||||
Net Sales | 282.8 | 263.5 | 263.1 | 285.1 | 301.6 | 282.9 | 264.1 | 256.5 | 1,094.5 | 1,105.1 | 1,021.2 |
Operating income: | |||||||||||
Total operating income | 63.2 | 50.7 | 48.5 | 50.8 | 59.5 | 52.0 | 49.0 | 39.9 | 213.2 | 200.4 | 147.4 |
Depreciation and amortization: | |||||||||||
Depreciation and amortization: | 38.3 | 35.9 | 37.0 | ||||||||
Capital expenditures: | |||||||||||
Capital expenditures: | 18.0 | 18.9 | 14.8 | ||||||||
Identifiable assets: | |||||||||||
Identifiable assets | 1,676.2 | 1,680.2 | 1,676.2 | 1,680.2 | 1,392.7 | ||||||
Operating Segments | Digital Imaging | |||||||||||
Restructuring Charges: | |||||||||||
Restructuring charges | 2.9 | 1.1 | 0.7 | ||||||||
Net sales: | |||||||||||
Net Sales | 262.0 | 239.7 | 237.6 | 246.7 | 268.1 | 244.0 | 248.4 | 232.4 | 986.0 | 992.9 | 875.3 |
Operating income: | |||||||||||
Total operating income | 56.7 | 45.5 | 46.8 | 43.8 | 47.1 | 41.2 | 51.6 | 36.6 | 192.8 | 176.5 | 155.5 |
Depreciation and amortization: | |||||||||||
Depreciation and amortization: | 49.2 | 48.5 | 50.8 | ||||||||
Capital expenditures: | |||||||||||
Capital expenditures: | 33.4 | 45.2 | 35.8 | ||||||||
Identifiable assets: | |||||||||||
Identifiable assets | 2,000.8 | 1,874.6 | 2,000.8 | 1,874.6 | 1,577.5 | ||||||
Operating Segments | Aerospace and Defense Electronics | |||||||||||
Restructuring Charges: | |||||||||||
Restructuring charges | 11.1 | 0.5 | 1.3 | ||||||||
Net sales: | |||||||||||
Net Sales | 145.2 | 144.8 | 143.1 | 156.3 | 170.4 | 177.1 | 176.0 | 166.6 | 589.4 | 690.1 | 640.2 |
Operating income: | |||||||||||
Total operating income | 23.2 | 26.7 | 17.5 | 13.4 | 32.8 | 39.5 | 38.6 | 32.5 | 80.8 | 143.4 | 131.8 |
Depreciation and amortization: | |||||||||||
Depreciation and amortization: | 13.7 | 14.3 | 13.8 | ||||||||
Capital expenditures: | |||||||||||
Capital expenditures: | 10.4 | 19.0 | 18.7 | ||||||||
Identifiable assets: | |||||||||||
Identifiable assets | 567.6 | 618.3 | 567.6 | 618.3 | 509.9 | ||||||
Operating Segments | Engineered Systems | |||||||||||
Restructuring Charges: | |||||||||||
Restructuring charges | 0.5 | 0.1 | 0.2 | ||||||||
Net sales: | |||||||||||
Net Sales | 119.3 | 101.0 | 99.5 | 96.5 | 94.1 | 98.2 | 93.5 | 89.7 | 416.3 | 375.5 | 365.1 |
Operating income: | |||||||||||
Total operating income | 15.4 | 12.5 | 10.8 | 11.4 | 10.5 | 10.6 | 9.0 | 6.4 | 50.1 | 36.5 | 37.9 |
Depreciation and amortization: | |||||||||||
Depreciation and amortization: | 9.2 | 6.0 | 4.3 | ||||||||
Capital expenditures: | |||||||||||
Capital expenditures: | 7.5 | 3.6 | 13.6 | ||||||||
Identifiable assets: | |||||||||||
Identifiable assets | 175.1 | 143.4 | 175.1 | 143.4 | 151.5 | ||||||
Corporate expense | |||||||||||
Restructuring Charges: | |||||||||||
Restructuring charges | 0.4 | 0.0 | 0.0 | ||||||||
Operating income: | |||||||||||
Total operating income | (14.7) | $ (12.9) | $ (13.8) | $ (15.4) | (16.1) | $ (14.6) | $ (16.3) | $ (18.1) | (56.8) | (65.1) | (56.0) |
Depreciation and amortization: | |||||||||||
Depreciation and amortization: | 5.8 | 7.2 | 7.1 | ||||||||
Capital expenditures: | |||||||||||
Capital expenditures: | 2.1 | 1.7 | 3.9 | ||||||||
Identifiable assets: | |||||||||||
Identifiable assets | $ 665.1 | $ 263.3 | $ 665.1 | $ 263.3 | $ 177.7 |
Business Segments (Sales and Long-lived Assets) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 29, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Net sales: | |||||||||||
Net Sales | $ 809.3 | $ 749.0 | $ 743.3 | $ 784.6 | $ 834.2 | $ 802.2 | $ 782.0 | $ 745.2 | $ 3,086.2 | $ 3,163.6 | $ 2,901.8 |
Long-lived assets: | |||||||||||
Long-lived assets | 3,326.2 | 3,249.3 | 3,326.2 | 3,249.3 | 2,682.3 | ||||||
United States | |||||||||||
Net sales: | |||||||||||
Net Sales | 2,078.7 | 2,179.6 | 2,044.9 | ||||||||
Long-lived assets: | |||||||||||
Long-lived assets | 1,707.0 | 1,839.4 | 1,707.0 | 1,839.4 | 1,402.3 | ||||||
Canada | |||||||||||
Net sales: | |||||||||||
Net Sales | 333.7 | 301.0 | 294.8 | ||||||||
Long-lived assets: | |||||||||||
Long-lived assets | 372.9 | 355.0 | 372.9 | 355.0 | 264.6 | ||||||
United Kingdom | |||||||||||
Net sales: | |||||||||||
Net Sales | 237.5 | 251.7 | 178.8 | ||||||||
Long-lived assets: | |||||||||||
Long-lived assets | 539.5 | 492.2 | 539.5 | 492.2 | 414.9 | ||||||
The Netherlands | |||||||||||
Net sales: | |||||||||||
Net Sales | 105.5 | 134.2 | 105.3 | ||||||||
The Netherlands | |||||||||||
Long-lived assets: | |||||||||||
Long-lived assets | 505.1 | 367.1 | 505.1 | 367.1 | 353.8 | ||||||
All other countries | |||||||||||
Net sales: | |||||||||||
Net Sales | 330.8 | 297.1 | 278.0 | ||||||||
Long-lived assets: | |||||||||||
Long-lived assets | $ 201.7 | $ 195.6 | $ 201.7 | $ 195.6 | $ 246.7 |
Business Segments (Product Lines) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 29, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Instrumentation: | |||||||||||
Net Sales | $ 809.3 | $ 749.0 | $ 743.3 | $ 784.6 | $ 834.2 | $ 802.2 | $ 782.0 | $ 745.2 | $ 3,086.2 | $ 3,163.6 | $ 2,901.8 |
Instrumentation | |||||||||||
Instrumentation: | |||||||||||
Net Sales | 1,094.5 | 1,105.1 | 1,021.2 | ||||||||
Instrumentation | Environmental Instrumentation | |||||||||||
Instrumentation: | |||||||||||
Net Sales | 411.3 | 391.4 | 339.6 | ||||||||
Instrumentation | Marine Instrumentation | |||||||||||
Instrumentation: | |||||||||||
Net Sales | 426.3 | 450.2 | 433.0 | ||||||||
Instrumentation | Test and Measurement Instrumentation | |||||||||||
Instrumentation: | |||||||||||
Net Sales | $ 256.9 | $ 263.5 | $ 248.6 |
Business Segments Business Segments (Disaggregation of Revenue) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 29, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | $ 809.3 | $ 749.0 | $ 743.3 | $ 784.6 | $ 834.2 | $ 802.2 | $ 782.0 | $ 745.2 | $ 3,086.2 | $ 3,163.6 | $ 2,901.8 |
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 2,078.7 | 2,179.6 | 2,044.9 | ||||||||
Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 557.4 | 565.0 | 437.3 | ||||||||
All other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 450.1 | 419.0 | 419.6 | ||||||||
Fixed Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 2,772.9 | 2,854.2 | 2,599.7 | ||||||||
Cost Type | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 313.3 | 309.4 | 302.1 | ||||||||
United States Government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 818.2 | 752.0 | 655.3 | ||||||||
Other, Primarily Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 2,268.0 | 2,411.6 | 2,246.5 | ||||||||
Instrumentation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 1,094.5 | 1,105.1 | 1,021.2 | ||||||||
Instrumentation | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 844.4 | 899.7 | 835.0 | ||||||||
Instrumentation | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 204.4 | 164.8 | 134.6 | ||||||||
Instrumentation | All other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 45.7 | 40.6 | 51.6 | ||||||||
Instrumentation | Fixed Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 1,081.6 | 1,094.4 | 1,001.0 | ||||||||
Instrumentation | Cost Type | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 12.9 | 10.7 | 20.2 | ||||||||
Instrumentation | United States Government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 80.6 | 80.4 | 68.3 | ||||||||
Instrumentation | Other, Primarily Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 1,013.9 | 1,024.7 | 952.9 | ||||||||
Digital Imaging | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 986.0 | 992.9 | 875.3 | ||||||||
Digital Imaging | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 309.3 | 316.1 | 239.3 | ||||||||
Digital Imaging | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 272.9 | 299.4 | 270.2 | ||||||||
Digital Imaging | All other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 403.8 | 377.4 | 365.8 | ||||||||
Digital Imaging | Fixed Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 883.5 | 903.1 | 795.5 | ||||||||
Digital Imaging | Cost Type | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 102.5 | 89.8 | 79.8 | ||||||||
Digital Imaging | United States Government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 120.9 | 107.4 | 90.5 | ||||||||
Digital Imaging | Other, Primarily Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 865.1 | 885.5 | 784.8 | ||||||||
Aerospace and Defense Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 589.4 | 690.1 | 640.2 | ||||||||
Aerospace and Defense Electronics | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 508.7 | 588.3 | 605.5 | ||||||||
Aerospace and Defense Electronics | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 80.1 | 100.8 | 32.5 | ||||||||
Aerospace and Defense Electronics | All other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0.6 | 1.0 | 2.2 | ||||||||
Aerospace and Defense Electronics | Fixed Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 588.8 | 687.8 | 637.4 | ||||||||
Aerospace and Defense Electronics | Cost Type | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0.6 | 2.3 | 2.8 | ||||||||
Aerospace and Defense Electronics | United States Government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 229.9 | 225.3 | 177.2 | ||||||||
Aerospace and Defense Electronics | Other, Primarily Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 359.5 | 464.8 | 463.0 | ||||||||
Engineered Systems | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 416.3 | 375.5 | 365.1 | ||||||||
Engineered Systems | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 416.3 | 375.5 | 365.1 | ||||||||
Engineered Systems | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0.0 | 0.0 | 0.0 | ||||||||
Engineered Systems | All other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0.0 | 0.0 | 0.0 | ||||||||
Engineered Systems | Fixed Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 219.0 | 168.9 | 165.8 | ||||||||
Engineered Systems | Cost Type | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 197.3 | 206.6 | 199.3 | ||||||||
Engineered Systems | United States Government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 386.8 | 338.9 | 319.3 | ||||||||
Engineered Systems | Other, Primarily Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | $ 29.5 | $ 36.6 | $ 45.8 |
Lease Commitments (Narrative) (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021
USD ($)
lease
lease_renewal_option
|
Dec. 29, 2019
USD ($)
|
Dec. 30, 2018
USD ($)
|
|
Leases [Abstract] | |||
Number of operating lease agreements | lease | 115 | ||
Number of operating lease renewal options (or more) | lease_renewal_option | 1 | ||
Operating lease right-of-use assets | $ 123.4 | ||
Weighted average remaining lease term | 9 years | ||
Discount rate | 4.00% | ||
Rental expense | $ 29.4 | $ 26.5 | |
Rental expense | $ 30.7 | ||
Cash paid | $ 27.8 | $ 24.7 |
Lease Commitments (Details) $ in Millions |
Jan. 03, 2021
USD ($)
|
---|---|
Operating lease commitments: | |
2021 | $ 23.8 |
2022 | 22.4 |
2023 | 19.2 |
2024 | 17.0 |
2025 | 15.5 |
Thereafter | 66.0 |
Total minimum lease payments | 163.9 |
Imputed interest | (26.2) |
Current portion (included in other current liabilities) | (21.2) |
Long-term operating lease liabilities | $ 116.5 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent |
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
|
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Reserves for environmental remediation obligations | $ 6.5 | $ 6.0 |
Portion of reserves included in current accrued liabilities | $ 1.5 | |
Maximum | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Estimated duration of environmental remediation of all sites | 30 years |
Subsequent Events (Details) - Subsequent Event - FLIR |
Jan. 04, 2021
USD ($)
$ / shares
shares
|
---|---|
Subsequent Event [Line Items] | |
Cash and stock transaction value | $ | $ 8,000,000,000.0 |
Common stock acquired (in dollars per share) | $ / shares | $ 28.00 |
Entity shares issued per acquiree | shares | 0.0718 |
Weighted average price (in dollars per share) | $ / shares | $ 56.00 |
364-day Credit Commitment | Bridge Loan | |
Subsequent Event [Line Items] | |
Credit commitment to fund the transaction | $ | $ 4,500,000,000 |
Line of credit facility expiration | 364 days |
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 29, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $ 809.3 | $ 749.0 | $ 743.3 | $ 784.6 | $ 834.2 | $ 802.2 | $ 782.0 | $ 745.2 | $ 3,086.2 | $ 3,163.6 | $ 2,901.8 |
Costs and expenses | |||||||||||
Cost of sales | 493.6 | 458.5 | 460.6 | 492.6 | 505.1 | 487.7 | 463.6 | 463.9 | 1,905.3 | 1,920.3 | 1,791.0 |
Selling, general and administrative expenses | 171.9 | 168.0 | 172.9 | 188.0 | 195.3 | 185.8 | 186.5 | 184.0 | 700.8 | 751.6 | 694.2 |
Total costs and expenses | 665.5 | 626.5 | 633.5 | 680.6 | 700.4 | 673.5 | 650.1 | 647.9 | 2,606.1 | 2,671.9 | 2,485.2 |
Operating income | 143.8 | 122.5 | 109.8 | 104.0 | 133.8 | 128.7 | 131.9 | 97.3 | 480.1 | 491.7 | 416.6 |
Interest and debt expense, net | (3.4) | (4.1) | (3.7) | (4.1) | (4.7) | (5.5) | (5.4) | (5.4) | (15.3) | (21.0) | (25.5) |
Non-service retirement benefit income | 3.2 | 3.2 | 3.2 | 2.5 | 1.9 | 1.9 | 2.0 | 2.2 | 12.1 | 8.0 | 13.5 |
Other expense, net | (2.5) | (1.9) | (1.4) | (1.4) | (1.5) | (1.7) | (0.6) | (1.2) | (7.2) | (5.0) | (10.7) |
Income before income taxes | 141.1 | 119.7 | 107.9 | 101.0 | 129.5 | 123.4 | 127.9 | 92.9 | 469.7 | 473.7 | 393.9 |
Provision for income taxes | 9.0 | 25.8 | 14.2 | 18.8 | 13.8 | 16.7 | 23.3 | 17.6 | 67.8 | 71.4 | 60.1 |
Net income | $ 132.1 | $ 93.9 | $ 93.7 | $ 82.2 | $ 115.7 | $ 106.7 | $ 104.6 | $ 75.3 | $ 401.9 | $ 402.3 | $ 333.8 |
Basic earnings per common share (in USD per share) | $ 3.58 | $ 2.55 | $ 2.55 | $ 2.25 | $ 3.17 | $ 2.93 | $ 2.89 | $ 2.09 | $ 10.95 | $ 11.08 | $ 9.32 |
Diluted earnings per common share (in USD per share) | $ 3.48 | $ 2.48 | $ 2.48 | $ 2.17 | $ 3.06 | $ 2.84 | $ 2.80 | $ 2.02 | $ 10.62 | $ 10.73 | $ 9.01 |
Net discrete income tax expense (benefit) | $ 18.8 | $ 1.2 | $ 10.4 | $ 4.2 | $ 8.3 | $ 10.4 | $ 4.3 | $ 3.1 |
Quarterly Financial Data (Unaudited) - Quarterly Financial Data by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2021 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 29, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 809.3 | $ 749.0 | $ 743.3 | $ 784.6 | $ 834.2 | $ 802.2 | $ 782.0 | $ 745.2 | $ 3,086.2 | $ 3,163.6 | $ 2,901.8 |
Operating Income | 143.8 | 122.5 | 109.8 | 104.0 | 133.8 | 128.7 | 131.9 | 97.3 | 480.1 | 491.7 | 416.6 |
Instrumentation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,094.5 | 1,105.1 | 1,021.2 | ||||||||
Digital Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 986.0 | 992.9 | 875.3 | ||||||||
Aerospace and Defense Electronics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 589.4 | 690.1 | 640.2 | ||||||||
Engineered Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 416.3 | 375.5 | 365.1 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 809.3 | 749.0 | 743.3 | 784.6 | 834.2 | 802.2 | 782.0 | 745.2 | 3,086.2 | 3,163.6 | 2,901.8 |
Operating Segments | Instrumentation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 282.8 | 263.5 | 263.1 | 285.1 | 301.6 | 282.9 | 264.1 | 256.5 | 1,094.5 | 1,105.1 | 1,021.2 |
Operating Income | 63.2 | 50.7 | 48.5 | 50.8 | 59.5 | 52.0 | 49.0 | 39.9 | 213.2 | 200.4 | 147.4 |
Operating Segments | Digital Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 262.0 | 239.7 | 237.6 | 246.7 | 268.1 | 244.0 | 248.4 | 232.4 | 986.0 | 992.9 | 875.3 |
Operating Income | 56.7 | 45.5 | 46.8 | 43.8 | 47.1 | 41.2 | 51.6 | 36.6 | 192.8 | 176.5 | 155.5 |
Operating Segments | Aerospace and Defense Electronics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 145.2 | 144.8 | 143.1 | 156.3 | 170.4 | 177.1 | 176.0 | 166.6 | 589.4 | 690.1 | 640.2 |
Operating Income | 23.2 | 26.7 | 17.5 | 13.4 | 32.8 | 39.5 | 38.6 | 32.5 | 80.8 | 143.4 | 131.8 |
Operating Segments | Engineered Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 119.3 | 101.0 | 99.5 | 96.5 | 94.1 | 98.2 | 93.5 | 89.7 | 416.3 | 375.5 | 365.1 |
Operating Income | 15.4 | 12.5 | 10.8 | 11.4 | 10.5 | 10.6 | 9.0 | 6.4 | 50.1 | 36.5 | 37.9 |
Corporate expense | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | $ (14.7) | $ (12.9) | $ (13.8) | $ (15.4) | $ (16.1) | $ (14.6) | $ (16.3) | $ (18.1) | $ (56.8) | $ (65.1) | $ (56.0) |
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 03, 2021 |
Dec. 29, 2019 |
Dec. 30, 2018 |
|
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 10.2 | $ 6.7 | $ 10.3 |
Charged to costs and expenses | 4.1 | 1.3 | 0.6 |
Acquisitions | 0.0 | 2.3 | 0.0 |
Deductions and other | (2.0) | (0.1) | (4.2) |
Balance at end of period | 12.3 | 10.2 | 6.7 |
Environmental reserves | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 6.0 | 6.0 | 5.1 |
Charged to costs and expenses | 1.1 | 0.6 | 1.6 |
Acquisitions | 0.0 | 0.0 | 0.0 |
Deductions and other | (0.6) | (0.6) | (0.7) |
Balance at end of period | $ 6.5 | $ 6.0 | $ 6.0 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201802Member |
'V/XXG]Y,/(W<.HW'?
M1/-$V.TJ-$>QQP46D.I:7L!<80\#+J#/TUB)%_SWB[F;T0>NB23)29(J)!?T
M&48^]KM@%7@94T.E2R!)NVYW6H[3,58[UVK;J<*PY_N"27EQ.(![? XF<7'N
MS)"VU>I"GZ*; S4% !@34[9O25*[@0Z/#^V6R&!3,=(),V /V_5<24G!PB"3'[_"P2]O
M_+>:LB7=4'0EJW3>8+L91+]CR 6&7&N) M 7L8R1+
M1MU<.+?A<+OE6E?/V(X,*-^(R3V%=N[1K2(C324#61?'NO-(&WZ=MYRX4MQ8
MN=*4CQ[$;&HK3..9)247\TEEK+T]0N>WNM7[*E&2_HAQ?K,23G4)X(* FOD)
M/(QT7FN^:0NF$IN8C"]'D+240ZH&FD746'S3Q.35PJB"IH()3X<.];8#3;:9
M$Q6KGP+DECD\C!J#3P(APAM#UIS,A29\/&E6IKTUU6WS/3&^@]V+1$:BK*#%.7@)8&P'K6[%I0N%RX<2X)R7'0$)"A]
M!K Z(FM-*:Y7FLU0./68A/UN1[%C\[=19TN8:%\;$U@>IAW3F= BJ"[$E( O_L-O4.B0)]%ED'0JHNE@B5H0\ND
M?=Q-\S@R\3A,T&=9J'V%/A0I3T\-+&'M'0#R N"&."W^R8H%\N@9(A[!E@5M
MW.HQ3Q:(K+4Z7EO4XS>H4Z]6CQQH:!<.6MNC$_:^'GC)E"CNT;4N"*$$KQQF
M_
\CR0$.M[\I)6P/:WVALB(," <=C"LHKK4DUCF'LD",,.2' 'U1NL#J8M5:
M;&17I?4
M1Z3"H!UKW$60?$*I!H&_4I=<_%-I$ZWMVX.P&U"81MQ)3*Q_"]&(I )DZ)@X
M#OI,C##.;/KTX>3S=]' Z43-*A[E['P6T^/P,Z?^S-@)WNA>(.SB]H-YC/S<
M@FSQ1XCLR%#_:R 17Z1+2_HB>4Y/?V=#Q*0
EO,YI/_Y\>YJRE#1L&'0(.NIXMZ5
M)+432$,S"@"8 )%/]NG0[35QBM^VNMK!S<;5*YF!C\S@M@S
MFS?[?=/V0UWV)=AT\T6YVZEU*7M5@9E65 UPH;T&B9W'FS505@M1[H9*@LTG
M#Z*UWQ S,5FMFKK9E2LHIEZ7;!F^>%]!T=EK2PE6"B;@#G;4M,\,$?J)RU
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M,]=B>]! ??WK(*MR4[KI!@J]":-SC"2]F_ #3ED8UHY>(A
MG'!CK/"#=-P^]U)DUI="-RC<]G'JQ7' K3UN'C[SE"Q%41,2B3 MJ)OG2 =>
M4-"6<190;\))%F.#N.5;435H4\XKMBCP [8 (=%LG)/CKAM[GA9J=-8=+%I[X
MZ75G4XV8N.'N&NM*B2"2G-T5=.>Z\V=P6I+S(5Q?UK3GYJ@-]$5[,T3"F6E1
MZ-X2N'0$#II- ZV\8I<"B\/!8,-\/!.'JFHL%T_$Q-!M.0GL%BL0_8[08@
M'0W&<]?\8+,9F@4-U=D@0+-WOMP<$[#]@ 8,F5+(#?&GP=B[&Q[H#F: SK;#
MY$CWV?[N,W2?V@ZC@]U'?(?NW?R'&&4W!O-=>$IV4_R+-(RT]LF0QIM+!.=8
M3@Z,9$6J0D0ML6$X:/AQROA7L1,P&S W$5+#S]%PPGU[LR9"'*GM<;P]3_YZ
MM\6E%\R!8S9;Q!3!>##%YQ3.CCXG 8<:XP@?3P];F!@%*12BB-><[\8+5H8>
MINZ-'%S0T*9,SBC/<"[N>4KN>3[$&&,$0F.XZ29#Q[O"L\F4/.+9Q 40"!K.
M(OK^#TY$71)29#6GSMSZB_])X/V,Y^&3UL.;'9<."U4DH[V"UOG"%_%HPB%;
M(VH*):RD;Y*DWM19?$ HNZ0P$R85\C)-QK):$WP0TG_1>P+='KSO&0;[F7VH
M?DF#DYNX5O_1)7S=JJRD0YNHD^^.QY$_=(
B(ZFIK0+7>R6(0!&Z$_^35O CUH[*M
M>DJM_*IZ+T;^!H*475>4F2W/4,#K8D*#7^.GVA7$>C(XMJ)J.CAEF 6VBWM D,Q$T^17N&>
MIW)=X0Y!QN8P36MNI+M-BXX 1X[DMS$1+H:CVDW5.+\N[+A)$4>U:[NZE T7
MH(*D2)>3\'<"!Y!D5;=H5UWA.1C.C%>[JFFGZZK*[O*BP*_;M%SGB\)YG-#_
M"4.(R"2HJBVPUO0K#KY+:V"%<,35HLC7^LQ.%!L$C"@YV54@:UP+AT>'M@ R
M6.6$=,#,*;#9+2$0Q1%\Z