Long-Term Debt and Letters of Credit

9 Months Ended

Oct. 02, 2022

Debt Disclosure [Abstract]

Long-Term Debt and Letters of Credit

Long-Term Debt and Letters of Credit

	Balance at
Long-Term Debt (in millions):	October 2, 2022		January 2, 2022
$1.15 billion credit facility due March 2026, weighted average variable rate of 4.15% at October 2, 2022 and 1.20% at January 2, 2022	$	125.0	$	125.0
Term loan due October 2024, variable rate of 4.37% at October 2, 2022 and 1.35% at January 2, 2022, swapped to a Euro fixed rate of 0.6120%	149.9		150.6
0.65% Fixed Rate Senior Notes due April 2023	300.0		300.0
0.95% Fixed Rate Senior Notes due April 2024	450.0		450.0
1.60% Fixed Rate Senior Notes due April 2026	450.0		450.0
2.25% Fixed Rate Senior Notes due April 2028	700.0		700.0
2.50% Fixed Rate Senior Notes due August 2030	485.0		500.0
2.75% Fixed Rate Senior Notes due April 2031	1,040.0		1,100.0
Term loan due May 2026, variable rate of 4.30% at October 2, 2022 and 1.35% at January 2, 2022	245.0		355.0
Other debt	1.4		0.7
Debt discount and debt issuance costs	(27.9)		(31.9)
Total debt, net	3,918.4		4,099.4
Less: current portion of long-term debt	(300.0)		—
Total long-term debt, net of current portion	$	3,618.4	$	4,099.4

The Company repaid $185.0 million of debt during the first nine months of 2022. The Company made $110.0 million of floating rate debt payments which reduced its term loan due May 2026. The Company also repurchased and retired $75.0 million of its Fixed Rate Senior Notes due August 2030 and April 2031, recording a $10.6 million non-cash gain on the extinguishment of this debt.

At October 2, 2022, $1,004.0 million was available under the $1.15 billion credit facility, after reductions of $125.0 million in borrowings and $21.4 million in outstanding letters of credit. Our bank credit agreements require Teledyne to comply with various financial and operating covenants and at October 2, 2022, the Company was in compliance with these covenants.

Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The Company’s long-term debt is considered a level 2 fair value hierarchy and is valued based on observable market data. As of October 2, 2022 and January 2, 2022, the aggregate fair values of our borrowings were $3,414.0 million and $4,146.6 million, respectively, and the carrying values were $3,946.3 million and $4,130.0 million, respectively.