Business Acquisitions, Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 30, 2012

Business Combinations and Investments, Goodwill and Acquired Intangible Assets [Abstract]

Unaudited Pro Forma Financial Information

The unaudited pro forma financial information below assumes that DALSA had been acquired at the beginning of the 2011 and 2010 fiscal years and includes the effect of estimated amortization of acquired identifiable intangible assets and increased interest expense on net acquisition debt, as well as the impact of purchase accounting adjustments for certain liabilities and inventory valuation adjustments. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have resulted had the acquisition been in effect at the beginning of the period presented. In addition, the unaudited pro forma financial results are not intended to be a projection of future results and do not reflect any operating efficiencies or cost savings that might be achievable.

	Fiscal Year
(unaudited, in millions, except per-share amounts)	2011		2010
Net sales	$	1,966.0	$	1,850.2
Net income from continuing operations	$	133.5	$	113.6
Net income attributable to Teledyne	$	246.6	$	114.2
Basic earnings per common share – continuing operations	$	3.65	$	3.14
Basic earnings per common share – attributable to Teledyne	$	6.74	$	3.15
Diluted earnings per common share – continuing operations	$	3.58	$	3.08
Diluted earnings per common share – attributable to Teledyne	$	6.61	$	3.09

(a) The above unaudited proforma information is presented for the DALSA acquisition as it is considered a material acquisition.

Purchase Price Goodwill Acquired and Intangible Assets Acquired for the Acquisitions

The following tables show the purchase price (net of cash acquired), goodwill acquired and intangible assets acquired for the acquisitions made in fiscal 2012 and 2011 (in millions):

	Fiscal year 2012
Name	Acquisition Date	Purchase  Price(a)		Goodwill  Acquired		Acquired Intangible  Assets
LeCroy	August 3, 2012	$	301.3	$	174.4	$	67.6
PDM Neptec	August 3, 2012	7.4		3.3		1.3
Blue View	July 2, 2012	16.3		10.8		4.8
Optech	April 2, 2012	27.9		62.4		23.4
VariSystems	February 25, 2012	36.3		14.2		11.9
		$	389.2	$	265.1	$	109.0

	Fiscal year 2011
Name	Acquisition Date	Purchase  Price(a)		Goodwill  Acquired		Acquired  Intangible  Assets
DALSA	February 11, 2011	$	339.5	$	166.9	$	91.5
Nova Sensors	March 17, 2011	5.1		8.3		2.0
		$	344.6	$	175.2	$	93.5

a) Includes transaction costs that were expensed.

Estimated Fair Values of the Assets Acquired and Liabilities

The following is a summary at the acquisition date of the estimated fair values allocated to the assets acquired and liabilities assumed for the acquisitions made in 2012 and 2011 (in millions):

	2012			2011
Current assets, excluding cash acquired	$	116.2		$	98.7
Property, plant and equipment	79.1			53.3
Goodwill	265.1			175.2
Other acquired intangible assets	109.0			93.5
Other long-term assets	5.3			—
Total assets acquired	574.7			420.7
Current liabilities	(61.8		)	(37.7		)
Long-term liabilities	(123.7		)	(38.4		)
Total liabilities assumed	(185.5		)	(76.1		)
Purchase price, net of cash acquired	$	389.2		$	344.6

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 acquisitions made in 2012 and 2011 (dollars in millions):

	2012			2011
Intangibles subject to amortization:	Intangible Assets		Weighted average useful life in years	Intangible Assets		Weighted average useful life in years
Proprietary technology	$	50.4	9.5	$	46.0	9.0
Customer list/relationships	21.4		10.2	24.6		10.0
Backlog	1.1		0.4	3.4		1.6
Trademarks	0.1		1.0	—		—
Total intangibles subject to amortization	73.0		9.5	74.0		9.5
Intangibles not subject to amortization:
Trademarks	36.0		n/a	19.5		n/a
Total intangibles not subject to amortization	36.0		n/a	19.5		n/a
Total acquired intangible assets	$	109.0	n/a	$	93.5	n/a
Goodwill	$	265.1	n/a	$	175.2	n/a

Summary of Changes in the Carrying Value of Goodwill

The following table summarizes the changes in the carrying value of goodwill (in millions):

	Instrumentation			Digital Imaging			Aerospace and Defense Electronics		Engineered Systems		Total
Balance at January 2, 2011	$	271.6		$	89.9		$	161.1	$	23.7	$	546.3
Current year acquisitions	—			175.2			—		—		175.2
Impact of foreign currency changes	(0.1		)	(3.9		)	0.3		—		(3.7		)
Balance at January 1, 2012	271.5			261.2			161.4		23.7		717.8
Current year acquisitions	188.5			62.4			14.2		—		265.1
Impact of foreign currency changes	2.6			3.5			0.8		0.4		7.3
Balance at December 30, 2012	$	462.6		$	327.1		$	176.4	$	24.1	$	990.2

Summary of Carrying Value of Other Acquired Intangible Assets

The following table summarizes the carrying value of other acquired intangible assets (in millions):

	2012						2011
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Other acquired intangible assets:
Proprietary technology	$	176.3	$	63.9	$	112.4	$	124.2	$	47.0	$	77.2
Customer list/relationships	91.1		33.9		57.2		68.5		25.3		43.2
Patents	0.7		0.6		0.1		0.7		0.5		0.2
Non-compete agreements	0.9		0.9		—		0.9		0.9		—
Trademarks	3.3		1.4		1.9		3.2		1.2		2.0
Backlog	12.3		12.2		0.1		11.1		9.6		1.5
Other acquired intangible assets subject to amortization	$	284.6	$	112.9	$	171.7	$	208.6	$	84.5	$	124.1
Other acquired intangible assets not subject to amortization
Trademarks	94.0		—		94.0		57.3		—		57.3
Total other acquired intangible assets:	$	378.6	$	112.9	$	265.7	$	265.9	$	84.5	$	181.4

Estimated Remaining Useful Lives by Asset Category

The estimated remaining useful lives by asset category as of December 30, 2012, are as follows:

Intangibles subject to amortization	Weighted average remaining useful life in years
Proprietary technology	6.4
Customer list/relationships	6.5
Patents	6.9
Backlog	1.0
Trademarks	9.9
Total intangibles subject to amortization	6.5