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Pension Plans and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 30, 2012
Compensation and Retirement Disclosure [Abstract]  
Net Periodic Pension Benefit Expense for Defined Benefit Pension Plans and Postretirement Benefit Plans
The following tables set forth the components of net periodic pension benefit expense for Teledyne’s defined benefit pension plans and postretirement benefit plans for 2012, 2011 and 2010 (in millions):
 
 
Pension Benefits
Domestic Plans
 
Pension Benefits
 Foreign Plans
 
 
2012
 
2011
 
2010
 
2012
 
2011
 
2010
Service cost - benefits earned during the period
 
$
12.7

  
$
13.1

  
$
13.7

 
$
0.3

  
$
—

 
$
—

Interest cost on benefit obligation
 
39.6

  
42.5

  
40.6

 
1.7

  
1.7

 
0.7

Expected return on plan assets
 
(65.5
)
 
(62.7
)
 
(57.2
)
 
(1.7
)
 
(1.7
)
 
(0.6
)
Amortization of prior service cost
 
(4.6
)
  
0.2

  
0.4

 
—

  
—

 
—

Amortization of actuarial loss
 
24.4

  
13.6

  
7.7

 
0.1

  
—

 
—

Net periodic benefit expense
 
$
6.6

  
$
6.7

  
$
5.2

 
$
0.4

  
$
—

 
$
0.1

Less: expense attributable to discontinued operations
 
—

  
—

  
0.4

 
—

 
—

 
—

Net periodic benefit expense - continuing operations
 
$
6.6

  
$
6.7

  
$
4.8

 
$
0.4

  
$
—

 
$
0.1

The following table sets forth the components of net period postretirement benefit income/expense for Teledyne's postretirement benefit plans for 2012, 2011 and 2010 (in millions):
 
 
  
Postretirement Benefits
 
  
2012
 
2011
 
2010
Service cost - benefits earned during the period
  
$
—

 
$
—

 
$
—

Interest cost on benefit obligation
  
0.8

 
1.0

 
1.1

Amortization of prior service cost
  
(0.5
)
 
(0.6
)
 
(0.5
)
Amortization of actuarial gain
  
(0.4
)
 
(0.5
)
 
(1.1
)
Net periodic benefit income
  
(0.1
)
 
(0.1
)
 
(0.5
)
Less: amounts attributable to discontinued operations
  
—

 
—

 
(0.5
)
Net periodic benefit income - continuing operations
  
$
(0.1
)
 
$
(0.1
)
 
$
—
Reconciliation of Beginning and Ending Balances of Benefit Obligation
The following table sets forth the reconciliation of the beginning and ending balances of the benefit obligation of the defined benefit pension plans (in millions):
 
  
Pension Benefits
Domestic Plans
 
Pension Benefits Foreign Plans
 
  
2012
 
2011
 
2012
 
2011
Changes in benefit obligation:
  
 
 
 
 
 
 
 
Benefit obligation - beginning of year
  
$
743.4

  
$
722.9

  
$
32.9

  
$
31.1

Service cost - benefits earned during the year
  
12.7

  
13.1

  
0.3

  
—

Interest cost on projected benefit obligation
  
39.6

  
42.5

  
1.7

  
1.7

Actuarial loss
  
127.7

  
45.0

  
1.3

  
2.4

Benefits paid
  
(76.5
)
 
(40.6
)
 
(2.0
)
 
(2.2
)
Plan amendments(a)
  
—

 
(43.3
)
  
—

  
—

Divestiture
  
—

  
3.8

  
—

  
—

Other - including foreign currency
 
—

 
—

 
2.5

 
(0.1
)
Business combination - Swiss based plan
  
—

  
—

  
13.9

  
—

Benefit obligation - end of year
  
$
846.9

  
$
743.4

  
$
50.6

  
$
32.9

 
  
 
 
 
 
 
 
 
Accumulated benefit obligation - end of year
  
$
846.0

  
$
742.3

  
$
50.6

  
$
32.9

 
(a)
impact of changing the calculation of applicable wages for the determination of the benefit obligation.
The following table sets forth the reconciliation of the beginning and ending balances of the benefit obligation of the postretirement benefit plans (in millions): 
 
  
Postretirement Benefits
 
  
2012
 
2011
Changes in benefit obligation:
  
 
 
 
Benefit obligation - beginning of year
  
$
14.8

  
$
18.4

Interest cost on projected benefit obligation
  
0.8

  
1.0

Actuarial (gain) loss
  
(0.1
)
 
(1.6
)
Benefits paid
  
(2.0
)
 
(1.5
)
Curtailment and other
  
0.8

 
(1.5
)
Benefit obligation - end of year
  
$
14.3

  
$
14.8
Reconciliation of the Beginning and Ending Balances of the Fair Value of Plan Assets
The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets for Teledyne's defined benefit pension plans (in millions):
 
  
Domestic Plans
 
Foreign Plans
 
  
2012
 
2011
 
2012
 
2011
Changes in plan assets:
  
 
 
 
 
 
 
 
Fair value of plan assets - beginning of year
  
$
678.9

  
$
657.6

  
$
26.8

  
$
29.7

Actual return on plan assets
  
95.9

 
(8.2
)
  
2.0

 
(1.1
)
Employer contribution - defined benefit plan
  
92.8

  
69.0

  
0.4

  
0.3

Employer contribution - other benefit plan
  
2.2

  
1.1

  
—

  
—

Foreign currency changes
  
—

  
—

  
2.0

  
0.1

Benefits paid
  
(76.5
)
 
(40.6
)
 
(2.0
)
 
(2.2
)
Other
 
—

 
—

 
0.1

 
—

Business combination - Swiss based plan
 
—

 
—

 
13.0

 
—

Fair value of net plan assets - end of year
  
$
793.3

  
$
678.9

  
$
42.3

  
$
26.8
Schedule of Funded Status and Amounts Recognized in Balance Sheet
The following table sets forth the funded status and amounts recognized in Teledyne's consolidated balance sheets for the postretirement plans at year end 2012 and 2011 (in millions):
 
 
  
Postretirement
 Benefits
 
  
2012
 
2011
Funded status
  
$
(14.4
)
 
$
(14.8
)
Unrecognized prior service cost
  
(0.7
)
 
(1.2
)
Unrecognized net gain
  
(3.7
)
 
(4.0
)
Accrued benefit cost
  
$
(18.8
)
 
$
(20.0
)
 
  
 
 
 
Accrued postretirement benefits (long-term)
  
$
(12.8
)
 
$
(13.0
)
Accrued postretirement benefits (short-term)
  
(1.6
)
 
(1.8
)
Accumulated other comprehensive income
  
(4.4
)
 
(5.2
)
Net amount recognized
  
$
(18.8
)
 
$
(20.0
)
The following table sets forth the funded status and amounts recognized in Teledyne's consolidated balance sheets for its pension plans at year end 2012 and 2011 (in millions):
 
  
Pension Plans Domestic Benefits
 
Foreign Plans Pension Benefits
 
  
2012
 
2011
 
2012
 
2011
Funded status
  
$
(53.6
)
 
$
(64.5
)
 
$
(8.3
)
 
$
(6.1
)
 
  
 
 
 
 
 
 
 
Amounts recognized in the consolidated balance sheets:
  
 
 
 
 
 
 
 
Accrued pension obligation (long-term)
  
$
(48.6
)
 
$
(59.9
)
 
$
(8.3
)
 
$
(6.1
)
Accrued pension obligation (short-term)
  
(1.5
)
 
(1.5
)
 
—

  
—

Other liabilities
  
(3.5
)
 
(3.1
)
 
—

  
—

Net amount recognized
  
$
(53.6
)
 
$
(64.5
)
 
$
(8.3
)
 
$
(6.1
)
 
 
 
 
 
Amounts recognized in accumulated other comprehensive loss:
  
 
 
 
 
 
 
 
Unrecognized prior service cost
  
$
(37.8
)
 
$
(42.4
)
  
$
—

  
$
—

Unrecognized net loss
  
450.7

  
377.8

  
5.7

  
4.5

Net amount recognized, before tax effect
  
$
412.9

  
$
335.4

  
$
5.7

  
$
4.5
Estimated Future Benefit Payments
The following table presents the estimated future benefit payments for the Company's pension plans (in millions):
 
 
  
Domestic
 Plans
 
Foreign
 Plans
2013
  
$
43.2

  
$
2.1

2014
  
45.3

  
2.2

2015
  
46.6

  
2.3

2016
  
48.1

  
2.3

2017
  
49.8

  
2.3

2018-2022
  
269.3

  
11.8

Total
  
$
502.3

  
$
23.0

The following table presents the estimated future benefit payments for the Company's postretirement plans (in millions):
 
  
Postretirement
 Benefit Plan
2013
  
$
1.4

2014
  
1.4

2015
  
1.3

2016
  
1.3

2017
  
1.2

2018-2022
  
5.3

Total
  
$
11.9
Year-end Market Value by Asset Class
The following table sets forth the percentage of year-end market value by asset class for Teledyne's defined benefit pension plans:
 
  
Domestic Plans
 Plan  Assets
 % to Total
 
Foreign Plans
 Plan Assets
 % to Total
 
  
2012
 
2011
 
2012
 
2011
Equity instruments
  
65.0
%
 
63.0
%
 
58.0
%
 
61.0
%
Fixed income instruments
  
30.0

 
33.0

 
20.0

 
39.0

Alternates and other
  
5.0

 
4.0

 
22.0

 
—

Total
  
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
Schedule of Assumptions Used
The following assumptions were used to determine the benefit obligation and the net benefit cost:
Pension Plan
 
Weighted average discount rate
 
Weighted average increase in future compensation levels
 
Expected weighted-average long-term rate of return
 
 
 
 
 
 
 
Domestic Plan - 2012
 
5.50
%
 
2.75
%
 
8.25
%
Domestic Plan - 2011
 
5.90
%
 
4.14
%
 
8.25
%
Domestic Plan - 2010
 
6.25
%
 
4.07
%
 
8.25
%
 
 
 
 
 
 
 
United Kingdom Based Plan 2012
 
4.70
%
 
—

 
6.40
%
United Kingdom Based Plan 2011
 
5.40
%
 
—

 
6.60
%
United Kingdom Based Plan 2010
 
5.60
%
 
—

 
6.40
%
 
 
 
 
 
 
 
Swiss Based Plan 2012
 
2.0
%
 
1.8
%
 
3.0
%