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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts
As of March 31, 2013, Teledyne had foreign currency contracts of this type in the following pairs (in millions):
Contracts to Buy
 
Contracts to Sell
Currency
Amount
 
Currency
Amount
Canadian Dollars
C$
39.8

 
U.S. Dollars
US$
39.0

Great Britain Pounds
£
3.7

 
U.S. Dollars
US$
5.6

U.S. Dollars
US$
6.7

 
Euros
€
5.2

U.S. Dollars
US$
2.6

 
Japanese Yen
¥
238.0

U.S. Dollars
US$
0.8

 
Korean Won
₩
843.0
Effect of Derivative Instruments Designated as Cash Flow Hedges
The effect of derivative instruments designated as cash flow hedges in our Condensed Consolidated Financial Statements for the first quarter ended March 31, 2013 and April 1, 2012 was as follows (in millions):
 
First Quarter
 
2013
 
2012
Net gain (loss) recognized in AOCI (a)
$
(1.2
)
 
$
1.7

Net loss reclassified from AOCI into cost of sales (a)
$
(0.1
)
 
$
(0.2
)
Net foreign exchange gain recognized in other income and expense (b)
$
0.1

 
$
—

(a)
Effective portion
(b)
Amount excluded from effectiveness testing
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):
Asset/(Liability) Derivatives
Balance sheet location
 
March 31, 2013
 
December 30, 2012
Derivatives designated as hedging instruments:
 
 
 
 
 
Cash flow forward contracts
Other assets
 
$
0.2

 
$
0.8

Cash flow forward contracts
Accrued liabilities
 
(0.5
)
 
—

Total derivatives designated as hedging instruments
 
 
(0.3
)
 
0.8

Derivatives not designated as hedging instruments:
 
 
 
 
 
Non-designated forward contracts
Other current assets
 
0.4

 
0.1

Non-designated forward contracts
Accrued liabilities
 
(0.1
)
 
(0.2
)
Total derivatives not designated as hedging instruments
 
 
0.3

 
(0.1
)
Total asset/(liability) derivatives
 
 
$
—

 
$
0.7