Supplemental Balance Sheet Information

The following table presents the balance of selected components of Teledyne’s balance sheet (in millions):



Balance sheet items	Balance sheet location	March 30, 2014		December 29, 2013
Deferred tax assets	Prepaid expenses and other current assets	$	34.9	$	31.9
Deferred compensation assets	Other assets, net	$	46.9	$	44.7
Salaries and wages	Accrued liabilities	$	75.9	$	103.2
Customer deposits and credits	Accrued liabilities	$	63.0	$	55.6
Deferred compensation liabilities	Other long-term liabilities	$	44.9	$	43.1
Deferred income taxes	Other long-term liabilities	$	115.9	$	112.3

During 2013, in an effort to reduce ongoing costs and improve operating performance, the Company took actions to consolidate and relocate certain facilities and reduce headcount across various businesses. The actions taken were substantially completed by year end 2013. At March 30, 2014 and December 29, 2013, the Company had $8.8 million and $11.4 million in short-term reserves related to these actions.

Some of the Company’s products are subject to specified warranties and the Company provides for the estimated cost of product warranties. The adequacy of the pre-existing 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 and long term accrued liabilities on the balance sheet. Changes in the Company’s product warranty reserve during the first three months of 2014 and 2013 are as follows (in millions):



	First Quarter
	2014			2013
Balance at beginning of year	$	17.3		$	17.8
Accruals for product warranties charged to expense	0.5			1.8
Cost of product warranty claims	(1.2		)	(1.5		)
Acquisitions	—			0.5
Balance at end of period	$	16.6		$	18.6