Long-Term Debt and Capital Leases

3 Months Ended

Mar. 30, 2014

Long-term debt consisted of the following (in millions):



Balance at	March 30, 2014			December 29, 2013
4.04% Notes due September 2015	$	75.0		$	75.0
4.74% Notes due September 2017	100.0			100.0
5.30% Notes due September 2020	75.0			75.0
Term loans due March 2019, weighted average rate of 1.28% at March 30, 2014 and 1.29% at December 29, 2013	200.0			200.0
Other debt at various rates due through 2031	16.8			16.0
$750.0 million revolving credit facility, weighted average rate of 1.23% at March 30, 2014 and 1.26% at December 29, 2013	81.1			74.2
Total debt	547.9			540.2
Less: current portion of long-term debt	(3.4		)	(2.1		)
Total long-term debt	$	544.5		$	538.1

Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $654.1 million at March 30, 2014. The credit agreement requires the Company to comply with various financial and operating covenants and at March 30, 2014, 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 estimated fair value of Teledyne’s long-term debt at March 30, 2014 and December 29, 2013, approximated the carrying value.

As March 30, 2014, the Company has $12.0 million in capital leases, of which $1.4 million is current. At December 29, 2013, the Company had $12.3 million in capital leases, of which $1.4 million was current. At March 30, 2014, Teledyne had $15.6 million in outstanding letters of credit.