General

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (“Teledyne” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with accounting principles generally accepted in the United States as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in Teledyne’s Annual Report on Form 10-K for the fiscal year ended December 29, 2013 (“2013 Form 10-K”).

In the opinion of Teledyne’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne’s consolidated financial position as of March 30, 2014 and the consolidated results of operations, consolidated comprehensive income and consolidated cash flows for the three months then ended. The results of operations and cash flows for the period ended March 30, 2014 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year.

Recent Accounting Pronouncements

Effective December 30, 2013, the Company adopted accounting guidance related to the presentation of an unrecognized tax benefit when a net operating loss carryforward (“NOL”), a similar tax loss or a tax credit carryforward exists. Under the guidance, an entity will be required to present an unrecognized tax benefit as a reduction of a deferred tax asset for a NOL or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. The Company's adoption of the guidance, did not have a material impact on its consolidated financial statements.

Accumulated Other Comprehensive Income

The changes in accumulated other comprehensive income (“AOCI”) by component, net of tax, for the first quarter ended March 30, 2014 and March 31, 2013 are as follows (in millions):



	Foreign Currency Translation			Cash Flow Hedges			Pension and Postretirement Benefits			Total
Balance as of December 29, 2013	$	(32.4	)	$	(3.3	)	$	(129.8	)	$	(165.5	)
Other comprehensive income (loss) before reclassifications	(9.4		)	(1.6		)	—			(11.0		)
Amounts reclassified from AOCI	—			0.6			2.9			3.5
Net other comprehensive income	(9.4		)	(1.0		)	2.9			(7.5		)
Balance as of March 30, 2014	$	(41.8	)	$	(4.3	)	$	(126.9	)	$	(173.0	)

	Foreign Currency Translation			Cash Flow Hedges			Pension and Postretirement Benefits			Total
Balance as of December 31, 2012	$	(17.2	)	$	(1.9	)	$	(254.3	)	$	(273.4	)
Other comprehensive income (loss) before reclassifications	(18.8		)	(1.1		)	0.2			(19.7		)
Amounts reclassified from AOCI	—			0.2			—			0.2
Net other comprehensive income (loss)	(18.8		)	(0.9		)	0.2			(19.5		)
Balance as of March 31, 2013	$	(36.0	)	$	(2.8	)	$	(254.1	)	$	(292.9	)

The reclassifications out of AOCI for the first quarter ended 2014 and 2013 are as follows (in millions):



	Amount Reclassified			Amount Reclassified
	from AOCI			from AOCI
	Three Months Ended			Three Months Ended			Statement of Income
	March 30, 2014			March 31, 2013			Presentation
Loss on cash flow hedges:
Loss recognized in income on derivatives	$	0.9		$	0.2		Other expense
Income tax benefit	(0.3		)	(0.1		)	Income tax benefit
Total	$	0.6		$	0.1

Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost	$	(1.1	)	$	—		Pension expense
Amortization of net actuarial loss	5.9			—			Pension expense
Total before tax	4.8			—
Income tax benefit	(1.9		)	—			Income tax benefit
Total	$	2.9		$	—