Business Combinations and Investments, Goodwill and Acquired Intangible Assets

3 Months Ended

Mar. 30, 2014

Business Combinations and Investments, Goodwill and Acquired Intangible Assets [Abstract]

Business Combinations and Investments, Goodwill and Acquired Intangible Assets

Business Combinations and Investments, Goodwill and Acquired Intangible Assets

On March 1, 2013, a subsidiary of Teledyne acquired all the outstanding shares of RESON A/S (“RESON”) for $69.7 million, net of cash acquired. RESON, headquartered in Slangerup, Denmark, provides multibeam sonar systems and specialty acoustic sensors for hydrography, global marine infrastructure and offshore energy operations. RESON had sales of €50.8 million for its fiscal year ended December 31, 2012 and is part of the Instrumentation segment.

Teledyne funded the purchase from borrowings under its credit facility and cash on hand. The results of the acquisition has been included in Teledyne’s results since the date of the acquisition.

For a further description of the Company’s acquisition activity for the fiscal year ended December 29, 2013, please refer to Note 3 of our 2013 Form 10-K.

Teledyne’s goodwill was $1,032.7 million at March 30, 2014 and $1,037.8 million at December 29, 2013. The decrease in the balance of goodwill in 2014 resulted from the impact of exchange rate changes. Teledyne’s net acquired intangible assets were $261.2 million at March 30, 2014 and $270.9 million at December 29, 2013. The decrease in the balance of acquired intangible assets in 2014 resulted from amortization and the impact of exchange rate changes.