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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 28, 2014
Accounting Policies [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the year ended December 28, 2014, and December 29, 2013:
 
Foreign Currency Translation
 
Cash Flow Hedges and other
 
Pension and Postretirement Benefits
 
Total
Balances as of December 30, 2012
$
(17.2
)
 
$
(1.9
)
 
$
(254.3
)
 
$
(273.4
)
 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(15.2
)
 
(2.7
)
 
—

 
(17.9
)
Amounts reclassified from AOCI
—

 
1.3

 
124.5

 
125.8

Net other comprehensive loss
(15.2
)
 
(1.4
)
 
124.5

 
107.9

Balance as of December 29, 2013
(32.4
)
 
(3.3
)
 
(129.8
)
 
(165.5
)
 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(58.2
)
 
(4.7
)
 
—

 
(62.9
)
Amounts reclassified from AOCI
—

 
2.7

 
(97.5
)
 
(94.8
)
Net other comprehensive loss
(58.2
)
 
(2.0
)
 
(97.5
)
 
(157.7
)
Balance as of December 28, 2014
$
(90.6
)
 
$
(5.3
)
 
$
(227.3
)
 
$
(323.2
)
 
 
 
 
 
 
 
 
The reclassification out of AOCI for the year ended December 28, 2014, and December 29, 2013, are as follows:
 
December 28, 2014
 
December 29, 2013
 
 
Amount reclassified from AOCI
 
Amount reclassified from AOCI
Financial Statement Presentation
Loss on cash hedges:
 
 
 
 
Loss recognized in income on derivatives
$
3.6

 
$
1.7

Other expense
Income tax impact
(0.9
)
 
(0.4
)
Income tax benefit
Total
$
2.7

 
$
1.3

 
 
 
 
 
 
Amortization of defined benefit pension and postretirement plan items:
 
 
 
Amortization prior service cost
$
(4.6
)
 
$
(5.1
)
See Note 12
Amortization of net actuarial loss
24.6

 
40.4

See Note 12
Pension adjustments
(173.7
)
 
170.3

See Note 12
Total before tax
(153.7
)
 
205.6

 
Tax effect
56.2

 
(81.1
)
 
Net of tax
$
(97.5
)
 
$
124.5

 
Changes in Product Warranty Reserve
Changes in the Company’s product warranty reserve are as follows (in millions):
 
2014
 
2013
 
2012
Balance at beginning of year
$
17.3

 
$
17.8

 
$
13.3

Accruals for product warranties charged to expense
6.6

 
4.4

 
9.6

Cost of product warranty claims
(5.9
)
 
(5.2
)
 
(6.9
)
Acquisitions
0.5

 
0.3

 
1.8

Balance at end of period
$
18.5

 
$
17.3

 
$
17.8
Computations of Basic and Diluted Earnings per Share
The following table sets forth the computations of basic and diluted earnings per share (amounts in millions, except per share data):
 
2014
 
2013
 
2012
Net income from continuing operations including noncontrolling interest
$
215.6

 
$
184.5

 
$
162.8

Noncontrolling interest
2.1

 
0.5

 
(1.0
)
Discontinued operations, net of income taxes
—

 
—

 
2.3

Net income attributable to Teledyne
$
217.7

 
$
185.0

 
$
164.1

Basic earnings per common share:
 
 
 
 
 
Weighted average common shares outstanding
37.1

 
37.3

 
36.7

Basic earnings per common share
 
 
 
 
 
Continuing operations
$
5.87

 
$
4.96

 
$
4.41

Discontinued operations
—

 
—

 
0.06

Basic earnings per common share
$
5.87

 
$
4.96

 
$
4.47

Diluted earnings per share:
 
 
 
 
 
Weighted average common shares outstanding
37.1

 
37.3

 
36.7

Effect of diluted securities
0.8

 
0.7

 
0.7

Weighted average diluted common shares outstanding
37.9

 
38.0

 
37.4

Diluted earnings per common share
 
 
 
 
 
Continuing operations
$
5.75

 
$
4.87

 
$
4.33

Discontinued operations
—

 
—

 
0.06

Diluted earnings per common share
$
5.75

 
$
4.87

 
$
4.39
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts
As of December 28, 2014, 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 Dollar
C$
44.2

 
U.S. Dollars
US$
39.5

Euros
€
1.0

 
Canadian Dollar
C$
1.4

Euros
€
11.0

 
U.S. Dollars
US$
14.0

Great Britain Pounds
£
1.0

 
Australian Dollars
A$
1.8

Great Britain Pounds
£
20.9

 
U.S. Dollars
US$
34.0

U.S. Dollars
US$
16.3

 
Euros
€
13.0

U.S. Dollars
US$
12.0

 
Great Britain Pounds
£
7.7

U.S. Dollars
US$
2.7

 
Japanese Yen
¥
305.0

Singapore Dollar
S$
1.0

 
U.S. Dollar
US$
0.8
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The effect of derivative instruments designated as cash flow hedges for 2014 and 2013 was as follows (in millions):
 
 
2014
 
2013
Net loss recognized in AOCI (a)
 
$
(6.4
)
 
$
(3.7
)
Net loss reclassified from AOCI into cost of sales (a)
 
$
(3.6
)
 
$
(1.8
)
Net foreign exchange gain recognized in other income and expense (b)
 
$
0.6

 
$
0.5


(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
 
December 28, 2014
 
December 29, 2013

Derivatives designated as hedging instruments:
 
 
 
 
 
Cash flow forward contracts
Accrued liabilities
 
$
(3.9
)
 
$
(1.2
)
Total derivatives designated as hedging instruments
 
 
(3.9
)
 
(1.2
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
Non-designated forward contracts
Other current assets
 
0.3

 
0.2

Non-designated forward contracts
Accrued liabilities
 
(4.8
)
 
(0.9
)
Total derivatives not designated as hedging instruments
 
 
(4.5
)
 
(0.7
)
Total asset/(liability) derivatives
 
 
$
(8.4
)
 
$
(1.9
)