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Derivative Instruments (Tables)
 9 Months Ended
Sep. 27, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts
As of September 27, 2015, 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 Dollars
C$
50.0

 
U.S. Dollars
US$
38.0

Euros
€
8.1

 
U.S. Dollars
US$
9.1

Great Britain Pounds
£
0.9

 
Australian Dollars
A$
1.9

Great Britain Pounds
£
15.5

 
U.S. Dollars
US$
23.9

Singapore Dollars
S$
1.7

 
U.S. Dollars
US$
1.2

U.S. Dollars
US$
0.8

 
Japanese Yen
¥
100.0
Effect of Derivative Instruments Designated as Cash Flow Hedges
The effect of derivative instruments designated as cash flow hedges in our condensed consolidated financial statements for the third quarter and nine months ended September 27, 2015 and September 28, 2014 was as follows (in millions):
 
Third Quarter
 
Nine Months
 
2015
 
2014
 
2015
 
2014
Net loss recognized in AOCI (a)
$
(4.2
)
 
$
(3.1
)
 
$
(8.2
)
 
$
(2.9
)
Net loss reclassified from AOCI into cost of sales (a)
$
(2.4
)
 
$
(0.6
)
 
$
(5.6
)
 
$
(2.4
)
Net foreign exchange (loss) gain recognized in other income and expense (b)
$
(0.1
)
 
$
0.2

 
$
0.2

 
$
0.5

a)    Effective portion, pre-tax
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
 
September 27, 2015
 
December 28, 2014
Derivatives designated as hedging instruments:
 
 
 
 
 
Cash flow forward contracts
Accrued liabilities
 
$
(6.7
)
 
$
(3.9
)
Total derivatives designated as hedging instruments
 
 
(6.7
)
 
(3.9
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
Non-designated forward contracts
Other current assets
 
—

 
0.3

Non-designated forward contracts
Accrued liabilities
 
(2.5
)
 
(4.8
)
Total derivatives not designated as hedging instruments
 
 
(2.5
)
 
(4.5
)
Total asset (liability) derivatives
 
 
$
(9.2
)
 
$
(8.4
)