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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 03, 2016
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 January 3, 2016, and December 28, 2014:
 
Foreign Currency Translation
 
Cash Flow Hedges and other
 
Pension and Postretirement Benefits
 
Total
Balances 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
)
 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(83.6
)
 
(8.2
)
 
—

 
(91.8
)
Amounts reclassified from AOCI
—

 
6.8

 
(5.0
)
 
1.8

Net other comprehensive loss
(83.6
)
 
(1.4
)
 
(5.0
)
 
(90.0
)
Balance as of January 3, 2016
$
(174.2
)
 
$
(6.7
)
 
$
(232.3
)
 
$
(413.2
)
 
 
 
 
 
 
 
 
The reclassification out of AOCI for the year ended January 3, 2016, and December 28, 2014, are as follows:
 
January 3, 2016
 
December 28, 2014
 
 
Amount reclassified from AOCI
 
Amount reclassified from AOCI
Financial Statement Presentation
Loss on cash hedges:
 
 
 
 
Loss recognized in income on derivatives
$
9.1

 
$
3.6

Cost of sales
Income tax impact
(2.3
)
 
(0.9
)
Income tax benefit
Total
$
6.8

 
$
2.7

 
 
 
 
 
 
Amortization of defined benefit pension and postretirement plan items:
 
 
 
Amortization prior service cost
$
(6.0
)
 
$
(4.6
)
See Note 11
Amortization of net actuarial loss
34.0

 
24.6

See Note 11
Pension adjustments
(36.0
)
 
(173.7
)
See Note 11
Total before tax
(8.0
)
 
(153.7
)
 
Tax effect
3.0

 
56.2

 
Net of tax
$
(5.0
)
 
$
(97.5
)
 
Changes in Product Warranty Reserve
 Warranty Reserve (in millions):
2015
 
2014
 
2013
Balance at beginning of year
$
18.5

 
$
17.3

 
$
17.8

Accruals for product warranties charged to expense
6.1

 
6.6

 
4.4

Cost of product warranty claims
(7.7
)
 
(5.9
)
 
(5.2
)
Acquisitions
0.2

 
0.5

 
0.3

Balance at end of period
$
17.1

 
$
18.5

 
$
17.3
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):
Net Income Per Common Share:
2015
 
2014
 
2013
Net income attributable to Teledyne
$
195.8

 
$
217.7

 
$
185.0

Basic earnings per common share:
 
 
 
 
 
Weighted average common shares outstanding
35.3

 
37.1

 
37.3

Basic earnings per common share
 
 
 
 
 
Basic earnings per common share
$
5.55

 
$
5.87

 
$
4.96

Diluted earnings per share:
 
 
 
 
 
Weighted average common shares outstanding
35.3

 
37.1

 
37.3

Effect of diluted securities
0.7

 
0.8

 
0.7

Weighted average diluted common shares outstanding
36.0

 
37.9

 
38.0

Diluted earnings per common share
 
 
 
 
 
Diluted earnings per common share
$
5.44

 
$
5.75

 
$
4.87
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts
As of January 3, 2016, 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$
64.9

 
U.S. Dollars
US$
51.3

Euros
€
11.9

 
U.S. Dollars
US$
13.1

Great Britain Pounds
£
0.9

 
Australian Dollars
A$
1.9

Great Britain Pounds
£
21.0

 
U.S. Dollars
US$
32.0

Euros
€
7.4

 
Canadian Dollars
C$
4.9

U.S. Dollars
US$
2.1

 
Japanese Yen
¥
250.0

Singapore Dollars
S$
1.7

 
U.S. Dollars
US$
1.2
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The effect of derivative instruments designated as cash flow hedges for 2015 and 2014 was as follows (in millions):
 
 
2015
 
2014
Net loss recognized in AOCI (a)
 
$
(11.0
)
 
$
(6.4
)
Net loss reclassified from AOCI into cost of sales (a)
 
$
(9.1
)
 
$
(3.6
)
Net foreign exchange gain recognized in other income and expense (b)
 
$
0.5

 
$
0.6


(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
 
January 3, 2016
 
December 28, 2014

Derivatives designated as hedging instruments:
 
 
 
 
 
Cash flow forward contracts
Accrued liabilities
 
$
(4.7
)
 
$
(2.8
)
Cash flow forward contracts
Other long-term liabilities
 
(1.3
)
 
(1.1
)
Total derivatives designated as hedging instruments
 
 
(6.0
)
 
(3.9
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
Non-designated forward contracts
Other current assets
 
0.2

 
0.3

Non-designated forward contracts
Accrued liabilities
 
(6.0
)
 
(4.8
)
Total derivatives not designated as hedging instruments
 
 
(5.8
)
 
(4.5
)
Total asset/(liability) derivatives
 
 
$
(11.8
)
 
$
(8.4
)