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Pension Plans and Postretirement Benefits (Tables)
 12 Months Ended
Jan. 03, 2016
Compensation and Retirement Disclosure [Abstract]  
Net Periodic Pension Benefit Expense for Defined Benefit Pension Plans and Postretirement Benefit Plans
 Net periodic benefit (income) expense - in millions:
 
Domestic
 
 Foreign
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost - benefits earned during the period
 
$
12.4

 
$
11.7

 
$
14.4

 
$
0.9

 
$
0.8

 
$
0.9

Interest cost on benefit obligation
 
37.8

 
40.3

 
36.3

 
1.7

 
2.2

 
1.9

Expected return on plan assets
 
(74.4
)
 
(73.7
)
 
(70.1
)
 
(2.2
)
 
(2.6
)
 
(2.0
)
Amortization of prior service cost
 
(6.0
)
 
(4.6
)
 
(4.6
)
 
—

 
—

 
—

Amortization of actuarial loss
 
33.4

 
24.6

 
40.6

 
0.6

 
—

 
0.1

Curtailment
 
(1.2
)
  
—

 
—

 
—

  
—

 
—

Net periodic benefit (income) expense
 
$
2.0

 
$
(1.7
)
 
$
16.6

 
$
1.0

 
$
0.4

 
$
0.9

 
  
 
 Net period postretirement benefit cost (income) - in millions:
  
2015
 
2014
 
2013
Service cost - benefits earned during the period
  
$
—

 
$
—

 
$
—

Interest cost on benefit obligation
  
0.5

 
0.6

 
0.6

Amortization of prior service cost
  
—

 
(0.2
)
 
(0.5
)
Amortization of actuarial gain
  
(0.2
)
 
(0.5
)
 
(0.3
)
Net periodic benefit income
  
$
0.3

 
$
(0.1
)
 
$
(0.2
)
Schedule of Assumptions Used
The key assumptions used to measure the benefit obligation at each respective year-end were:
Key assumptions:
 
Domestic Plan
 
Foreign Plans
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
 
4.91
%
 
4.50
%
 
5.40
%
 
0.90% - 3.60%
 
1.20% - 3.50%
 
2.10% - 4.30%
Salary growth rate
 
2.75
%
 
2.75
%
 
2.75
%
 
1.00% - 2.40%
 
1.70% - 2.40%
 
1.75% - 2.50%
The following assumptions were used to measure the net benefit income/cost within each respective year:
Pension Plan Assumptions:
 
Weighted average discount rate
 
Weighted average increase in future compensation levels
 
Expected weighted-average long-term rate of return
 
 
 
 
 
 
 
Domestic plan - 2015
 
4.50
%
 
2.75
%
 
8.25
%
Domestic plan - 2014
 
5.40
%
 
2.75
%
 
8.25
%
Domestic plan - 2013
 
4.40
%
 
2.75
%
 
8.25
%
 
 
 
 
 
 
 
Foreign plans 2015
 
1.20% - 3.50%

 
1.30% - 2.40%

 
1.80% - 6.40%

Foreign plans 2014
 
2.10% - 4.30%

 
1.75% - 2.50%

 
3.00% - 6.40%

Foreign plans 2013
 
1.80% - 4.20%

 
1.75% - 2.50%

 
3.00% - 5.50%
Reconciliation of Beginning and Ending Balances of Benefit Obligation

 
  
2015
 
2014
Changes in benefit obligation (in millions):
  
 
 
 
Benefit obligation - beginning of year
  
$
12.8

 
$
11.9

Interest cost on projected benefit obligation
  
0.5

 
0.6

Actuarial (gain) loss
  
(1.3
)
 
1.6

Benefits paid
  
(1.3
)
 
(1.3
)
Benefit obligation - end of year
  
$
10.7

 
$
12.8

 
  
Domestic
 
Foreign
 
  
2015
 
2014
 
2015
 
2014
Changes in benefit obligation (in millions):
  
 
 
 
 
 
 
 
Benefit obligation - beginning of year
  
$
878.4

 
$
768.9

 
$
61.1

 
$
60.3

Service cost - benefits earned during the year
  
12.4

 
11.7

 
0.9

 
0.8

Interest cost on projected benefit obligation
  
37.8

 
40.3

 
1.7

 
2.2

Actuarial (gain) loss
  
(33.8
)
 
134.5

 
(0.9
)
 
11.4

Benefits paid(a)
  
(57.2
)
 
(78.6
)
 
(2.8
)
 
(2.4
)
Plan amendments(b)
  
(17.0
)
 
1.6

 
(0.2
)
 
(0.1
)
Other - including foreign currency
 
(0.2
)
 
—

 
(3.2
)
 
(11.1
)
Benefit obligation - end of year
  
$
820.4

 
$
878.4

 
$
56.6

 
$
61.1

 
 
 
 
 
 
 
 
 
Accumulated benefit obligation - end of year
  
$
817.8

 
$
875.5

 
$
53.7

 
$
59.2

 
(a)
The 2015 and 2014 amounts include lump sum payments to certain participants of $10.5 million and $32.4 million, respectively.
(b)
The $17.0 million amount reflects the impact of actions taken in 2015 whereby Teledyne amended the qualified pension plan to allow participant to elect a lump-sum payment form upon retirement.
Reconciliation of the Beginning and Ending Balances of the Fair Value of Plan Assets
 
  
Domestic
 
Foreign
 
  
2015
 
2014
 
2015
 
2014
Changes in plan assets (in millions):
  
 
 
 
 
 
 
 
Fair value of plan assets - beginning of year
  
$
957.5

 
$
986.3

 
$
47.6

 
$
52.1

Actual return on plan assets
  
(12.1
)
 
47.5

 
0.7

 
4.7

Employer contribution - other benefit plan
  
2.2

 
2.3

 
0.7

 
3.3

Foreign currency changes
  
—

 
—

 
(2.4
)
 
(3.5
)
Benefits paid
  
(57.2
)
 
(78.6
)
 
(2.8
)
 
(2.4
)
Other
 
—

 
—

 
—

 
(6.6
)
Fair value of net plan assets - end of year
  
$
890.4

 
$
957.5

 
$
43.8

 
$
47.6
Schedule of Funded Status and Amounts Recognized in Balance Sheet
The following table sets forth the funded status of the pension plans and amounts recognized in the consolidated balance sheets at year end 2015 and 2014 qualified plans, foreign plans and U.S. unfunded non-qualified plans for benefits provided to certain employees (in millions):
 
  
Domestic
 
Foreign
 
  
2015
 
2014
 
2015
 
2014
Funded status
  
$
70.0

 
$
79.1

 
$
(12.8
)
 
$
(13.5
)
 
  
 
 
 
 
 
 
 
Amounts recognized in the consolidated balance sheets:
  
 
 
 
 
 
 
 
Prepaid pension asset long-term (a)
  
$
111.0

 
$
86.1

 
$
—

 
$
—

Accrued pension obligation long-term
 
(33.8
)
 
—

 
(12.8
)
 
(13.5
)
Accrued pension obligation short-term
  
(2.2
)
 
(1.8
)
 
—

 
—

Other long-term liabilities
  
(5.0
)
 
(5.2
)
 
—

 
—

Net amount recognized
  
$
70.0

 
$
79.1

 
$
(12.8
)
 
$
(13.5
)
 
 
 
 
 
Amounts recognized in accumulated other comprehensive loss:
  
 
 
 
 
 
 
 
Prior service credit
  
$
(36.7
)
 
$
(27.0
)
 
$
(0.3
)
 
$
(0.1
)
Net loss
  
398.6

 
379.6

 
13.0

 
12.9

Net amount recognized, before tax effect
  
$
361.9

 
$
352.6

 
$
12.7

 
$
12.8


(a) Includes the long-term non-qualified unfunded domestic pension plan obligation of $36.7 million at year-end 2014. This plan was frozen in 2015.
The following table sets forth the funded status and amounts recognized in Teledyne’s consolidated balance sheets for the postretirement plans at year-end 2015 and 2014 (in millions):
 
 
2015
 
2014
Funded status:
 
 
 
 
Funded status
 
$
(10.7
)
 
$
(12.8
)
Unrecognized net gain
 
(4.2
)
 
(3.1
)
Accrued benefit cost
 
$
(14.9
)
 
$
(15.9
)
 
 
 
 
 
Amounts recognized in the consolidated balance sheets:
 
 
 
 
Accrued postretirement benefits (long-term)
 
$
(9.6
)
 
$
(11.6
)
Accrued postretirement benefits (short-term)
 
(1.1
)
 
(1.2
)
Accumulated other comprehensive income
 
(4.2
)
 
(3.1
)
Net amount recognized
 
$
(14.9
)
 
$
(15.9
)
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows:
(in millions)
 
2015
2014
Projected benefit obligation
 
$
97.6

$
105.0

Accumulated benefit obligation
 
$
94.7

$
102.9

Fair value of plan assets
 
$
43.8

$
47.7
Estimated Future Benefit Payments
The measurement date for the Company’s postretirement plans is December 31.
Future postretirement plan benefit payments (in millions):
  
 
2016
  
$
1.1

2017
  
1.1

2018
  
1.1

2019
  
1.0

2020
  
1.0

2021-2025
  
4.0

Total
  
$
9.3

Estimated future pension plan benefit payments (in millions): 
  
Domestic
 
Foreign
2016
  
$
57.0

  
$
2.3

2017
  
58.6

  
2.3

2018
  
58.7

  
2.5

2019
  
59.0

  
2.2

2020
  
59.2

  
2.4

2021-2025
  
299.3

  
12.8

Total
  
$
591.8

  
$
24.5
Year-end Market Value by Asset Class
The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S and foreign pension plans as of January 3, 2016, by asset category are as follows (in millions):
Asset category:(a)
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents (b)
 
$
—

 
$
30.3

 
$
—

 
$
30.3

Equity securities:
 


 


 


 


   U.S. equity
 
147.5

 
94.4

 
—

 
241.9

   International equity
 
38.0

 
155.9

 
—

 
193.9

Alternatives
 
—

 
108.7

 
2.2

 
110.9

Mutual funds (c)
 
111.7

 
23.7

 
—

 
135.4

U.S. government securities
 
73.1

 
0.1

 
—

 
73.2

U.S. government futures
 
0.5

 
—

 
—

 
0.5

Corporate bonds
 
—

 
101.7

 
—

 
101.7

Senior secured loans
 
—

 
4.0

 
—

 
4.0

Mortgage-backed securities
 
—

 
15.9

 
—

 
15.9

High-yield bonds
 
—

 
11.7

 
—

 
11.7

Insurance contracts related to foreign plans
 
—

 
14.8

 
—

 
14.8

Fair value of net plan assets at the end of the year
 
$
370.8

 
$
561.2

 
$
2.2

 
$
934.2

(a) There were $15.3 million of transfers of plan assets between the three levels of the fair value hierarchy during the year.
(b) Reflects cash and cash equivalents held in overnight cash investments.
(c) 18% of mutual funds invest in fixed income types of securities; 82% invest in equity securities.

The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S and foreign pension plans as of December 31, 2014, by asset category are as follows (in millions):
Asset category: (a)
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents (b)
 
$
—

 
$
57.2

 
$
—

 
$
57.2

Equity securities:
 
 
 
 
 
 
 


   U.S. equity
 
183.5

 
98.6

 
—

 
282.1

   International equity
 
37.0

 
101.9

 
1.9

 
140.8

Alternatives
 
—

 
115.2

 
1.9

 
117.1

Mutual funds (c)
 
166.8

 
8.0

 
—

 
174.8

U.S. government securities
 
77.6

 
—

 
—

 
77.6

U.S. government futures
 
(0.3
)
 
—

 
—

 
(0.3
)
Corporate bonds
 
—

 
107.3

 
—

 
107.3

Senior secured loans
 
—

 
4.1

 
—

 
4.1

Mortgage-backed securities
 
—

 
15.6

 
—

 
15.6

High-yield bonds
 
—

 
12.9

 
—

 
12.9

Insurance contracts related to foreign plans
 
—

 
15.9

 
—

 
15.9

Fair value of net plan assets at the end of the year
 
$
464.6

 
$
536.7

 
$
3.8

 
$
1,005.1

(a) There were no transfers of plan assets between the three levels of the fair value hierarchy during the year.
(b) Reflects cash and cash equivalents held in overnight cash investments.
(c) 25% of mutual funds invest in fixed income types of securities; 75% invest in equity securities
The following table sets forth the percentage of year-end market value by asset class for the pension plans:
Market value by asset class:
  
Domestic 
 Plan  Assets
 % to Total
 
Foreign
 Plan Assets
 % to Total
 
  
2015
 
2014
 
2015
 
2014
Equity instruments
  
59
%
 
59
%
 
75
%
 
62
%
Fixed income instruments
  
29

 
30

 
15

 
11

Alternates and other
  
12

 
11

 
10

 
27

Total
  
100
%
 
100
%
 
100
%
 
100
%