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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 01, 2017
Accounting Policies [Abstract]  
Schedule of Accumulated Other Comprehensive Income/(Loss)
The following table summarizes the changes in accumulated balances of other comprehensive income/(loss) (“AOCI”) for the fiscal years ended January 1, 2017, and January 3, 2016 (in millions):
 
Foreign Currency Translation
 
Cash Flow Hedges and other
 
Pension and Postretirement Benefits
 
Total
Balances 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
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
(24.6
)
 
1.8

 
—

 
(22.8
)
Amounts reclassified from AOCI
—

 
2.1

 
(17.3
)
 
(15.2
)
Net other comprehensive income (loss)
(24.6
)
 
3.9

 
(17.3
)
 
(38.0
)
Balance as of January 1, 2017
$
(198.8
)
 
$
(2.8
)
 
$
(249.6
)
 
$
(451.2
)
 
 
 
 
 
 
 
 
The reclassification out of AOCI for the fiscal years ended January 1, 2017, and January 3, 2016, are as follows (in millions):
 
January 1, 2017
 
January 3, 2016
 
 
Amount reclassified from AOCI
 
Amount reclassified from AOCI
Financial Statement Presentation
Loss on cash hedges:
 
 
 
 
Loss recognized in income on derivatives
$
2.8

 
$
9.1

Cost of sales
Income tax impact
(0.7
)
 
(2.3
)
Income tax benefit
Total
$
2.1

 
$
6.8

 
 
 
 
 
 
Amortization of defined benefit pension and postretirement plan items:
 
 
 
Amortization of prior service cost
$
(6.1
)
 
$
(6.0
)
See Note 11
Amortization of net actuarial loss
27.2

 
34.0

See Note 11
Pension adjustments
(47.7
)
 
(36.0
)
See Note 11
Total before tax
(26.6
)
 
(8.0
)
 
Tax effect
9.3

 
3.0

 
Net of tax
$
(17.3
)
 
$
(5.0
)
 
Schedule of Change in Accounting Estimate
(dollars in millions)
 
2016
 
2015
 
2014
Percent of revenue - POC Method
 
30.5
%
 
31.2
%
 
28.7
%
 
 
 
 
 
 
 
Favorable changes in estimate
 
$
27.7

 
$
38.6

 
$
22.9

Unfavorable changes in estimate
 
(29.6
)
 
(35.5
)
 
(25.9
)
Net change - income/(expense)
 
$
(1.9
)
 
$
3.1

 
$
(3.0
)
Changes in Product Warranty Reserve
 Warranty Reserve (in millions):
2016
 
2015
 
2014
Balance at beginning of year
$
17.1

 
$
18.5

 
$
17.3

Accruals for product warranties charged to expense
7.4

 
6.1

 
6.6

Cost of product warranty claims
(6.7
)
 
(7.7
)
 
(5.9
)
Acquisitions
0.6

 
0.2

 
0.5

Balance at end of period
$
18.4

 
$
17.1

 
$
18.5
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:
2016
 
2015
 
2014
Net income attributable to Teledyne
$
190.9

 
$
195.8

 
$
217.7

Basic earnings per common share:
 
 
 
 
 
Weighted average common shares outstanding
34.6

 
35.3

 
37.1

 
 
 
 
 
 
Basic earnings per common share
$
5.52

 
$
5.55

 
$
5.87

Diluted earnings per share:
 
 
 
 
 
Weighted average common shares outstanding
34.6

 
35.3

 
37.1

Effect of diluted securities
0.9

 
0.7

 
0.8

Weighted average diluted common shares outstanding
35.5

 
36.0

 
37.9

 
 
 
 
 
 
Diluted earnings per common share
$
5.37

 
$
5.44

 
$
5.75
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts
As of January 1, 2017, 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$
32.1

 
U.S. Dollars
US$
24.2

Euros
€
10.4

 
U.S. Dollars
US$
11.1

Great Britain Pounds
£
1.4

 
Australian Dollars
A$
2.4

Great Britain Pounds
£
41.3

 
U.S. Dollars
US$
52.0

Canadian Dollars
C$
15.9

 
Euros
€
10.6

U.S. Dollars
US$
0.9

 
Japanese Yen
¥
110.0

Singapore Dollars
S$
1.8

 
U.S. Dollars
US$
1.3
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The effect of derivative instruments designated as cash flow hedges for 2016 and 2015 was as follows (in millions):
 
 
2016
 
2015
Net gain (loss) recognized in AOCI (a)
 
$
2.3

 
$
(11.0
)
Net loss reclassified from AOCI into cost of sales (a)
 
$
(2.8
)
 
$
(9.1
)
Net foreign exchange gain (loss) recognized in other income and expense (b)
 
$
(0.1
)
 
$
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
 
January 1, 2017
 
January 3, 2016

Derivatives designated as hedging instruments:
 
 
 
 
 
Cash flow forward contracts
Accrued liabilities
 
$
(1.0
)
 
$
(4.7
)
Cash flow forward contracts
Other long-term liabilities
 
(0.1
)
 
(1.3
)
Total derivatives designated as hedging instruments
 
 
(1.1
)
 
(6.0
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
Non-designated forward contracts
Other current assets
 
6.4

 
0.2

Non-designated forward contracts
Accrued liabilities
 
(1.0
)
 
(6.0
)
Total derivatives not designated as hedging instruments
 
 
5.4

 
(5.8
)
Total asset/(liability) derivatives
 
 
$
4.3

 
$
(11.8
)