Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of Derivative Instruments Designated as Cash Flow Hedges

The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the third quarter and nine months ended September 30, 2018 and October 1, 2017 was as follows (in millions):

	Third Quarter						Nine Months
	2018			2017			2018			2017
Net gain (loss) recognized in AOCI (a)	$	3.2		$	1.0		$	3.1		$	(1.9	)
Net gain (loss) reclassified from AOCI into cost of sales (a)	$	—		$	(0.8	)	$	2.0		$	—
Net gain reclassified from AOCI into interest expense (a)	$	0.6		$	0.4		$	1.7		$	0.9
Net gain (loss) reclassified from AOCI into other income and expense, net (b)	$	(0.6	)	$	(3.0	)	$	2.4		$	(9.3	)
Net foreign exchange gain (loss) recognized in other income and expense, net (c)	$	(0.2	)	$	0.8		$	(0.4	)	$	(0.8	)

a)    Effective portion, pre-tax

b)     Amount reclassified to offset earnings impact of liability hedged by cross currency swap

c)     Amount excluded from effectiveness testing

Schedule of Notional Amounts of Outstanding Foreign Currency Contracts

As of September 30, 2018, Teledyne had non-designated 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$	59.2	U.S. Dollars	US$	45.5
Canadian Dollars	C$	15.8	Euros	€	10.4
Euros	€	55.0	Great Britain Pounds	£	49.1
Great Britain Pounds	£	1.2	Australian Dollars	A$	2.2
Great Britain Pounds	£	97.7	U.S. Dollars	US$	128.1
Singapore Dollars	S$	2.1	U.S. Dollars	US$	1.5
Euros	€	26.9	U.S. Dollars	US$	31.3
U.S. Dollars	US$	0.9	Japanese Yen	¥	100.0
Danish Krone	DKR	62.6	U.S. Dollars	US$	9.8

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 30, 2018			December 31, 2017
Derivatives designated as hedging instruments:
Cash flow forward contracts	Other assets	$	0.8		$	3.8
Cash flow cross currency swap	Other assets	—			2.2
Cash flow cross currency swap	Accrued liabilities	(8.0		)	(13.9		)
Cash flow forward contracts	Accrued liabilities	(0.9		)	—
Total derivatives designated as hedging instruments		(8.1		)	(7.9		)
Derivatives not designated as hedging instruments:
Non-designated forward contracts	Other current assets	0.1			4.9
Non-designated forward contracts	Accrued liabilities	(0.4		)	(1.2		)
Total derivatives not designated as hedging instruments		(0.3		)	3.7
Total liability derivatives, net		$	(8.4	)	$	(4.2	)