Long-Term Debt and Letters of Credit

3 Months Ended

Mar. 31, 2019



	Balance at
Long-Term Debt (in millions):	March 31, 2019			December 30, 2018
$750.0 million credit facility due March 2024, weighted average rate of 3.45% at March 31, 2019 and 5.50% at December 30, 2018	$	149.0		$	29.0
Term loan due October 2019, variable rate of 3.61% at March 31, 2019 and 3.63% at December 30, 2018, swapped to a Euro fixed rate of 0.7055%	100.0			100.0
2.61% Fixed Rate Senior Notes due December 2019	30.0			30.0
5.30% Fixed Rate Senior Notes due September 2020	75.0			75.0
2.81% Fixed Rate Senior Notes due November 2020	25.0			25.0
3.09% Fixed Rate Senior Notes due December 2021	95.0			95.0
3.28% Fixed Rate Senior Notes due November 2022	100.0			100.0
0.70% €50 Million Fixed Rate Senior Notes due April 2022	56.1			57.2
0.92% €100 Million Fixed Rate Senior Notes due April 2023	112.2			114.4
1.09% €100 Million Fixed Rate Senior Notes due April 2024	112.2			114.4
Other debt	3.0			8.8
Total debt	857.5			748.8
Less: current portion of long-term debt and debt issuance costs	(132.9		)	(138.7		)
Total long-term debt	$	724.6		$	610.1

On March 15, 2019, Teledyne amended its $750.0 million credit agreement to extend the maturity date from December 2020 to March 2024. While the borrowing capacity remains at $750.0 million, the amendment permits Teledyne to increase the aggregate amount of the borrowing capacity by up to $250.0 million subject to certain conditions.

Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $571.2 million at March 31, 2019. The credit agreements require the Company to comply with various financial and operating covenants and at March 31, 2019, the Company was in compliance with these covenants.

Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The Company’s long-term debt is considered a level 2 fair value hierarchy and is valued based on observable market data. The estimated fair value of Teledyne’s long-term debt at March 31, 2019 and December 30, 2018, approximated the carrying value.

At March 31, 2019, Teledyne had $34.7 million in outstanding letters of credit.