Derivative Instruments (Tables)

6 Months Ended

Jun. 28, 2020

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 second quarter and six months ended June 28, 2020 and June 30, 2019 was as follows (in millions):

	Second Quarter				Six Months
	2020		2019		2020		2019
Net gain (loss) recognized in AOCI (a)	$	0.2	$	0.7	$	(0.4)	$	5.0
Net gain (loss) reclassified from AOCI into COS - Foreign Exchange Contracts (a)	$	(1.6)	$	(0.6)	$	(1.8)	$	(1.2)
Net gain (loss) reclassified from AOCI Interest Rate Contracts	$	(0.6)	$	—	$	(4.6)	$	—
Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b)	$	(4.7)	$	(1.2)	$	(3.0)	$	0.6
Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts	$	1.0	$	—	$	2.5	$	—
Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts	$	(0.3)	$	0.7	(0.2)		$	1.5
Net foreign exchange gain (loss) recognized in other income, net (c)	$	—	$	(0.2)	$	—	$	(0.4)

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 June 28, 2020, Teledyne had non-designated foreign currency contracts, (in excess of approximately $311.2 million) of this type in the following pairs (in millions):

Contracts to Buy			Contracts to Sell
Currency	Amount		Currency	Amount
Canadian Dollars	$	51.0	U.S. Dollars	US$	37.6
Canadian Dollars	$	15.1	Euros	€	9.9
Great Britain Pounds	£	61.8	U.S. Dollars	US$	76.9
Euros	€	31.0	U.S. Dollars	US$	34.8
Danish Krone	DKR	139.4	U.S. Dollars	US$	21.0
Great Britain Pounds	£	5.9	Euros	€	6.6

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	June 28, 2020		December 29, 2019
Derivatives designated as hedging instruments:
Cash flow forward contracts	Other assets	$	0.6	$	1.3
Cash flow forward contracts	Accrued liabilities	(1.8)		(0.1)
Cash flow cross currency swap	Other non-current asset	0.2		—
Cash flow cross currency swap	Other current assets	2.7		5.4
Cash flow cross currency swap	Accrued liabilities	—		0.3
Cash flow cross currency swap	Other non-current liabilities	—		(7.8)
Cross currency swap	Other current assets	0.1		—
Cross currency swap	Other current assets	0.7		—
Cross currency swap	Other non-current liabilities	(4.9)		—
Interest rate contracts	Other current assets	—		0.2
Interest rate contracts	Other non-current assets	—		0.3
Interest rate contracts	Other current liabilities	(1.5)		—
Interest rate contracts	Other non-current liabilities	(2.4)		—
Total derivatives designated as hedging instruments		(6.3)		(0.4)
Derivatives not designated as hedging instruments:
Non-designated forward contracts	Other current assets	1.9		0.1
Non-designated forward contracts	Accrued liabilities	(2.4)		(0.4)
Total derivatives not designated as hedging instruments		(0.5)		(0.3)
Total derivatives, net		$	(6.8)	$	(0.7)