ANNUAL REPORT PURSUANT TO SECTION 13 OR SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation of organization) | (I.R.S. Employer Identification Number) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Page Number | ||||||||
PART I | ||||||||
PART II | ||||||||
43 | ||||||||
Part III | ||||||||
PART IV | ||||||||
Item 1. | Business |
U.S. Government sales by segment: | 2021 | 2020 | 2019 | |||||||||||||||||
Digital Imaging | $ | 515.9 | $ | 120.9 | $ | 107.4 | ||||||||||||||
Instrumentation | 91.6 | 80.6 | 80.4 | |||||||||||||||||
Aerospace and Defense Electronics | 227.2 | 229.9 | 225.3 | |||||||||||||||||
Engineered Systems | 358.4 | 386.8 | 346.7 | |||||||||||||||||
Total U.S. Government sales | $ | 1,193.1 | $ | 818.2 | $ | 759.8 |
Gender | ||||||||||||||||||||
Percent to Total Employees | Average Age | Average Years of Service | Male | Female | Not Specified | |||||||||||||||
Americas | 69% | 48.8 | 10.2 | 63% | 32% | 5% | ||||||||||||||
Europe, the Middle East and Africa | 28% | 43.2 | 9.9 | 61% | 24% | 15% | ||||||||||||||
Asia-Pacific Region | 3% | 38.5 | 7.2 | 53% | 24% | 23% |
Item 1A. | Risk Factors |
Item 1B. Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities |
Item 6. | Selected Financial Data |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
2021 | 2020 | 2019 | ||||||||||||||||||
Digital Imaging | $ | 23.9 | $ | 2.9 | $ | 1.1 | ||||||||||||||
Instrumentation | 1.3 | 5.9 | 1.5 | |||||||||||||||||
Aerospace and Defense Electronics | 0.7 | 11.1 | 0.5 | |||||||||||||||||
Engineered Systems | 0.4 | 0.5 | 0.1 | |||||||||||||||||
Corporate | 0.1 | 0.4 | — | |||||||||||||||||
Total | $ | 26.4 | $ | 20.8 | $ | 3.2 |
2021 | 2020 | 2019 | ||||||||||||||||||
Severance | $ | 14.5 | $ | 16.0 | $ | 3.5 | ||||||||||||||
Facility consolidations (a) | 11.9 | 4.8 | (0.3) | |||||||||||||||||
Total | $ | 26.4 | $ | 20.8 | $ | 3.2 |
2021 | 2020 | 2019 | ||||||||||||||||||
Cost of sales | $ | 2.4 | $ | 10.3 | $ | 0.8 | ||||||||||||||
Selling, general and administrative expenses | 24.0 | 10.5 | 2.4 | |||||||||||||||||
Total | $ | 26.4 | $ | 20.8 | $ | 3.2 |
2021 | 2020 | 2019 | ||||||||||||||||||
Net sales | $ | 4,614.3 | $ | 3,086.2 | $ | 3,163.6 | ||||||||||||||
Costs and expenses | ||||||||||||||||||||
Cost of sales | 2,772.9 | 1,905.3 | 1,920.3 | |||||||||||||||||
Selling, general and administrative expenses (a) | 1,067.8 | 662.0 | 715.1 | |||||||||||||||||
Acquired intangible asset amortization (a) | 149.3 | 38.8 | 36.5 | |||||||||||||||||
Total costs and expenses | 3,990.0 | 2,606.1 | 2,671.9 | |||||||||||||||||
Operating income | 624.3 | 480.1 | 491.7 | |||||||||||||||||
Interest and debt expense, net | (104.2) | (15.3) | (21.0) | |||||||||||||||||
Non-service retirement benefit income | 11.2 | 12.1 | 8.0 | |||||||||||||||||
Other income (expense), net | 2.5 | (7.2) | (5.0) | |||||||||||||||||
Income before income taxes | 533.8 | 469.7 | 473.7 | |||||||||||||||||
Provision for income taxes | 88.5 | 67.8 | 71.4 | |||||||||||||||||
Net income | $ | 445.3 | $ | 401.9 | $ | 402.3 | ||||||||||||||
Basic earnings per common share | $ | 10.31 | $ | 10.95 | $ | 11.08 | ||||||||||||||
Diluted earnings per common share | $ | 10.05 | $ | 10.62 | $ | 10.73 | ||||||||||||||
Percentage of Total Net Sales | ||||||||||||||||||||
Segment contribution to total net sales: | 2021 | 2020 | 2019 | |||||||||||||||||
Digital Imaging | 52 | % | 32 | % | 31 | % | ||||||||||||||
Instrumentation | 25 | % | 35 | % | 35 | % | ||||||||||||||
Aerospace and Defense Electronics | 14 | % | 19 | % | 22 | % | ||||||||||||||
Engineered Systems | 9 | % | 14 | % | 12 | % | ||||||||||||||
100 | % | 100 | % | 100 | % |
Net sales (dollars in millions) | 2021 | 2020 | % Change | ||||||||||||||||||||
Digital Imaging | $ | 2,412.9 | $ | 986.0 | 144.7 | % | |||||||||||||||||
Instrumentation | 1,166.9 | 1,094.5 | 6.6 | % | |||||||||||||||||||
Aerospace and Defense Electronics | 628.7 | 589.4 | 6.7 | % | |||||||||||||||||||
Engineered Systems | 405.8 | 416.3 | (2.5) | % | |||||||||||||||||||
Total net sales | $ | 4,614.3 | $ | 3,086.2 | 49.5 | % | |||||||||||||||||
Results of operations (dollars in millions) | 2021 | 2020 | % Change | ||||||||||||||||||||
Digital Imaging | $ | 325.6 | $ | 192.8 | 68.9 | % | |||||||||||||||||
Instrumentation | 253.7 | 213.2 | 19.0 | % | |||||||||||||||||||
Aerospace and Defense Electronics | 133.2 | 80.8 | 64.9 | % | |||||||||||||||||||
Engineered Systems | 48.6 | 50.1 | (3.0) | % | |||||||||||||||||||
Corporate expense | (136.8) | (56.8) | 140.8 | % | |||||||||||||||||||
Operating income | 624.3 | 480.1 | 30.0 | % | |||||||||||||||||||
Interest and debt expense, net | (104.2) | (15.3) | 581.0 | % | |||||||||||||||||||
Non-service retirement benefit income | 11.2 | 12.1 | (7.4) | % | |||||||||||||||||||
Other income (expense), net | 2.5 | (7.2) | * | ||||||||||||||||||||
Income before income taxes | 533.8 | 469.7 | 13.6 | % | |||||||||||||||||||
Provision for income taxes | 88.5 | 67.8 | 30.5 | % | |||||||||||||||||||
Net income | $ | 445.3 | $ | 401.9 | 10.8 | % | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Digital Imaging | |||||||||||||||||
Net sales | $ | 2,412.9 | $ | 986.0 | $ | 1,426.9 | |||||||||||
Cost of sales | $ | 1,421.7 | $ | 569.2 | $ | 852.5 | |||||||||||
Cost of sales % of net sales | 58.9 | % | 57.7 | % | |||||||||||||
Instrumentation | |||||||||||||||||
Net sales | $ | 1,166.9 | $ | 1,094.5 | $ | 72.4 | |||||||||||
Cost of sales | $ | 617.8 | $ | 603.4 | $ | 14.4 | |||||||||||
Cost of sales % of net sales | 53.0 | % | 55.1 | % | |||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||
Net sales | $ | 628.7 | $ | 589.4 | $ | 39.3 | |||||||||||
Cost of sales | $ | 400.9 | $ | 395.1 | $ | 5.8 | |||||||||||
Cost of sales % of net sales | 63.8 | % | 67.0 | % | |||||||||||||
Engineered Systems | |||||||||||||||||
Net sales | $ | 405.8 | $ | 416.3 | $ | (10.5) | |||||||||||
Cost of sales | $ | 332.5 | $ | 337.6 | $ | (5.1) | |||||||||||
Cost of sales % of net sales | 81.9 | % | 81.1 | % | |||||||||||||
Total Company | |||||||||||||||||
Net sales | $ | 4,614.3 | $ | 3,086.2 | $ | 1,528.1 | |||||||||||
Cost of sales | $ | 2,772.9 | $ | 1,905.3 | $ | 867.6 | |||||||||||
Cost of sales % of net sales | 60.1 | % | 61.7 | % |
Net sales (dollars in millions) | 2020 | 2019 | % Change | ||||||||||||||||||||
Digital Imaging | $ | 986.0 | $ | 992.9 | (0.7) | % | |||||||||||||||||
Instrumentation | 1,094.5 | 1,105.1 | (1.0) | % | |||||||||||||||||||
Aerospace and Defense Electronics | 589.4 | 690.1 | (14.6) | % | |||||||||||||||||||
Engineered Systems | 416.3 | 375.5 | 10.9 | % | |||||||||||||||||||
Total sales | $ | 3,086.2 | $ | 3,163.6 | (2.4) | % | |||||||||||||||||
Results of operations (dollars in millions) | 2020 | 2019 | % Change | ||||||||||||||||||||
Digital Imaging | $ | 192.8 | $ | 176.5 | 9.2 | % | |||||||||||||||||
Instrumentation | 213.2 | 200.4 | 6.4 | % | |||||||||||||||||||
Aerospace and Defense Electronics | 80.8 | 143.4 | (43.7) | % | |||||||||||||||||||
Engineered Systems | 50.1 | 36.5 | 37.3 | % | |||||||||||||||||||
Corporate expense | (56.8) | (65.1) | (12.7) | % | |||||||||||||||||||
Operating income | 480.1 | 491.7 | (2.4) | % | |||||||||||||||||||
Interest and debt expense, net | (15.3) | (21.0) | (27.1) | % | |||||||||||||||||||
Non-service retirement benefit income | 12.1 | 8.0 | 51.3 | % | |||||||||||||||||||
Other expense, net | (7.2) | (5.0) | 44.0 | % | |||||||||||||||||||
Income before income taxes | 469.7 | 473.7 | (0.8) | % | |||||||||||||||||||
Provision for income taxes | 67.8 | 71.4 | (5.0) | % | |||||||||||||||||||
Net income | $ | 401.9 | $ | 402.3 | (0.1) | % | |||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Digital Imaging | |||||||||||||||||
Net sales | $ | 986.0 | $ | 992.9 | $ | (6.9) | |||||||||||
Cost of sales | $ | 569.2 | $ | 580.6 | $ | (11.4) | |||||||||||
Cost of sales % of net sales | 57.7 | % | 58.5 | % | |||||||||||||
Instrumentation | |||||||||||||||||
Net sales | $ | 1,094.5 | $ | 1,105.1 | $ | (10.6) | |||||||||||
Cost of sales | $ | 603.4 | $ | 612.8 | $ | (9.4) | |||||||||||
Cost of sales % of net sales | 55.1 | % | 55.5 | % | |||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||
Net sales | $ | 589.4 | $ | 690.1 | $ | (100.7) | |||||||||||
Cost of sales | $ | 395.1 | $ | 414.7 | $ | (19.6) | |||||||||||
Cost of sales % of net sales | 67.0 | % | 60.1 | % | |||||||||||||
Engineered Systems | |||||||||||||||||
Net sales | $ | 416.3 | $ | 375.5 | $ | 40.8 | |||||||||||
Cost of sales | $ | 337.6 | $ | 312.2 | $ | 25.4 | |||||||||||
Cost of sales % of net sales | 81.1 | % | 83.1 | % | |||||||||||||
Total Company | |||||||||||||||||
Net sales | $ | 3,086.2 | $ | 3,163.6 | $ | (77.4) | |||||||||||
Cost of sales | $ | 1,905.3 | $ | 1,920.3 | $ | (15.0) | |||||||||||
Cost of sales % of net sales | 61.7 | % | 60.7 | % |
(Dollars in millions) | 2021 (a) | 2020 | 2019 | |||||||||||||||||
Net sales | $ | 2,412.9 | $ | 986.0 | $ | 992.9 | ||||||||||||||
Cost of sales | $ | 1,421.7 | $ | 569.2 | $ | 580.6 | ||||||||||||||
Selling, general and administrative expenses (b) | $ | 537.2 | $ | 205.9 | $ | 217.2 | ||||||||||||||
Acquired intangible asset amortization (b) | $ | 128.4 | $ | 18.1 | $ | 18.6 | ||||||||||||||
Operating income | $ | 325.6 | $ | 192.8 | $ | 176.5 | ||||||||||||||
Cost of sales % of net sales | 58.9 | % | 57.7 | % | 58.5 | % | ||||||||||||||
Selling, general and administrative expenses % of net sales | 22.3 | % | 20.9 | % | 21.9 | % | ||||||||||||||
Acquired intangible asset amortization % of net sales | 5.3 | % | 1.8 | % | 1.8 | % | ||||||||||||||
Operating income % of net sales | 13.5 | % | 19.6 | % | 17.8 | % | ||||||||||||||
International sales % of net sales | 55.1 | % | 60.8 | % | 59.7 | % | ||||||||||||||
U.S. Government sales % of net sales | 21.4 | % | 12.3 | % | 10.8 | % | ||||||||||||||
(Dollars in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Net sales | $ | 1,166.9 | $ | 1,094.5 | $ | 1,105.1 | ||||||||||||||
Cost of sales | $ | 617.8 | $ | 603.4 | $ | 612.8 | ||||||||||||||
Selling, general and administrative expenses (a) | $ | 275.3 | $ | 258.1 | $ | 274.9 | ||||||||||||||
Acquired intangible asset amortization (a) | $ | 20.1 | $ | 19.8 | $ | 17.0 | ||||||||||||||
Operating income | $ | 253.7 | $ | 213.2 | $ | 200.4 | ||||||||||||||
Cost of sales % of net sales | 53.0 | % | 55.1 | % | 55.5 | % | ||||||||||||||
Selling, general and administrative expenses % of net sales | 23.6 | % | 23.6 | % | 24.9 | % | ||||||||||||||
Acquired intangible asset amortization % of net sales | 1.7 | % | 1.8 | % | 1.5 | % | ||||||||||||||
Operating income % of net sales | 21.7 | % | 19.5 | % | 18.1 | % | ||||||||||||||
International sales % of net sales | 56.1 | % | 57.0 | % | 54.8 | % | ||||||||||||||
U.S. Government sales % of net sales | 7.9 | % | 7.4 | % | 7.3 | % | ||||||||||||||
(Dollars in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Net sales | $ | 628.7 | $ | 589.4 | $ | 690.1 | ||||||||||||||
Cost of sales | $ | 400.9 | $ | 395.1 | $ | 414.7 | ||||||||||||||
Selling, general and administrative expenses (a) | $ | 93.8 | $ | 112.6 | $ | 131.1 | ||||||||||||||
Acquired intangible asset amortization (a) | $ | 0.8 | $ | 0.9 | $ | 0.9 | ||||||||||||||
Operating income | $ | 133.2 | $ | 80.8 | $ | 143.4 | ||||||||||||||
Cost of sales % of net sales | 63.8 | % | 67.0 | % | 60.1 | % | ||||||||||||||
Selling, general and administrative expenses % of net sales | 14.9 | % | 19.1 | % | 19.0 | % | ||||||||||||||
Acquired intangible asset amortization % of net sales | 0.1 | % | 0.2 | % | 0.1 | % | ||||||||||||||
Operating income % of net sales | 21.2 | % | 13.7 | % | 20.8 | % | ||||||||||||||
International sales % of net sales | 25.4 | % | 27.1 | % | 27.4 | % | ||||||||||||||
U.S. Government sales % of net sales | 36.2 | % | 39.0 | % | 32.6 | % | ||||||||||||||
(Dollars in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Net sales | $ | 405.8 | $ | 416.3 | $ | 375.5 | ||||||||||||||
Cost of sales | $ | 332.5 | $ | 337.6 | $ | 312.2 | ||||||||||||||
Selling, general and administrative expenses | $ | 24.7 | $ | 28.6 | $ | 26.8 | ||||||||||||||
Operating income | $ | 48.6 | $ | 50.1 | $ | 36.5 | ||||||||||||||
Cost of sales % of net sales | 81.9 | % | 81.1 | % | 83.1 | % | ||||||||||||||
Selling, general and administrative expenses % of net sales | 6.1 | % | 6.9 | % | 7.2 | % | ||||||||||||||
Operating income % of net sales | 12.0 | % | 12.0 | % | 9.7 | % | ||||||||||||||
International sales % of net sales | 0.9 | % | 0.7 | % | 1.1 | % | ||||||||||||||
U.S. Government sales % of net sales | 88.3 | % | 92.9 | % | 92.3 | % | ||||||||||||||
Long-term debt (dollars in millions, except as noted): | January 2, 2022 | January 3, 2021 | ||||||||||||
$1.15 billion credit facility due March 2026, weighted average variable rate of 1.20% at January 2, 2022 and 1.05% at January 3, 2021 | $ | 125.0 | $ | 125.0 | ||||||||||
Term loan due October 2024, variable rate of 1.35% at January 2, 2022 and 1.15% at January 3, 2021, swapped to a Euro fixed rate of 0.612% | 150.6 | 150.0 | ||||||||||||
0.65% Fixed Rate Senior Notes due April 2023 | 300.0 | — | ||||||||||||
0.95% Fixed Rate Senior Notes due April 2024, callable after April 2022 | 450.0 | — | ||||||||||||
1.60% Fixed Rate Senior Notes due April 2026 | 450.0 | — | ||||||||||||
2.25% Fixed Rate Senior Notes due April 2028 | 700.0 | — | ||||||||||||
2.50% Fixed Rate Senior Notes due August 2030 | 500.0 | — | ||||||||||||
2.75% Fixed Rate Senior Notes due April 2031 | 1,100.0 | — | ||||||||||||
Term loan due May 2026, variable rate of 1.35% at January 2, 2022 | 355.0 | — | ||||||||||||
3.09% Fixed Rate Senior Notes due December 2021 | — | 95.0 | ||||||||||||
3.28% Fixed Rate Senior Notes due November 2022 | — | 100.0 | ||||||||||||
0.70% €50 Million Fixed Rate Senior Notes due April 2022 | — | 61.1 | ||||||||||||
0.92% €100 Million Fixed Rate Senior Notes due April 2023 | — | 122.1 | ||||||||||||
1.09% €100 Million Fixed Rate Senior Notes due April 2024 | — | 122.1 | ||||||||||||
Other debt | 0.7 | 4.0 | ||||||||||||
Debt issuance costs | (31.9) | (0.8) | ||||||||||||
Total long-term debt | 4,099.4 | 778.5 | ||||||||||||
Current portion of long-term debt | — | (97.6) | ||||||||||||
Total long-term debt, net of current portion | $ | 4,099.4 | $ | 680.9 |
$1.15 billion Credit Facility expires March 2026, $1.0 billion term loan due May 2026 and $150.0 million term loan due October 2024 (issued October 2019) | |||||||||||
Financial Covenant | Requirement | Actual Measure | |||||||||
Consolidated Leverage Ratio (Net Debt/EBITDA) (a) | No more than 4.75 to 1 | 2.913 to 1 | |||||||||
Consolidated Interest Coverage Ratio (EBITDA/Interest) (b) | No less than 3.0 to 1 | 10.6 to 1 | |||||||||
Contractual obligations (in millions): | 2022 | 2023 | 2024 | 2025 | 2026 | After 2026 | Total | |||||||||||||||||||||||||||||||||||||
Debt obligations | $ | — | $ | 300.2 | $ | 600.7 | $ | 0.1 | $ | 930.2 | $ | 2,300.1 | $ | 4,131.3 | ||||||||||||||||||||||||||||||
Interest expense (a) | 81.6 | 80.0 | 76.1 | 73.6 | 63.1 | 194.2 | 568.6 | |||||||||||||||||||||||||||||||||||||
Operating lease obligations (b) | 33.5 | 29.9 | 24.3 | 21.7 | 18.6 | 65.4 | 193.4 | |||||||||||||||||||||||||||||||||||||
Purchase obligations (c) | 264.4 | 10.3 | 6.4 | 1.2 | 0.6 | 0.9 | 283.8 | |||||||||||||||||||||||||||||||||||||
Total | $ | 379.5 | $ | 420.4 | $ | 707.5 | $ | 96.6 | $ | 1,012.5 | $ | 2,560.6 | $ | 5,177.1 |
Free Cash Flow(a) (in millions, brackets indicate use of funds) | 2021 | 2020 | 2019 | ||||||||||||||||||||
Cash provided by operating activities | $ | 824.6 | $ | 618.9 | $ | 482.1 | |||||||||||||||||
Capital expenditures for property, plant and equipment | (101.6) | (71.4) | (88.4) | ||||||||||||||||||||
Free cash flow | $ | 723.0 | $ | 547.5 | $ | 393.7 |
Capital expenditures (in millions): | 2021 | 2020 | 2019 | |||||||||||||||||
Digital Imaging | $ | 64.2 | $ | 33.4 | $ | 45.2 | ||||||||||||||
Instrumentation | 13.3 | 18.0 | 18.9 | |||||||||||||||||
Aerospace and Defense Electronics | 8.4 | 10.4 | 19.0 | |||||||||||||||||
Engineered Systems | 12.9 | 7.5 | 3.6 | |||||||||||||||||
Corporate | 2.8 | 2.1 | 1.7 | |||||||||||||||||
$ | 101.6 | $ | 71.4 | $ | 88.4 |
2021 | ||||||||||||||||||||||||||
Acquisition | Acquisition date | Consideration Transferred(a) | Goodwill Acquired | Acquired Intangible Assets | ||||||||||||||||||||||
FLIR | May 14, 2021 | $ | 7,620.9 | $ | 5,905.5 | $ | 2,490.0 | |||||||||||||||||||
(a) Net of cash acquired. The consideration included approximately $3.9 billion of Teledyne shares issued to existing shareholders of the acquired company. This $3.9 billion of equity consideration is a non-cash transaction. An immaterial portion of the cash consideration for certain vested FLIR restricted stock awards was deferred at the election of the award holder and will be paid out in future periods. |
2020 | ||||||||||||||||||||||||||
Acquisition | Acquisition date | Cash Paid (a) | Goodwill Acquired | Acquired Intangible Assets | ||||||||||||||||||||||
OakGate Technology, Inc. | January 5, 2020 | $ | 28.5 | $ | 16.9 | $ | 7.0 | |||||||||||||||||||
Purchase price adjustment - Micralyne Inc. (acquired in 2019) | 0.5 | — | — | |||||||||||||||||||||||
Total | $ | 29.0 | $ | 16.9 | $ | 7.0 | ||||||||||||||||||||
(a) Net of cash acquired . | ||||||||||||||||||||||||||
Contracts to Buy | Contracts to Sell | |||||||||||||
Currency | Amount | Currency | Amount | |||||||||||
Canadian Dollars | C$ | 169.4 | U.S. Dollars | US$ | 132.0 | |||||||||
Euros | € | 147.3 | U.S. Dollars | US$ | 167.1 | |||||||||
Euros | € | 33.5 | Canadian Dollars | C$ | 48.4 | |||||||||
Great Britain Pounds | £ | 59.2 | U.S. Dollars | US$ | 78.9 | |||||||||
U.S. Dollars | US$ | 31.0 | Swedish Krona | kr | 280.1 | |||||||||
Danish Krone | Kr. | 395.3 | U.S. Dollars | US$ | 60.2 | |||||||||
Swedish Krona | kr | 355.7 | Euros | € | 35.0 | |||||||||
Norwegian Krone | kr | 228.0 | Swedish Krona | kr | 227.1 | |||||||||
Norwegian Krone | kr | 78.9 | U.S. Dollars | US$ | 8.6 |
Reserves and Valuation Accounts (in millions): (a) | 2021 | 2020 | ||||||||||||
Allowance for doubtful accounts | $ | 13.8 | $ | 12.3 | ||||||||||
Workers’ compensation and general liability reserves (b) | $ | 5.9 | $ | 6.2 | ||||||||||
Environmental reserves (b) | $ | 6.3 | $ | 6.5 | ||||||||||
Other accrued liability reserves (b) | $ | 12.4 | $ | 12.9 |
Warranty Reserve (in millions): | 2021 | 2020 | 2019 | |||||||||||||||||
Balance at beginning of year | $ | 22.4 | $ | 24.8 | $ | 21.0 | ||||||||||||||
Product warranty expense | 11.9 | 3.3 | 13.1 | |||||||||||||||||
Deductions | (10.1) | (8.2) | (14.2) | |||||||||||||||||
Acquisitions | 25.3 | 2.5 | 4.9 | |||||||||||||||||
Balance at year-end | $ | 49.5 | $ | 22.4 | $ | 24.8 |
0.25 Percentage Point Increase | 0.25 Percentage Point Decrease | |||||||||||||
Increase (decrease) to pension expense resulting from: | ||||||||||||||
Change in discount rate | $ | (0.2) | $ | 0.2 | ||||||||||
Change in long-term rate of return on plan assets | $ | (2.1) | $ | 2.1 |
Item 7A. Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
Item 15. | Exhibits and Financial Statement Schedules |
Page | |||||
Financial Statements and Related Information: | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | |||||
Financial Statement Schedule: | |||||
/s/ ROBERT MEHRABIAN | ||
Robert Mehrabian | ||
Chairman, President and Chief Executive Officer |
/s/ SUSAN L. MAIN | ||
Susan L. Main | ||
Senior Vice President and Chief Financial Officer |
For the Fiscal Year | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net sales | $ | $ | $ | |||||||||||||||||
Costs and expenses | ||||||||||||||||||||
Cost of sales | ||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||
Acquired intangible asset amortization | ||||||||||||||||||||
Total costs and expenses | ||||||||||||||||||||
Operating income | ||||||||||||||||||||
Interest and debt expense, net | ( | ( | ( | |||||||||||||||||
Non-service retirement benefit income | ||||||||||||||||||||
Other income (expense), net | ( | ( | ||||||||||||||||||
Income before income taxes | ||||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Basic earnings per common share | $ | $ | $ | |||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | |||||||||||||||||
Weighted average diluted common shares outstanding |
For the Fiscal Year | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign exchange translation adjustment | ( | |||||||||||||||||||
Hedge activity, net of tax | ( | |||||||||||||||||||
Pension and postretirement benefit adjustments, net of tax | ( | ( | ||||||||||||||||||
Other comprehensive income(a) | ||||||||||||||||||||
Comprehensive income | $ | $ | $ | |||||||||||||||||
2021 | 2020 | |||||||||||||
Assets | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Unbilled receivables, net | ||||||||||||||
Inventories, net | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total Current Assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Acquired intangible assets, net | ||||||||||||||
Prepaid pension assets | ||||||||||||||
Other assets, net | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued liabilities | ||||||||||||||
Current portion of long-term debt and other debt | ||||||||||||||
Total Current Liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Long-term deferred tax liabilities | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Commitments and Contingencies | ||||||||||||||
Stockholders’ Equity | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ Issued shares: | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Treasury stock, | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total Stockholders’ Equity | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ |
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Treasury stock issued | — | ( | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | |||||||||||||||||||||||||||||||||||
Balance, December 29, 2019 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Treasury stock issued | — | ( | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance, January 3, 2021 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Common stock issued | — | — | — | |||||||||||||||||||||||||||||||||||
Treasury stock issued | — | ( | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance, January 2, 2022 | $ | $ | $ | ( | $ | $ | ( | $ |
For the Fiscal Year | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Operating Activities | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||
Bridge financing and debt extinguishment expense | ||||||||||||||||||||
Changes in operating assets and liabilities, excluding the effect of businesses acquired: | ||||||||||||||||||||
Accounts receivable and unbilled receivables | ( | ( | ||||||||||||||||||
Inventories | ||||||||||||||||||||
Prepaid expenses and other assets | ( | ( | ||||||||||||||||||
Accounts payable | ( | |||||||||||||||||||
Accrued expenses and other liabilities | ( | |||||||||||||||||||
Deferred and income taxes payable, net | ( | ( | ( | |||||||||||||||||
Other, net | ( | |||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Investing Activities | ||||||||||||||||||||
Purchases of property, plant and equipment | ( | ( | ( | |||||||||||||||||
Purchase of businesses and other investments, net of cash acquired | ( | ( | ( | |||||||||||||||||
Other, net | ||||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | |||||||||||||||||
Financing Activities | ||||||||||||||||||||
Net proceeds from credit facility | ||||||||||||||||||||
Proceeds from issuance of term loans and senior notes, net | ||||||||||||||||||||
Payments on other debt | ( | ( | ( | |||||||||||||||||
Proceeds from stock options exercised | ||||||||||||||||||||
Payments for bridge financing and debt extinguishment | ( | |||||||||||||||||||
Other, net | ( | ( | ||||||||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | |||||||||||||||||||
Change in cash and cash equivalents | ( | |||||||||||||||||||
Cash and cash equivalents—beginning of period | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | $ | $ |
Foreign Currency Translation | Cash Flow Hedges and other | Pension and Postretirement Benefits | Total | ||||||||||||||||||||
Balance as of December 29, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | |||||||||||||||||||||
Net other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance as of January 3, 2021 | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from AOCI | ( | ||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance as of January 2, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
January 2, 2022 | January 3, 2021 | |||||||||||||
Amount reclassified from AOCI | Amount reclassified from AOCI | Financial Statement Presentation | ||||||||||||
Gain (loss) on cash flow hedges: | ||||||||||||||
Gain (loss) recognized in income on derivatives | $ | ( | $ | See Note 2 | ||||||||||
Income tax impact | ( | Provision for income taxes | ||||||||||||
Total | $ | ( | $ | |||||||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||||||||||
Amortization of prior service cost | $ | ( | $ | ( | See Note 11 | |||||||||
Amortization of net actuarial loss | See Note 11 | |||||||||||||
Pension adjustments | ( | See Note 11 | ||||||||||||
Total before tax | ( | |||||||||||||
Income tax impact | ( | |||||||||||||
Net of tax | $ | $ | ( |
Warranty Reserve (in millions): | 2021 | 2020 | 2019 | ||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||
Product warranty expense | |||||||||||||||||
Deductions | ( | ( | ( | ||||||||||||||
Acquisitions | |||||||||||||||||
Balance at end of year | $ | $ | $ |
Earnings Per Common Share: | 2021 | 2020 | 2019 | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Basic earnings per common share: | |||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||
Basic earnings per common share | $ | $ | $ | ||||||||||||||
Diluted earnings per share: | |||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||
Effect of diluted securities (primarily stock options) | |||||||||||||||||
Weighted average diluted common shares outstanding | |||||||||||||||||
Diluted earnings per common share | $ | $ | $ |
Contracts to Buy | Contracts to Sell | |||||||||||||
Currency | Amount | Currency | Amount | |||||||||||
Canadian Dollars | C$ | U.S. Dollars | US$ | |||||||||||
Euros | € | U.S. Dollars | US$ | |||||||||||
Euros | € | Canadian Dollars | C$ | |||||||||||
Great Britain Pounds | £ | U.S. Dollars | US$ | |||||||||||
U.S. Dollars | US$ | Swedish Krona | kr | |||||||||||
Danish Krone | Kr. | U.S. Dollars | US$ | |||||||||||
Swedish Krona | kr | Euros | € | |||||||||||
Norwegian Krone | kr | Swedish Krona | kr | |||||||||||
Norwegian Krone | kr | U.S. Dollars | US$ |
2021 | 2020 | |||||||||||||
Net gain (loss) recognized in AOCI - foreign exchange contracts (a) | $ | $ | ( | |||||||||||
Net gain recognized in AOCI - interest rate contracts | $ | $ | ||||||||||||
Net gain reclassified from AOCI into revenue/cost of sales - foreign exchange contracts | $ | $ | ||||||||||||
Net gain reclassified from AOCI into interest expense - foreign exchange contracts | $ | $ | ||||||||||||
Net loss reclassified from AOCI into interest expense -interest rate contracts | $ | ( | $ | ( | ||||||||||
Net gain (loss) reclassified from AOCI into other income and expense, net - foreign exchange contracts (b) | $ | $ | ( | |||||||||||
2021 | 2020 | |||||||||||||
Net gain recognized in earnings for effective portion - other income and expense, net - foreign exchange contracts | $ | $ | ||||||||||||
Net gain recognized in earnings for amounts excluded from effectiveness testing - other income and expense, net - foreign exchange contracts | $ | $ |
Asset/(Liability) Derivatives | Balance sheet location | January 2, 2022 | January 3, 2021 | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Cash flow forward contracts | Other assets | $ | $ | ||||||||||||||
Interest rate contracts | Other non-current liabilities | ( | ( | ||||||||||||||
Interest rate contracts | Other current liabilities | ( | ( | ||||||||||||||
Cash flow forward contracts | Accrued liabilities | ( | |||||||||||||||
Cash flow cross currency swaps | Other current assets | ||||||||||||||||
Cash flow cross currency swaps | Other non-current liabilities | ( | ( | ||||||||||||||
Cash flow cross currency swaps | Other current assets (accrued interest) | ||||||||||||||||
Total derivatives designated as hedging instruments | ( | ( | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Non-designated forward contracts | Other current assets | ||||||||||||||||
Non-designated forward contracts | Accrued liabilities | ( | ( | ||||||||||||||
Total derivatives not designated as hedging instruments | |||||||||||||||||
Total liability derivatives | $ | ( | $ | ( |
2021 | ||||||||||||||||||||||||||
Acquisition | Acquisition Date | Consideration Transferred(a) | Goodwill Acquired | Acquired Intangible Assets | ||||||||||||||||||||||
FLIR | May 14, 2021 | $ | $ | $ | ||||||||||||||||||||||
(a) Net of cash acquired. The consideration included approximately $ |
2020 | ||||||||||||||||||||||||||
Acquisitions | Acquisition Date | Cash Paid (a) | Goodwill Acquired | Acquired Intangible Assets | ||||||||||||||||||||||
OakGate Technology, Inc. | January 5, 2020 | $ | $ | $ | ||||||||||||||||||||||
Purchase price adjustment - Micralyne Inc. (acquired in 2019) | ||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||
(a) Net of cash acquired. |
Provisional fair values allocated to the assets acquired and liabilities assumed - FLIR (in millions): | 2021 | |||||||
Cash and cash equivalents | $ | |||||||
Accounts receivable, net | ||||||||
Unbilled receivables, net | ||||||||
Inventories, net | ||||||||
Prepaid expenses and other current assets | ||||||||
Total current assets | ||||||||
Property, plant and equipment | ||||||||
Goodwill | ||||||||
Acquired intangible assets | ||||||||
Other long-term assets | ||||||||
Total assets acquired | ||||||||
Accounts payable | ||||||||
Accrued liabilities | ||||||||
Total current liabilities acquired | ||||||||
Long-term debt, net | ||||||||
Long-term deferred tax liabilities | ||||||||
Other long-term liabilities | ||||||||
Total liabilities assumed | ||||||||
Consideration transferred | $ | |||||||
Consideration transferred, net of cash acquired (a) | $ |
(a) | The consideration included approximately $ |
(unaudited - in millions, except per share amounts) | 2021 (a) | 2020 (a) | ||||||||||||
Net sales | $ | $ | ||||||||||||
Net income | $ | $ | ||||||||||||
Basic earnings per common share | $ | $ | ||||||||||||
Diluted earnings per common share | $ | $ | ||||||||||||
(a) The above unaudited proforma information is presented for the FLIR acquisition as it is considered a material acquisition. |
2021 | ||||||||||||||
Intangibles subject to amortization: | Intangible Assets | Weighted average useful life in years | ||||||||||||
Proprietary technology | $ | |||||||||||||
Customer list/relationships | ||||||||||||||
Total acquired intangibles subject to amortization | ||||||||||||||
Intangibles not subject to amortization:(a) | ||||||||||||||
Trademarks | n/a | |||||||||||||
Total acquired intangible assets | $ | |||||||||||||
Goodwill | $ | n/a |
Goodwill (in millions): | Digital Imaging | Instrumentation | Aerospace and Defense Electronics | Engineered Systems | Total | ||||||||||||||||||||||||
Balance at December 29, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Current year acquisitions | |||||||||||||||||||||||||||||
Foreign currency changes and other | |||||||||||||||||||||||||||||
Balance at January 3, 2021 | |||||||||||||||||||||||||||||
Current year acquisition | |||||||||||||||||||||||||||||
Foreign currency changes and other | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at January 3, 2022 | $ | $ | $ | $ | $ |
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||||||||||||||
Acquired intangible assets (in millions): | ||||||||||||||||||||||||||||||||||||||
Proprietary technology | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Customer list/relationships | ||||||||||||||||||||||||||||||||||||||
Patents | ||||||||||||||||||||||||||||||||||||||
Non-compete agreements | ||||||||||||||||||||||||||||||||||||||
Trademarks | ||||||||||||||||||||||||||||||||||||||
Backlog | ||||||||||||||||||||||||||||||||||||||
Acquired intangible assets subject to amortization | ||||||||||||||||||||||||||||||||||||||
Acquired intangible assets not subject to amortization: | ||||||||||||||||||||||||||||||||||||||
Trademarks | — | — | ||||||||||||||||||||||||||||||||||||
Total acquired intangible assets | $ | $ | $ | $ | $ | $ |
Acquired intangibles subject to amortization | Weighted average remaining useful life in years | |||||||
Proprietary technology | ||||||||
Customer list/relationships | ||||||||
Patents | ||||||||
Trademarks | ||||||||
Total acquired intangibles subject to amortization |
Accounts Receivable and Unbilled Receivables (in millions): | Balance at year-end | |||||||||||||
2021 | 2020 | |||||||||||||
Commercial and other billed receivables | $ | $ | ||||||||||||
U.S. Government and prime contractors billed receivables | ||||||||||||||
Allowance for doubtful accounts | ( | ( | ||||||||||||
Account receivable, net | $ | $ | ||||||||||||
Commercial and other unbilled receivables, net | $ | $ | ||||||||||||
U.S. Government and prime contractors unbilled receivables, net | ||||||||||||||
Unbilled receivables, net | $ | $ |
Inventories (in millions): | Balance at year-end | |||||||||||||
2021 | 2020 | |||||||||||||
Raw materials and supplies | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Finished goods | ||||||||||||||
Total inventories, net | $ | $ |
Property, plant and equipment (in millions): | Balance at year-end | |||||||||||||
2021 | 2020 | |||||||||||||
Land | $ | $ | ||||||||||||
Buildings | ||||||||||||||
Equipment and software and other | ||||||||||||||
Accumulated depreciation and amortization | ( | ( | ||||||||||||
Total property, plant and equipment, net | $ | $ |
Balance sheet items | Balance sheet location | January 2, 2022 | January 3, 2021 | |||||||||||||||||
Salaries and wage accruals | Accrued liabilities | $ | $ | |||||||||||||||||
Common stock and treasury stock activity: | Common Stock | Treasury Stock | ||||||||||||
Balance, December 30, 2018 | ||||||||||||||
Issued | ( | |||||||||||||
Balance, December 29, 2019 | ||||||||||||||
Issued | ( | |||||||||||||
Balance, January 3, 2021 | ||||||||||||||
Issued | ( | |||||||||||||
Balance, January 2, 2022 |
Stock option valuation assumptions: | 2021 | 2020 | 2019 | ||||||||||||||
Expected dividend yield | n/a | n/a | n/a | ||||||||||||||
Expected volatility | |||||||||||||||||
Risk-free interest rate | |||||||||||||||||
Expected life in years |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | $ | $ | $ | ||||||||||||||||||||||||||||||||
Exercised | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Canceled or expired | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | ||||||||||||||||||||||||||||||||
Options exercisable at end of period | $ | $ | $ |
Stock Options Outstanding | Stock Options Exercisable | |||||||||||||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average Exercise Price | Remaining life in years | Shares | Weighted Average Exercise Price | |||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | $ |
Restricted Stock: | Shares | Weighted average fair value per share | ||||||||||||
Balance, December 30, 2018 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Balance, December 29, 2019 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Balance, January 3, 2021 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Forfeited/Canceled | ( | $ | ||||||||||||
Balance, January 2, 2022 | $ |
Directors Restricted Stock: | Shares | Weighted average fair value per share | ||||||||||||
Balance, December 30, 2018 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Balance, December 29, 2019 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Canceled | ( | $ | ||||||||||||
Balance, January 3, 2021 | $ | |||||||||||||
Granted | $ | |||||||||||||
Issued | ( | $ | ||||||||||||
Balance, January 2, 2022 | $ |
Long-Term Debt (dollars in millions, except as noted): | January 2, 2022 | January 3, 2021 | |||||||||
$ | $ | $ | |||||||||
Term loan due October 2024, variable rate of | |||||||||||
Term loan due May 2026, variable rate of | |||||||||||
Other debt | |||||||||||
Debt issuance costs | ( | ( | |||||||||
Total long-term debt | |||||||||||
Current portion of long-term debt and other debt | ( | ||||||||||
Total long-term debt, net of current portion | $ | $ |
Fiscal year | ||||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total principal payments | ||||||||
Debt issuance costs | ( | |||||||
Total debt | $ |
Income tax provision/(benefit) - (in millions): | 2021 | 2020 | 2019 | |||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ||||||||||||||||||||
Foreign | ||||||||||||||||||||
Total current | ||||||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | ( | ( | ( | |||||||||||||||||
State | ( | ( | ||||||||||||||||||
Foreign | ( | |||||||||||||||||||
Total deferred | ( | ( | ( | |||||||||||||||||
Provision for income taxes | $ | $ | $ |
Tax rate reconciliation: | 2021 | 2020 | 2019 | |||||||||||||||||
U.S. federal statutory income tax rate | % | % | % | |||||||||||||||||
State and local taxes, net of federal benefit | ||||||||||||||||||||
Research and development tax credits | ( | ( | ( | |||||||||||||||||
Investment tax credits | ( | ( | ( | |||||||||||||||||
Foreign rate differential | ||||||||||||||||||||
Net reversals for unrecognized tax benefits | ( | ( | ||||||||||||||||||
Stock-based compensation | ( | ( | ( | |||||||||||||||||
U.S. export sales | ( | ( | ( | |||||||||||||||||
Acquisition-related costs | ||||||||||||||||||||
Other | ||||||||||||||||||||
Effective income tax rate | % | % |
Deferred income tax assets: | 2021 | 2020 | ||||||||||||
Long-term: | ||||||||||||||
Accrued liabilities | $ | $ | ||||||||||||
Inventory valuation | ||||||||||||||
Accrued vacation | ||||||||||||||
Deferred compensation and other benefit plans | ||||||||||||||
Postretirement benefits other than pensions | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Capitalization of research and development | ||||||||||||||
Tax credit and net operating loss carryforward | ||||||||||||||
Valuation allowance | ( | ( | ||||||||||||
Total deferred income tax assets | ||||||||||||||
Deferred income tax liabilities: | ||||||||||||||
Long-term: | ||||||||||||||
Intangible amortization | ||||||||||||||
Property, plant and equipment differences | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Unremitted earnings of foreign subsidiaries | ||||||||||||||
Other | ||||||||||||||
Total deferred income tax liabilities | ||||||||||||||
Net deferred income tax liabilities | $ | $ |
Unrecognized tax benefits (in millions): | 2021 | 2020 | 2019 | |||||||||||||||||
Beginning of year | $ | $ | $ | |||||||||||||||||
Increase due to FLIR acquisition | ||||||||||||||||||||
Increase for tax positions taken during the current period | ||||||||||||||||||||
Increase in prior year tax positions | ||||||||||||||||||||
Reduction related to settlements with taxing authorities | ( | ( | ( | |||||||||||||||||
Reduction related to lapse of the statute of limitations | ( | ( | ( | |||||||||||||||||
Impact of exchange rate changes | ( | ( | ||||||||||||||||||
End of year | $ | $ | $ |
Domestic | Foreign | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Service cost - benefits earned during the period (in millions) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Domestic | Foreign | |||||||||||||||||||||||||||||||||||||
Pension non-service (income)/expense (in millions): | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Interest cost on benefit obligation | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Amortization of prior service cost | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | ||||||||||||||||||||||||||||||||||||||
Settlements/Curtailment | ( | |||||||||||||||||||||||||||||||||||||
Pension non-service (income)/expense | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( |
Pension Plan Assumptions: | Weighted average discount rate | Weighted average increase in future compensation levels | Expected weighted-average long-term rate of return | |||||||||||||||||
Domestic plan - 2021 | ||||||||||||||||||||
Domestic plan - 2020 | ||||||||||||||||||||
Domestic plan - 2019 | ||||||||||||||||||||
Foreign plans - 2021 | ||||||||||||||||||||
Foreign plans - 2020 | ||||||||||||||||||||
Foreign plans - 2019 |
Domestic | Foreign | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Changes in benefit obligation (in millions): | ||||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Service cost - benefits earned during the year | ||||||||||||||||||||||||||
Interest cost on projected benefit obligation | ||||||||||||||||||||||||||
Actuarial (gain) loss | ( | ( | ||||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | ||||||||||||||||||||||
Other - including foreign currency, settlements/curtailments | ( | |||||||||||||||||||||||||
Benefit obligation - end of year | $ | $ | $ | $ | ||||||||||||||||||||||
Accumulated benefit obligation - end of year | $ | $ | $ | $ |
Key assumptions: | Domestic Plans | Foreign Plans | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||||||||||||||
Salary growth rate |
Domestic | Foreign | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Changes in plan assets (in millions): | ||||||||||||||||||||||||||
Fair value of net plan assets - beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Actual return on plan assets | ||||||||||||||||||||||||||
Employer contribution - other benefit plan | ||||||||||||||||||||||||||
Foreign currency changes | ( | |||||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | ||||||||||||||||||||||
Other | ( | |||||||||||||||||||||||||
Fair value of net plan assets - end of year | $ | $ | $ | $ |
Domestic | Foreign | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Funded status | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||||
Prepaid pension asset long-term | $ | $ | $ | $ | ||||||||||||||||||||||
Accrued pension obligation long-term | ( | ( | ( | ( | ||||||||||||||||||||||
Accrued pension obligation short-term | ( | ( | ( | ( | ||||||||||||||||||||||
Other long-term liabilities | ( | ( | ||||||||||||||||||||||||
Net amount recognized | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Net prior service cost (credit) | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||
Net loss | ||||||||||||||||||||||||||
Net amount recognized, before tax effect | $ | $ | $ | $ |
2021 | 2020 | ||||||||||
Projected benefit obligation | $ | $ | |||||||||
Accumulated benefit obligation | $ | $ | |||||||||
Fair value of plan assets | $ | $ |
Estimated future pension plan benefit payments (in millions): | Domestic | Foreign | ||||||||||||
2022 | $ | $ | ||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027-2031 | ||||||||||||||
Total | $ | $ |
Market value by asset class: | Domestic Plan Assets % to Total | Foreign Plan Assets % to Total | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Equity instruments | % | % | % | % | ||||||||||||||||||||||
Fixed income instruments | ||||||||||||||||||||||||||
Alternatives and other | ||||||||||||||||||||||||||
Total | % | % | % | % |
Asset category:(a) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Cash and cash equivalents (b) | $ | $ | $ | $ | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
U.S. government securities and futures | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Insurance contracts related to foreign plans | ||||||||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ | $ | $ | $ | ||||||||||||||||||||||
Investments measured at net asset value: | ||||||||||||||||||||||||||
Alternatives | $ | |||||||||||||||||||||||||
Mutual funds (c) | ||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
High yield bonds | ||||||||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ |
Asset category: (a) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Cash and cash equivalents (b) | $ | $ | $ | $ | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
U.S. government securities and futures | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Insurance contracts related to foreign plans | ||||||||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ | $ | $ | $ | ||||||||||||||||||||||
Investments measured at net asset value: | ||||||||||||||||||||||||||
Alternatives | $ | |||||||||||||||||||||||||
Mutual funds (c) | ||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
High yield bonds | ||||||||||||||||||||||||||
Fair value of net plan assets at the end of the year | $ |
2021 | 2020 | 2019 | ||||||||||||||||||
Digital Imaging | $ | $ | $ | |||||||||||||||||
Instrumentation | ||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Total | $ | $ | $ |
Net sales: | 2021 | 2020 | 2019 | ||||||||||||||
Digital Imaging | $ | $ | $ | ||||||||||||||
Instrumentation | |||||||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||
Engineered Systems | |||||||||||||||||
Total net sales | $ | $ | $ | ||||||||||||||
Operating income: | 2021 | 2020 | 2019 | ||||||||||||||
Digital Imaging | $ | $ | $ | ||||||||||||||
Instrumentation | |||||||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||
Engineered Systems | |||||||||||||||||
Corporate expense | ( | ( | ( | ||||||||||||||
Total operating income | $ | $ | $ | ||||||||||||||
Depreciation and amortization: | 2021 | 2020 | 2019 | |||||||||||||||||
Digital Imaging | $ | $ | $ | |||||||||||||||||
Instrumentation | ||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Total depreciation and amortization | $ | $ | $ |
Capital expenditures: | 2021 | 2020 | 2019 | |||||||||||||||||
Digital Imaging | $ | $ | $ | |||||||||||||||||
Instrumentation | ||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Total capital expenditures | $ | $ | $ |
Identifiable assets: | 2021 | 2020 | 2019 | |||||||||||||||||
Digital Imaging | $ | $ | $ | |||||||||||||||||
Instrumentation | ||||||||||||||||||||
Aerospace and Defense Electronics | ||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Total identifiable assets | $ | $ | $ | |||||||||||||||||
Sales by country of origin: | 2021 | 2020 | 2019 | |||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
Canada | ||||||||||||||||||||
United Kingdom | ||||||||||||||||||||
Belgium | ||||||||||||||||||||
The Netherlands | ||||||||||||||||||||
All other countries | ||||||||||||||||||||
Total sales | $ | $ | $ |
Long-lived assets: | 2021 | 2020 | 2019 | |||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
Canada | ||||||||||||||||||||
United Kingdom | ||||||||||||||||||||
France | ||||||||||||||||||||
All other countries | ||||||||||||||||||||
Total long-lived assets | $ | $ | $ |
Instrumentation: | 2021 | 2020 | 2019 | |||||||||||||||||
Environmental Instrumentation | $ | $ | $ | |||||||||||||||||
Marine Instrumentation | ||||||||||||||||||||
Test and Measurement Instrumentation | ||||||||||||||||||||
Total | $ | $ | $ |
Fiscal Year Ended January 2, 2022 | Fiscal Year Ended January 3, 2021 | Fiscal Year Ended December 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Type | Customer Type | Customer Type | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | United States Government (a) | Other, Primarily Commercial | Total | United States Government (a) | Other, Primarily Commercial | Total | United States Government (a) | Other, Primarily Commercial | Total | ||||||||||||||||||||||||||||||||||||||||||||
Net Sales: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital Imaging | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Instrumentation | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Engineered Systems | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Fiscal Year Ended January 2, 2022 | Fiscal Year Ended January 3, 2021 | Fiscal Year Ended December 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Region (a) | Geographic Region (a) | Geographic Region (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | United States | Europe | All other | Total | United States | Europe | All other | Total | United States | Europe | All other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital Imaging | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Instrumentation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and Defense Electronics | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Engineered Systems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Operating lease commitments: | ||||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total minimum lease payments | ||||||||
Less: | ||||||||
Imputed interest | ( | |||||||
( | ||||||||
$ |
Additions | ||||||||||||||||||||||||||||||||
Description | Balance at beginning of period | Charged to costs and expenses | Acquisitions | Deductions and other (a) | Balance at end of period | |||||||||||||||||||||||||||
Fiscal Year 2021 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | ( | $ | |||||||||||||||||||||||||||||
Environmental reserves | $ | ( | $ | |||||||||||||||||||||||||||||
Fiscal Year 2020 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | ( | $ | |||||||||||||||||||||||||||||
Environmental reserves | $ | ( | $ | |||||||||||||||||||||||||||||
Fiscal Year 2019 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | ( | $ | |||||||||||||||||||||||||||||
Environmental reserves | $ | ( | $ | |||||||||||||||||||||||||||||
(a) Represents payments except the amounts for allowance for doubtful accounts primarily represents uncollectible accounts written-off, net of recoveries. |
Exhibit No. | Description | |||||||
2.1 | ||||||||
2.2 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
10.1 | |||||||||||
10.2 | |||||||||||
10.3 | |||||||||||
10.4 | |||||||||||
10.5 | |||||||||||
10.6 | |||||||||||
10.7 | |||||||||||
10.8 | |||||||||||
10.9 | |||||||||||
10.10 | |||||||||||
10.11 | |||||||||||
10.12 | |||||||||||
10.13 | |||||||||||
10.14 | |||||||||||
10.15 | |||||||||||
10.16 | |||||||||||
10.17 | |||||||||||
10.18 | |||||||||||
10.19 | |||||||||||
10.20 | |||||||||||
10.21 | |||||||||||
10.22 | |||||||||||
10.23 | |||||||||||
10.24 | |||||||||||
10.25 | |||||||||||
10.26 | |||||||||||
10.27 | |||||||||||
10.28 | |||||||||||
10.29 | |||||||||||
10.30 | |||||||||||
10.31 | |||||||||||
10.32 | |||||||||||
10.34 | ||||||||
10.35 | ||||||||
10.36 | ||||||||
10.37 | ||||||||
10.38 | ||||||||
10.39 | ||||||||
10.40 | ||||||||
10.41 | ||||||||
10.42 | ||||||||
10.43 | ||||||||
10.44 | ||||||||
10.45 | ||||||||
10.46 | ||||||||
14.1 | Teledyne Technologies Incorporated Global Code of Ethical Conduct - this code of ethics may be accessed via the Company’s website at www.teledyne.com/who-we-are/ethics | |||||||
14.2 | Code of Ethics for Financial Professionals - this code of ethics may be accessed via the Company’s website at www.teledyne.com/who-we-are/ethics | |||||||
14.3 | Directors, Code of Business Conduct and Ethics - this code of ethics may be accessed via the Company’s website at www.teledyne.com/who-we-are/ethics | |||||||
21 | ||||||||
23.1 | ||||||||
24.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document** | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document** | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document** | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document** | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document** | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document** | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Submitted electronically herewith. |
** | Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language) for the year ended January 2, 2022: (i) the Consolidated Statement of Income, (ii) the Consolidated Balance Sheet, (iii) the Consolidated Statement of Shareholders’ Equity, (iv) the Consolidated Statement of Comprehensive Income (Loss), (v) the Consolidated Statement of Cash Flows, (vi) Notes to Consolidated Financial Statements and (vii) Financial Schedule of Valuation and Qualifying Accounts. |
† | Denotes management contract or compensatory plan or arrangement required to be filed as an Exhibit to this Form 10-K. |
Teledyne Technologies Incorporated (Registrant) | ||||||||
By: | /s/ Robert Mehrabian | |||||||
Robert Mehrabian | ||||||||
Chairman, President and Chief Executive Officer |
/s/ Robert Mehrabian | Chairman, President and Chief | |||||||||||||||||||
Robert Mehrabian | Executive Officer (Principal Executive Officer) and Director | February 25, 2022 | ||||||||||||||||||
/s/ Susan L. Main | Senior Vice President and | |||||||||||||||||||
Susan L. Main | Chief Financial Officer (Principal Financial Officer) | February 25, 2022 | ||||||||||||||||||
/s/ Cynthia Belak | Vice President and | |||||||||||||||||||
Cynthia Belak | Controller (Principal Accounting Officer) | February 25, 2022 | ||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Denise R. Cade | ||||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Charles Crocker | ||||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Kenneth C. Dahlberg | ||||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Michelle A. Kumbier | ||||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Simon M. Lorne | ||||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Robert A. Malone | ||||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Vincent J. Morales | ||||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Wesley W. von Schack | ||||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Jane C. Sherburne | ||||||||||||||||||||
* | Director | February 25, 2022 | ||||||||||||||||||
Michael T. Smith | ||||||||||||||||||||
*By: | /s/ Melanie S. Cibik | |||||||||||||||||||
Melanie S. Cibik Pursuant to Power of Attorney filed as Exhibit 24.1 |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
DVTEL India Private Limited | India | |||||||
DVTEL Israel Ltd. | Israel | |||||||
DVTEL Mexico SAPI de CV | Mexico | |||||||
Ensambles de Precision S.A. de C.V. | Mexico | |||||||
FLIR Belgium BV | Belgium | |||||||
FLIR Commercial Systems AB | Sweden | |||||||
FLIR Commercial Systems LLC | Russia | |||||||
FLIR Commercial Systems Mexico, S.A. de C.V. | Mexico | |||||||
FLIR Integrated Imaging Solutions GmbH | Germany | |||||||
FLIR Integrated Imaging Solutions, Co., Ltd. (to be merged out) | China | |||||||
FLIR Integrated Imaging Solutions, Inc. | British Columbia | |||||||
FLIR Maritime Asia Pty Ltd. | Australia | |||||||
FLIR Networked Systems, SLU | Spain | |||||||
FLIR Optoelectronic Technology (Shanghai) Co., Ltd. | China | |||||||
FLIR Systems AB | Sweden | |||||||
FLIR Systems Australia Pty Ltd | Australia | |||||||
FLIR Systems B.V. | Netherlands | |||||||
FLIR Systems Brasil Comercio de Cameras Infravermelhas Ltda. | Brazil | |||||||
FLIR Systems Company Ltd. | Hong Kong | |||||||
FLIR Systems Estonia OU | Estonia | |||||||
FLIR Systems France SAS | France | |||||||
FLIR Systems GmbH | Germany | |||||||
FLIR Systems Holding AB | Sweden | |||||||
FLIR Systems India Private Limited | India | |||||||
FLIR Systems Israel Ltd. (dormant) | Israel | |||||||
FLIR Systems Japan K.K. | Japan | |||||||
FLIR Systems Korea Co., Ltd. | South Korea | |||||||
FLIR Systems Limited | United Kingdom | |||||||
FLIR Systems Middle East DWC-LLC | United Arab Emirates | |||||||
FLIR Systems Middle East FZE | United Arab Emirates | |||||||
FLIR Systems SRL | Italy |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
FLIR Systems Trading Belgium BV | Belgium | |||||||
FLIR Systems Trading Middle East FZCO (dormant) | United Arab Emirates | |||||||
FLIR Unmanned Aerial Systems AS | Norway | |||||||
FLIR Unmanned Aerial Systems ULC | British Columbia | |||||||
FSI Holdings C.V. | Netherlands | |||||||
Gas Performance Testing Services Ltd (dormant) | United Kingdom | |||||||
GMI Group Holdings Limited | United Kingdom | |||||||
Intelek Limited | United Kingdom | |||||||
Intelek Pension Trustees Limited | United Kingdom | |||||||
Intelek Properties Limited | United Kingdom | |||||||
IST Fire & Gas DMCC (dormant) | United Arab Emirates | |||||||
IST Oldham Instruments India Private Limited | India | |||||||
LeCroy (Beijing) Trading Co., Ltd. | China | |||||||
Lidar Aviation Services, Inc. | Ontario, Canada | |||||||
Maple Imaging, LLC | Delaware | |||||||
Ocean Aero, Inc. (minority interest) | Delaware | |||||||
Oldham-Winter GmbH | Germany | |||||||
Omnivee (2003) Ltd. (inactive) | Israel | |||||||
Raymarine Deutschland GmbH | Germany | |||||||
Raymarine Finland OY | Finland | |||||||
Raymarine France SAS | France | |||||||
Raymarine Holdings Limited | United Kingdom | |||||||
Raymarine Italia Srl | Italy | |||||||
Raymarine Norge AS | Norway | |||||||
Raymarine Sverige AB | Sweden | |||||||
Raymarine Technologies Ltd | United Kingdom | |||||||
Raymarine UK Limited | United Kingdom | |||||||
Rhombi Holdings Limited | United Kingdom | |||||||
Rhombi Netherlands B.V. | Netherlands | |||||||
RIHL Limited | United Kingdom | |||||||
SCI CEDIP (minority interest) | France | |||||||
Seapilot AB | Sweden | |||||||
Simtronics AS | Norway | |||||||
Teledyne Australia Pty Ltd (dormant) | Australia | Teledyne Defence Australia | ||||||
Teledyne Brown Engineering, Inc. | Delaware | |||||||
Teledyne C.M.L. Group Limited (dormant) | United Kingdom | |||||||
Teledyne CARIS B.V. | Netherlands | |||||||
Teledyne Controls, LLC | Delaware |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
Teledyne Czech s.r.o. | Czech Republic | |||||||
Teledyne DALSA (Shanghai) Trading Co., Ltd. | China | |||||||
Teledyne DALSA B.V. | Netherlands | |||||||
Teledyne Defense Electronics, LLC | Delaware | Teledyne Coax Switches Teledyne e2v Teledyne e2v HiRel Electronics Teledyne MEC Teledyne Microwave Teledyne Microwave Solutions Teledyne Paradise Datacom Teledyne Relays Teledyne Reynolds Teledyne Storm Microwave Teledyne TWT Products Teledyne Wireless | ||||||
Teledyne Detcon, Inc. | Texas | |||||||
Teledyne Digital Imaging US, Inc. | Delaware | Teledyne Acton Research Teledyne Caris Teledyne DALSA Teledyne e2v US Teledyne Integrated Designs Teledyne Photometrics Teledyne Princeton Instruments Teledyne Rad-icon Imaging | ||||||
Teledyne Digital Imaging, Inc. | Ontario, Canada | Teledyne Caris Teledyne Dalsa Teledyne Dalsa Semiconductor Teledyne Lumenera Teledyne Optech Teledyne Quantitative Imaging Teledyne Photometrics Teledyne Scientific Cameras Teledyne VariSystems | ||||||
Teledyne e2v (Beijing) Co., Ltd. | China | |||||||
Teledyne e2v (Overseas) Holdings Limited | United Kingdom | |||||||
Teledyne UK Limited | United Kingdom | |||||||
Teledyne e2v Asia Pacific Limited | Hong Kong | |||||||
Teledyne e2v Semiconductors SAS | France | |||||||
Teledyne Energy Systems, Inc. | Delaware | |||||||
Teledyne Europe Holdings C.V. | Netherlands | |||||||
Teledyne FLIR Commercial Systems, Inc. | California | |||||||
Teledyne FLIR Detection, Inc. | Delaware | |||||||
Teledyne FLIR EOC, LLC | California | |||||||
Teledyne FLIR Government Systems, Inc. | Delaware | |||||||
Teledyne FLIR Integrated Imaging Solutions U.S.A., Inc. | Nevada |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
Teledyne FLIR Maritime US, Inc. | Delaware | |||||||
Teledyne FLIR Surveillance, Inc. | Delaware | |||||||
Teledyne FLIR UIS Holding Inc. | Delaware | |||||||
Teledyne FLIR Unmanned Ground Systems, Inc. | Delaware | |||||||
Teledyne FLIR, LLC | Delaware | |||||||
Teledyne France SAS | France | Teledyne RD Instruments Europe | ||||||
Teledyne FSI Holdings, Inc. | Oregon | |||||||
Teledyne Gas Measurement Instruments Limited | United Kingdom | |||||||
Teledyne Gavia ehf. | Iceland | |||||||
Teledyne ICM SPRL | Belgium | |||||||
Teledyne Innovaciones Microelectronics, S.L.U. | Spain | |||||||
Teledyne Instruments Malaysia Sdn. Bhd. | Malaysia |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
Teledyne Instruments, Inc. | Delaware | Teledyne Advanced Chemistry Systems Teledyne Advanced Monitoring Solutions Teledyne Advanced Pollution Instrumentation Teledyne A-G Geophysical Products Teledyne AGG Teledyne Analytical Instruments Teledyne API Teledyne Benthos Teledyne BlueView Teledyne Cable Solutions Teledyne CETAC Technologies Teledyne Cormon Teledyne D.G. O’Brien Teledyne Geophysical Instruments Teledyne Hanson Research Teledyne Hastings Instruments Teledyne Impulse Teledyne Isco Teledyne Laboratory and Field Instruments Teledyne Leeman Labs Teledyne Marine Teledyne Marine Interconnect Solutions Teledyne Monitor Labs Teledyne Oceanscience Teledyne ODI Teledyne Odom Hydrographic Teledyne Oil & Gas Teledyne Process and Air Quality Instruments Teledyne RD Instruments Teledyne RDI Teledyne Real Time Systems Teledyne RTS Teledyne SeaBotix Teledyne SSI Teledyne Taptone Teledyne Tekmar Teledyne TSS Teledyne Webb Research | ||||||
Teledyne Japan Corporation | Japan | |||||||
Teledyne Korea, Ltd. | South Korea | |||||||
Teledyne Labtech Limited (dormant) | United Kingdom | |||||||
Teledyne LeCroy India Trading Private Ltd. | India | |||||||
Teledyne LeCroy S.A.R.L. | France | |||||||
Teledyne LeCroy S.R.L. | Italy | |||||||
Teledyne LeCroy SA | Switzerland |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
Teledyne LeCroy, Inc. | Delaware | Teledyne LeCroy Frontline Teledyne LeCroy OakGate Teledyne LeCroy Protocol Solutions Group Teledyne Test Services Teledyne Test Tools | ||||||
Teledyne Limited | United Kingdom | |||||||
Teledyne Marine Ltda. | Brazil | Teledyne ODI Brasil; Teledyne Oleo & Gas | ||||||
Teledyne Micralyne, Inc. | Alberta, Canada | |||||||
Teledyne Netherlands B.V. | Netherlands | |||||||
Teledyne Oldham Simtronics SAS | France | |||||||
Teledyne Optech, Inc. | Delaware | |||||||
Teledyne RESON A/S | Denmark | |||||||
Teledyne RESON B.V. | Netherlands | |||||||
Teledyne RESON Holding B.V. | Netherlands | |||||||
Teledyne RESON, Inc. | California | |||||||
Teledyne RISI, Inc. | California | Teledyne Electronic Safety Products Teledyne Energetics | ||||||
Teledyne Scientific & Imaging, LLC | Delaware | Teledyne Imaging Sensors Teledyne Judson Technologies Teledyne Scientific Company | ||||||
Teledyne Scientific Imaging GmbH | Germany | |||||||
Teledyne Scientific Imaging Limited (in liquidation) | United Kingdom | |||||||
Teledyne Signal Processing Devices Sweden AB | Sweden | |||||||
Teledyne Singapore Private Limited | Singapore | |||||||
Teledyne Taiwan Company | Taiwan | |||||||
Teledyne Technologies (Bermuda) Limited | Bermuda | |||||||
Teledyne Technologies (Shanghai) Co., Ltd. | China | |||||||
Teledyne Technologies International Corp. | Delaware |
Name of Subsidiary | State/Jurisdiction of Incorporation | Fictitious Business Name(s) Used by Subsidiary | ||||||
Teledyne Technologies Israel Ltd. | Israel | |||||||
Teledyne UK Limited | United Kingdom | Teledyne Bowtech Teledyne CML Composites Teledyne Controls (UK) Teledyne Cormon Teledyne Defence and Space Teledyne Geophysical Instruments (UK) Teledyne Impulse- PDM Teledyne Labtech Teledyne LeCroy (UK) Teledyne Oil & Gas Teledyne Paradise Datacom Teledyne Relays (UK) Teledyne Reynolds (UK) Teledyne TSS | ||||||
/s/ Denise R. Cade | Director | ||||
Denise R. Cade | |||||
/s/ Charles Crocker | Director | ||||
Charles Crocker | |||||
/s/ Kenneth C. Dahlberg | Director | ||||
Kenneth C. Dahlberg | |||||
/s/ Simon M. Lorne | Director | ||||
Simon M. Lorne | |||||
/s/ Michelle A. Kumbier | Director | ||||
Michelle A. Kumbier | |||||
/s/ Robert A. Malone | Director | ||||
Robert A. Malone | |||||
/s/ Vincent J. Morales | Director | ||||
Vincent J. Morales | |||||
/s/ Jane C. Sherburne | Director | ||||
Jane C. Sherburne | |||||
/s/ Michael T. Smith | Director | ||||
Michael T. Smith | |||||
/s/ Wesley W. von Schack | Director | ||||
Wesley W. von Schack |
By: | /s/ Robert Mehrabian | ||||
Robert Mehrabian | |||||
Chairman, President and Chief Executive Officer |
By: | /s/ Susan L. Main | ||||
Susan L. Main | |||||
Senior Vice President and Chief Financial Officer |
By: | /s/ Robert Mehrabian | ||||
Robert Mehrabian | |||||
Chairman, President and Chief Executive Officer | |||||
February 25, 2022 |
By: | /s/ Susan L. Main | ||||
Susan L. Main | |||||
Senior Vice President and Chief Financial Officer | |||||
February 25, 2022 |
Audit Information |
12 Months Ended |
---|---|
Jan. 02, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Los Angeles, California |
Auditor Firm ID | 34 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 445.3 | $ 401.9 | $ 402.3 | ||
Other comprehensive income (loss): | |||||
Foreign exchange translation adjustment | (44.4) | 65.8 | 31.1 | ||
Hedge activity, net of tax | (5.7) | 4.6 | 2.6 | ||
Pension and postretirement benefit adjustments, net of tax | 50.2 | (24.7) | (16.3) | ||
Other comprehensive income (loss) | [1] | 0.1 | 45.7 | 17.4 | |
Comprehensive income | $ 445.4 | $ 447.6 | $ 419.7 | ||
|
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Statement of Comprehensive Income [Abstract] | |||
Income tax benefit | $ (11.7) | $ 9.8 | $ 6.6 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares, issued (in shares) | 47,194,766 | 37,697,865 |
Common stock, shares outstanding (in shares) | 46,692,296 | 36,951,607 |
Treasury stock, shares (in shares) | 502,470 | 746,258 |
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
|||
---|---|---|---|---|---|---|---|---|---|
Beginning stockholders’ equity at Dec. 30, 2018 | $ 2,229.7 | $ 0.4 | $ 343.7 | $ (144.9) | $ 2,523.7 | $ (493.2) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 402.3 | 402.3 | |||||||
Other comprehensive income, net of tax | 17.4 | [1] | 17.4 | ||||||
Treasury stock issued | 0.0 | (48.5) | 48.5 | ||||||
Stock-based compensation | 30.7 | 30.7 | |||||||
Exercise of stock options | 34.6 | 34.6 | 0.0 | ||||||
Ending stockholders' equity at Dec. 29, 2019 | 2,714.7 | 0.4 | 360.5 | (96.4) | 2,926.0 | (475.8) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 401.9 | 401.9 | |||||||
Other comprehensive income, net of tax | 45.7 | [1] | 45.7 | ||||||
Treasury stock issued | 0.0 | (36.9) | 36.9 | ||||||
Stock-based compensation | 30.0 | 30.0 | |||||||
Exercise of stock options | 36.3 | 36.3 | |||||||
Ending stockholders' equity at Jan. 03, 2021 | 3,228.6 | 0.4 | 389.9 | (59.5) | 3,327.9 | (430.1) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 445.3 | 445.3 | |||||||
Other comprehensive income, net of tax | 0.1 | [1] | 0.1 | ||||||
Common stock issued | 3,888.7 | 0.1 | 3,888.6 | ||||||
Treasury stock issued | 0.0 | (20.7) | 20.7 | ||||||
Stock-based compensation | 33.9 | 33.9 | |||||||
Exercise of stock options | 25.4 | 25.4 | |||||||
Ending stockholders' equity at Jan. 02, 2022 | $ 7,622.0 | $ 0.5 | $ 4,317.1 | $ (38.8) | $ 3,773.2 | $ (430.0) | |||
|
Description of Business |
12 Months Ended |
---|---|
Jan. 02, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Teledyne Technologies Incorporated (“Teledyne” or the “Company”), a Delaware company that became an independent public company effective November 29, 1999, provides enabling technologies for industrial growth markets that require advanced technology and high reliability. These markets include factory automation and condition monitoring, aerospace and defense, air and water quality environmental monitoring, electronics design and development, medical imaging and pharmaceutical research, oceanographic research, and deepwater energy exploration and production. Following the 2021 acquisition of FLIR Systems, Inc. ( “FLIR”), we further evolved into a global sensing and decision-support technology company: providing specialty sensors, cameras, instrumentation, algorithms and software across the electromagnetic spectrum, as well as unmanned systems, in the subsea, land and air domains. We differentiate ourselves from many of our direct competitors by having a customer and Company-sponsored applied research center that augments our product development expertise. We believe that technological capabilities and innovation and the ability to invest in the development of new and enhanced products are critical to obtaining and maintaining leadership in our markets and the industries in which we compete. Teledyne consists of the Digital Imaging segment with principal operations in the United States, the United Kingdom, Canada, France, Sweden, the Netherlands, Belgium, Estonia and the United Arab Emirates: the Instrumentation segment with principal operations in the United States, the United Kingdom, Denmark and France; the Aerospace and Defense Electronics segment with principal operations in the United States and the United Kingdom; and the Engineered Systems segment with principal operations in the United States. Certain prior year amounts have been reclassified to conform to the current period presentation. The Company now discloses acquired intangible asset amortization on a separate income statement line. Acquired intangible asset amortization was previously included in selling, general and administrative expenses. In addition, the Company now discloses the balance of long-term deferred tax liabilities on a separate balance sheet line. Long-term deferred tax liabilities was previously included in other long-term liabilities. On May 14, 2021, Teledyne completed the acquisition of FLIR, and the financial results of FLIR have been included since the date of the acquisition. The financial statements of Teledyne contained herein are as of and for the fiscal year ended January 2, 2022, and reflect the results of the Company after giving effect to the acquisition of FLIR. Teledyne acquired the outstanding stock of FLIR for approximately $8.1 billion, comprising of net cash payments of $3.7 billion, Teledyne share issuances of $3.9 billion, and the assumption of FLIR debt of $0.5 billion. See Note 3 to these Notes to Consolidated Financial Statements for information regarding FLIR acquisition.
|
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of Teledyne and its majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated. Fiscal Year The Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December 31. Fiscal year 2021 was a 52-week fiscal year and ended on January 2, 2022. Fiscal year 2020 was a 53-week fiscal year and ended on January 3, 2021. Fiscal year 2019 was a 52-week fiscal year and ended on December 29, 2019. References to the years 2021, 2020 and 2019 are intended to refer to the respective fiscal year unless otherwise noted. Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to sales returns and allowances, allowance for doubtful accounts, inventories, goodwill, intangible assets, asset valuations, income taxes, warranty obligations, pension and other postretirement benefits, long-term contracts, environmental, workers’ compensation and general liability, employee benefits and other contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at the time, the results of which form the basis for making its judgments. Actual results may differ materially from these estimates under different assumptions or conditions. Management believes that the estimates are reasonable. 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 2, 2022, and January 3, 2021 (in millions):
The reclassification out of AOCI for the fiscal years ended January 2, 2022, and January 3, 2021, are as follows (in millions):
Revenue Recognition We determine the appropriate method by which we recognize revenue by analyzing the nature of the products or services being provided as well as the terms and conditions of contracts or arrangements entered into with our customers. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A contract’s transaction price is allocated to each distinct good or service (i.e., performance obligation) identified in the contract, and each performance obligation is valued based on its estimated relative standalone selling price. For standard products or services, list prices generally represent the standalone selling price. For performance obligations where list price is not available, we typically use the expected cost plus a margin approach to estimate the standalone selling price for that performance obligation. Prior to the acquisition of FLIR, approximately 60% of our revenue was recognized at a point in time, with the remaining 40% recognized over time. The majority of FLIR revenue is recognized at a point in time. In future periods, we expect approximately 70% of revenue to be recognized at a point in time, with the remaining 30% recognized over time. Revenue recognized at a point in time relates primarily to the sale of standard or minimally customized products, with control transferring to the customer generally upon the transfer of title. This type of revenue arrangement is typical for our commercial contracts within the Digital Imaging, Instrumentation, and Aerospace and Defense Electronics segments, and to a lesser extent for certain commercial contracts within the Engineered Systems segment relating to the sale of standard hydrogen/oxygen gas generators. In limited circumstances, customer specified acceptance criteria exist. If we cannot objectively demonstrate that the product meets those specifications prior to the shipment, the revenue is deferred until customer acceptance is obtained. The transaction price in these arrangements can include variable consideration, such as product returns and sales allowances. The estimation of this variable consideration and determination of whether to include estimated amounts as a reduction in the transaction price is based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Revenue recognized over time relates primarily to contracts to design, develop and/or manufacture highly engineered products used in both defense and commercial applications. This type of revenue arrangement is typical of our U.S. government contracts and to a lesser extent for certain commercial contracts, with both contract types occurring across all segments. The customer typically controls the work in process as evidenced either by contractual termination clauses or by our right to payment for costs incurred to date plus a reasonable profit for products or services that do not have an alternative use. As control transfers continuously over time on these contracts, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We generally use the cost-to-cost measure of progress as this measure best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The transaction price in these arrangements may include estimated amounts of variable consideration, including award fees, incentive fees, contract amounts not yet funded, or other provisions that can either increase or decrease the transaction price. We estimate variable consideration at the amount to which we expect to be entitled, and we include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the estimation uncertainty is resolved. The estimation of this variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. The majority of our over time contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Over time contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of our contract modifications on over time contracts are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. For over time contracts using the cost-to-cost method, we have an Estimate at Completion (“EAC”) process in which management reviews the progress and execution of our performance obligations. This EAC process requires management judgment relative to assessing risks, estimating contract revenue, determining reasonably dependable cost estimates, and making assumptions for schedule and technical issues. Since certain contracts extend over a longer period of time, the impact of revisions in cost and revenue estimates during the progress of work may adjust the current period earnings through a cumulative catch-up basis. This method recognizes, in the current period, the cumulative effect of the changes on current and prior quarters. Additionally, if the current contract estimate indicates a loss, a provision is made for the total anticipated loss in the period that it becomes evident. Contract cost and revenue estimates for significant contracts are generally reviewed and reassessed quarterly. The majority of revenue recognized over time uses an EAC process. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in 2021 was approximately $26.8 million of favorable operating income, primarily within the Digital Imaging operating segment, related to favorable changes in estimates that impacted revenue, and, to a lesser degree, cost of sales. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in 2020 was approximately $14.6 million of favorable operating income, primarily within the Digital Imaging operating segment, related to changes in estimates that favorably impacted revenue, and, to a lesser degree, cost of sales. None of the effects of changes in estimates on any individual contract were material to the consolidated statements of income for any period presented. While extended or non-customary warranties do not represent a significant portion of our revenue, we recognize warranty services as a separate performance obligations when it is material to the contract. When extended or non-customary warranties represents a separate performance obligation, the revenue is deferred and recognized ratably over the extended warranty period. Remaining performance obligations represent the transaction price of firm orders for which work has not been performed as of the period end date and excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). As of January 2, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $2,929.0 million. The Company expects approximately 78% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 22% recognized thereafter. Shipping and Handling Shipping and handling fees reimbursed by customers are classified as revenue while shipping and handling costs incurred by Teledyne are classified as cost of sales in the accompanying consolidated statements of income. Product Warranty Costs Some of the Company’s products are subject to standard warranties and the Company reserves for the estimated cost of product warranties on a product-specific basis. Facts and circumstances related to a product warranty matter and cost estimates to return, repair and/or replace the product are considered when establishing a product warranty reserve. The adequacy of the preexisting warranty liabilities is assessed regularly and the reserve is adjusted as necessary based on a review of historical warranty experience with respect to the applicable business or products, as well as the length and actual terms of the warranties, which are typically one year. The product warranty reserve is included in current accrued liabilities and long-term liabilities on the balance sheet.
Research and Development and Bid and Proposal Costs Selling, general and administrative expenses include Company-funded research and development and bid and proposal costs which are expensed as incurred and were $299.3 million in 2021, $196.0 million in 2020 and $209.6 million in 2019. The higher amount in 2021 reflected $113.8 million in research and development and bid and proposal costs incurred by FLIR. Income Taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for temporary differences between the tax basis of assets and liabilities and their reported amount in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and incorporate assumptions about the amount of future state, federal and foreign pretax operating income adjusted for items that do not have tax consequences. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Income tax positions must meet a more-likely-than-not recognition in order to be recognized in the financial statements. We recognize potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. As new information becomes available, the assessment of the recognition threshold and the measurement of the associated tax benefit of uncertain tax positions may result in financial statement recognition or derecognition. Earnings Per Common Share Basic and diluted earnings per common share were computed based on net income. The weighted average number of common shares outstanding during the period was used in the calculation of basic earnings per share. This number of shares was increased by contingent shares that could be issued under various compensation plans as well as by the dilutive effect of stock options based on the treasury stock method in the calculation of diluted earnings per common share. The following table sets forth the computations of basic and diluted earnings per common share (amounts in millions, except per share data):
For 2021, 2020 and 2019, 196,802, 239,422 and less than 3,000 stock options, respectively, were excluded in the computation of diluted earnings per share because the effect of their inclusion would have been anti-dilutive. For 2021, 2020 and 2019, stock options to purchase 1.6 million, 1.6 million and 2.0 million shares of common stock, respectively, had exercise prices that were less than the average market price of the Company’s common stock during the respective periods and are included in the computation of diluted earnings per share. For 2021 and 2020, 2,608 and 497 shares, respectively, under the restricted stock plan, respectively, were excluded from fully diluted shares outstanding because they did not meet the applicable performance conditions for issuance. No contingent shares under the restricted stock plan were excluded from fully diluted shares outstanding for 2019. No contingent shares under the performance share compensation plan were excluded from fully diluted shares outstanding for 2021, 2020 or 2019. Cash and Cash Equivalents Cash and cash equivalents totaled $474.7 million at January 2, 2022, of which $294.0 million was held by foreign subsidiaries. Cash equivalents consist of highly liquid money-market mutual funds and bank deposits with maturities of three months or less when purchased. Accounts Receivable, Unbilled Receivables and Contract Liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities, which are included in accrued liabilities and other long-term liabilities) on the Consolidated Balance Sheet. Under the typical payment terms of our over time contracts, the customer pays us either performance-based payments or progress payments. Amounts billed and due from our customers are classified as receivables on the Consolidated Balance Sheet. We may receive interim payments as work progresses, although for some contracts, we may be entitled to receive an advance payment. We recognize a liability for these interim and advance payments in excess of revenue recognized and present it as a contract liability which is included within accrued liabilities and other long-term liabilities on the Consolidated Balance Sheet, which represented $186.0 million and $25.3 million as of January 2, 2022 and $160.1 million and $14.0 million as of January 3, 2021, respectively. Contract liabilities typically are not considered a significant financing component because these cash advances are used to meet working capital demands that can be higher in the early stages of a contract, and these cash advances protect us from the other party failing to adequately complete some or all of its obligations under the contract. When revenue recognized exceeds the amount billed to the customer, we record an unbilled receivable (contract asset) for the amount we are entitled to receive based on our enforceable right to payment. The unbilled receivable balance increased from the beginning of the year by $99.9 million, or 39.6%, primarily due to the acquisition of FLIR. Contract liabilities increased from the beginning of the year by $37.2 million, or 21.4% primarily due to the acquisition of FLIR. The Company recognized revenue of $114.0 million during the year ended January 2, 2022 from contract liabilities that existed at the beginning of year. The Company recognizes the incremental costs of obtaining or fulfilling a contract as expense when incurred if the amortization period of the asset is one year or less. Incremental costs to obtain or fulfill contracts with an amortization period greater than one year were not material. Accounts receivable is presented net of an allowance for doubtful accounts of $13.8 million at January 2, 2022, and $12.3 million at January 3, 2021. Expense recorded for the allowance for doubtful accounts was $4.5 million, $4.1 million and $1.3 million for 2021, 2020 and 2019, respectively. An allowance for doubtful accounts is established for losses expected to be incurred on accounts receivable balances. Judgment is required in the estimation of the allowance and we evaluate the collectability of our accounts receivable and contract assets based on a combination of factors. If we become aware of a customer’s inability to meet its financial obligations, a specific allowance is recorded to reduce the net receivable to the amount reasonably believed to be collectible from the customer. For all other customers, we use an aging schedule and recognize allowances for doubtful accounts based on the creditworthiness of the debtor, the age and status of outstanding receivables, the current business environment and our historical collection experience adjusted for current expectations for the customers or industry. Accounts receivable are written off against the allowance for uncollectible accounts when we determine amounts are no longer collectible. Trade credit is extended based upon evaluations of each customer’s ability to perform its obligations, which are updated periodically. Inventories Inventories are stated at the lower of cost or net realizable value. The majority of inventory values are valued on an average cost or first-in, first-out method, and an immaterial amount of inventory values are stated at cost based on the last-in, first-out method. Costs include direct material, direct labor, applicable manufacturing and engineering overhead, and other direct costs. Judgment is required when establishing reserves to reduce the carrying amount of inventory to market or net realizable value. Inventory reserves are recorded when inventory is considered to be excess or obsolete based upon an analysis of actual on-hand quantities on a part-level basis to forecasted product demand and historical usage. Property, Plant and Equipment Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are determined using a combination of accelerated and straight-line methods over the estimated useful lives of the various asset classes. Buildings and building improvements are depreciated over periods not exceeding 45 years, equipment over 5 to 18 years, computer hardware and software over 3 to 7 years and leasehold improvements over the shorter of the estimated remaining lives or lease terms. Significant improvements are capitalized while maintenance and repairs are charged to expense as incurred. Depreciation expense on property, plant and equipment was $115.2 million in 2021, $76.6 million in 2020 and $74.5 million in 2019. Goodwill, Acquired Intangible Assets and Other Long-lived Assets Business acquisitions are accounted for under the acquisition method by assigning the purchase price to tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Goodwill and acquired intangible assets with indefinite lives are not amortized, but tested at least annually for impairment. The Company performs an annual impairment test for goodwill and other indefinite-lived intangible assets in the fourth quarter of each year, or more often as circumstances require. The Company uses qualitative and quantitative approaches when testing goodwill for impairment. For selected reporting units under the qualitative approach, the Company performs a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if the Company determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise the Company performs a quantitative impairment test. A quantitative impairment test, if applicable, is used to identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any. The Company performs quantitative tests for reporting units at least once every three years. However, for certain reporting units the Company may perform a quantitative impairment test more frequently. The Company performed a qualitative test for all reporting units in 2021. The results of our annual impairment tests of goodwill indicated that no impairment existed in 2021, 2020 or 2019. The Company reviews intangible and other long-lived assets subject to depreciation or amortization for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable. Acquired intangible assets with finite lives are amortized and reflected in the segment’s operating income over their estimated useful lives. The Company assesses the recoverability of the carrying value of assets held for use based on a review of projected undiscounted cash flows. Impairment losses, where identified, are determined as the excess of the carrying value over the estimated fair value of the long-lived asset. Recorded impairment charges to intangible or other long-lived assets were not material in 2021, 2020 or 2019. Deferred Compensation Plan The Company has a non-qualified executive deferred compensation plan that provides supplemental retirement income benefits for a select group of management. This plan permits eligible employees to make salary and bonus deferrals that are 100% vested. We have an unsecured obligation to pay in the future the value of the deferred compensation adjusted to reflect the performance, whether positive or negative, of selected investment measurement options chosen by each participant during the deferral period. In addition, the Company has a separate deferred compensation plan that was acquired in connection with the FLIR acquisition. This plan was frozen at year end 2021. As of January 2, 2022 and January 3, 2021, $115.5 million and $68.9 million, respectively, is included in other long-term liabilities related to these deferred compensation liabilities. Additionally, the Company purchased life insurance policies on certain participants to potentially offset these unsecured obligations. These policies are recorded at their cash surrender value as determined by the insurance carrier. The cash surrender value of these policies was $113.4 million and $72.6 million, as of January 2, 2022 and January 3, 2021, respectively, and are recorded in other non-current assets. Environmental Costs that mitigate or prevent future environmental contamination or extend the life, increase the capacity or improve the safety or efficiency of property utilized in current operations are capitalized. Other costs that relate to current operations or an existing condition caused by past operations are expensed in the period incurred. Environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable, which is generally not later than the completion of the feasibility study or the Company’s recommendation of a remedy or commitment to an appropriate plan of action. The accruals are reviewed periodically and, as investigations and remediations proceed, adjustments are made as necessary. Accruals for losses from environmental remediation obligations do not consider the effects of inflation, and anticipated expenditures are not discounted to their present value. The accruals are not reduced by possible recoveries from insurance carriers or other third parties, but do reflect anticipated allocations among potentially responsible parties at federal Superfund sites or similar state-managed sites and an assessment of the likelihood that such parties will fulfill their obligations at such sites. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations, and current technology. Such estimates take into consideration the Company’s prior experience in site investigation and remediation, the data concerning cleanup costs available from other companies and regulatory authorities, and the professional judgment of the Company’s environmental personnel in consultation with outside environmental specialists, when necessary. The Company’s reserves for environmental remediation obligations totaled $6.3 million and $6.5 million as of January 2, 2022 and January 3, 2021, respectively. The short term amount is included in current accrued liabilities and the long-term amount is included in long-term accrued liabilities. Foreign Currency Translation The Company’s foreign entities’ accounts are generally measured using local currency as the functional currency. Assets and liabilities of these entities are translated at the exchange rate in effect at year-end. Revenues and expenses are translated at average month end rates of exchange prevailing during the year. Unrealized translation gains and losses arising from differences in exchange rates from period to period are included as a component of AOCI. Derivative Instruments and Hedging Activities Teledyne transacts business in various foreign currencies and has international sales and expenses denominated in foreign currencies, subjecting the Company to foreign currency risk. The Company’s primary foreign currency risk objective is to protect the U.S. dollar value of future cash flows and minimize the volatility of reported earnings. The Company utilizes foreign currency forward contracts to reduce the volatility of cash flows primarily related to forecasted revenue and expenses denominated in Canadian dollars for our Canadian companies, and in British pounds for our U.K. companies. These contracts are designated and qualify as cash flow hedges. The Company has also converted a U.S. dollar denominated, variable rate and fixed rate debt obligations of a European subsidiary, into a euro fixed rate obligations using a receive float, pay fixed cross currency swap, and a receive fixed, pay fixed cross currency swap. These cross currency swaps are designated as cash flow hedges. In addition, the Company has converted domestic U.S. variable rate debt to fixed rate debt using a receive variable, pay fixed interest rate swap. The interest rate swap is also designated as a cash flow hedge. The effectiveness of the cash flow hedge forward contracts, is assessed prospectively and retrospectively on a monthly basis using regression analysis, as well as using other timing and probability criteria. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows on hedged transactions. The effective portion of the cash flow hedge contracts’ gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of AOCI in stockholders’ equity until the underlying hedged item is reflected in our consolidated statements of income, at which time the effective amount in AOCI is reclassified to revenue in our consolidated statements of income. Net deferred losses recorded in AOCI, net of tax, for forward contracts that will mature in the next 12 months total $0.7 million. These losses are expected to be offset by anticipated gains in the value of the forecasted underlying hedged item. Amounts related to the cross currency swaps and interests rate swap expected to be reclassified from AOCI into income in the next 12 months total $2.8 million. In the event that the underlying forecasted transactions do not occur, or it becomes remote that they will occur, within the defined hedge period, the gains or losses on the related cash flow hedges will be reclassified from AOCI to other income and expense. During the current reporting period, all forecasted transactions occurred and, therefore, there were no such gains or losses reclassified to other income and expense, due to missed forecasts. As of January 2, 2022, Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $148.2 million. These foreign currency forward contracts have maturities ranging from March 2022 to February 2023. Teledyne had foreign currency forward contracts designated as cash flow hedges to buy British pounds and to sell U.S. dollars totaling $18.9 million. These foreign currency forward contracts have maturities ranging from March 2022 to February 2023. The cross currency swaps have notional amounts of €113.0 million and $125.0 million, and €135.0 million and $150.0 million, and mature in March 2023 and October 2024, respectively. The interest rate swap has a notional amount of $125.0 million U.S. dollars and matures in March 2023. In addition, the Company utilizes foreign currency forward contracts which are not designated as hedging instruments for accounting purposes to mitigate foreign exchange rate risk associated with foreign currency denominated monetary assets and liabilities, including intercompany receivables and payables. As of January 2, 2022, Teledyne had foreign currency contracts of this type primarily in the following pairs (in millions):
The above table includes non-designated hedges derived from terms contained in triggered or previously designated cash flow hedges. The gains and losses on these derivatives which are not designated as hedging instruments, are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings. All derivatives are recorded on the balance sheet at fair value. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. Teledyne does not use foreign currency forward contracts for speculative or trading purposes. The effect of derivative instruments designated as cash flow hedges for 2021 and 2020 was as follows (in millions):
(a)Effective portion (b)Amount reclassified to offset earnings impact of liability hedged by cross currency swap The effect of derivative instruments designated as fair value hedges for 2021 and 2020 was as follows (in millions):
The effect of derivative instruments not designated as cash flow hedges recognized in other income and expense for 2021 and 2020 was a expense of $21.9 million and a gain of $7.4 million, respectively. The Company has elected to use the income approach to value the derivatives, using observable Level 2 market expectations at measurement date and standard valuation techniques to convert future amounts to a single present amount. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts on LIBOR and EURIBOR) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR and EURIBOR cash and swap rates, foreign currency forward rates and cross currency basis spreads). Mid-market pricing is used as a practical expedient for fair value measurements. The fair value measurement of an asset or liability must reflect the nonperformance risk of the entity and the counterparty. Therefore, the impact of the counterparty’s creditworthiness when in an asset position and the Company’s creditworthiness when in a liability position has also been factored into the fair value measurement of the derivative instruments and did not have a material impact on the fair value of these derivative instruments. Both the counterparty and the Company are expected to continue to perform under the contractual terms of the 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):
Supplemental Cash Flow Information Cash payments for federal, foreign and state income taxes were $83.6 million for 2021, which are net of $22.4 million in tax refunds. Cash payments for federal, foreign and state income taxes were $74.5 million for 2020, which are net of $8.1 million in tax refunds. Cash payments for federal, foreign and state income taxes were $110.1 million for 2019, which are net of $7.1 million in tax refunds. Cash payments for interest and credit facility fees and other bank charges totaled $117.2 million, $19.1 million and $23.4 million for 2021, 2020 and 2019, respectively. The 2021 amount included $30.5 million paid for bond financing and debt extinguishment costs. Fair Value Measurements Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The Company considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The Company uses the following three levels of inputs in determining the fair value, focusing on the most observable inputs when available: •Level 1-Quoted prices in active markets for identical assets or liabilities. •Level 2-Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3-Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. Related Party Transactions For all periods presented, the Company had no material related party transactions that required disclosure. Recent Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326). The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We adopted this ASU as of December 30, 2019 using the modified retrospective approach related to our accounts receivables and contract assets, resulting in no cumulative adjustment to retained earnings. The adoption of this guidance did not have a material impact on our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (Topic 606), which we generally expect will result in the recognition and measurement of contract assets and contract liabilities in a manner that is consistent with the acquiree. Prior to the adoption of ASU 2021-08, the Company measured contract assets and contract liabilities acquired in business acquisitions at fair value. The Company early adopted ASU 2021-08 in the fourth quarter of 2021, with applicability to the accounting for our 2021 business acquisitions and any future business acquisitions. The application of ASU 2021-08 did not have a material effect on the recognition and measurement of acquired contract assets and contract liabilities associated with our 2021 acquisition.
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisitions, Goodwill and Acquired Intangible Assets | Business Acquisitions, Goodwill and Acquired Intangible Assets 2021 Acquisition On May 14, 2021, Teledyne acquired the outstanding stock of FLIR for approximately $8.1 billion, comprising of net cash payments of $3.7 billion, Teledyne share issuances of $3.9 billion, and the assumption of FLIR debt of $0.5 billion. FLIR stockholders received $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, and Teledyne issued approximately 9.5 million shares at $409.41 per share. See Note 9 to these Notes to Consolidated Financial Statements for information regarding financing activities undertaken in connection with the FLIR acquisition. FLIR is an industrial technology company focused on intelligent sensing solutions for defense and industrial applications. FLIR offers a diversified portfolio that serves a number of applications in government and defense, industrial, and commercial markets. FLIR technologies include thermal imaging systems, visible-light imaging systems, locater systems, measurement and diagnostic systems, and advanced threat-detection solutions. FLIR is part of the Digital Imaging segment. 2020 Acquisition On January 5, 2020, we acquired OakGate Technology, Inc. (“OakGate”) for $28.5 million in cash, net of cash acquired. Based in Loomis, California, OakGate provides software and hardware designed to test electronic data storage devices from development through manufacturing and end-use applications. The acquired business is part of the Test and Measurement product line of the Instrumentation segment. 2019 Acquisitions On February 5, 2019, we acquired the scientific imaging businesses of Roper Technologies, Inc. for $224.8 million in cash. The acquired businesses include Princeton Instruments, Photometrics and Lumenera. The acquired businesses provide a range of imaging solutions, primarily for life sciences, academic research and customized original equipment manufacturer industrial imaging solutions. Princeton Instruments and Photometrics manufacture state-of-the-art cameras, spectrographs and optics for advanced research in physical sciences, life sciences research and spectroscopy imaging. Applications and markets include materials analysis, quantum technology and cell biology imaging using fluorescence and chemiluminescence. Lumenera primarily provides rugged USB-based customized cameras for markets such as traffic management, as well as life sciences applications. Principally located in the United States and Canada, the acquired businesses are part of the Digital Imaging segment. On August 1, 2019, we acquired the gas and flame detection businesses of 3M Company for $233.5 million in cash. The gas and flame detection businesses includes Oldham, Simtronics, Gas Measurement Instruments, Detcon and select Scott Safety products. The gas and flame detection businesses provides a portfolio of fixed and portable industrial gas and flame detection instruments used in a variety of industries including petrochemical, power generation, oil and gas, food and beverage, mining and waste water treatment. Principally located in France, the United Kingdom and the United States, the acquired businesses are part of the Environmental Instrumentation product line of the Instrumentation segment. On August 30, 2019, we acquired Micralyne Inc. (“Micralyne”) for $25.7 million in cash. Micralyne is a foundry providing MEMS devices. In particular, Micralyne possesses unique microfluidic technology for biotech applications, as well as capabilities in non-silicon-based MEMS (e.g. gold, polymers) often required for human body compatibility. Based in Edmonton, Alberta, Canada, the acquired business is part of the Digital Imaging segment. The results of these acquisitions have been included in Teledyne’s results since the dates of their respective acquisition. Other The primary reasons for the FLIR acquisition were to achieve synergies in merging with a business that has the same core business model based on proprietary sensor technologies, but with different products and markets; the opportunity to add new and complementary products with FLIR’s products based on different semiconductor technologies for imaging across different wavelengths than Teledyne products, and the opportunity to serve different customers and applications, with minimal overlapping technologies and markets; the expectation of combining two businesses that both provide sensors, cameras and sensor systems to customers and both business portfolios being balanced among commercial and government markets and geographies, but in the case of thermal imaging, with Teledyne primarily producing extremely high-performance infrared detectors used for astronomy and space-based imaging applications compared to FLIR’s products ranging from air and ground imaging systems to commercial thermography instruments and automotive advanced driver assistance systems; and the opportunity to add FLIR’s suite of imaging sensor products based on different semiconductor technologies for different wavelengths to Teledyne’s offerings. The primary reasons for the 2020 and 2019 acquisitions were to strengthen and expand our core businesses through adding complementary product and service offerings, allowing greater integrated products and services, enhancing our technical capabilities or increasing our addressable markets. Teledyne funded the 2020 and 2019 acquisitions primarily from borrowings under its credit facilities, issuance of senior notes and term loans and cash on hand. The significant factors that resulted in recognition of goodwill include the acquired businesses’ market positions, growth opportunities in the markets in which they operate, their experienced work force and established operating infrastructures. Teledyne’s goodwill was $7,986.7 million at January 2, 2022, and $2,150 million at January 3, 2021. The increase in the balance of goodwill in 2021 primarily resulted from the FLIR acquisition. Teledyne’s net acquired intangible assets were $2,741.6 million at January 2, 2022, and $409.7 million at January 3, 2021. The increase in the balance of acquired intangible assets in 2021 resulted from the FLIR acquisition, partially offset by amortization of acquired intangible assets. The Company’s cost to acquire the 2021 and 2020 acquisitions has been allocated to the assets acquired and liabilities assumed based upon their respective fair values as of the date of the completion of the acquisition. The differences between the fair value of the consideration paid and the estimated fair value of the assets and liabilities acquired has been recorded as goodwill. The fair value of all the acquired identifiable assets and liabilities summarized below for the 2021 FLIR acquisition is provisional pending finalization of the Company’s acquisition accounting, including the measurement of tax basis in certain jurisdictions and the resulting deferred taxes that might arise from book and tax basis differences, if any. The following tables show the purchase price (net of cash acquired), goodwill acquired for the FLIR, OakGate acquisition and other investments made in 2021 and 2020 (in millions):
Goodwill resulting from the OakGate acquisition will not be deductible for tax purposes. The following table presents the preliminary purchase price allocation for FLIR. We are accounting for the FLIR acquisition under the acquisition method and are required to measure identifiable assets acquired and liabilities assumed of the acquiree at the fair values on the closing date. The Company made an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. As of January 2, 2022, the measurement period (not to exceed one year) is open; therefore, the assets acquired and liabilities assumed related to the FLIR acquisition are subject to adjustment until the end of the respective measurement period. The Company is in the process of specifically identifying the amounts assigned to certain assets, including acquired intangible assets, and liabilities and the related impact on taxes and goodwill for the FLIR acquisition. The Company is in the process of reviewing a third-party valuation of certain intangible assets and tangible assets of FLIR. The fair values of acquired intangibles are determined based on estimates and assumptions that are deemed reasonable by the Company. The amounts recorded as of January 2, 2022 are preliminary since there was insufficient time between the acquisition date and the end of the period to finalize the analysis. Goodwill resulting from the FLIR acquisition will not be deductible for tax purposes.
With significant operations in the United States, Europe and Canada, FLIR had sales of approximately $1,923.7 million for its fiscal year ended December 31, 2020. FLIR’s results have been included since the date of the acquisition and include $1,273.6 million in net sales and operating income of $80.4 million, which included $242.6 million in acquisition-related costs for 2021 in the Digital Imaging segment. In connection with the FLIR acquisition, in 2021, Teledyne incurred pretax expenses of $350.3 million, consisting of $110.3 million in acquired intangible asset amortization expense, $106.7 million recorded to cost of sales, primarily in acquired inventory step-up expense, and $103.0 million of transaction and integration-related costs, recorded to selling, general and administrative expenses and $30.6 million was recorded to interest and debt expense. Of these amounts, $242.6 million impacted the Digital Imaging segment’s operating income and $77.1 million of transaction and integration-related costs impacted corporate expense. The unaudited proforma information below, as required by GAAP, assumes that FLIR had been acquired at the beginning of the 2020 fiscal year and includes the effect of transaction accounting adjustments. These adjustments include the financing and interest costs associated with debt to fund the acquisition, amortization of acquired intangible assets, depreciation of the fair value step-up of acquired property, plant and equipment, amortization of inventory fair value step-up (assumed to be fully amortized in 2020), and tax related effects as well as the issuance of Teledyne common stock in connection with the acquisition. This unaudited proforma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have resulted had the acquisition been in effect at the beginning of the 2020 fiscal year. In addition, the unaudited proforma results are not intended to be a projection of future results and do not reflect any operating efficiencies or cost savings that might be achievable. The following table presents proforma net sales, net income and earnings per share data assuming FLIR was acquired at the beginning of the 2020 fiscal year:
During fiscal year 2018, the Swedish Tax Authority (“STA”) issued a reassessment of tax for the year ending December 31, 2012 to one of FLIR’s non-operating subsidiaries in Sweden. The total taxes, penalties and interest levied by the STA totals SEK 3.1 billion ($364.7 million based on exchange rates as of the acquisition date). The reassessment concerns the use of tax credits applied against capital gains pursuant to European Union Council Directive 2009/133/EC, commonly referred to as the EU Merger Directive, and the reassessment levied significant taxes and penalties. In March 2020, FLIR received an adverse judgment from the First Instance Court of Sweden regarding the STA’s reassessment. FLIR appealed the decision to the Administrative Court of Appeal in Stockholm, Sweden (the “ Appellate Court”). After completing an extensive analysis, including consultation with outside specialists, Teledyne recorded a liability for this uncertain tax position that reflects the most likely outcome for this tax matter under the acquisition method for business combinations in the third quarter of 2021, which is included within accrued liabilities on the consolidated balance sheet. Subsequently, the Appellate Court hearing was held on September 15, 2021 and in the subsequent weeks ending on October 22, 2021, the STA and Teledyne submitted additional arguments in writing, including closing arguments. On January 26, 2022, the Administrative Court of Appeal in Stockholm, Sweden generally affirmed the March 2020 ruling of the First Instance Court and determined an estimated tax liability in the amount of SEK 2.765 billion. We paid the tax on February 2, 2022 totaling $296.4 million. We are evaluating the ruling. The Company is in the process of reviewing and identifying acquisition accounting adjustments for a number of acquired tax positions of FLIR that may meet the definition of an acquired uncertain tax position. In addition to the STA matter described above, the Company has preliminarily recorded $177.5 million of provisional purchase accounting adjustments for the accrual of other uncertain tax positions of FLIR. These amounts are included primarily within other long-term liabilities on the consolidated balance sheet. These preliminary estimates are subject to change as the Company obtains additional information on these matters and as additional information is made known during the post-acquisition measurement period. The final acquisition accounting adjustments for these tax matter may be materially different, as Teledyne obtains additional information on this matter and as additional information is made known during the post-acquisition measurement period. The following table is a summary at the acquisition date of the acquired intangible assets and weighted average useful life in years for the FLIR acquisition made in 2021 (dollars in millions; amounts considered provisional as discussed above):
Amortizable acquired intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from to 15 years. Consistent with Teledyne’s growth strategy, we seek to acquire companies in markets characterized by high barriers to entry and that include specialized products not likely to be commoditized. Given our markets and highly engineered nature of our products, the rates of new technology development and customer acquisition and/or attrition are often not volatile. As such, we believe the value of acquired intangible assets decline in a linear, as opposed to an accelerated fashion, and we believe amortization on a straight-line basis is appropriate. The expected future amortization expense for the next five years is as follows (in millions): 2022 - $211.6; 2023 - $207.7; 2024 - $205.9; 2025 - $200.3; 2026 - $198.1. The estimated remaining useful lives by asset category as of January 2, 2022, are as follows:
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Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial InstrumentsThe Company had an immaterial amount of cash equivalents at January 2, 2022, compared with $471.0 million in cash equivalents at January 3, 2021. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets. The fair value of the Company’s forward currency contracts as of January 2, 2022 and January 3, 2021, are disclosed in Note 2, under “Derivative Instruments and Hedging Activities,” of the Notes to Consolidated Financial Statements and are based on Level 2 inputs. 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 fair value of the Company’s senior unsecured notes as described in Note 9, “Long-Term Debt,” of the Notes to Consolidated Financial Statements approximated the carrying value based upon Level 2 inputs and is valued based on observable market data at January 2, 2022 and January 3, 2021. The fair value of the Company’s credit facility, term loans and other debt, also described in Note 9, at January 2, 2022 and January 3, 2021, approximated the carrying value due to the variable market rate used to calculate interest payments. The Company does not have any other significant financial assets or liabilities that are measured at fair value. The carrying value of other on-balance-sheet financial instruments approximates fair value, and the cost, if any, to terminate off-balance sheet financial instruments (primarily letters of credit) is not significant. |
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Inventories | Inventories
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Supplemental Balance Sheet Information | Supplemental Balance Sheet Information
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity
Treasury Stock In January 2016, the Company’s Board of Directors authorized a stock repurchase program authorizing the Company to repurchase up to 3,000,000 shares of its common stock. The number of shares that we may repurchase will depend on a variety of factors, such as share price, levels of cash and borrowing capacity available, alternative investment opportunities available immediately or longer-term, and other regulatory, market or economic conditions. Although we have no current plans to repurchase stock, future repurchases, if any, are expected to be funded with cash on hand and borrowings under the Company’s credit facility. No repurchases were made since 2015. Up to approximately three million shares may be repurchased under the stock repurchase program. Preferred Stock Authorized preferred stock may be issued with designations, powers and preferences designated by the Board of Directors. There were no shares of preferred stock issued or outstanding in 2021, 2020 or 2019. Stock Incentive Plans Teledyne has long-term incentive plans which provide its Board of Directors the flexibility to grant restricted stock, restricted stock units, performance shares, non-qualified stock options, incentive stock options and stock appreciation rights to officers and employees of Teledyne. Employee stock options become exercisable in one-third increments on the first, second and third anniversary of the grant and have a maximum 10-year life. Stock Options Stock option compensation expense is recorded on a straight line basis over the appropriate vesting period, generally three years except for stock options that were granted after 2018 to Teledyne’s then President and Chief Executive Officer and Teledyne’s Executive Chairman, which were expensed immediately. The Company recorded $20.0 million, $24.7 million, and $26.1 million for stock option expense, for 2021, 2020 and 2019, respectively. The Company issues shares of common stock upon the exercise of stock options. The total pretax intrinsic value of options exercised during 2021 and 2020 (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) was $64.2 million and $96.9 million, respectively. At January 2, 2022, the intrinsic value of stock options outstanding was $414.0 million and the intrinsic value of stock options exercisable was $382.7 million. During 2021 and 2020, the amount of cash received from the exercise of stock options was $25.4 million and $36.3 million, respectively. At January 2, 2022, there was $30.9 million of total unrecognized compensation cost related to non-vested stock option awards which is expected to be recognized over a weighted-average period of 1.5 years. The fair value of stock options is determined by using a lattice-based option pricing model. The Company uses a combination of its historical stock price volatility and the volatility of exchange traded options, if any, on the Company stock to compute the expected volatility for purposes of valuing stock options granted. The period used for the historical stock price corresponded to the expected term of the options. The period used for the exchange traded options, if any, included the longest-dated options publicly available, generally three months. The expected dividend yield is based on Teledyne’s practice of not paying dividends. The risk-free rate of return is based on the yield of U.S. Treasury Strips with terms equal to the expected life of the options as of the grant date. The expected life in years is based on historical actual stock option exercise experience.
Based on the assumptions used in the valuation of stock options, the grant date weighted average fair value of stock options granted in 2021, 2020 and 2019 was $134.88, $106.26 and $72.00, respectively. Stock option transactions for Teledyne’s stock option plans are summarized as follows:
The following table provides certain information with respect to stock options outstanding and stock options exercisable at January 2, 2022, under the stock option plans.
Performance Share Plan Teledyne’s Performance Share Plan (“PSP”) provides grants of performance share units, which key officers and executives may earn if Teledyne meets specified performance objectives over a three-year period. Awards are payable in cash and to the extent available, shares of Teledyne common stock. Awards are generally paid to the participants in three annual installments after the end of the performance cycle so long as they remain employed by Teledyne (with an exception for retirement). Participants in the PSP program can elect to receive a cash payment in lieu of awarded shares to pay income taxes due with respect to an installment payment. The cash payment in lieu of awarded shares is based on the then current market value of Teledyne stock. Under the 2015 to 2017 plan, and based on actual performance, the Company issued 7,673, 8,586 and 6,481 shares of Teledyne common stock in 2020, 2019 and 2018, respectively. Under the 2018 to 2020 plan, and based on actual performance, the Company issued 9,588 shares of Teledyne common stock in 2021. The maximum number of remaining shares that could be issued in two equal installments in 2022 and 2023, is 35,082. The estimated expense for each plan year was based on the expected cash payout and the expected shares to be issued, valued at the share price at the inception of the performance cycle, except for the shares that can be issued based on a market-based comparison. The Company recorded $6.2 million and $7.5 million in compensation expense related to the PSP program for fiscal years 2020 and 2019, respectively. In 2021, the Company discontinued the PSP. Restricted Stock Under Teledyne’s restricted stock award program key officers and executives receive a grant of stock equal to a specified percentage of the participant’s annual base salary at the date of grant. The restricted stock is subject to transfer and forfeiture restrictions during an applicable “restricted period”. The restrictions have both time-based and performance-based components. The restricted period expires (and the restrictions lapse) on the third anniversary of the date of grant, subject to the achievement of stated performance objectives over a specified three-year performance period. If employment is terminated (other than by death, retirement or disability) during the restricted period, the stock grant is forfeited. The estimated expense for restricted stock awards to employees is based on a lattice-based simulation which takes into consideration several factors including volatility, risk free interest rates and the correlation of Teledyne’s stock price with the comparator, the S&P 500 Index for awards granted in 2021, the Russell 1000 Index for awards granted from 2018 to 2020 and the Russell 2000 for awards granted prior to 2018. The Company recorded $3.5 million, $3.3 million and $3.0 million in compensation expense related to restricted stock awards to employees, for fiscal years 2021, 2020 and 2019, respectively. At January 2, 2022, there was $3.5 million of total estimated unrecognized compensation cost related to non-vested awards which is expected to be recognized over a weighted-average period of approximately 1.5 years. As part of the acquisition of FLIR, the Company assumed certain unvested restricted stock units that were issued by FLIR in March 2021. The unvested restricted stock units were converted to 62,974 Teledyne restricted stock units. The post-acquisition expense for these restricted stock units was $7.8 million for 2021. The expense related to these assumed restricted stock units is included in the Digital Imaging segment results. This amount can be impacted by employee retirements and terminations or other awards granted during the remainder of the year. At January 2, 2022, 49,351 restricted stock units are outstanding and there was $14.4 million of total estimated unrecognized compensation cost related to non-vested awards which is expected to be recognized over a weighted-average period of approximately 2.2 years. The following table shows restricted stock award activity for grants made to employees:
Non-employee directors each received restricted stock units valued at $130,000 in 2021 and $110,000 in 2020 and 2019 or valued at half the amount for a person who becomes a director for the first time after the date of the Annual Meeting. The restricted stock units generally vest one year following the date of grant and are settled in shares of common stock on the date of vesting unless a director has elected to defer settlement of the award until his or her separation from Board service. The annual expense related to non-employee director’s restricted stock units was $1.2 million for 2021, $1.1 million for 2020 and $1.0 million for 2019. The following table shows restricted stock award activity for grants made to non-employee directors:
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Long-Term Debt |
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Long-Term Debt | Long-Term Debt
Maturities of long-term debt as of January 2, 2022 (in millions):
The Company has no sinking fund requirements. In the first quarter of 2021, Teledyne completed various financing activities related to the then pending acquisition of FLIR. These activities included entering into a $4.5 billion short term stand-by bridge facility on January 4, 2021, as required by the definitive agreement, resulting in debt expense of $17.2 million. In addition, on March 17, 2021 Teledyne called $493.3 million of existing fixed rate senior notes and incurred debt extinguishment expenses of $13.4 million, which is included in interest and debt expense, net. On March 22, 2021, Teledyne completed all permanent financing for the acquisition of FLIR and terminated the $4.5 billion stand-by bridge facility. The permanent financing consists of $3.0 billion investment-grade bonds (the “Notes”), including $300.0 million aggregate principal amount of 0.65% Notes due 2023, $450.0 million aggregate principal amount of 0.95% Notes due 2024, $450.0 million aggregate principal amount of 1.60% Notes due 2026, $700.0 million aggregate principal amount of 2.25% Notes due 2028 and $1.1 billion aggregate principal amount of 2.75% Notes due 2031. Teledyne may redeem the $450.0 million of 0.95% Notes due 2024 at any time or from time to time, in whole or in part, at the Company’s option, from and after April 1, 2022, at a redemption price equal to 100% of the principal amount of the Notes redeemed. In addition, we guaranteed FLIR’s $500.0 million, 2.50% Fixed Rate Senior Notes due August 2030. Previously on March 4, 2021, Teledyne entered into a $1.0 billion Term Loan Credit Agreement (maturing May 2026) and an Amended and Restated Credit Agreement (maturing March 2026) with capacity of $1.15 billion. The terms of the $1.0 billion Term Loan Credit Agreement allow for prepayments, at the Company’s option, at any time or from time to time, in whole or in part without premium or penalty. Teledyne used the proceeds from the Notes together with the proceeds from the $1.0 billion Term Loan Credit Agreement and cash on hand to pay the cash portion of the consideration for the FLIR acquisition and refinance certain existing debt. Excluding interest and fees, no payments are due under the $1.15 billion unsecured credit facility (“credit facility”) until it matures in March 2026. Borrowings under our credit facility and term loans are at variable rates which are, at our option, tied to a base rate, Eurocurrency rate or equivalent as defined in our credit agreements. Available borrowing capacity under the credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $759.2 million at January 2, 2022. The credit agreement and term loans requires the Company to comply with various financial and operating covenants and at January 2, 2022, the Company was in compliance with these covenants. At January 2, 2022, Teledyne had $281.9 million in outstanding letters of credit. Of this amount, $244.6 million was released in February 2022. Total interest expense including credit facility fees and other bank charges was $104.8 million in 2021, $15.8 million in 2020 and $22.0 million in 2019.
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income before income taxes included income from domestic operations of $108.0 million for 2021, $289.5 million for 2020 and $295.9 million for 2019. Income before taxes included income from foreign operations of $425.9 million for 2021, $180.2 million for 2020 and $177.8 million for 2019.
The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate:
Deferred income taxes result from temporary differences in the recognition of income and expense for financial and income tax reporting purposes, and differences between the fair value of assets acquired in business combinations accounted for as purchases for financial reporting purposes and their corresponding tax bases. Deferred income taxes represent future tax benefits or costs to be recognized when those temporary differences reverse. The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense were as follows (in millions):
We intend to reinvest indefinitely the earnings of our material foreign subsidiaries in our operations outside of the United States. The cash that the Company’s foreign subsidiaries hold for indefinite reinvestment is generally used to finance foreign operations and investments, including acquisitions. We estimate that future domestic cash generation will be sufficient to meet future domestic cash requirements. U.S. federal and applicable state income taxes have been accrued for deemed repatriations. At January 2, 2022, the amount of undistributed foreign earnings was $619.8 million, for which we have not recorded a deferred tax liability of approximately $1.3 million for corporate income taxes which would be due if reinvested foreign earnings were repatriated. Should we decide to repatriate the foreign earnings, we would need to adjust our income tax provision in the period we determined that we would no longer indefinitely reinvest the earnings outside the United States. In assessing the need for a valuation allowance, we consider all positive and negative evidence, including recent financial performance, scheduled reversals of temporary differences, projected future taxable income, availability of taxable income in carryback periods and tax planning strategies. Based on a review of such information, management believes that it is possible that some portion of deferred tax assets will not be realized as a future benefit and therefore has recorded a valuation allowance. The valuation allowance for deferred tax assets decreased by $0.2 million in 2021, primarily related to the evidence for future utilization of remaining investment tax credits, offset by acquisition-related valuation allowance. At January 2, 2022, the Company had approximately $45.3 million of net operating loss carryforward primarily from the Company’s entities in the United Kingdom, Denmark and Norway, of which $28.8 million have no expiration dates and $16.5 million have expiration dates ranging from 2025 to 2040. The Company had Canadian capital loss carryforward in the amount of $4.2 million which has no expiration date. Also the Company had aggregate Canadian federal and provincial investment tax credits of $16.9 million, which have expiration dates ranging from 2030 to 2041. The Company had Spanish federal research and development credit carryforward in the amount of $0.4 million, which have expiration dates ranging from 2025 to 2028. In addition, the Company had domestic federal and state net operating loss carryforward of $28.0 million and $117.1 million, respectively. Generally, federal net operating loss carryforward amounts are limited in their use by earnings of certain acquired subsidiaries. Of the $28.0 million federal net operation loss carryforward, $20.6 million have no expiration dates and $7.4 million have expiration dates ranging from 2024 to 2037. The state net operating loss carryforward amounts have expiration dates ranging from 2022 to 2041. Finally, the Company had federal research and development credit carryforward in the amount of $0.3 million which has an expiration date of 2037 and state tax credits of $17.9 million, of which $14.1 million have no expiration date and $3.8 million have expiration dates ranging from 2023 to 2035.
In the next 12 months, the Company anticipates the total unrecognized tax benefit for various federal, state and foreign tax items may be reduced by $19.1 million due to the expiration of statutes of limitation for various federal, state and foreign tax issues. We recognized net tax benefits and expense for interest and penalties related to unrecognized tax benefits within the provision for income taxes in our statements of operations of $2.4 million of expense, $0.1 million of expense and $0.3 million of benefit, for 2021, 2020 and 2019, respectively. Interest and penalties in the amount of $160.8 million, $1.2 million and $1.1 million were recognized in the 2021, 2020 and 2019 statement of financial position, respectively. In 2021, interest and penalties of $157.0 million were accrued as a result of the acquisition of FLIR. Substantially all of the unrecognized tax benefits as of January 2, 2022, if recognized, would affect our effective tax rate. Current accrued liabilities on the consolidated balance sheet included unrecognized tax benefits including accrued interest and penalties of $341.0 million as of January 2, 2022, compared with no balance as of January 3, 2021. Teledyne paid $296.4 million related to this current accrued liabilities balance on February 2, 2022. We file income tax returns in the United States federal jurisdiction and in various states and foreign jurisdictions. The Company has substantially concluded on all U.S. federal income tax matters for all years through 2011, Canadian income tax matters for all years through 2012, Swedish income tax matters for all years through 2011, Norwegian income tax matters for all years through 2016, Belgian income tax matters for all years through 2018, French income tax matters for all years through 2018 and United Kingdom income tax matters for all years through 2019.
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Pension Plans and Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Postretirement Benefits | Pension Plans and Postretirement Benefits Pension Plans Teledyne has two domestic qualified defined benefit pension plans covering substantially all U.S. employees hired before January 1, 2004, excluding FLIR U.S. employees. All FLIR U.S. employees participate in a defined contribution plan, as FLIR has no legacy U.S. Pension Plans. As of January 1, 2004, new Teledyne hires participate in a defined contribution plan only. The Company also has several small domestic non-qualified and foreign-based defined benefit pension plans. The domestic qualified pension plans allow participants to elect a lump-sum payment at retirement. In 2021, 2020 and 2019, the Company made lump sum payments of $24.5 million, $24.9 million and $17.2 million, respectively, from the domestic qualified pension plans assets to certain participants in the plan. Each year beginning with 2014, the Society of Actuaries released revised mortality tables, which updated life expectancy assumptions. In consideration of these tables, each year the Company reviews the mortality assumptions used in determining our pension and post-retirement obligations.
The expected long-term rate of return on plan assets is reviewed annually, taking into consideration the Company’s asset allocation, historical returns on the types of assets held, the current economic environment, and prospective expectations. We determined the discount rate based on a model which matches the timing and amount of expected benefit payments to maturities of high-quality corporate bonds priced as of the pension plan measurement date. The yields on the bonds are used to derive a discount rate for the obligation. The following assumptions were used to measure the net benefit income/cost within each respective year for the domestic qualified plans and the foreign plans:
The key assumptions used to measure the benefit obligation at each respective year-end were:
The measurement date for the Company’s pension plans is December 31. The following tables sets forth the funded status and amounts recognized in the consolidated balance sheets at year-end 2021 and 2020 for the domestic qualified and nonqualified pension plans and the foreign-based pension plans for benefits provided to certain employees (in millions):
Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows (in millions):
At year-end 2021 and 2020 the Company had an accumulated non-cash reduction to stockholders’ equity of $297.6 million and $347.8 million, respectively, related to its pension and postretirement plans. The accumulated non-cash reductions to stockholders’ equity did not affect net income and were recorded net of accumulated deferred taxes of $100.9 million at year end 2021 and $110.5 million at year end 2020. At January 2, 2022, the estimated amounts of the minimum liability adjustment that are expected to be recognized as components of net periodic benefit cost during 2022 for the pension plans are: net loss $22.7 million and net prior service credit $1.7 million.
The following table sets forth the percentage of year-end market value by asset class for the pension plans:
The Company has an active management policy for the pension assets in the qualified domestic pension plan. As of January 2, 2022, the long term asset allocation target for the domestic plan consists of approximately 34% in equity instruments, approximately 55% in fixed income instruments and approximately 11% in alternatives. The pension plan’s investments are stated at fair value. Plan investments that are considered a level 1 fair value hierarchy and are valued at quoted market prices in active markets. Plan investments that are considered a level 2 fair value hierarchy and are valued based on observable market data. Plan investments that would be considered a level 3 fair value hierarchy are valued based on management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Certain investments measured at fair value using net asset values as a practical expedient are not required to be categorized in the fair value hierarchy table listed below. As such, the total fair value of these net asset values based investments has been included in the table below to permit reconciliation to the plan asset amounts previously disclosed. 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 2, 2022, by asset category are as follows (in millions):
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) The mutual funds are invested 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 January 3, 2021, by asset category are as follows (in millions):
(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) The mutual funds are invested in equity securities. U.S. equities are valued at the closing price reported in an active market on which the individual securities are traded. U.S. equities and non-U.S. equities are also valued at the net asset value provided by the independent administrator or custodian of the commingled fund. The net asset value is based on the value of the underlying equities, which are traded on an active market. Corporate bonds are valued using inputs such as the closing price reported, if traded on an active market, values derived from comparable securities of issuers with similar credit ratings, or under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments. Fixed income investments are also valued at the net asset value provided by the independent administrator or custodian of the fund. The net asset value is based on the underlying assets, which are valued using inputs such as the closing price reported, if traded on an active market, values derived from comparable securities of issuers with similar credit ratings, or under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments. Alternative investments are primarily valued at the net asset value as determined by the independent administrator or custodian of the fund. The net asset value is based on the underlying investments, which are valued using inputs such as quoted market prices of identical instruments or values derived from comparable securities of issuers with similar credit ratings, or under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments. The Company’s contributions associated with its 401(k) plans were $15.2 million, $13.8 million and $13.4 million, for 2021, 2020 and 2019, respectively. Postretirement Plans The Company sponsors several postretirement defined benefit plans covering certain salaried and hourly employees. The plans provide health care and life insurance benefits for certain eligible retirees. Total cost for these plans was less than $1.0 million for each fiscal year 2021, 2020 and 2019.
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Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company has four reportable segments: Digital Imaging; Instrumentation; Aerospace and Defense Electronics; and Engineered Systems. The Company manages, evaluates and aggregates its operating segments for segment reporting purposes primarily on the basis of product and service type, production process, distribution methods, type of customer, management organization, sales growth potential and long-term profitability. The Digital Imaging segment includes high-performance sensors, cameras and systems, within the visible, infrared and X-ray spectra for use in industrial, government and medical applications, as well as micro electromechanical systems (“MEMS”) and high-performance, high-reliability semiconductors including analog-to-digital and digital-to-analog converters. This segment also includes our sponsored and centralized research laboratories which benefit government programs and commercial businesses. Teledyne acquired FLIR in May 2021, which is reported in the Digital Imaging segment. FLIR offers a diversified portfolio that serves a number of applications in government and defense, industrial, and commercial markets. FLIR technologies include thermal imaging systems, visible-light imaging systems, locater systems, measurement and diagnostic systems, and advanced threat-detection solutions. The Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, electronic test and measurement equipment and harsh environment interconnect products. The Aerospace and Defense Electronics segment provides sophisticated electronic components and subsystems and communications products, including defense electronics, harsh environment interconnects, data acquisition and communications equipment for aircraft and components and subsystems for wireless and satellite communications, as well as general aviation batteries. The Engineered Systems segment provides innovative systems engineering and integration, advanced technology application, software development and manufacturing solutions for defense, space, environmental and energy applications. The Engineered Systems segment also designs and manufactures electrochemical energy systems. Teledyne exited the cruise missile turbine engine business in the first quarter of 2021. Segment results include net sales and operating income by segment but excludes noncontrolling interest, equity income or loss, unusual non-recurring legal matter settlements, interest income and expense, sublease rental income and non-revenue licensing and royalty income, domestic and foreign income taxes and corporate office expenses. Corporate expense includes various administrative expenses relating to the corporate office and certain nonoperating expenses not allocated to our segments. As part of a continuing effort to reduce costs and improve operating performance, as well as to respond to the impact of the COVID pandemic, beginning in 2020 the Company took actions to reduce headcount across various businesses, reducing our exposure to weak end markets, such as commercial aerospace. We also exited certain facilities no longer needed. In 2021, we took actions to integrate FLIR into our businesses resulting in higher severance and facility closure costs in the Digital Imaging segment. At January 2, 2022, an immaterial amount remains to be paid related to these actions. The following pre-tax charges were incurred related to severance and facility consolidations (in millions):
Information on the Company’s business segments was as follows (in millions):
Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, pension assets and other assets.
Information on the Company’s sales by country of origin and long-lived assets by major geographic area was as follows:
Long-lived assets consist of property, plant and equipment, goodwill, acquired intangible assets, prepaid pension assets and other long-term assets including deferred compensation assets but excluding any deferred tax assets. Until purchase accounting for the FLIR acquisition is finalized, provisional amounts for goodwill and intangible assets are primarily included in the United States. The all other countries category primarily consists of Teledyne’s other operations in Europe. Product Lines The Instrumentation segment includes three product lines: Environmental Instrumentation, Marine Instrumentation and Test and Measurement Instrumentation. All other segments each contain one product line. The tables below provide a summary of the sales by product line for the Instrumentation segment (in millions):
Sales to the U.S. Government included sales to the U.S. Department of Defense of $876.6 million in 2021, $578.4 million in 2020, and $545.5 million in 2019. Total sales to international customers were $2,147.9 million in 2021, $1,385.3 million in 2020, and $1,391.6 million in 2019. Of these amounts, sales by operations in the United States to customers in other countries were $723.9 million in 2021, $546.8 million in 2020, and $638.0 million in 2019. There were no sales to individual countries outside of the United States in excess of 10 percent of the Company’s sales. Sales between business segments generally were priced at prevailing market prices and were $20.2 million, $23.4 million and $30.3 million for 2021, 2020 and 2019, respectively. We also disaggregate our revenue from contracts with customers by customer type and geographic region for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. With the exception of the Engineered Systems segment, net sales in our segments is primarily derived from fixed price contracts. Net sales in the Engineered Systems segment is typically between 45% and 55% fixed price contracts in a given reporting period, with the balance of net sales derived from cost type contracts. For the year ended January 2, 2022, approximately 47% of net sales in the Engineered Systems segment was derived from fixed price contracts.
a) Includes sales as a prime contractor or subcontractor.
a) Net sales by geographic region of origin.
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Lease Commitments |
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Lease Commitments | Lease Commitments Lease Commitments We determine if an arrangement is a lease at inception. Operating leases are recorded as right-of-use assets, other long-term lease liabilities and current accrued liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, current accrued liabilities, and other long-term liabilities in our consolidated balance sheets. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and use an implicit rate when readily available. Since most of our leases do not provide an implicit rate, we use the incremental borrowing rate to determine the present value of lease payments. The rate will take into consideration the underlying asset’s economic environment, including the length of the lease term and currency that the lease is payable in. Our lease agreements may include options to extend the lease term at either a fixed cost, fixed increase or market value adjustment. We evaluate the likelihood of exercising each renewal option based on many factors, including the length of the renewal option and the future new lease cost, if known, or the estimated future new lease cost if it is not a fixed amount and will include those renewal options that are reasonably certain to be exercised for purposes of calculating the lease liability and corresponding right-of-use asset. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Operating Leases Teledyne has approximately 165 long-term operating lease agreements for manufacturing facilities and office space. These agreements frequently include one or more renewal options and may require the Company to pay for non-lease components such as utilities, taxes, insurance and maintenance expense. We account for lease and non-lease components as a single lease component when the payments are fixed. Variable payments included in the lease agreement are expensed as incurred. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At January 2, 2022, Teledyne has right-of-use assets of $144.5 million included in on the balance sheet. At January 2, 2022, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions):
The weighted average remaining lease term for operating leases is approximately 7.8 years and the weighted average discount rate is approximately 3.48% Rental expense under operating leases, including leases with a term of 12 months or less, net of immaterial sublease income, was $40.9 million in 2021, $29.4 million in 2020 and $26.5 million in 2019. Cash paid for amounts included in the measurement of lease liabilities was $39.7 million for 2021 and $27.8 million for 2020. Finance Leases and Subleases Our finance leases and subleases are not material.
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Commitments and Contingencies |
12 Months Ended |
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Jan. 02, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to federal, state and local environmental laws and regulations which require that it investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations, including sites at which the Company has been identified as a potentially responsible party under the federal Superfund laws and comparable state laws. In accordance with the Company’s accounting policy disclosed in Note 2, environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable. In many cases, however, investigations are not yet at a stage where the Company has been able to determine whether it is liable or, if liability is probable, to reasonably estimate the loss or range of loss, or certain components thereof. Estimates of the Company’s liability are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluations and estimates of appropriate cleanup technology, methodology and cost, the extent of corrective actions that may be required, and the number and financial condition of other potentially responsible parties, as well as the extent of their responsibility for the remediation. Accordingly, as investigation and remediation of these sites proceeds, it is likely that adjustments in the Company’s accruals will be necessary to reflect new information. The amounts of any such adjustments could have a material adverse effect on the Company’s results of operations in a given period, but the amounts, and the possible range of loss in excess of the amounts accrued, are not reasonably estimable. Based on currently available information, however, management does not believe that future environmental costs in excess of those accrued with respect to sites with which the Company has been identified are likely to have a material adverse effect on the Company’s financial condition or liquidity. At January 2, 2022, the Company’s reserves for environmental remediation obligations totaled $6.3 million, of which $1.7 million is included in current accrued liabilities with the remainder included in long-term accrued liabilities. The Company periodically evaluates whether it may be able to recover a portion of future costs for environmental liabilities from its insurance carriers and from third parties. The timing of expenditures depends on a number of factors that vary by site, including the nature and extent of contamination, the number of potentially responsible parties, the timing of regulatory approvals, the complexity of the investigation and remediation, and the standards for remediation. The Company expects that it will expend present accruals over many years, and will complete remediation of all sites with which it has been identified in up to thirty years. On April 24, 2018, FLIR entered into a Consent Agreement with the United States Department of State’s Directorate of Defense Trade Controls to resolve allegations regarding the unauthorized export of technical data and defense services to dual and third country nationals in certain of FLIR’s facilities, the failure to properly use and manage export licenses and export authorizations, and failures to report certain payments under 22 CFR Part 130 in potential violation of International Traffic in Arms Regulations (“ITAR”). The Consent Agreement has a four-year term and provides for: (i) a civil penalty of $30.0 million with $15.0 million of this amount suspended on the condition that the funds have or will be used for Department-approved Consent Agreement remedial compliance measures, (ii) the appointment of an external Special Compliance Official to oversee compliance with the Consent Agreement and the ITAR; (iii) two external audits of our ITAR compliance program; and (iv) continued implementation of ongoing remedial compliance measures and additional remedial compliance measures related to automated systems and ITAR compliance policies, procedures, and training. While FLIR has enhanced its trade compliance program more broadly, implemented and continues to implement remedial measures and has undergone its first external audit and just concluded its second external audit of FLIR’s ITAR compliance program, additional adverse disclosures and findings could materially cause incurrence of additional expenses in connection with implementation of remedial measures and result in a substantial adjustment to our revenue and net income. As of January 2, 2022, under the Consent Agreement, $3.5 million remains to be paid by April 24, 2022. FLIR’s investments to date in remedial compliance measures have been more than sufficient to cover the $15.0 million suspension amount. In June 2017, the Bureau of Industry and Security (“BIS”) of the United States Department of Commerce informed FLIR of additional export licensing requirements that restricted the FLIR’s ability to sell certain thermal products without a license to customers in China not identified on a list maintained by the United States Department of Commerce. This action was precipitated by concerns of sale without a license or potential diversion of some of FLIR’s products to prohibited end users and to countries subject to economic and other sanctions implemented by the United States. BIS subsequently favorably modified these restrictions to reduce the applicability of the restrictions to sales of FLIR's Tau camera cores (as opposed to finished products containing Tau camera cores) to customers in China not identified on a list maintained by the United States Department of Commerce and persons in a country other than those in the Export Administration Regulations (“EAR”) Country Group A:5 (Supplement No. 1 to Part 740 of the EAR). FLIR has identified certain shipments that potentially violate these license requirements and voluntary disclosed this matter to BIS. In April 2021, FLIR resolved allegations of misrepresentations made to BIS, between November 2012 and December 2013, in a commodity jurisdiction request relating to newly developed Lepton uncooled focal plane arrays by an administrative settlement and fine of $0.3 million and agreeing to perform two internal audits of its EAR export compliance programs. The first internal audit has been completed and another voluntary disclosure has been filed to report potential violations. FLIR has made other voluntary disclosures to the U.S. Department of State and U.S. Department of Commerce, including to BIS with respect to the shipments of products from non-U.S. jurisdictions which were not licensed due to incorrect de minimis calculation methodology. If FLIR is found to have violated applicable rules and regulations with respect to customers and limitations on the export and end use of its products, FLIR could be subject to substantial fines and penalties, suspension of existing licenses or other authorizations and/or loss or suspension of export privileges. At this time, based on available information, we are unable to reasonably estimate the time it may take to resolve these matters or the amount or range of potential loss, penalty or other government action, if any, that may be incurred in connection with these matters. However, an unfavorable outcome could result in substantial fines and penalties or loss or suspension of export privileges or of particular authorizations that could be material to the Company’s financial position, results of operations or cash flows in and following the period in which such an outcome becomes estimable or known. Certain provisional adjustments have been made for the FLIR historical export compliance matters in Teledyne’s current preliminary estimates of its purchase price allocation. The final acquisition accounting adjustments for these matters may be materially different, as Teledyne obtains additional information on these matters and as additional information is made known during the post-acquisition measurement period. See Note 3 to these Notes to Consolidated Financial Statements for information regarding FLIR historical tax matters that existed at the date of the acquisition, including the Swedish Tax Authority's reassessment of tax for the year ending December 31, 2012 related to one of FLIR’s non-operating subsidiaries in Sweden. Various claims (whether based on U.S. Government or Company audits and investigations or otherwise) may be asserted against the Company related to its U.S. Government contract work, including claims based on business practices and cost classifications and actions under the False Claims Act. Although such claims are generally resolved by detailed fact-finding and negotiation, on those occasions when they are not so resolved, civil or criminal legal or administrative proceedings may ensue. Depending on the circumstances and the outcome, such proceedings could result in fines, penalties, compensatory and treble damages or the cancellation or suspension of payments under one or more U.S. Government contracts. Under government regulations, a company, or one or more of its operating divisions or units, can also be suspended or debarred from government contracts based on the results of investigations. However, although the outcome of these matters cannot be predicted with certainty, management does not believe there is any audit, review or investigation currently pending against the Company of which management is aware that is likely to result in suspension or debarment of the Company, or that is otherwise likely to have a material adverse effect on the Company’s financial condition or liquidity, although the resolution in any reporting period of one or more of these matters could have a material adverse effect on the Company’s results of operations for that period. A number of other lawsuits, claims and proceedings have been or may be asserted against the Company, including those pertaining to product liability, acquisitions, patent infringement, commercial contracts, employment and employee benefits. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on the Company’s financial condition.
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Subsequent Events |
12 Months Ended |
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Jan. 02, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn January 26, 2022, the Administrative Court of Appeal in Stockholm, Sweden generally affirmed the March 2020 ruling of the First Instance Court and determined a tax liability in the amount of SEK 2.765 billion. We paid the tax on February 2, 2022 totaling $296.4 million. We are evaluating the ruling. As a result of the payment, the Swedish Tax Authority cancelled the standby letter of credit of $244.6 million. |
Schedule II Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS For the Fiscal Years Ended January 2, 2022, January 3, 2021 and December 29, 2019 (In millions)
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification | Certain prior year amounts have been reclassified to conform to the current period presentation. The Company now discloses acquired intangible asset amortization on a separate income statement line. Acquired intangible asset amortization was previously included in selling, general and administrative expenses. In addition, the Company now discloses the balance of long-term deferred tax liabilities on a separate balance sheet line. Long-term deferred tax liabilities was previously included in other long-term liabilities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of ConsolidationThe consolidated financial statements include the accounts of Teledyne and its majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | Fiscal Year The Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December 31. Fiscal year 2021 was a 52-week fiscal year and ended on January 2, 2022. Fiscal year 2020 was a 53-week fiscal year and ended on January 3, 2021. Fiscal year 2019 was a 52-week fiscal year and ended on December 29, 2019. References to the years 2021, 2020 and 2019 are intended to refer to the respective fiscal year unless otherwise noted.
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Estimates | Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to sales returns and allowances, allowance for doubtful accounts, inventories, goodwill, intangible assets, asset valuations, income taxes, warranty obligations, pension and other postretirement benefits, long-term contracts, environmental, workers’ compensation and general liability, employee benefits and other contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at the time, the results of which form the basis for making its judgments. Actual results may differ materially from these estimates under different assumptions or conditions. Management believes that the estimates are reasonable.
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Revenue Recognition | Revenue Recognition We determine the appropriate method by which we recognize revenue by analyzing the nature of the products or services being provided as well as the terms and conditions of contracts or arrangements entered into with our customers. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A contract’s transaction price is allocated to each distinct good or service (i.e., performance obligation) identified in the contract, and each performance obligation is valued based on its estimated relative standalone selling price. For standard products or services, list prices generally represent the standalone selling price. For performance obligations where list price is not available, we typically use the expected cost plus a margin approach to estimate the standalone selling price for that performance obligation. Prior to the acquisition of FLIR, approximately 60% of our revenue was recognized at a point in time, with the remaining 40% recognized over time. The majority of FLIR revenue is recognized at a point in time. In future periods, we expect approximately 70% of revenue to be recognized at a point in time, with the remaining 30% recognized over time. Revenue recognized at a point in time relates primarily to the sale of standard or minimally customized products, with control transferring to the customer generally upon the transfer of title. This type of revenue arrangement is typical for our commercial contracts within the Digital Imaging, Instrumentation, and Aerospace and Defense Electronics segments, and to a lesser extent for certain commercial contracts within the Engineered Systems segment relating to the sale of standard hydrogen/oxygen gas generators. In limited circumstances, customer specified acceptance criteria exist. If we cannot objectively demonstrate that the product meets those specifications prior to the shipment, the revenue is deferred until customer acceptance is obtained. The transaction price in these arrangements can include variable consideration, such as product returns and sales allowances. The estimation of this variable consideration and determination of whether to include estimated amounts as a reduction in the transaction price is based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Revenue recognized over time relates primarily to contracts to design, develop and/or manufacture highly engineered products used in both defense and commercial applications. This type of revenue arrangement is typical of our U.S. government contracts and to a lesser extent for certain commercial contracts, with both contract types occurring across all segments. The customer typically controls the work in process as evidenced either by contractual termination clauses or by our right to payment for costs incurred to date plus a reasonable profit for products or services that do not have an alternative use. As control transfers continuously over time on these contracts, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We generally use the cost-to-cost measure of progress as this measure best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The transaction price in these arrangements may include estimated amounts of variable consideration, including award fees, incentive fees, contract amounts not yet funded, or other provisions that can either increase or decrease the transaction price. We estimate variable consideration at the amount to which we expect to be entitled, and we include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the estimation uncertainty is resolved. The estimation of this variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. The majority of our over time contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Over time contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of our contract modifications on over time contracts are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. For over time contracts using the cost-to-cost method, we have an Estimate at Completion (“EAC”) process in which management reviews the progress and execution of our performance obligations. This EAC process requires management judgment relative to assessing risks, estimating contract revenue, determining reasonably dependable cost estimates, and making assumptions for schedule and technical issues. Since certain contracts extend over a longer period of time, the impact of revisions in cost and revenue estimates during the progress of work may adjust the current period earnings through a cumulative catch-up basis. This method recognizes, in the current period, the cumulative effect of the changes on current and prior quarters. Additionally, if the current contract estimate indicates a loss, a provision is made for the total anticipated loss in the period that it becomes evident. Contract cost and revenue estimates for significant contracts are generally reviewed and reassessed quarterly. The majority of revenue recognized over time uses an EAC process. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in 2021 was approximately $26.8 million of favorable operating income, primarily within the Digital Imaging operating segment, related to favorable changes in estimates that impacted revenue, and, to a lesser degree, cost of sales. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in 2020 was approximately $14.6 million of favorable operating income, primarily within the Digital Imaging operating segment, related to changes in estimates that favorably impacted revenue, and, to a lesser degree, cost of sales. None of the effects of changes in estimates on any individual contract were material to the consolidated statements of income for any period presented. While extended or non-customary warranties do not represent a significant portion of our revenue, we recognize warranty services as a separate performance obligations when it is material to the contract. When extended or non-customary warranties represents a separate performance obligation, the revenue is deferred and recognized ratably over the extended warranty period. Remaining performance obligations represent the transaction price of firm orders for which work has not been performed as of the period end date and excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). As of January 2, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $2,929.0 million. The Company expects approximately 78% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 22% recognized thereafter. Shipping and Handling Shipping and handling fees reimbursed by customers are classified as revenue while shipping and handling costs incurred by Teledyne are classified as cost of sales in the accompanying consolidated statements of income.
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Product Warranty Costs | Product Warranty CostsSome of the Company’s products are subject to standard warranties and the Company reserves for the estimated cost of product warranties on a product-specific basis. Facts and circumstances related to a product warranty matter and cost estimates to return, repair and/or replace the product are considered when establishing a product warranty reserve. The adequacy of the preexisting warranty liabilities is assessed regularly and the reserve is adjusted as necessary based on a review of historical warranty experience with respect to the applicable business or products, as well as the length and actual terms of the warranties, which are typically one year. The product warranty reserve is included in current accrued liabilities and long-term liabilities on the balance sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and Development and Bid and Proposal Costs | Research and Development and Bid and Proposal CostsSelling, general and administrative expenses include Company-funded research and development and bid and proposal costs which are expensed as incurred and were $299.3 million in 2021, $196.0 million in 2020 and $209.6 million in 2019. The higher amount in 2021 reflected $113.8 million in research and development and bid and proposal costs incurred by FLIR. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for temporary differences between the tax basis of assets and liabilities and their reported amount in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and incorporate assumptions about the amount of future state, federal and foreign pretax operating income adjusted for items that do not have tax consequences. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Income tax positions must meet a more-likely-than-not recognition in order to be recognized in the financial statements. We recognize potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. As new information becomes available, the assessment of the recognition threshold and the measurement of the associated tax benefit of uncertain tax positions may result in financial statement recognition or derecognition.
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Earnings Per Common Share | Earnings Per Common Share Basic and diluted earnings per common share were computed based on net income. The weighted average number of common shares outstanding during the period was used in the calculation of basic earnings per share. This number of shares was increased by contingent shares that could be issued under various compensation plans as well as by the dilutive effect of stock options based on the treasury stock method in the calculation of diluted earnings per common share.
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Cash Equivalents | Cash equivalents consist of highly liquid money-market mutual funds and bank deposits with maturities of three months or less when purchased. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Unbilled Receivables and Contract Liabilities | Accounts Receivable, Unbilled Receivables and Contract Liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities, which are included in accrued liabilities and other long-term liabilities) on the Consolidated Balance Sheet. Under the typical payment terms of our over time contracts, the customer pays us either performance-based payments or progress payments. Amounts billed and due from our customers are classified as receivables on the Consolidated Balance Sheet. We may receive interim payments as work progresses, although for some contracts, we may be entitled to receive an advance payment. We recognize a liability for these interim and advance payments in excess of revenue recognized and present it as a contract liability which is included within accrued liabilities and other long-term liabilities on the Consolidated Balance Sheet, which represented $186.0 million and $25.3 million as of January 2, 2022 and $160.1 million and $14.0 million as of January 3, 2021, respectively. Contract liabilities typically are not considered a significant financing component because these cash advances are used to meet working capital demands that can be higher in the early stages of a contract, and these cash advances protect us from the other party failing to adequately complete some or all of its obligations under the contract. When revenue recognized exceeds the amount billed to the customer, we record an unbilled receivable (contract asset) for the amount we are entitled to receive based on our enforceable right to payment. The unbilled receivable balance increased from the beginning of the year by $99.9 million, or 39.6%, primarily due to the acquisition of FLIR. Contract liabilities increased from the beginning of the year by $37.2 million, or 21.4% primarily due to the acquisition of FLIR. The Company recognized revenue of $114.0 million during the year ended January 2, 2022 from contract liabilities that existed at the beginning of year. The Company recognizes the incremental costs of obtaining or fulfilling a contract as expense when incurred if the amortization period of the asset is one year or less. Incremental costs to obtain or fulfill contracts with an amortization period greater than one year were not material. Accounts receivable is presented net of an allowance for doubtful accounts of $13.8 million at January 2, 2022, and $12.3 million at January 3, 2021. Expense recorded for the allowance for doubtful accounts was $4.5 million, $4.1 million and $1.3 million for 2021, 2020 and 2019, respectively. An allowance for doubtful accounts is established for losses expected to be incurred on accounts receivable balances. Judgment is required in the estimation of the allowance and we evaluate the collectability of our accounts receivable and contract assets based on a combination of factors. If we become aware of a customer’s inability to meet its financial obligations, a specific allowance is recorded to reduce the net receivable to the amount reasonably believed to be collectible from the customer. For all other customers, we use an aging schedule and recognize allowances for doubtful accounts based on the creditworthiness of the debtor, the age and status of outstanding receivables, the current business environment and our historical collection experience adjusted for current expectations for the customers or industry. Accounts receivable are written off against the allowance for uncollectible accounts when we determine amounts are no longer collectible. Trade credit is extended based upon evaluations of each customer’s ability to perform its obligations, which are updated periodically.
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Inventories | InventoriesInventories are stated at the lower of cost or net realizable value. The majority of inventory values are valued on an average cost or first-in, first-out method, and an immaterial amount of inventory values are stated at cost based on the last-in, first-out method. Costs include direct material, direct labor, applicable manufacturing and engineering overhead, and other direct costs. Judgment is required when establishing reserves to reduce the carrying amount of inventory to market or net realizable value. Inventory reserves are recorded when inventory is considered to be excess or obsolete based upon an analysis of actual on-hand quantities on a part-level basis to forecasted product demand and historical usage. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and EquipmentProperty, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are determined using a combination of accelerated and straight-line methods over the estimated useful lives of the various asset classes. Buildings and building improvements are depreciated over periods not exceeding 45 years, equipment over 5 to 18 years, computer hardware and software over 3 to 7 years and leasehold improvements over the shorter of the estimated remaining lives or lease terms. Significant improvements are capitalized while maintenance and repairs are charged to expense as incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill, Acquired Intangible Assets and Other Long-lived Assets | Goodwill, Acquired Intangible Assets and Other Long-lived Assets Business acquisitions are accounted for under the acquisition method by assigning the purchase price to tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Goodwill and acquired intangible assets with indefinite lives are not amortized, but tested at least annually for impairment. The Company performs an annual impairment test for goodwill and other indefinite-lived intangible assets in the fourth quarter of each year, or more often as circumstances require. The Company uses qualitative and quantitative approaches when testing goodwill for impairment. For selected reporting units under the qualitative approach, the Company performs a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if the Company determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise the Company performs a quantitative impairment test. A quantitative impairment test, if applicable, is used to identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any. The Company performs quantitative tests for reporting units at least once every three years. However, for certain reporting units the Company may perform a quantitative impairment test more frequently. The Company performed a qualitative test for all reporting units in 2021. The results of our annual impairment tests of goodwill indicated that no impairment existed in 2021, 2020 or 2019. The Company reviews intangible and other long-lived assets subject to depreciation or amortization for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable. Acquired intangible assets with finite lives are amortized and reflected in the segment’s operating income over their estimated useful lives. The Company assesses the recoverability of the carrying value of assets held for use based on a review of projected undiscounted cash flows. Impairment losses, where identified, are determined as the excess of the carrying value over the estimated fair value of the long-lived asset.
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Deferred Compensation Plan | Deferred Compensation Plan The Company has a non-qualified executive deferred compensation plan that provides supplemental retirement income benefits for a select group of management. This plan permits eligible employees to make salary and bonus deferrals that are 100% vested. We have an unsecured obligation to pay in the future the value of the deferred compensation adjusted to reflect the performance, whether positive or negative, of selected investment measurement options chosen by each participant during the deferral period. In addition, the Company has a separate deferred compensation plan that was acquired in connection with the FLIR acquisition. This plan was frozen at year end 2021. As of January 2, 2022 and January 3, 2021, $115.5 million and $68.9 million, respectively, is included in other long-term liabilities related to these deferred compensation liabilities. Additionally, the Company purchased life insurance policies on certain participants to potentially offset these unsecured obligations. These policies are recorded at their cash surrender value as determined by the insurance carrier. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental | EnvironmentalCosts that mitigate or prevent future environmental contamination or extend the life, increase the capacity or improve the safety or efficiency of property utilized in current operations are capitalized. Other costs that relate to current operations or an existing condition caused by past operations are expensed in the period incurred. Environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable, which is generally not later than the completion of the feasibility study or the Company’s recommendation of a remedy or commitment to an appropriate plan of action. The accruals are reviewed periodically and, as investigations and remediations proceed, adjustments are made as necessary. Accruals for losses from environmental remediation obligations do not consider the effects of inflation, and anticipated expenditures are not discounted to their present value. The accruals are not reduced by possible recoveries from insurance carriers or other third parties, but do reflect anticipated allocations among potentially responsible parties at federal Superfund sites or similar state-managed sites and an assessment of the likelihood that such parties will fulfill their obligations at such sites. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations, and current technology. Such estimates take into consideration the Company’s prior experience in site investigation and remediation, the data concerning cleanup costs available from other companies and regulatory authorities, and the professional judgment of the Company’s environmental personnel in consultation with outside environmental specialists, when necessary. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | Foreign Currency TranslationThe Company’s foreign entities’ accounts are generally measured using local currency as the functional currency. Assets and liabilities of these entities are translated at the exchange rate in effect at year-end. Revenues and expenses are translated at average month end rates of exchange prevailing during the year. Unrealized translation gains and losses arising from differences in exchange rates from period to period are included as a component of AOCI. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Teledyne transacts business in various foreign currencies and has international sales and expenses denominated in foreign currencies, subjecting the Company to foreign currency risk. The Company’s primary foreign currency risk objective is to protect the U.S. dollar value of future cash flows and minimize the volatility of reported earnings. The Company utilizes foreign currency forward contracts to reduce the volatility of cash flows primarily related to forecasted revenue and expenses denominated in Canadian dollars for our Canadian companies, and in British pounds for our U.K. companies. These contracts are designated and qualify as cash flow hedges. The Company has also converted a U.S. dollar denominated, variable rate and fixed rate debt obligations of a European subsidiary, into a euro fixed rate obligations using a receive float, pay fixed cross currency swap, and a receive fixed, pay fixed cross currency swap. These cross currency swaps are designated as cash flow hedges. In addition, the Company has converted domestic U.S. variable rate debt to fixed rate debt using a receive variable, pay fixed interest rate swap. The interest rate swap is also designated as a cash flow hedge. The effectiveness of the cash flow hedge forward contracts, is assessed prospectively and retrospectively on a monthly basis using regression analysis, as well as using other timing and probability criteria. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows on hedged transactions. The effective portion of the cash flow hedge contracts’ gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of AOCI in stockholders’ equity until the underlying hedged item is reflected in our consolidated statements of income, at which time the effective amount in AOCI is reclassified to revenue in our consolidated statements of income. Net deferred losses recorded in AOCI, net of tax, for forward contracts that will mature in the next 12 months total $0.7 million. These losses are expected to be offset by anticipated gains in the value of the forecasted underlying hedged item. Amounts related to the cross currency swaps and interests rate swap expected to be reclassified from AOCI into income in the next 12 months total $2.8 million. In the event that the underlying forecasted transactions do not occur, or it becomes remote that they will occur, within the defined hedge period, the gains or losses on the related cash flow hedges will be reclassified from AOCI to other income and expense. During the current reporting period, all forecasted transactions occurred and, therefore, there were no such gains or losses reclassified to other income and expense, due to missed forecasts. As of January 2, 2022, Teledyne had foreign currency forward contracts designated as cash flow hedges to buy Canadian dollars and to sell U.S. dollars totaling $148.2 million. These foreign currency forward contracts have maturities ranging from March 2022 to February 2023. Teledyne had foreign currency forward contracts designated as cash flow hedges to buy British pounds and to sell U.S. dollars totaling $18.9 million. These foreign currency forward contracts have maturities ranging from March 2022 to February 2023. The cross currency swaps have notional amounts of €113.0 million and $125.0 million, and €135.0 million and $150.0 million, and mature in March 2023 and October 2024, respectively. The interest rate swap has a notional amount of $125.0 million U.S. dollars and matures in March 2023. In addition, the Company utilizes foreign currency forward contracts which are not designated as hedging instruments for accounting purposes to mitigate foreign exchange rate risk associated with foreign currency denominated monetary assets and liabilities, including intercompany receivables and payables. As of January 2, 2022, Teledyne had foreign currency contracts of this type primarily in the following pairs (in millions):
The above table includes non-designated hedges derived from terms contained in triggered or previously designated cash flow hedges. The gains and losses on these derivatives which are not designated as hedging instruments, are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings. All derivatives are recorded on the balance sheet at fair value. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. Teledyne does not use foreign currency forward contracts for speculative or trading purposes. The effect of derivative instruments designated as cash flow hedges for 2021 and 2020 was as follows (in millions):
(a)Effective portion (b)Amount reclassified to offset earnings impact of liability hedged by cross currency swap The effect of derivative instruments designated as fair value hedges for 2021 and 2020 was as follows (in millions):
The effect of derivative instruments not designated as cash flow hedges recognized in other income and expense for 2021 and 2020 was a expense of $21.9 million and a gain of $7.4 million, respectively. The Company has elected to use the income approach to value the derivatives, using observable Level 2 market expectations at measurement date and standard valuation techniques to convert future amounts to a single present amount. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts on LIBOR and EURIBOR) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR and EURIBOR cash and swap rates, foreign currency forward rates and cross currency basis spreads). Mid-market pricing is used as a practical expedient for fair value measurements. The fair value measurement of an asset or liability must reflect the nonperformance risk of the entity and the counterparty. Therefore, the impact of the counterparty’s creditworthiness when in an asset position and the Company’s creditworthiness when in a liability position has also been factored into the fair value measurement of the derivative instruments and did not have a material impact on the fair value of these derivative instruments. Both the counterparty and the Company are expected to continue to perform under the contractual terms of the instruments.
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Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The Company considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The Company uses the following three levels of inputs in determining the fair value, focusing on the most observable inputs when available: •Level 1-Quoted prices in active markets for identical assets or liabilities. •Level 2-Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3-Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement.
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Recent Accounting Standards | Recent Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326). The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We adopted this ASU as of December 30, 2019 using the modified retrospective approach related to our accounts receivables and contract assets, resulting in no cumulative adjustment to retained earnings. The adoption of this guidance did not have a material impact on our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (Topic 606), which we generally expect will result in the recognition and measurement of contract assets and contract liabilities in a manner that is consistent with the acquiree. Prior to the adoption of ASU 2021-08, the Company measured contract assets and contract liabilities acquired in business acquisitions at fair value. The Company early adopted ASU 2021-08 in the fourth quarter of 2021, with applicability to the accounting for our 2021 business acquisitions and any future business acquisitions. The application of ASU 2021-08 did not have a material effect on the recognition and measurement of acquired contract assets and contract liabilities associated with our 2021 acquisition.
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Summary of Significant Accounting Policies (Tables) |
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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 2, 2022, and January 3, 2021 (in millions):
The reclassification out of AOCI for the fiscal years ended January 2, 2022, and January 3, 2021, are as follows (in millions):
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Schedule of Changes in Product Warranty Reserve |
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Schedule of Computations of Basic and Diluted Earnings per Share | The following table sets forth the computations of basic and diluted earnings per common share (amounts in millions, except per share data):
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Schedule of Outstanding Foreign Currency Contracts | As of January 2, 2022, Teledyne had foreign currency contracts of this type primarily in the following pairs (in millions):
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The effect of derivative instruments designated as cash flow hedges for 2021 and 2020 was as follows (in millions):
(a)Effective portion (b)Amount reclassified to offset earnings impact of liability hedged by cross currency swap The effect of derivative instruments designated as fair value hedges for 2021 and 2020 was as follows (in millions):
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Schedule of 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):
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Business Acquisitions, Goodwill and Acquired Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Goodwill Acquired, and Intangible Assets Acquired for the Acquisitions | The following tables show the purchase price (net of cash acquired), goodwill acquired for the FLIR, OakGate acquisition and other investments made in 2021 and 2020 (in millions):
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Schedule of Provisional Fair Values Allocated to Assets Acquired and Liabilities Assumed |
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Schedule of Pro Forma Information | The following table presents proforma net sales, net income and earnings per share data assuming FLIR was acquired at the beginning of the 2020 fiscal year:
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Schedule of Acquired Intangible Assets | The following table is a summary at the acquisition date of the acquired intangible assets and weighted average useful life in years for the FLIR acquisition made in 2021 (dollars in millions; amounts considered provisional as discussed above):
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Schedule of Changes in the Carrying Value of Goodwill |
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Schedule of Carrying Value of Other Acquired Intangible Assets |
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Schedule of Estimated Remaining Useful Lives by Asset Category | The estimated remaining useful lives by asset category as of January 2, 2022, are as follows:
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Accounts Receivable and Unbilled Receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable And Unbilled Receivables |
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Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
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Supplemental Balance Sheet Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment |
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Selected Balance Sheet Components | The following table presents selected balance sheet components (in millions):
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Stockholders’ Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Treasury Stock Share Activity |
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Stock Options Valuation Assumptions |
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Stock Option Transactions for Stock Option Plans | Stock option transactions for Teledyne’s stock option plans are summarized as follows:
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Stock Options Outstanding and Stock Options Exercisable Under Stock Option Plans | The following table provides certain information with respect to stock options outstanding and stock options exercisable at January 2, 2022, under the stock option plans.
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Summary of Restricted Stock Activity | The following table shows restricted stock award activity for grants made to employees:
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt |
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Schedule of Maturities of Long-term Debt | Maturities of long-term debt as of January 2, 2022 (in millions):
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Income Taxes (Tables) |
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Jan. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Tax Provision (Benefit) |
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Reconciliation of the Statutory Federal Income Tax Rate to the Actual Effective Income Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate:
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Schedule of Deferred Income Tax Assets and Liabilities | The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense were as follows (in millions):
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Rollforward of Unrecognized Tax Benefits |
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Pension Plans and Postretirement Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost (Income) for Defined Benefit Pension Plans and Postretirement Benefit Plans |
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Schedule of Assumptions Used | The following assumptions were used to measure the net benefit income/cost within each respective year for the domestic qualified plans and the foreign plans:
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Schedule of Changes in Benefit Obligation |
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Reconciliation of the Beginning and Ending Balances of the Fair Value of Plan Assets |
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Schedule of Funded Status and Amounts Recognized in Balance Sheet | The following tables sets forth the funded status and amounts recognized in the consolidated balance sheets at year-end 2021 and 2020 for the domestic qualified and nonqualified pension plans and the foreign-based pension plans for benefits provided to certain employees (in millions):
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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):
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Estimated Future Benefit Payments |
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Schedule of Fair Value of Assets Category | The following table sets forth the percentage of year-end market value by asset class for the pension plans:
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 2, 2022, by asset category are as follows (in millions):
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) The mutual funds are invested 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 January 3, 2021, by asset category are as follows (in millions):
(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) The mutual funds are invested in equity securities.
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Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Segment Disclosures for Net Sales and Operating Profit Including Other Segment Income | The following pre-tax charges were incurred related to severance and facility consolidations (in millions):
Information on the Company’s business segments was as follows (in millions):
Identifiable assets are those assets used in the operations of the segments. Corporate assets primarily consist of cash and cash equivalents, deferred taxes, pension assets and other assets.
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Sales by Country of Origin and Long-Lived Assets by Major Geographic Area | Information on the Company’s sales by country of origin and long-lived assets by major geographic area was as follows:
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Summary of Sales by Product Line | The tables below provide a summary of the sales by product line for the Instrumentation segment (in millions):
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Disaggregation of Revenue |
a) Net sales by geographic region of origin.
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Lease Commitments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments for Operating Leases | At January 2, 2022, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions):
|
Description of Business (Details) - FLIR $ in Billions |
May 14, 2021
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Cash and stock transaction value | $ 8.1 |
Net cash payments | 3.7 |
Net share issuances | 3.9 |
Assumption of debt | $ 0.5 |
Summary of Significant Accounting Policies (Narrative) (Details) € in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 03, 2022 |
Jan. 02, 2022
USD ($)
shares
|
Jan. 03, 2021
USD ($)
shares
|
Dec. 29, 2019
USD ($)
shares
|
Jan. 02, 2022
EUR (€)
|
|
Revenue Recognition | |||||
Cumulative catch-up adjustment to revenue | $ 26,800,000 | $ 14,600,000 | |||
Remaining performance obligation | 2,929,000,000 | ||||
Research and Development [Abstract] | |||||
Selling, general and administrative expenses include company-funded research and development | $ 299,300,000 | $ 196,000,000 | $ 209,600,000 | ||
Income Tax Disclosure [Abstract] | |||||
Number of years of cumulative operating income used to determine income tax valuation allowance | 3 years | ||||
Earnings Per Share [Abstract] | |||||
Stock options to purchase common stock (in shares) | shares | 1,600,000 | 1,600,000 | 2,000,000 | ||
Cash and Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | $ 474,700,000 | $ 673,100,000 | |||
Cash equivalents held by foreign subsidiaries of Teledyne | 294,000,000 | ||||
Accounts Receivable, Net [Abstract] | |||||
Contract liability current | 186,000,000 | 160,100,000 | |||
Contract liability noncurrent | 25,300,000 | 14,000,000 | |||
Contract asset change | $ 99,900,000 | ||||
Contract asset change (percentage) | 39.60% | ||||
Contract liability change | $ 37,200,000 | ||||
Contract liability change (percentage) | 21.40% | ||||
Revenue recognized | $ 114,000,000 | ||||
Reserve for doubtful accounts | 13,800,000 | 12,300,000 | |||
Expense of reserve for doubtful accounts | 4,500,000 | 4,100,000 | $ 1,300,000 | ||
Property, Plant and Equipment, Net [Abstract] | |||||
Depreciation | 115,200,000 | 76,600,000 | 74,500,000 | ||
Goodwill and Intangible Asset Impairment [Abstract] | |||||
Impairment of goodwill | $ 0 | 0 | 0 | ||
Deferred Compensation Plan [Abstract] | |||||
Deferred compensation employee contribution vesting percentage | 1 | ||||
Deferred compensation liability | $ 115,500,000 | 68,900,000 | |||
Cash surrender value of life insurance | 113,400,000 | 72,600,000 | |||
Accrual for Environmental Loss Contingencies Disclosure [Abstract] | |||||
Accrual for environmental loss contingencies | 6,300,000 | 6,500,000 | |||
Supplemental Cash Flow Information [Abstract] | |||||
Cash payments for federal, foreign and state income taxes | 83,600,000 | 74,500,000 | 110,100,000 | ||
Tax refunds received totaled | 22,400,000 | 8,100,000 | 7,100,000 | ||
Cash payments for interest and credit facility fees | 117,200,000 | 19,100,000 | 23,400,000 | ||
Bond financing and debt extinguishment costs | 30,500,000 | ||||
Related Party Transactions [Abstract] | |||||
Related party transactions | 0 | 0 | $ 0 | ||
FLIR | |||||
Research and Development [Abstract] | |||||
Selling, general and administrative expenses include company-funded research and development | 113,800,000 | ||||
Forward Contracts | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Expected reclassification of loss over the next 12 months | 700,000 | ||||
Currency Swap | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Expected reclassification of loss over the next 12 months | (2,800,000) | ||||
Currency Swap Maturing March 2023 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative notional amount | 125,000,000 | € 113.0 | |||
Currency Swap Maturing October 2024 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative notional amount | 150,000,000 | € 135.0 | |||
Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative notional amount | 125,000,000 | ||||
Designated as hedging instrument | Buy Canadian Dollars and Sell US Dollars | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative notional amount | 148,200,000 | ||||
Designated as hedging instrument | Buy Great Britain Pounds and Sell US Dollars | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative notional amount | 18,900,000 | ||||
Not designated as hedging instrument | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Loss on derivative instruments | $ 21,900,000 | ||||
Gain on derivative instruments | $ 7,400,000 | ||||
Maximum | |||||
Goodwill and Intangible Asset Impairment [Abstract] | |||||
Threshold period to test goodwill for impairment | 3 years | ||||
Building | Maximum | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 45 years | ||||
Equipment | Minimum | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 5 years | ||||
Equipment | Maximum | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 18 years | ||||
Computer hardware and software | Minimum | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 3 years | ||||
Computer hardware and software | Maximum | |||||
Property, Plant and Equipment, Net [Abstract] | |||||
Property, plant and equipment, useful life | 7 years | ||||
Employee stock options | |||||
Earnings Per Share [Abstract] | |||||
Shares excluded from computation of diluted earnings per share (less than for 2019 and 2018) (in shares) | shares | 196,802 | 239,422 | 3,000 | ||
Restricted stock | |||||
Earnings Per Share [Abstract] | |||||
Shares excluded from computation of diluted earnings per share (less than for 2019 and 2018) (in shares) | shares | 2,608 | 497 | 0 | ||
Performance shares | |||||
Earnings Per Share [Abstract] | |||||
Shares excluded from computation of diluted earnings per share (less than for 2019 and 2018) (in shares) | shares | 0 | 0 | 0 | ||
Revenue | Revenue recognized | Recognized at a point in time | |||||
Revenue Recognition | |||||
Concentration percentage | 60.00% | ||||
Revenue | Revenue recognized | Recognized at a point in time | Expected | |||||
Revenue Recognition | |||||
Concentration percentage | 70.00% | ||||
Revenue | Revenue recognized | Recognized over time | |||||
Revenue Recognition | |||||
Concentration percentage | 40.00% | ||||
Revenue | Revenue recognized | Recognized over time | Expected | |||||
Revenue Recognition | |||||
Concentration percentage | 30.00% |
Summary of Significant Accounting Policies (Remaining Performance Obligation) (Details) |
Jan. 02, 2022 |
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 78.00% |
Remaining performance obligation expected timing of satisfaction | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-02 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 22.00% |
Remaining performance obligation expected timing of satisfaction |
Summary of Significant Accounting Policies (Product Warranty and Replacement Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Accounting Policies [Abstract] | |||
Period for product warranty | 1 year | ||
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of year | $ 22.4 | $ 24.8 | $ 21.0 |
Product warranty expense | 11.9 | 3.3 | 13.1 |
Deductions | (10.1) | (8.2) | (14.2) |
Acquisitions | 25.3 | 2.5 | 4.9 |
Balance at end of year | $ 49.5 | $ 22.4 | $ 24.8 |
Summary of Significant Accounting Policies (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Earnings Per Common Share: | |||
Net income | $ 445.3 | $ 401.9 | $ 402.3 |
Basic earnings per common share: | |||
Weighted average common shares outstanding (in shares) | 43.2 | 36.7 | 36.3 |
Basic earnings per common share (in USD per share) | $ 10.31 | $ 10.95 | $ 11.08 |
Diluted earnings per share: | |||
Weighted average common shares outstanding (in shares) | 43.2 | 36.7 | 36.3 |
Effect of diluted securities (in shares) | 1.1 | 1.2 | 1.2 |
Weighted average diluted common shares outstanding (in shares) | 44.3 | 37.9 | 37.5 |
Diluted earnings per common share (in USD per share) | $ 10.05 | $ 10.62 | $ 10.73 |
Summary of Significant Accounting Policies (Schedule of Notional Amounts of Outstanding Foreign Currency Contracts) (Details) - Jan. 02, 2022 - Not designated as hedging instrument € in Millions, £ in Millions, kr in Millions, $ in Millions, $ in Millions |
USD ($) |
EUR (€) |
CAD ($) |
GBP (£) |
DKK (kr) |
---|---|---|---|---|---|
Contracts to Buy | Buy Canadian Dollars and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 169.4 | ||||
Contracts to Buy | Buy Euros and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | € | € 147.3 | ||||
Contracts to Buy | Buy Canadian Dollars and Sell Euros | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 33.5 | ||||
Contracts to Buy | Buy Great Britain Pounds and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | £ | £ 59.2 | ||||
Contracts to Buy | Buy US Dollars and Sell Swedish Krona | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 31.0 | ||||
Contracts to Buy | Buy Danish Krone and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | kr | kr 395.3 | ||||
Contracts to Buy | Buy Swedish Krona and Sell Euros | |||||
Derivative [Line Items] | |||||
Derivative notional amount | £ | £ 355.7 | ||||
Contracts to Buy | Buy Norwegian Krone and Sell Swedish Krona | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 228.0 | ||||
Contracts to Buy | Buy Norwegian Krone and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 78.9 | ||||
Contracts to Sell | Buy Canadian Dollars and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 132.0 | ||||
Contracts to Sell | Buy Euros and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 167.1 | ||||
Contracts to Sell | Buy Canadian Dollars and Sell Euros | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 48.4 | ||||
Contracts to Sell | Buy Great Britain Pounds and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 78.9 | ||||
Contracts to Sell | Buy US Dollars and Sell Swedish Krona | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 280.1 | ||||
Contracts to Sell | Buy Danish Krone and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 60.2 | ||||
Contracts to Sell | Buy Swedish Krona and Sell Euros | |||||
Derivative [Line Items] | |||||
Derivative notional amount | € | € 35.0 | ||||
Contracts to Sell | Buy Norwegian Krone and Sell Swedish Krona | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 227.1 | ||||
Contracts to Sell | Buy Norwegian Krone and Sell US Dollars | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 8.6 |
Summary of Significant Accounting Policies (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - Designated as hedging instrument - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
|
Cash Flow Hedging | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in AOCI | $ 23.6 | $ (13.7) |
Cash Flow Hedging | Foreign exchange contracts | Revenue/cost of sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 9.2 | 1.5 |
Cash Flow Hedging | Foreign exchange contracts | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 3.4 | 4.4 |
Cash Flow Hedging | Foreign exchange contracts | Other income and expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 20.7 | (26.7) |
Cash Flow Hedging | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in AOCI | 0.4 | 4.8 |
Cash Flow Hedging | Interest rate contracts | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | (1.6) | (1.0) |
Fair Value Hedging | Foreign exchange contracts | Other income and expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) reclassified from AOCI | 7.9 | 0.0 |
Net gain recognized in earnings for amounts excluded from effectiveness testing - other income and expense, net - foreign exchange contracts | $ 0.2 | $ 0.0 |
Summary of Significant Accounting Policies (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Derivative [Line Items] | ||
Total liability derivatives | $ (5.1) | $ (16.3) |
Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | (7.7) | (21.8) |
Not designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 2.6 | 5.5 |
Other assets | Foreign exchange contracts | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 0.3 | 7.3 |
Other non-current liabilities | Interest rate contracts | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | (0.1) | (1.8) |
Other non-current liabilities | Cash flow cross currency swaps | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | (9.4) | (29.2) |
Other current liabilities | Interest rate contracts | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | (1.2) | (1.5) |
Accrued liabilities | Foreign exchange contracts | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | (1.2) | 0.0 |
Accrued liabilities | Foreign exchange contracts | Not designated as hedging instrument | ||
Derivative [Line Items] | ||
Total liability derivatives | (2.1) | (1.2) |
Other current assets | Foreign exchange contracts | Not designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 4.7 | 6.7 |
Other current assets | Cash flow cross currency swaps | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | 3.8 | 3.3 |
Other current assets (accrued interest) | Cash flow cross currency swaps | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Total asset derivatives | $ 0.1 | $ 0.1 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Narrative) (Details) $ / shares in Units, kr in Millions, $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 02, 2022
USD ($)
|
May 14, 2021
USD ($)
$ / shares
shares
|
Jan. 05, 2020
USD ($)
|
Aug. 30, 2019
USD ($)
|
Aug. 01, 2019
USD ($)
|
Feb. 05, 2019
USD ($)
|
Jan. 02, 2022
USD ($)
|
Jan. 03, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 29, 2019
USD ($)
|
Dec. 30, 2018
USD ($)
|
Dec. 30, 2018
SEK (kr)
|
Jan. 26, 2022
SEK (kr)
|
|
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire businesses | $ 3,723.3 | $ 29.0 | $ 484.0 | ||||||||||
Goodwill | 7,986.7 | 2,150.0 | 2,050.5 | ||||||||||
Acquired intangible assets, net | 2,741.6 | 409.7 | |||||||||||
2022 | 211.6 | ||||||||||||
2023 | 207.7 | ||||||||||||
2024 | 205.9 | ||||||||||||
2025 | 200.3 | ||||||||||||
2026 | 198.1 | ||||||||||||
Digital Imaging | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 6,867.5 | 997.8 | $ 962.7 | ||||||||||
Minimum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life | 1 year | ||||||||||||
Maximum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life | 15 years | ||||||||||||
FLIR | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and stock transaction value | $ 8,100.0 | ||||||||||||
Net cash payments | 3,700.0 | ||||||||||||
Net share issuances | 3,900.0 | ||||||||||||
Assumption of debt | $ 500.0 | ||||||||||||
Cash paid per share (in USD per share) | $ / shares | $ 28.00 | ||||||||||||
Entity shares issued per acquire (in shares) | shares | 0.0718 | ||||||||||||
Shares issued (in shares) | shares | 9,500,000 | ||||||||||||
Grant day fair value (in USD per share) | $ / shares | $ 409.41 | ||||||||||||
Goodwill | $ 5,905.5 | ||||||||||||
Integration-related costs | 350.3 | ||||||||||||
Additional provisional purchase accounting adjustments | 177.5 | ||||||||||||
FLIR | Swedish Tax Authority | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total taxes paid | $ 364.7 | kr 3,100.0 | |||||||||||
FLIR | Swedish Tax Authority | Subsequent Event | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total taxes paid | $ 296.4 | ||||||||||||
Estimated tax liability | kr | kr 2,765.0 | ||||||||||||
FLIR | Digital Imaging | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Integration-related costs | 242.6 | ||||||||||||
FLIR | Corporate Segment | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Integration-related costs | 77.1 | ||||||||||||
FLIR | Amortization of Intangible Assets | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Integration-related costs | 110.3 | ||||||||||||
FLIR | Cost of Sales | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Integration-related costs | 106.7 | ||||||||||||
FLIR | Selling, general and administrative | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Integration-related costs | 103.0 | ||||||||||||
FLIR | Interest expense | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Integration-related costs | 30.6 | ||||||||||||
FLIR | Subsidiaries | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenue reported by acquired entity | $ 1,923.7 | ||||||||||||
Revenue of acquiree since acquisition date | 1,273.6 | ||||||||||||
Earnings of acquiree since acquisition date | 80.4 | ||||||||||||
FLIR | Subsidiaries | Digital Imaging | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition related costs | $ 242.6 | ||||||||||||
OakGate Technology, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire businesses | $ 28.5 | $ 28.5 | |||||||||||
Roper Technologies, Inc | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire businesses | $ 224.8 | ||||||||||||
3M Gas And Flame Detection Business | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire businesses | $ 233.5 | ||||||||||||
Purchase price adjustment - Micralyne Inc. (acquired in 2019) | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire businesses | $ 25.7 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Purchase Price) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
May 14, 2021 |
Jan. 05, 2020 |
Aug. 30, 2019 |
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Business Acquisition [Line Items] | ||||||
Consideration transferred, net of cash acquired | $ 29.0 | |||||
Goodwill Acquired | $ 5,905.5 | 16.9 | ||||
Acquired intangible assets | 7.0 | |||||
Cash paid | 3,723.3 | 29.0 | $ 484.0 | |||
FLIR | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred, net of cash acquired | $ 7,620.9 | 7,620.9 | ||||
Goodwill Acquired | 5,905.5 | |||||
Acquired intangible assets | 2,490.0 | $ 2,490.0 | ||||
Net share issuances | $ 3,900.0 | |||||
OakGate Technology, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill Acquired | 16.9 | |||||
Acquired intangible assets | 7.0 | |||||
Cash paid | $ 28.5 | 28.5 | ||||
Purchase price adjustment - Micralyne Inc. (acquired in 2019) | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill Acquired | 0.0 | |||||
Acquired intangible assets | 0.0 | |||||
Cash paid | $ 25.7 | |||||
Purchase price adjustment - Micralyne Inc. (acquired in 2019) | $ 0.5 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Provisional Fair Values Allocated to Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
May 14, 2021 |
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Business Acquisition [Line Items] | ||||
Goodwill | $ 7,986.7 | $ 2,150.0 | $ 2,050.5 | |
Acquired intangible assets | 7.0 | |||
Acquisitions and other investments, net of cash acquired | $ 29.0 | |||
FLIR | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 287.7 | |||
Accounts receivable, net | 241.3 | |||
Unbilled receivables, net | 72.2 | |||
Inventories, net | 531.8 | |||
Prepaid expenses and other current assets | 55.2 | |||
Total current assets | 1,188.2 | |||
Property, plant and equipment | 356.3 | |||
Goodwill | 5,905.5 | |||
Acquired intangible assets | $ 2,490.0 | 2,490.0 | ||
Other long-term assets | 151.5 | |||
Total assets acquired | 10,091.5 | |||
Accounts payable | 144.8 | |||
Accrued liabilities | 629.5 | |||
Total current liabilities acquired | 774.3 | |||
Long-term debt, net | 496.8 | |||
Long-term deferred tax liabilities | 646.5 | |||
Other long-term liabilities | 265.3 | |||
Total liabilities assumed | 2,182.9 | |||
Consideration transferred | 7,908.6 | |||
Acquisitions and other investments, net of cash acquired | 7,620.9 | $ 7,620.9 | ||
Net share issuances | $ 3,900.0 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Schedule of Pro Forma Information) (Details) - FLIR - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
|
Business Acquisition [Line Items] | ||
Net sales | $ 5,235.6 | $ 5,009.9 |
Net income | $ 571.7 | $ 399.6 |
Basic earnings per common share (in USD per share) | $ 13.23 | $ 8.65 |
Diluted earnings per common share (in USD per share) | $ 12.91 | $ 8.43 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Goodwill | $ 7,986.7 | $ 2,150.0 | $ 2,050.5 |
Weighted average useful life in years | 8 years 8 months 12 days | ||
Proprietary technology | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Weighted average useful life in years | 8 years 1 month 6 days | ||
Customer list/relationships | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Weighted average useful life in years | 11 years 2 months 12 days | ||
FLIR | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Intangibles subject to amortization | $ 1,805.0 | ||
Total acquired intangible assets | 2,490.0 | ||
Goodwill | $ 5,905.5 | ||
Weighted average useful life in years | 10 years 10 months 24 days | ||
FLIR | Trademarks | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Intangible assets not subject to amortization | $ 685.0 | ||
FLIR | Proprietary technology | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Intangibles subject to amortization | $ 1,355.0 | ||
Weighted average useful life in years | 9 years 8 months 12 days | ||
FLIR | Customer list/relationships | |||
Schedule of Intangible Assets, Including Goodwill [Line Items] | |||
Intangibles subject to amortization | $ 450.0 | ||
Weighted average useful life in years | 14 years 4 months 24 days |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
|
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 2,150.0 | $ 2,050.5 |
Current year acquisitions | 5,905.5 | 16.9 |
Foreign currency changes and other | (68.8) | 82.6 |
Goodwill, ending balance | 7,986.7 | 2,150.0 |
Instrumentation | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 968.8 | 905.9 |
Current year acquisitions | 0.0 | 16.9 |
Foreign currency changes and other | (32.9) | 46.0 |
Goodwill, ending balance | 935.9 | 968.8 |
Digital Imaging | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 997.8 | 962.7 |
Current year acquisitions | 5,905.5 | 0.0 |
Foreign currency changes and other | (35.8) | 35.1 |
Goodwill, ending balance | 6,867.5 | 997.8 |
Aerospace and Defense Electronics | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 165.8 | 164.3 |
Current year acquisitions | 0.0 | 0.0 |
Foreign currency changes and other | (0.1) | 1.5 |
Goodwill, ending balance | 165.7 | 165.8 |
Engineered Systems | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 17.6 | 17.6 |
Current year acquisitions | 0.0 | 0.0 |
Foreign currency changes and other | 0.0 | 0.0 |
Goodwill, ending balance | $ 17.6 | $ 17.6 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Other Acquired Intangible Assets) (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | $ 2,406.2 | $ 611.2 |
Accumulated amortization | 521.7 | 377.2 |
Net carrying amount | 1,884.5 | 234.0 |
Total acquired intangible assets, gross carrying amount | 3,263.3 | 786.9 |
Acquired intangible assets, net | 2,741.6 | 409.7 |
Trademarks | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Trademarks | 857.1 | 175.7 |
Proprietary technology | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 1,767.7 | 420.3 |
Accumulated amortization | 358.2 | 242.7 |
Net carrying amount | 1,409.5 | 177.6 |
Customer list/relationships | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 616.2 | 168.3 |
Accumulated amortization | 141.8 | 112.8 |
Net carrying amount | 474.4 | 55.5 |
Patents | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 0.6 | 0.7 |
Accumulated amortization | 0.6 | 0.7 |
Net carrying amount | 0.0 | 0.0 |
Non-compete agreements | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 0.9 | 0.9 |
Accumulated amortization | 0.9 | 0.9 |
Net carrying amount | 0.0 | 0.0 |
Trademarks | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 4.5 | 4.5 |
Accumulated amortization | 3.9 | 3.6 |
Net carrying amount | 0.6 | 0.9 |
Trademarks | ||
Schedule of Acquired Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 16.3 | 16.5 |
Accumulated amortization | 16.3 | 16.5 |
Net carrying amount | $ 0.0 | $ 0.0 |
Business Acquisitions, Goodwill and Acquired Intangible Assets (Remaining Useful Life) (Details) |
12 Months Ended |
---|---|
Jan. 02, 2022 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 8 years 8 months 12 days |
Proprietary technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 8 years 1 month 6 days |
Customer list/relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 11 years 2 months 12 days |
Patents | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 1 year 3 months 18 days |
Trademarks | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining useful life in years | 5 years 2 months 12 days |
Financial Instruments (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Cash equivalents | $ 0.0 | $ 471.0 |
Accounts Receivable and Unbilled Receivables (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Billed receivables | $ 781.5 | $ 414.3 |
Allowance for doubtful accounts | (13.8) | (12.3) |
Account receivable, net | 767.7 | 402.0 |
Commercial and other unbilled receivables, net | 316.1 | 222.1 |
Commercial and other billed receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Billed receivables | 672.9 | 377.4 |
Commercial and other unbilled receivables, net | 158.3 | 147.1 |
U.S. Government and prime contractors billed receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Billed receivables | 108.6 | 36.9 |
Commercial and other unbilled receivables, net | $ 157.8 | $ 75.0 |
Inventories (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Inventories | ||
Raw materials and supplies | $ 479.8 | $ 227.7 |
Work in process | 123.0 | 57.6 |
Finished goods | 150.1 | 62.0 |
Total inventories, net | $ 752.9 | $ 347.3 |
Supplemental Balance Sheet Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,570.8 | $ 1,162.7 |
Accumulated depreciation and amortization | (743.3) | (673.4) |
Total property, plant and equipment, net | 827.5 | 489.3 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 105.6 | 70.0 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 448.9 | 286.0 |
Equipment and software and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,016.3 | $ 806.7 |
Supplemental Balance Sheet Information (Selected Balance Sheet) (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Salaries and wage accruals | $ 215.1 | $ 126.2 |
Stockholders’ Equity (Common Stock Share Activity) (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Common Stock | |||
Beginning balance, common stock (in shares) | 37,697,865 | 37,697,865 | 37,697,865 |
Common stock, issued (in shares) | 9,496,901 | 0 | 0 |
Ending balance, common stock (in shares) | 47,194,766 | 37,697,865 | 37,697,865 |
Treasury Stock | |||
Beginning balance, treasury stock (in shares) | 746,258 | 1,149,899 | 1,610,568 |
Treasury stock, issued (in shares) | (243,788) | (403,641) | (460,669) |
Ending balance, treasury stock (in shares) | 502,470 | 746,258 | 1,149,899 |
Stockholders’ Equity (Narrative) (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
May 14, 2021
shares
|
Mar. 31, 2021
shares
|
Jan. 02, 2022
USD ($)
installment
$ / shares
shares
|
Jan. 03, 2021
USD ($)
$ / shares
shares
|
Dec. 29, 2019
USD ($)
$ / shares
shares
|
Dec. 30, 2018
shares
|
Jan. 03, 2016
shares
|
Jan. 01, 2024
shares
|
Jan. 01, 2023
installment
|
Jan. 31, 2016
shares
|
|
Preferred Stock | ||||||||||
Preferred stock issued (in shares) | shares | 0 | 0 | 0 | |||||||
Preferred stock, shares outstanding (in shares) | shares | 0 | 0 | 0 | |||||||
Stock Incentive Plan | ||||||||||
Pretax intrinsic value of options exercised | $ 64,200 | $ 96,900 | ||||||||
Intrinsic value of options outstanding | 414,000 | |||||||||
Intrinsic value of options exercisable | 382,700 | |||||||||
Amount of cash received from exercise of stock options | $ 25,400 | $ 36,300 | $ 34,600 | |||||||
Period used for the exchange traded option included the longest dated options | 3 months | |||||||||
Grant date fair value of stock options granted (in USD per share) | $ / shares | $ 134.88 | $ 106.26 | $ 72.00 | |||||||
Employee stock options | ||||||||||
Stock Incentive Plan | ||||||||||
Stock options maximum life | 10 years | |||||||||
Employee stock options | Year one | ||||||||||
Performance Shares and Restricted Stock | ||||||||||
Annual award vesting percentage | 33.33% | |||||||||
Employee stock options | Year two | ||||||||||
Performance Shares and Restricted Stock | ||||||||||
Annual award vesting percentage | 33.33% | |||||||||
Employee stock options | Year three | ||||||||||
Performance Shares and Restricted Stock | ||||||||||
Annual award vesting percentage | 33.33% | |||||||||
Employee and non-employee stock option | ||||||||||
Stock Incentive Plan | ||||||||||
Vesting period | 3 years | |||||||||
Stock option expense | $ 20,000 | $ 24,700 | $ 26,100 | |||||||
Nonvested awards unrecognized cost | $ 30,900 | |||||||||
Weighted average period for non-vested awards expected to be recognized | 1 year 6 months | |||||||||
Performance Shares and Restricted Stock | ||||||||||
Share-based compensation expense | $ 20,000 | 24,700 | 26,100 | |||||||
Nonvested awards unrecognized cost | $ 30,900 | |||||||||
Weighted average period for non-vested awards expected to be recognized | 1 year 6 months | |||||||||
Vesting period | 3 years | |||||||||
Performance shares | ||||||||||
Stock Incentive Plan | ||||||||||
Stock option expense | $ 6,200 | $ 7,500 | ||||||||
Performance Shares and Restricted Stock | ||||||||||
Performance period | 3 years | |||||||||
Number of equal annual installments | installment | 3 | |||||||||
Number of shares issued (in shares) | shares | 9,588 | 7,673 | 8,586 | 6,481 | ||||||
Share-based compensation expense | $ 6,200 | $ 7,500 | ||||||||
Performance shares | Subsequent Event | ||||||||||
Performance Shares and Restricted Stock | ||||||||||
Number of equal annual installments | installment | 2 | |||||||||
Shares expected to be issued in three installments (in shares) | shares | 35,082 | |||||||||
Restricted stock | ||||||||||
Stock Incentive Plan | ||||||||||
Stock option expense | $ 3,500 | 3,300 | 3,000 | |||||||
Nonvested awards unrecognized cost | $ 3,500 | |||||||||
Weighted average period for non-vested awards expected to be recognized | 1 year 6 months | |||||||||
Performance Shares and Restricted Stock | ||||||||||
Performance period | 3 years | |||||||||
Share-based compensation expense | $ 3,500 | $ 3,300 | $ 3,000 | |||||||
Nonvested awards unrecognized cost | $ 3,500 | |||||||||
Weighted average period for non-vested awards expected to be recognized | 1 year 6 months | |||||||||
Restricted stock | Non-Employee Director | ||||||||||
Stock Incentive Plan | ||||||||||
Grant date fair value of stock options granted (in USD per share) | $ / shares | $ 450.27 | $ 312.41 | $ 251.23 | |||||||
Restricted stock units (RSUs) | Non-Employee Director | ||||||||||
Stock Incentive Plan | ||||||||||
Stock option expense | $ 1,200 | $ 1,100 | $ 1,000 | |||||||
Performance Shares and Restricted Stock | ||||||||||
Share-based compensation expense | 1,200 | 1,100 | 1,000 | |||||||
Fair value restricted stock units granted | $ 130 | $ 110 | $ 110 | |||||||
Restricted stock units (RSUs) | First Time Director Appointed After Annual Meeting | ||||||||||
Stock Incentive Plan | ||||||||||
Vesting period | 1 year | |||||||||
Performance Shares and Restricted Stock | ||||||||||
Vesting period | 1 year | |||||||||
Accelerated Share Repurchase Program | ||||||||||
Treasury Stock | ||||||||||
Number of shares authorized to be repurchased (in shares) | shares | 3,000,000 | 3,000,000 | ||||||||
Treasury shares, acquired (in shares) | shares | 0 | |||||||||
FLIR | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares issued (in shares) | shares | 9,500,000 | |||||||||
FLIR | Restricted stock units (RSUs) | ||||||||||
Stock Incentive Plan | ||||||||||
Nonvested awards unrecognized cost | $ 14,400 | |||||||||
Weighted average period for non-vested awards expected to be recognized | 2 years 2 months 12 days | |||||||||
Performance Shares and Restricted Stock | ||||||||||
Nonvested awards unrecognized cost | $ 14,400 | |||||||||
Weighted average period for non-vested awards expected to be recognized | 2 years 2 months 12 days | |||||||||
Unvested restricted stock units (in shares) | shares | 62,974 | |||||||||
Restricted stock unit expense | $ 7,800 | |||||||||
Outstanding restricted stock units (in shares ) | shares | 49,351 |
Stockholders’ Equity (Fair Value Assumptions) (Details) - Employee and non-employee stock option |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 27.80% | 23.70% | 26.70% |
Expected life in years | 5 years 2 months 12 days | 6 years 7 months 6 days | 6 years 7 months 6 days |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.09% | 1.50% | 2.47% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.58% | 1.75% | 2.70% |
Stockholders’ Equity (Stock Option Plans) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Shares | |||
Beginning balance (in shares) | 1,819,147 | 1,988,576 | 2,064,740 |
Granted (in shares) | 211,973 | 247,273 | 390,789 |
Exercised (in shares) | (213,384) | (382,554) | (429,654) |
Canceled or expired (in shares) | (23,879) | (34,148) | (37,299) |
Ending balance (in shares) | 1,793,857 | 1,819,147 | 1,988,576 |
Options exercisable at end of period (in shares) | 1,328,191 | 1,242,786 | 1,242,205 |
Weighted Average Exercise Price | |||
Beginning balance (in USD per share) | $ 170.10 | $ 130.67 | $ 104.66 |
Granted (in USD per share) | 440.48 | 382.91 | 217.58 |
Exercised (in USD per share) | 118.55 | 95.22 | 80.31 |
Canceled or expired (in USD per share) | 328.15 | 252.43 | 181.62 |
Ending balance (in USD per share) | 206.08 | 170.10 | 130.67 |
Options exercisable at end of period (in USD per share) | $ 148.73 | $ 118.57 | $ 94.04 |
Stockholders’ Equity (Exercise Price Range) (Details) |
12 Months Ended |
---|---|
Jan. 02, 2022
$ / shares
shares
| |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock options outstanding (in shares) | shares | 1,793,857 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 206.08 |
Stock options outstanding, remaining life in years | 5 years 9 months 18 days |
Stock options exercisable (in shares) | shares | 1,328,191 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 148.73 |
$40.70-$99.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 40.70 |
Maximum range of exercise prices (in USD per share) | $ 99.99 |
Stock options outstanding (in shares) | shares | 500,916 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 82.16 |
Stock options outstanding, remaining life in years | 2 years 8 months 12 days |
Stock options exercisable (in shares) | shares | 500,916 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 82.16 |
$40.70-$99.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 100.00 |
Maximum range of exercise prices (in USD per share) | $ 199.99 |
Stock options outstanding (in shares) | shares | 558,185 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 153.97 |
Stock options outstanding, remaining life in years | 5 years 7 months 6 days |
Stock options exercisable (in shares) | shares | 558,185 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 153.97 |
$200.00-$299.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 200.00 |
Maximum range of exercise prices (in USD per share) | $ 299.99 |
Stock options outstanding (in shares) | shares | 307,410 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 217.71 |
Stock options outstanding, remaining life in years | 7 years 1 month 6 days |
Stock options exercisable (in shares) | shares | 197,353 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 217.77 |
$300.00-$399.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 300.00 |
Maximum range of exercise prices (in USD per share) | $ 399.99 |
Stock options outstanding (in shares) | shares | 220,180 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 382.89 |
Stock options outstanding, remaining life in years | 8 years 1 month 6 days |
Stock options exercisable (in shares) | shares | 71,737 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 382.93 |
$400.00-$445.21 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum range of exercise prices (in USD per share) | 400.00 |
Maximum range of exercise prices (in USD per share) | $ 445.21 |
Stock options outstanding (in shares) | shares | 207,166 |
Stock options outstanding, weighted average exercise price (in USD per share) | $ 440.93 |
Stock options outstanding, remaining life in years | 9 years 8 months 12 days |
Stock options exercisable (in shares) | shares | 0 |
Stock options exercisable, weighted average exercise price (in USD per share) | $ 0 |
Stockholders’ Equity (Nonvested Restricted Stock Activity) (Details) - Restricted stock - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Shares | |||
Beginning balance (in shares) | 43,405 | 56,412 | 74,220 |
Granted (in shares) | 10,227 | 10,080 | 17,522 |
Issued (in shares) | (15,423) | (23,087) | (35,330) |
Forfeited/Canceled (in shares) | (380) | ||
Ending balance (in shares) | 37,829 | 43,405 | 56,412 |
Weighted average fair value per share | |||
Weighted average fair value per share, beginning balance (in USD per share) | $ 228.80 | $ 158.62 | $ 108.05 |
Weighted average fair value per share, granted (in USD per share) | 334.92 | 360.33 | 200.00 |
Weighted average fair value per share, issued (in USD per share) | 176.64 | 114.74 | 72.91 |
Weighted average fair value per share, forfeited/canceled (in USD per share) | 176.64 | ||
Weighted average fair value per share, ending balance (in USD per share) | $ 279.27 | $ 228.80 | $ 158.62 |
Stockholders’ Equity (Directors' Restricted Stock Activity) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Weighted average fair value per share | |||
Grant date fair value of stock options granted (in USD per share) | $ 134.88 | $ 106.26 | $ 72.00 |
Restricted stock | |||
Shares | |||
Issued (in shares) | (15,423) | (23,087) | (35,330) |
Canceled (in shares) | (380) | ||
Weighted average fair value per share | |||
Weighted average fair value per share, beginning balance (in USD per share) | $ 228.80 | $ 158.62 | $ 108.05 |
Weighted average fair value per share, issued (in USD per share) | 176.64 | 114.74 | 72.91 |
Weighted average fair value per share, canceled (in USD per share) | 176.64 | ||
Weighted average fair value per share, ending balance (in USD per share) | $ 279.27 | $ 228.80 | $ 158.62 |
Non-Employee Director | Restricted stock | |||
Shares | |||
Beginning balance (in shares) | 9,766 | 9,067 | 7,752 |
Granted in period (in shares) | 2,592 | 3,692 | 4,155 |
Issued (in shares) | (5,300) | (2,640) | (2,840) |
Canceled (in shares) | (353) | ||
Ending balance (in shares) | 7,058 | 9,766 | 9,067 |
Weighted average fair value per share | |||
Weighted average fair value per share, beginning balance (in USD per share) | $ 224.94 | $ 199.90 | $ 170.00 |
Grant date fair value of stock options granted (in USD per share) | 450.27 | 312.41 | 251.23 |
Weighted average fair value per share, issued (in USD per share) | 227.90 | 249.72 | 193.39 |
Weighted average fair value per share, canceled (in USD per share) | 311.17 | ||
Weighted average fair value per share, ending balance (in USD per share) | $ 308.54 | $ 224.94 | $ 199.90 |
Long-Term Debt (Summary of Long-Term Debt) (Details) |
Jan. 02, 2022
USD ($)
|
Jan. 02, 2022
EUR (€)
|
Mar. 22, 2021
USD ($)
|
Mar. 04, 2021
USD ($)
|
Jan. 03, 2021
USD ($)
|
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 4,131,300,000 | ||||
Debt issuance costs | (31,900,000) | $ (800,000) | |||
Total long-term debt | 4,099,400,000 | 778,500,000 | |||
Current portion of long-term debt and other debt | 0 | (97,600,000) | |||
Total long-term debt, net of current portion | 4,099,400,000 | 680,900,000 | |||
Credit facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 1,000,000,000 | ||||
Aggregate principal amount | $ 1,000,000,000 | ||||
Senior notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 3,000,000,000 | ||||
Other debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 700,000 | $ 4,000,000.0 | |||
Term loan due October 2024, variable rate of 1.35% at January 2, 2022 and 1.150% at January 3, 2021, swapped to a Euro fixed rate of 0.612% | Term loans | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate | 1.35% | 1.35% | 1.15% | ||
Interest rate | 0.612% | 0.612% | |||
Long-term debt gross | $ 150,600,000 | $ 150,000,000.0 | |||
0.65% Fixed Rate Senior Notes due April 2023 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 0.65% | 0.65% | 0.65% | ||
Aggregate principal amount | $ 300,000,000 | ||||
Long-term debt gross | $ 300,000,000.0 | 0 | |||
0.95% Fixed Rate Senior Notes due April 2024, callable after April 2022 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 0.95% | 0.95% | 0.95% | ||
Aggregate principal amount | $ 450,000,000 | ||||
Long-term debt gross | $ 450,000,000.0 | 0 | |||
1.60% Fixed Rate Senior Notes due April 2026 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.60% | 1.60% | 1.60% | ||
Aggregate principal amount | $ 450,000,000 | ||||
Long-term debt gross | $ 450,000,000.0 | 0 | |||
2.25% Fixed Rate Senior Notes due April 2028 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.25% | 2.25% | 2.25% | ||
Aggregate principal amount | $ 700,000,000 | ||||
Long-term debt gross | $ 700,000,000.0 | 0 | |||
2.50% Fixed Rate Senior Notes due April 2030 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.50% | 2.50% | |||
Long-term debt gross | $ 500,000,000.0 | 0 | |||
2.75% Fixed Rate Senior Notes due April 2031 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.75% | 2.75% | 2.75% | ||
Aggregate principal amount | $ 1,100,000,000 | ||||
Long-term debt gross | $ 1,100,000,000 | 0 | |||
Term loan due May 2026, variable rate of 1.35% at January 2, 2022 | Term loans | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate | 1.35% | 1.35% | |||
Long-term debt gross | $ 355,000,000.0 | 0 | |||
3.09% Fixed Rate Senior Notes due December 2021 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.09% | 3.09% | |||
Long-term debt gross | $ 0 | 95,000,000.0 | |||
3.28% Fixed Rate Senior Notes due November 2022 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.28% | 3.28% | |||
Long-term debt gross | $ 0 | 100,000,000.0 | |||
0.70% €50 Million Fixed Rate Senior Notes due April 2022 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 0.70% | 0.70% | |||
Aggregate principal amount | € | € 50,000,000 | ||||
Long-term debt gross | $ 0 | 61,100,000 | |||
0.92% €100 Million Fixed Rate Senior Notes due April 2023 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 0.92% | 0.92% | |||
Aggregate principal amount | € | € 100,000,000 | ||||
Long-term debt gross | $ 0 | 122,100,000 | |||
1.09% €100 Million Fixed Rate Senior Notes due April 2024 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.09% | 1.09% | |||
Aggregate principal amount | € | € 100,000,000 | ||||
Long-term debt gross | $ 0 | $ 122,100,000 | |||
Revolving credit facility | Credit facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 1,150,000,000 | ||||
Long-term debt, weighted average interest rate | 1.20% | 1.20% | 1.05% | ||
Long-term debt gross | $ 125,000,000.0 | $ 125,000,000.0 |
Long-term Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Debt Disclosure [Abstract] | ||
2022 | $ 0.0 | |
2023 | 300.2 | |
2024 | 600.7 | |
2025 | 0.1 | |
2026 | 930.2 | |
Thereafter | 2,300.1 | |
Total principal payments | 4,131.3 | |
Debt issuance costs | (31.9) | $ (0.8) |
Total long-term debt | $ 4,099.4 | $ 778.5 |
Long-Term Debt (Narrative) (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 22, 2021 |
Mar. 17, 2021 |
Jan. 04, 2021 |
Feb. 28, 2022 |
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
Mar. 04, 2021 |
|
Line of Credit Facility [Line Items] | ||||||||
Debt extinguishment cost | $ 13,400,000 | |||||||
Interest expense | $ 104,800,000 | $ 15,800,000 | $ 22,000,000 | |||||
Letters of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Outstanding balance | 281,900,000 | |||||||
Letters of credit | Subsequent Event | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Repayments | $ 244,600,000 | |||||||
Senior notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt called | $ 493,300,000 | |||||||
Debt face | $ 3,000,000,000 | |||||||
Credit facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt face | $ 1,000,000,000 | |||||||
Maximum borrowing capacity | 1,000,000,000 | |||||||
Credit facility | Revolving credit facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | 1,150,000,000 | |||||||
Remaining borrowing capacity under credit facility | $ 759,200,000 | |||||||
Short Term Stand-by Bridge Facility | Bridge facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Bridge facility | 4,500,000,000 | |||||||
Short Term Stand-by Bridge Facility | Bridge facility | FLIR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Bridge facility | $ 4,500,000,000 | |||||||
Interest expense | $ 17,200,000 | |||||||
0.65% Fixed Rate Senior Notes due April 2023 | Senior notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt face | $ 300,000,000 | |||||||
Interest rate | 0.65% | 0.65% | ||||||
0.95% Fixed Rate Senior Notes due April 2024, callable after April 2022 | Senior notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt face | $ 450,000,000 | |||||||
Interest rate | 0.95% | 0.95% | ||||||
Redemption price percentage | 100.00% | |||||||
1.60% Fixed Rate Senior Notes due April 2026 | Senior notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt face | $ 450,000,000 | |||||||
Interest rate | 1.60% | 1.60% | ||||||
2.25% Fixed Rate Senior Notes due April 2028 | Senior notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt face | $ 700,000,000 | |||||||
Interest rate | 2.25% | 2.25% | ||||||
2.75% Fixed Rate Senior Notes due April 2031 | Senior notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt face | $ 1,100,000,000 | |||||||
Interest rate | 2.75% | 2.75% | ||||||
2.50% Fixed Rate Senior Notes due April 2030 | Senior notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 2.50% | |||||||
2.50% Fixed Rate Senior Notes due April 2030 | Senior notes | FLIR | Guarantee | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt face | $ 500,000,000 | |||||||
Interest rate | 2.50% | |||||||
Term Loan Credit Agreement | Credit facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | 1,000,000,000 | |||||||
Amended and Restated Credit Agreement | Credit facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,150,000,000 | |||||||
Amended and Restated Credit Agreement | Credit facility | Revolving credit facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,150,000,000 |
Income Taxes (Narrative) (Details) kr in Billions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Feb. 02, 2022
USD ($)
|
Jan. 02, 2022
USD ($)
|
Jan. 03, 2021
USD ($)
|
Dec. 29, 2019
USD ($)
|
Dec. 30, 2018
SEK (kr)
|
Dec. 30, 2018
USD ($)
|
|
Income Tax Contingency [Line Items] | ||||||
Income from domestic operations included in income from continuing operations before income taxes | $ 108,000,000 | $ 289,500,000 | $ 295,900,000 | |||
Income from foreign operations included in income before taxes | 425,900,000 | 180,200,000 | 177,800,000 | |||
Unremitted earnings of foreign subsidiaries | 619,800,000 | |||||
Estimated deferred tax liability, undistributed foreign earnings | 1,300,000 | |||||
Increase (decrease) in valuation allowance | 200,000 | |||||
Expected decrease in unrecognized tax benefits over next 12 months | 19,100,000 | |||||
Interest and penalties related to unrecognized tax benefits | 2,400,000 | 100,000 | 300,000 | |||
Interest and penalties accrued for unrecognized tax benefits | 160,800,000 | 1,200,000 | $ 1,100,000 | |||
Unrecognized tax benefits including accrued interest and penalties | 341,000,000 | $ 0 | ||||
FLIR | ||||||
Income Tax Contingency [Line Items] | ||||||
Interest and penalties accrued for unrecognized tax benefits | 157,000,000 | |||||
Swedish Tax Authority | FLIR | ||||||
Income Tax Contingency [Line Items] | ||||||
Estimated Tax Liability | kr 3.1 | $ 364,700,000 | ||||
Swedish Tax Authority | FLIR | Subsequent Event | ||||||
Income Tax Contingency [Line Items] | ||||||
Estimated Tax Liability | $ 296,400,000 | |||||
Foreign | ||||||
Income Tax Contingency [Line Items] | ||||||
Net operating loss carryforward | 45,300,000 | |||||
Net operating loss carryforward with no expiration | 28,800,000 | |||||
Net operating loss carryforward with expiration | 16,500,000 | |||||
Foreign | Canadian | ||||||
Income Tax Contingency [Line Items] | ||||||
Capital loss carryforward | 4,200,000 | |||||
Tax credit carryforward | 16,900,000 | |||||
Foreign | Spanish | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax credit carryforward | 400,000 | |||||
Federal | ||||||
Income Tax Contingency [Line Items] | ||||||
Net operating loss carryforward | 28,000,000 | |||||
Net operating loss carryforward with no expiration | 20,600,000 | |||||
Net operating loss carryforward with expiration | 7,400,000 | |||||
Research and development credit carryforward | 300,000 | |||||
State | ||||||
Income Tax Contingency [Line Items] | ||||||
Net operating loss carryforward | 117,100,000 | |||||
Research and development credit carryforward | 17,900,000 | |||||
State | No expiration | ||||||
Income Tax Contingency [Line Items] | ||||||
Research and development credit carryforward | 14,100,000 | |||||
State | With expiration | ||||||
Income Tax Contingency [Line Items] | ||||||
Research and development credit carryforward | $ 3,800,000 |
Income Taxes (Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Current | |||
Federal | $ 43.0 | $ 25.3 | $ 66.0 |
State | 10.8 | 7.0 | 10.6 |
Foreign | 57.5 | 39.1 | 28.4 |
Total current | 111.3 | 71.4 | 105.0 |
Deferred | |||
Federal | (39.7) | (0.5) | (37.0) |
State | (0.1) | 2.3 | (2.3) |
Foreign | 17.0 | (5.4) | 5.7 |
Total deferred | (22.8) | (3.6) | (33.6) |
Provision for income taxes | $ 88.5 | $ 67.8 | $ 71.4 |
Income Taxes (Effective Income Tax Rate) (Details) |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State and local taxes, net of federal benefit | 1.80% | 2.00% | 2.20% |
Research and development tax credits | (3.40%) | (3.40%) | (2.20%) |
Investment tax credits | (1.10%) | (1.00%) | (1.10%) |
Foreign rate differential | 1.40% | 0.60% | 0.70% |
Net reversals for unrecognized tax benefits | (2.40%) | 0.70% | (0.60%) |
Stock-based compensation | (2.50%) | (4.50%) | (3.30%) |
U.S. export sales | (1.30%) | (2.50%) | (3.00%) |
Acquisition-related costs | 1.70% | 0.00% | 0.00% |
Other | 1.40% | 1.50% | 1.40% |
Effective income tax rate | 16.60% | 14.40% | 15.10% |
Income Taxes (Deferred Income Tax) (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Long-term: | ||
Accrued liabilities | $ 52.6 | $ 22.2 |
Inventory valuation | 41.5 | 15.4 |
Accrued vacation | 9.6 | 7.6 |
Deferred compensation and other benefit plans | 39.1 | 39.0 |
Postretirement benefits other than pensions | 1.7 | 1.8 |
Operating lease liabilities | 38.7 | 29.9 |
Capitalization of research and development | 34.1 | 37.1 |
Tax credit and net operating loss carryforward | 47.4 | 44.2 |
Valuation allowance | (12.7) | (12.9) |
Total deferred income tax assets | 252.0 | 184.3 |
Long-term: | ||
Intangible amortization | 751.5 | 139.4 |
Property, plant and equipment differences | 37.8 | 16.5 |
Operating lease right-of-use assets | 35.0 | 27.7 |
Unremitted earnings of foreign subsidiaries | 15.9 | 0.0 |
Other | 7.9 | 3.7 |
Total deferred income tax liabilities | 848.1 | 187.3 |
Net deferred income tax liabilities | $ 596.1 | $ 3.0 |
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning of year | $ 32.3 | $ 24.5 | $ 25.0 |
Increase due to FLIR acquisition | 413.8 | 0.0 | 0.0 |
Increase for tax positions taken during the current period | 6.3 | 9.4 | 4.3 |
Increase in prior year tax positions | 2.5 | 5.1 | 4.2 |
Reduction related to settlements with taxing authorities | (1.6) | (1.9) | (4.6) |
Reduction related to lapse of the statute of limitations | (20.7) | (4.9) | (4.3) |
Impact of exchange rate changes | 0.1 | ||
Impact of exchange rate changes | (30.6) | (0.1) | |
End of year | $ 402.0 | $ 32.3 | $ 24.5 |
Pension Plans and Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Jan. 01, 2023 |
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-cash reduction to stockholders' equity | $ 297.6 | $ 347.8 | ||
Deferred tax on non-cash reductions to stockholders' equity | 100.9 | 110.5 | ||
Employer contributions to 401(k) plans | 15.2 | 13.8 | $ 13.4 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum liability adjustment to be recognized for the pension plans, net gain (loss) | 22.7 | |||
Minimum liability adjustment to be recognized for the pension plans, net prior service credit | 1.7 | |||
Pension Plan | Domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected long-term rate of return | 7.80% | |||
Total cost of plan | $ (11.5) | (13.0) | $ (7.8) | |
Pension Plan | Domestic | Expected | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected long-term rate of return | 6.82% | |||
Pension Plan | Domestic | Equity instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation of plan assets | 34.00% | |||
Pension Plan | Domestic | Fixed income instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation of plan assets | 55.00% | |||
Pension Plan | Domestic | Alternatives | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation of plan assets | 11.00% | |||
Pension Plan | Foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total cost of plan | $ 0.2 | 0.2 | (0.3) | |
Pension Plan | Foreign | Expected | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected long-term rate of return | 2.23% | |||
Postretirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total cost of plan | 1.0 | 1.0 | 1.0 | |
Qualified plan | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlements | $ 24.5 | $ 24.9 | $ 17.2 |
Pension Plans and Postretirement Benefits (Net Periodic Pension Benefit (Income) Expense) (Details) - Pension Plan - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Domestic | |||
Components of net period pension benefit expense | |||
Service cost - benefits earned during the period (in millions) | $ 9.3 | $ 9.3 | $ 8.5 |
Pension non-service (income)/expense (in millions): | |||
Interest cost on benefit obligation | 21.6 | 26.5 | 32.4 |
Expected return on plan assets | (55.8) | (56.0) | (64.8) |
Amortization of prior service cost | (3.6) | (6.0) | (6.0) |
Amortization of actuarial loss | 26.3 | 22.5 | 30.6 |
Settlements/Curtailment | 0.0 | 0.0 | 0.0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | (11.5) | (13.0) | (7.8) |
Foreign | |||
Components of net period pension benefit expense | |||
Service cost - benefits earned during the period (in millions) | 1.3 | 1.1 | 0.9 |
Pension non-service (income)/expense (in millions): | |||
Interest cost on benefit obligation | 0.7 | 0.9 | 1.2 |
Expected return on plan assets | (1.0) | (1.1) | (1.4) |
Amortization of prior service cost | 0.1 | 0.1 | 0.1 |
Amortization of actuarial loss | 0.4 | 0.3 | 0.3 |
Settlements/Curtailment | 0.0 | 0.0 | (0.5) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 0.2 | $ 0.2 | $ (0.3) |
Pension Plans and Postretirement Benefits (Benefit Obligation and Net Benefit Cost) (Details) - Pension Plan |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.59% | ||
Weighted average increase in future compensation levels | 2.75% | 2.75% | 2.75% |
Expected weighted-average long-term rate of return | 7.80% | ||
Discount rate | 341.00% | ||
Salary growth rate | 2.75% | 2.75% | 275.00% |
Domestic | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 2.55% | 3.38% | |
Expected weighted-average long-term rate of return | 6.71% | 6.71% | |
Discount rate | 2.91% | 2.55% | |
Domestic | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 2.78% | 3.52% | |
Expected weighted-average long-term rate of return | 7.80% | 7.80% | |
Discount rate | 3.08% | 2.78% | |
Foreign | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 0.10% | 0.20% | 0.90% |
Weighted average increase in future compensation levels | 1.00% | 1.00% | 1.00% |
Expected weighted-average long-term rate of return | 0.80% | 1.00% | 1.00% |
Discount rate | 0.20% | 0.10% | 0.20% |
Salary growth rate | 1.00% | 1.00% | 1.00% |
Foreign | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 1.20% | 1.80% | 2.60% |
Weighted average increase in future compensation levels | 2.50% | 2.50% | 2.50% |
Expected weighted-average long-term rate of return | 2.50% | 3.00% | 3.80% |
Discount rate | 1.80% | 1.20% | 1.80% |
Salary growth rate | 2.50% | 2.50% | 2.50% |
Pension Plans and Postretirement Benefits (Schedule of Changes in Benefit Obligation) (Details) - Pension Plan - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
United States | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation - beginning of year | $ 846.8 | $ 805.7 | |
Service cost - benefits earned during the year | 9.3 | 9.3 | $ 8.5 |
Interest cost on projected benefit obligation | 21.6 | 26.5 | 32.4 |
Actuarial (gain) loss | (11.8) | 72.5 | |
Benefits paid | (66.6) | (67.2) | |
Other - including foreign currency, settlements/curtailments | 0.0 | 0.0 | |
Benefit obligation - end of year | 799.3 | 846.8 | 805.7 |
Accumulated benefit obligation - end of year | 795.4 | 842.0 | |
Foreign | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation - beginning of year | 70.4 | 60.3 | |
Service cost - benefits earned during the year | 1.3 | 1.1 | 0.9 |
Interest cost on projected benefit obligation | 0.7 | 0.9 | 1.2 |
Actuarial (gain) loss | (7.4) | 5.8 | |
Benefits paid | (2.2) | (1.7) | |
Other - including foreign currency, settlements/curtailments | (2.6) | 4.0 | |
Benefit obligation - end of year | 60.2 | 70.4 | $ 60.3 |
Accumulated benefit obligation - end of year | $ 55.8 | $ 65.3 |
Pension Plans and Postretirement Benefits (Changes in Plan Assets) (Details) - Pension Plan - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
|
Domestic | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of net plan assets - beginning of year | $ 854.5 | $ 835.7 |
Actual return on plan assets | 74.1 | 83.5 |
Employer contribution - other benefit plan | 2.3 | 2.5 |
Foreign currency changes | 0.0 | 0.0 |
Benefits paid | (66.6) | (67.2) |
Other | 0.0 | 0.0 |
Fair value of net plan assets - end of year | 864.3 | 854.5 |
Foreign | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of net plan assets - beginning of year | 54.4 | 48.0 |
Actual return on plan assets | 0.3 | 4.0 |
Employer contribution - other benefit plan | 1.9 | 1.1 |
Foreign currency changes | (1.6) | 3.4 |
Benefits paid | (2.2) | (1.7) |
Other | 0.1 | (0.4) |
Fair value of net plan assets - end of year | $ 52.9 | $ 54.4 |
Pension Plans and Postretirement Benefits (Funded Status) (Details) - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Amounts recognized in the consolidated balance sheets: | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 123.7 | $ 67.9 |
Pension Plan | Domestic | ||
Funded Status and Amounts Recognized in Balance Sheets [Abstract] | ||
Funded status | 65.0 | 7.7 |
Amounts recognized in the consolidated balance sheets: | ||
Assets for Plan Benefits, Defined Benefit Plan | 118.9 | 67.9 |
Accrued pension obligation long-term | (44.4) | (51.6) |
Accrued pension obligation short-term | (3.7) | (2.7) |
Other long-term liabilities | (5.8) | (5.9) |
Net amount recognized | 65.0 | 7.7 |
Amounts recognized in accumulated other comprehensive loss: | ||
Net prior service cost (credit) | (3.0) | (6.6) |
Net loss | 397.7 | 454.2 |
Net amount recognized, before tax effect | 394.7 | 447.6 |
Pension Plan | Foreign | ||
Funded Status and Amounts Recognized in Balance Sheets [Abstract] | ||
Funded status | (7.3) | (16.0) |
Amounts recognized in the consolidated balance sheets: | ||
Assets for Plan Benefits, Defined Benefit Plan | 4.8 | 0.0 |
Accrued pension obligation long-term | (11.7) | (15.5) |
Accrued pension obligation short-term | (0.4) | (0.5) |
Other long-term liabilities | 0.0 | 0.0 |
Net amount recognized | (7.3) | (16.0) |
Amounts recognized in accumulated other comprehensive loss: | ||
Net prior service cost (credit) | 0.6 | 0.8 |
Net loss | 3.4 | 10.6 |
Net amount recognized, before tax effect | $ 4.0 | $ 11.4 |
Pension Plans and Postretirement Benefits (Pension Plans with Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - Pension Plan - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 79.2 | $ 300.4 |
Accumulated benefit obligation | 74.9 | 290.8 |
Fair value of plan assets | $ 15.6 | $ 224.3 |
Pension Plans and Postretirement Benefits (Estimated Future Benefit Payments) (Details) - Pension Plan $ in Millions |
Jan. 02, 2022
USD ($)
|
---|---|
Domestic | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 62.3 |
2023 | 59.2 |
2024 | 57.2 |
2025 | 58.3 |
2026 | 59.7 |
2027-2031 | 267.9 |
Total | 564.6 |
Foreign | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 2.2 |
2023 | 2.3 |
2024 | 2.3 |
2025 | 2.4 |
2026 | 2.6 |
2027-2031 | 13.0 |
Total | $ 24.8 |
Pension Plans and Postretirement Benefits (Percentage of Plan Assets) (Details) - Pension Plan |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 100.00% | 100.00% |
Domestic | Equity instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 34.00% | 38.00% |
Domestic | Fixed income instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 55.00% | 49.00% |
Domestic | Alternatives and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 11.00% | 13.00% |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 100.00% | 100.00% |
Foreign | Equity instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 55.00% | 52.00% |
Foreign | Fixed income instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 25.00% | 25.00% |
Foreign | Alternatives and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocation | 20.00% | 23.00% |
Pension Plans and Postretirement Benefits (Schedule of Fair Value of Assets Category) (Details) - Recurring - Pension Plan - USD ($) $ in Millions |
Jan. 02, 2022 |
Jan. 03, 2021 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 606.0 | $ 599.6 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 245.2 | 246.7 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 360.8 | 352.9 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.0 | 0.0 |
Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 311.2 | 309.3 |
Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 69.0 | 55.0 |
Cash and Cash Equivalents | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.0 | 0.0 |
Cash and Cash Equivalents | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 69.0 | 55.0 |
Cash and Cash Equivalents | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.0 | 0.0 |
Equity instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 232.4 | 263.5 |
Equity instruments | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2.4 | 44.6 |
Equity instruments | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 230.0 | 218.9 |
Equity instruments | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.0 | 0.0 |
U.S. government securities and futures | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 255.8 | 215.4 |
U.S. government securities and futures | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 242.8 | 202.1 |
U.S. government securities and futures | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13.0 | 13.3 |
U.S. government securities and futures | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.0 | 0.0 |
Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 33.3 | 48.8 |
Corporate bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.0 | 0.0 |
Corporate bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 33.3 | 48.8 |
Corporate bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.0 | 0.0 |
Insurance contracts related to foreign plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 15.5 | 16.9 |
Insurance contracts related to foreign plans | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.0 | 0.0 |
Insurance contracts related to foreign plans | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 15.5 | 16.9 |
Insurance contracts related to foreign plans | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.0 | 0.0 |
Alternatives | Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 211.8 | 202.9 |
Mutual funds | Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7.3 | 16.8 |
Mortgage-backed securities | Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 54.7 | 52.5 |
High-yield bonds | Investments measured at net asset value: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 37.4 | $ 37.1 |
Business Segments (Narrative) (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022
USD ($)
segment
product_line
|
Jan. 03, 2021
USD ($)
|
Dec. 29, 2019
USD ($)
|
|
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 4 | ||
Net sales | $ 4,614.3 | $ 3,086.2 | $ 3,163.6 |
Sales between business segments | 20.2 | 23.4 | 30.3 |
United States Department of Defense | |||
Segment Reporting Information [Line Items] | |||
Net sales | 876.6 | 578.4 | 545.5 |
Countries Other Than United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,147.9 | 1,385.3 | 1,391.6 |
Countries Other Than United States | Domestic Operations | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 723.9 | 546.8 | 638.0 |
Instrumentation | |||
Segment Reporting Information [Line Items] | |||
Number of product lines | product_line | 3 | ||
Net sales | $ 1,166.9 | 1,094.5 | 1,105.1 |
Aerospace and Defense Electronics | |||
Segment Reporting Information [Line Items] | |||
Number of product lines | product_line | 1 | ||
Net sales | $ 628.7 | 589.4 | 690.1 |
Digital Imaging | |||
Segment Reporting Information [Line Items] | |||
Number of product lines | product_line | 1 | ||
Net sales | $ 2,412.9 | 986.0 | 992.9 |
Engineered Systems | |||
Segment Reporting Information [Line Items] | |||
Number of product lines | product_line | 1 | ||
Net sales | $ 405.8 | $ 416.3 | $ 375.5 |
Engineered Systems | Net sales | Contract type | Fixed-price Contract | |||
Segment Reporting Information [Line Items] | |||
Sales to individual countries outside the United States | 47.00% | ||
Engineered Systems | Minimum | Net sales | Contract type | Fixed-price Contract | |||
Segment Reporting Information [Line Items] | |||
Sales to individual countries outside the United States | 45.00% | ||
Engineered Systems | Maximum | Net sales | Contract type | Fixed-price Contract | |||
Segment Reporting Information [Line Items] | |||
Sales to individual countries outside the United States | 55.00% |
Business Segments (Business Segments) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Restructuring Charges: | |||
Restructuring charges | $ 26.4 | $ 20.8 | $ 3.2 |
Net sales: | |||
Net sales | 4,614.3 | 3,086.2 | 3,163.6 |
Operating income: | |||
Total operating income | 624.3 | 480.1 | 491.7 |
Depreciation and amortization: | |||
Depreciation and amortization: | 371.8 | 116.2 | 111.9 |
Capital expenditures: | |||
Capital expenditures: | 101.6 | 71.4 | 88.4 |
Identifiable assets: | |||
Assets | 14,430.3 | 5,084.8 | 4,579.8 |
Digital Imaging | |||
Net sales: | |||
Net sales | 2,412.9 | 986.0 | 992.9 |
Instrumentation | |||
Net sales: | |||
Net sales | 1,166.9 | 1,094.5 | 1,105.1 |
Aerospace and Defense Electronics | |||
Net sales: | |||
Net sales | 628.7 | 589.4 | 690.1 |
Engineered Systems | |||
Net sales: | |||
Net sales | 405.8 | 416.3 | 375.5 |
Operating Segments | |||
Net sales: | |||
Net sales | 4,614.3 | 3,086.2 | 3,163.6 |
Operating Segments | Digital Imaging | |||
Restructuring Charges: | |||
Restructuring charges | 23.9 | 2.9 | 1.1 |
Net sales: | |||
Net sales | 2,412.9 | 986.0 | 992.9 |
Operating income: | |||
Total operating income | 325.6 | 192.8 | 176.5 |
Depreciation and amortization: | |||
Depreciation and amortization: | 309.2 | 49.2 | 48.5 |
Capital expenditures: | |||
Capital expenditures: | 64.2 | 33.4 | 45.2 |
Identifiable assets: | |||
Assets | 11,756.8 | 2,000.8 | 1,874.6 |
Operating Segments | Instrumentation | |||
Restructuring Charges: | |||
Restructuring charges | 1.3 | 5.9 | 1.5 |
Net sales: | |||
Net sales | 1,166.9 | 1,094.5 | 1,105.1 |
Operating income: | |||
Total operating income | 253.7 | 213.2 | 200.4 |
Depreciation and amortization: | |||
Depreciation and amortization: | 38.1 | 38.3 | 35.9 |
Capital expenditures: | |||
Capital expenditures: | 13.3 | 18.0 | 18.9 |
Identifiable assets: | |||
Assets | 1,640.3 | 1,676.2 | 1,680.2 |
Operating Segments | Aerospace and Defense Electronics | |||
Restructuring Charges: | |||
Restructuring charges | 0.7 | 11.1 | 0.5 |
Net sales: | |||
Net sales | 628.7 | 589.4 | 690.1 |
Operating income: | |||
Total operating income | 133.2 | 80.8 | 143.4 |
Depreciation and amortization: | |||
Depreciation and amortization: | 13.2 | 13.7 | 14.3 |
Capital expenditures: | |||
Capital expenditures: | 8.4 | 10.4 | 19.0 |
Identifiable assets: | |||
Assets | 536.3 | 567.6 | 618.3 |
Operating Segments | Engineered Systems | |||
Restructuring Charges: | |||
Restructuring charges | 0.4 | 0.5 | 0.1 |
Net sales: | |||
Net sales | 405.8 | 416.3 | 375.5 |
Operating income: | |||
Total operating income | 48.6 | 50.1 | 36.5 |
Depreciation and amortization: | |||
Depreciation and amortization: | 7.2 | 9.2 | 6.0 |
Capital expenditures: | |||
Capital expenditures: | 12.9 | 7.5 | 3.6 |
Identifiable assets: | |||
Assets | 179.2 | 175.1 | 143.4 |
Corporate | |||
Restructuring Charges: | |||
Restructuring charges | 0.1 | 0.4 | 0.0 |
Operating income: | |||
Total operating income | (136.8) | (56.8) | (65.1) |
Depreciation and amortization: | |||
Depreciation and amortization: | 4.1 | 5.8 | 7.2 |
Capital expenditures: | |||
Capital expenditures: | 2.8 | 2.1 | 1.7 |
Identifiable assets: | |||
Assets | $ 317.7 | $ 665.1 | $ 263.3 |
Business Segments (Sales and Long-lived Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Net sales: | |||
Net sales | $ 4,614.3 | $ 3,086.2 | $ 3,163.6 |
Long-lived assets: | |||
Long-lived assets | 11,975.2 | 3,326.2 | 3,249.3 |
United States | |||
Net sales: | |||
Net sales | 2,932.1 | 2,078.7 | 2,179.6 |
Long-lived assets: | |||
Long-lived assets | 9,446.3 | 1,707.0 | 1,839.4 |
Canada | |||
Net sales: | |||
Net sales | 458.1 | 333.7 | 301.0 |
Long-lived assets: | |||
Long-lived assets | 763.5 | 372.9 | 355.0 |
United Kingdom | |||
Net sales: | |||
Net sales | 286.3 | 237.5 | 251.7 |
Long-lived assets: | |||
Long-lived assets | 622.4 | 539.5 | 492.2 |
Belgium | |||
Net sales: | |||
Net sales | 227.3 | 10.7 | 10.2 |
The Netherlands | |||
Net sales: | |||
Net sales | 127.0 | 105.5 | 134.2 |
The Netherlands | |||
Long-lived assets: | |||
Long-lived assets | 463.7 | 505.1 | 367.1 |
All other countries | |||
Net sales: | |||
Net sales | 583.5 | 320.1 | 286.9 |
Long-lived assets: | |||
Long-lived assets | $ 679.3 | $ 201.7 | $ 195.6 |
Business Segments (Product Lines) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Instrumentation: | |||
Net sales | $ 4,614.3 | $ 3,086.2 | $ 3,163.6 |
Instrumentation | |||
Instrumentation: | |||
Net sales | 1,166.9 | 1,094.5 | 1,105.1 |
Instrumentation | Environmental Instrumentation | |||
Instrumentation: | |||
Net sales | 446.3 | 411.3 | 391.4 |
Instrumentation | Marine Instrumentation | |||
Instrumentation: | |||
Net sales | 424.1 | 426.3 | 450.2 |
Instrumentation | Test and Measurement Instrumentation | |||
Instrumentation: | |||
Net sales | $ 296.5 | $ 256.9 | $ 263.5 |
Business Segments (Disaggregation of Revenue) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 4,614.3 | $ 3,086.2 | $ 3,163.6 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,932.1 | 2,078.7 | 2,179.6 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 996.1 | 557.4 | 565.0 |
All other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 686.1 | 450.1 | 419.0 |
United States Government | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,193.1 | 818.2 | 752.0 |
Other, Primarily Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,421.2 | 2,268.0 | 2,411.6 |
Digital Imaging | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,412.9 | 986.0 | 992.9 |
Digital Imaging | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,144.9 | 309.3 | 316.1 |
Digital Imaging | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 642.7 | 272.9 | 299.4 |
Digital Imaging | All other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 625.3 | 403.8 | 377.4 |
Digital Imaging | United States Government | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 515.9 | 120.9 | 107.4 |
Digital Imaging | Other, Primarily Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,897.0 | 865.1 | 885.5 |
Instrumentation | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,166.9 | 1,094.5 | 1,105.1 |
Instrumentation | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 857.9 | 844.4 | 899.7 |
Instrumentation | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 248.2 | 204.4 | 164.8 |
Instrumentation | All other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 60.8 | 45.7 | 40.6 |
Instrumentation | United States Government | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 91.6 | 80.6 | 80.4 |
Instrumentation | Other, Primarily Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,075.3 | 1,013.9 | 1,024.7 |
Aerospace and Defense Electronics | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 628.7 | 589.4 | 690.1 |
Aerospace and Defense Electronics | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 523.5 | 508.7 | 588.3 |
Aerospace and Defense Electronics | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 105.2 | 80.1 | 100.8 |
Aerospace and Defense Electronics | All other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0.0 | 0.6 | 1.0 |
Aerospace and Defense Electronics | United States Government | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 227.2 | 229.9 | 225.3 |
Aerospace and Defense Electronics | Other, Primarily Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 401.5 | 359.5 | 464.8 |
Engineered Systems | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 405.8 | 416.3 | 375.5 |
Engineered Systems | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 405.8 | 416.3 | 375.5 |
Engineered Systems | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0.0 | 0.0 | 0.0 |
Engineered Systems | All other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0.0 | 0.0 | 0.0 |
Engineered Systems | United States Government | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 358.4 | 386.8 | 338.9 |
Engineered Systems | Other, Primarily Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 47.4 | $ 29.5 | $ 36.6 |
Lease Commitments (Narrative) (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022
USD ($)
lease_renewal_option
lease
|
Jan. 03, 2021
USD ($)
|
Dec. 29, 2019
USD ($)
|
|
Leases [Abstract] | |||
Number of operating lease agreements | lease | 165 | ||
Number of operating lease renewal options (or more) | lease_renewal_option | 1 | ||
Operating lease right-of-use assets | $ 144.5 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | ||
Weighted average remaining lease term | 7 years 9 months 18 days | ||
Discount rate | 3.48% | ||
Rental expense | $ 40.9 | $ 29.4 | $ 26.5 |
Cash paid | $ 39.7 | $ 27.8 |
Lease Commitments (Future Minimum Lease Payments for Operating Leases) (Details) $ in Millions |
Jan. 02, 2022
USD ($)
|
---|---|
Operating lease commitments: | |
2022 | $ 33.5 |
2023 | 29.9 |
2024 | 24.3 |
2025 | 21.7 |
2026 | 18.6 |
Thereafter | 65.4 |
Total minimum lease payments | 193.4 |
Imputed interest | (27.1) |
Current portion (included in current accrued liabilities) | (28.3) |
Long-term deferred tax liabilities | $ 138.0 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent |
Commitments and Contingencies (Details) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Apr. 24, 2018
USD ($)
audit
|
Apr. 30, 2021
USD ($)
audit
|
Jan. 02, 2022
USD ($)
subsidiary
|
Jan. 03, 2021
USD ($)
|
|
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Reserves for environmental remediation obligations | $ 6.3 | $ 6.5 | ||
Portion of reserves included in current accrued liabilities | $ 1.7 | |||
FLIR | Sweden | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-operating subsidiary | subsidiary | 1 | |||
Maximum | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Estimated duration of environmental remediation of all sites | 30 years | |||
FLIR | DDTC | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Consent agreement term | 4 years | |||
Civil penalty | $ 30.0 | |||
Suspended | $ 15.0 | |||
External audits | audit | 2 | |||
Remaining to be paid | $ 3.5 | |||
FLIR | BIS | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Settlement and fine | $ 0.3 | |||
Internal audits | audit | 2 |
Subsequent Events (Details) - FLIR - Swedish Tax Authority kr in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Feb. 02, 2022
USD ($)
|
Feb. 26, 2022
USD ($)
|
Dec. 30, 2018
SEK (kr)
|
Dec. 30, 2018
USD ($)
|
Jan. 26, 2022
SEK (kr)
|
|
Subsequent Event [Line Items] | |||||
Total taxes paid | kr 3,100.0 | $ 364.7 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Estimated tax liability | kr | kr 2,765.0 | ||||
Total taxes paid | $ 296.4 | ||||
Subsequent Event | Credit facility | |||||
Subsequent Event [Line Items] | |||||
Debt cancelled | $ 244.6 |
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2022 |
Jan. 03, 2021 |
Dec. 29, 2019 |
|
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 12.3 | $ 10.2 | $ 6.7 |
Charged to costs and expenses | 4.5 | 4.1 | 1.3 |
Acquisitions | 0.0 | 0.0 | 2.3 |
Deductions and other | (3.0) | (2.0) | (0.1) |
Balance at end of period | 13.8 | 12.3 | 10.2 |
Environmental reserves | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 6.5 | 6.0 | 6.0 |
Charged to costs and expenses | 0.4 | 1.1 | 0.6 |
Acquisitions | 0.0 | 0.0 | 0.0 |
Deductions and other | (0.6) | (0.6) | (0.6) |
Balance at end of period | $ 6.3 | $ 6.5 | $ 6.0 |
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