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Business Acquisitions, Goodwill and Acquired Intangible Assets (Tables)
 12 Months Ended
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):
2021
AcquisitionAcquisition DateConsideration Transferred(a)Goodwill AcquiredAcquired 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
AcquisitionsAcquisition DateCash Paid (a)Goodwill AcquiredAcquired 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.
Schedule of Provisional Fair Values Allocated to Assets Acquired and Liabilities Assumed
Provisional fair values allocated to the assets acquired and liabilities assumed - FLIR (in millions):2021
Cash and cash equivalents$287.7 
Accounts receivable, net241.3 
Unbilled receivables, net72.2 
Inventories, net531.8 
Prepaid expenses and other current assets55.2 
Total current assets1,188.2 
Property, plant and equipment356.3 
Goodwill5,905.5 
Acquired intangible assets2,490.0 
Other long-term assets151.5 
Total assets acquired10,091.5 
Accounts payable144.8 
Accrued liabilities629.5 
Total current liabilities acquired774.3 
Long-term debt, net496.8 
Long-term deferred tax liabilities646.5 
Other long-term liabilities265.3 
Total liabilities assumed2,182.9 
Consideration transferred$7,908.6 
Consideration transferred, net of cash acquired (a)$7,620.9 
(a)
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.
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:
(unaudited - in millions, except per share amounts)2021 (a)2020 (a)
Net sales$5,235.6 $5,009.9 
Net income$571.7 $399.6 
Basic earnings per common share$13.23 $8.65 
Diluted earnings per common share$12.91 $8.43 
(a) The above unaudited proforma information is presented for the FLIR acquisition as it is considered a material acquisition.
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):
2021
Intangibles subject to amortization:Intangible AssetsWeighted average useful life in years
Proprietary technology$1,355.0 9.7
Customer list/relationships450.0 14.4
Total acquired intangibles subject to amortization1,805.0 10.9
Intangibles not subject to amortization:(a)
Trademarks685.0 n/a
Total acquired intangible assets$2,490.0 
Goodwill$5,905.5 n/a
Schedule of Changes in the Carrying Value of Goodwill
Goodwill (in millions):
Digital Imaging InstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Balance at December 29, 2019$962.7 $905.9 $164.3 $17.6 $2,050.5 
Current year acquisitions— 16.9 — — 16.9 
Foreign currency changes and other35.1 46.0 1.5 — 82.6 
Balance at January 3, 2021997.8 968.8 165.8 17.6 2,150.0 
Current year acquisition5,905.5 — — — 5,905.5 
Foreign currency changes and other(35.8)(32.9)(0.1)— (68.8)
Balance at January 3, 2022$6,867.5 $935.9 $165.7 $17.6 $7,986.7 
Schedule of Carrying Value of Other Acquired Intangible Assets
   2021 2020
    Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Acquired intangible assets (in millions):           
Proprietary technology  $1,767.7 $358.2 $1,409.5 $420.3 $242.7 $177.6 
Customer list/relationships  616.2 141.8 474.4 168.3 112.8 55.5 
Patents  0.6 0.6 — 0.7 0.7 — 
Non-compete agreements  0.9 0.9 — 0.9 0.9 — 
Trademarks  4.5 3.9 0.6 4.5 3.6 0.9 
Backlog  16.3 16.3 — 16.5 16.5 — 
Acquired intangible assets subject to amortization  2,406.2 521.7 1,884.5 611.2 377.2 234.0 
Acquired intangible assets not subject to amortization:  
Trademarks  857.1 — 857.1 175.7 — 175.7 
Total acquired intangible assets  $3,263.3 $521.7 $2,741.6 $786.9 $377.2 $409.7 
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:
Acquired intangibles subject to amortization  Weighted average remaining useful life in years
Proprietary technology  8.1
Customer list/relationships  11.2
Patents  1.3
Trademarks  5.2
Total acquired intangibles subject to amortization  8.7