Long-Term Debt and Letters of Credit

3 Months Ended

Apr. 03, 2022

Debt Disclosure [Abstract]

Long-Term Debt and Letters of Credit

Long-Term Debt and Letters of Credit

	Balance at
Long-Term Debt (in millions):	April 3, 2022		January 2, 2022
$1.15 billion credit facility due March 2026, weighted average variable rate of 1.97% at April 3, 2022 and 1.20% at January 2, 2022	$	157.0	$	125.0
Term loan due October 2024, variable rate of 1.69% at April 3, 2022 and 1.35% at January 2, 2022, swapped to a Euro fixed rate of 0.6120%	149.7		150.6
0.65% Fixed Rate Senior Notes due April 2023	300.0		300.0
0.95% Fixed Rate Senior Notes due April 2024	450.0		450.0
1.60% Fixed Rate Senior Notes due April 2026	450.0		450.0
2.25% Fixed Rate Senior Notes due April 2028	700.0		700.0
2.50% Fixed Rate Senior Notes due August 2030	500.0		500.0
2.75% Fixed Rate Senior Notes due April 2031	1,100.0		1,100.0
Term loan due May 2026, variable rate of 1.70% at April 3, 2022 and 1.35% at January 2, 2022	355.0		355.0
Other debt	0.7		0.7
Debt discount and debt issuance costs	(30.6)		(31.9)
Total debt, net	4,131.8		4,099.4
Less: current portion of long-term debt	(300.0)		—
Total long-term debt, net of current portion	$	3,831.8	$	4,099.4

At April 3, 2022, $969.9 million was available under the $1.15 billion credit facility, after reductions of $157.0 million in borrowings and $23.1million in outstanding letters of credit. Our credit agreements require Teledyne to comply with various financial and operating covenants and at April 3, 2022, the Company was in compliance with these covenants. Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The Company’s long-term debt is considered a level 2 fair value hierarchy and is valued based on observable market data. The estimated fair value of Teledyne’s long-term debt at April 3, 2022 and January 2, 2022, approximated the carrying value.