Derivative Instruments (Tables)

3 Months Ended

Apr. 03, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges

The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the first quarter ended April 3, 2022 and April 4, 2021 was as follows (in millions):

	First Quarter
	2022		2021
Net gain recognized in AOCI - Foreign Exchange Contracts (a)	$	13.7	$	12.5
Net gain (loss) reclassified from AOCI into revenue - Foreign Exchange Contracts (a)	$	(0.2)	$	3.2
Net gain recognized in AOCI - Interest Rate Contracts	$	1.3	$	0.1
Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b)	$	6.2	$	10.0
Net gain reclassified from AOCI into interest expense - Foreign Exchange Contracts	$	0.9	$	0.9
Net gain (loss) loss reclassified from AOCI into interest expense - Interest Rate Contracts	$	(0.4)	$	(0.4)

(a)    Effective portion, pre-tax

(b)     Amount reclassified to offset earnings impact of liability hedged by cross currency swap

Schedule of Notional Amounts of Outstanding Foreign Currency Contracts

As of April 3, 2022, Teledyne had non-designated foreign currency contracts of this type, primarily in the following pairs (in millions):

Contracts to Buy			Contracts to Sell
Currency	Amount		Currency	Amount
Canadian Dollars	$	139.2	U.S. Dollars	US$	110.3
Great Britain Pounds	£	61.3	U.S. Dollars	US$	81.9
Euros	€	167.9	U.S. Dollars	US$	186.4
Danish Krone	DKR	403.7	U.S. Dollars	US$	60.2
Swedish Krona	SEK	463.5	Euros	€	43.1
Norwegian Krone	kr	209.8	Swedish Krona	SEK	229.7

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):

Asset/(Liability) Derivatives	Balance sheet location	April 3, 2022		January 2, 2022
Derivatives designated as hedging instruments:
Cash flow forward contracts	Other current assets	$	0.3	$	0.3
Cash flow forward contracts	Accrued liabilities	(1.2)		(1.2)
Cash flow cross currency swap	Other current assets	4.0		3.8
Cash flow cross currency swap	Other non-current assets	0.2		—
Cash flow cross currency swap	Other non-current liabilities	—		(9.4)
Cash flow cross currency swap	Other current assets (accrued interest)	0.1		0.1
Interest rate contracts	Other long-term liabilities	—		(0.1)
Interest rate contracts	Other current liabilities	—		(1.2)
Interest rate contracts	Other current assets	0.4		—
Total derivatives designated as hedging instruments		3.8		(7.7)
Derivatives not designated as hedging instruments:
Non-designated forward contracts	Other current assets	4.7		4.7
Non-designated forward contracts	Accrued liabilities	(2.1)		(2.1)
Total derivatives not designated as hedging instruments		2.6		2.6
Total derivatives, net		$	6.4	$	(5.1)