XML 24 R14.htm IDEA: XBRL DOCUMENT v3.23.2
Long-Term Debt
 6 Months Ended
Jul. 02, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Balance at
Long-Term Debt (in millions):July 2, 2023January 1, 2023
$1.15 billion credit facility due March 2026, weighted average variable rate of 5.76% at July 2, 2023 and 5.46% at January 1, 2023
$— $125.0 
0.65% Fixed Rate Senior Notes due April 2023
— 300.0 
0.95% Fixed Rate Senior Notes due April 2024
450.0 450.0 
Term loan due October 2024, variable rate of 6.45% at July 2, 2023 and 5.63% at January 1, 2023, swapped to a Euro fixed rate of 0.61%
150.0 150.0 
1.60% Fixed Rate Senior Notes due April 2026
450.0 450.0 
Term loan due May 2026, variable rate of 6.45% at July 2, 2023 and 5.61% at January 1, 2023
110.0 245.0 
2.25% Fixed Rate Senior Notes due April 2028
700.0 700.0 
2.50% Fixed Rate Senior Notes due August 2030
485.0 485.0 
2.75% Fixed Rate Senior Notes due April 2031
1,030.0 1,040.0 
Other debt2.0 2.1 
Debt discount and debt issuance costs(23.7)(26.5)
Total debt, net3,353.3 3,920.6 
Less: current portion of long-term debt(450.1)(300.1)
Total long-term debt, net of current portion$2,903.2 $3,620.5 
During the first six months of 2023, the Company repaid $125.0 million of amounts outstanding on its credit facility, the $300.0 million Fixed Rate Senior Notes due April 2023, and $135.0 million on its term loan due May 2026. The Company also repurchased and retired $10.0 million of its Fixed Rate Senior Notes due April 2031, recording a $1.6 million non-cash gain on the extinguishment of this debt. Subsequent to the end of the second quarter, the Company repaid $50.0 million on its term loan due May 2026, which reduced the remaining balance to $60.0 million.
At July 2, 2023, $1,131.1 million was available under the $1.15 billion credit facility, after a reduction of $18.9 million in outstanding letters of credit. Our bank credit agreements require Teledyne to comply with various financial and operating covenants and at July 2, 2023, 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 input in the fair value hierarchy and is valued based on observable market data. As of July 2, 2023 and January 1, 2023, the aggregate fair values of our borrowings were $2,971.5 million and $3,492.7 million, respectively, and the carrying values were $3,377.0 million and $3,947.1 million, respectively.