Related Party Transactions

12 Months Ended

Jan. 01, 2012

Related Party Transactions [Abstract]

Related Party Transactions

Note 9.    Related Party Transactions

On April 12, 2011, the Company’s Chairman, President and Chief Executive Officer retired as director of The Bank of New York Mellon Corporation. One of Teledyne’s other directors is a director of The Bank of New York Mellon Corporation. The Bank of New York Mellon Corporation is the successor to Mellon Financial Corporation following its merger with The Bank of New York in 2007. Another of the Company’s directors was a former chief executive officer and director of Mellon Financial Corporation. The Bank of New York Mellon Corporation was one of 13 lenders under the Company’s prior $590.0 million credit facility, having committed up to $90.0 million under the facility. The Bank of New York Mellon Corporation is one of 12 lenders under our new $550.0 million credit facility, having committed up to $45.0 million under the facility. The Bank of New York Mellon Corporation also provides cash management services, serves as trustee for the Teledyne Technologies Incorporated Pension Plan and, through its subsidiaries and affiliates, provides asset management and transition management services for the Pension Plan. In 2011, Mellon Investor Services LLC, dba BNY Mellon Shareowner Services, served as our transfer agent and registrar, as well as handled administration of our stock options. On January 1, 2012, BNY Mellon’s Shareowners Services business was acquired by Computershare.