Discontinued Operation

12 Months Ended

Jan. 01, 2012

Discontinued Operation [Abstract]

Discontinued Operation

Note 16.    Discontinued Operation

In accordance with the strategy to evaluate and divest non-core product lines, on April 19, 2011 Teledyne completed the sale of its general aviation piston engine businesses for pretax cash proceeds of $187.9 million which was net of transaction costs of $1.9 million. Teledyne paid $51.3 million in income taxes related to the sale in 2011.

The operating assets and liabilities of the Aerospace Engines and Components segment have been reclassified as assets and liabilities of discontinued operations and included in other current assets and current liabilities on the balance sheet for 2010. The following is a summary of the assets and liabilities for the discontinued operation at year end 2010 (in millions):

	2010
Current assets	$	38.5
Property, plant and equipment		18.6
Goodwill		0.9
Other long-term assets		17.1
Total assets		75.1
Current liabilities		13.1
Other long-term liabilities, including aircraft product liabilities		48.2
Total liabilities		61.3
Net assets of discontinued operation	$	13.8

Sales for this segment were $39.5 million, $133.7 million and $113.1 million for 2011, 2010 and 2009, respectively. The operating results were a loss of $0.7 for 2011, income of $0.6 million in 2010 and a loss of $2.6 million in 2009. The operating results were net of an income tax benefit of $0.4 million for 2011, net of income taxes of $1.2 million for 2010 and net of an income tax benefit of $2.7 million for 2009.