| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-04 - 2017-01-01 |
|---|
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost (Income) for Defined Benefit Pension Plans and Postretirement Benefit Plans | | | | | | | | | | | | | | | | | | Net period postretirement benefit cost (income) - in millions: | | 2016 | | 2015 | | 2014 | Service cost - benefits earned during the period | | $ | — |
| | $ | — |
| | $ | — |
| Interest cost on benefit obligation | | 0.5 |
| | 0.5 |
| | 0.6 |
| Amortization of prior service cost | | — |
| | — |
| | (0.2 | ) | Amortization of actuarial gain | | (0.4 | ) | | (0.2 | ) | | (0.5 | ) | Net periodic benefit (income) expense | | $ | 0.1 |
| | $ | 0.3 |
| | $ | (0.1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | Net periodic benefit (income) expense - in millions: | | Domestic | | Foreign | | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Service cost - benefits earned during the period | | $ | 10.4 |
| | $ | 12.4 |
| | $ | 11.7 |
| | $ | 0.8 |
| | $ | 0.9 |
| | $ | 0.8 |
| Interest cost on benefit obligation | | 38.9 |
| | 37.8 |
| | 40.3 |
| | 1.6 |
| | 1.7 |
| | 2.2 |
| Expected return on plan assets | | (72.9 | ) | | (74.4 | ) | | (73.7 | ) | | (2.2 | ) | | (2.2 | ) | | (2.6 | ) | Amortization of prior service cost | | (6.0 | ) | | (6.0 | ) | | (4.6 | ) | | — |
| | — |
| | — |
| Amortization of actuarial loss | | 26.6 |
| | 33.4 |
| | 24.6 |
| | 0.6 |
| | 0.6 |
| | — |
| Curtailment | | — |
| | (1.2 | ) | | — |
| | — |
| | — |
| | — |
| Net periodic benefit (income) expense | | $ | (3.0 | ) | | $ | 2.0 |
| | $ | (1.7 | ) | | $ | 0.8 |
| | $ | 1.0 |
| | $ | 0.4 |
|
|
Schedule of Assumptions Used | The following assumptions were used to measure the net benefit income/cost within each respective year: | | | | | | | | | | | Pension Plan Assumptions: | | Weighted average discount rate | | Weighted average increase in future compensation levels | | Expected weighted-average long-term rate of return | | | | | | | | Domestic plan - 2016 | | 4.91 | % | | 2.75 | % | | 8.00 | % | Domestic plan - 2015 | | 4.50 | % | | 2.75 | % | | 8.25 | % | Domestic plan - 2014 | | 5.40 | % | | 2.75 | % | | 8.25 | % | | | | | | | | Foreign plans 2016 | | 0.90% - 3.60% |
| | 1.00% - 2.43% |
| | 1.40% - 6.50% |
| Foreign plans 2015 | | 1.20% - 3.50% |
| | 1.30% - 2.40% |
| | 1.80% - 6.40% |
| Foreign plans 2014 | | 2.10% - 4.30% |
| | 1.75% - 2.50% |
| | 3.00% - 6.40% |
|
The key assumptions used to measure the benefit obligation at each respective year-end were |
Reconciliation of Beginning and Ending Balances of Benefit Obligation | | | | | | | | | | | | | 2016 | | 2015 | Changes in benefit obligation (in millions): | | | | | Benefit obligation - beginning of year | | $ | 10.7 |
| | $ | 12.8 |
| Interest cost on projected benefit obligation | | 0.5 |
| | 0.5 |
| Actuarial gain | | 0.1 |
| | (1.3 | ) | Benefits paid | | (1.5 | ) | | (1.3 | ) | Benefit obligation - end of year | | $ | 9.8 |
| | $ | 10.7 |
|
| | | | | | | | | | | | | | | | | | | | Domestic | | Foreign | | | 2016 | | 2015 | | 2016 | | 2015 | Changes in benefit obligation (in millions): | | | | | | | | | Benefit obligation - beginning of year | | $ | 820.4 |
| | $ | 878.4 |
| | $ | 56.6 |
| | $ | 61.1 |
| Service cost - benefits earned during the year | | 10.4 |
| | 12.4 |
| | 0.8 |
| | 0.9 |
| Interest cost on projected benefit obligation | | 38.9 |
| | 37.8 |
| | 1.6 |
| | 1.7 |
| Actuarial (gain) loss | | 29.5 |
| | (33.8 | ) | | 6.2 |
| | (0.9 | ) | Benefits paid(a) | | (88.3 | ) | | (57.2 | ) | | (1.8 | ) | | (2.8 | ) | Plan amendments(b) | | — |
| | (17.0 | ) | | (0.3 | ) | | (0.2 | ) | Settlements/curtailments | | — |
| | — |
| | (4.6 | ) | | — |
| Other - including foreign currency | | — |
| | (0.2 | ) | | (7.1 | ) | | (3.2 | ) | Benefit obligation - end of year | | $ | 810.9 |
| | $ | 820.4 |
| | $ | 51.4 |
| | $ | 56.6 |
| | | | | | | | | | Accumulated benefit obligation - end of year | | $ | 807.3 |
| | $ | 817.8 |
| | $ | 49.1 |
| | $ | 53.7 |
|
| | (a) | The 2016 and 2015 amounts include lump sum payments to certain participants of $14.6 million and $10.5 million, respectively. In addition, in 2016, the Company’s U.S. domestic qualified pension plan purchased group annuity contracts from two insurance companies and paid a total annuity premium of $27.2 million. |
| | (b) | The $17.0 million amount reflects the impact of actions taken in 2015 whereby Teledyne amended the domestic qualified pension plan to allow participants to elect a lump-sum payment form upon retirement. |
|
Reconciliation of the Beginning and Ending Balances of the Fair Value of Plan Assets | | | | | | | | | | | | | | | | | | | | | Domestic | | Foreign | | | 2016 | | 2015 | | 2016 | | 2015 | Changes in plan assets (in millions): | | | | | | | | | Fair value of net plan assets - beginning of year | | $ | 890.4 |
| | $ | 957.5 |
| | $ | 43.8 |
| | $ | 47.6 |
| Actual return on plan assets | | 52.9 |
| | (12.1 | ) | | 5.8 |
| | 0.7 |
| Employer contribution - other benefit plan | | 2.1 |
| | 2.2 |
| | 3.4 |
| | 0.7 |
| Foreign currency changes | | — |
| | — |
| | (5.9 | ) | | (2.4 | ) | Benefits paid | | (88.3 | ) | | (57.2 | ) | | (1.8 | ) | | (2.8 | ) | Other | | — |
| | — |
| | (3.2 | ) | | — |
| Fair value of net plan assets - end of year | | $ | 857.1 |
| | $ | 890.4 |
| | $ | 42.1 |
| | $ | 43.8 |
|
|
Schedule of Funded Status and Amounts Recognized in Balance Sheet | The following table sets forth the funded status and amounts recognized in the consolidated balance sheets at year-end 2016 and 2015 for the domestic qualified and nonqualified pension plans and the foreign-based pension plans for benefits provided to certain employees (in millions): | | | | | | | | | | | | | | | | | | | | Domestic | | Foreign | | | 2016 | | 2015 | | 2016 | | 2015 | Funded status | | $ | 46.2 |
| | $ | 70.0 |
| | $ | (9.3 | ) | | $ | (12.8 | ) | | | | | | | | | | Amounts recognized in the consolidated balance sheets: | | | | | | | | | Prepaid pension asset long-term | | $ | 88.5 |
| | $ | 111.0 |
| | $ | — |
| | $ | — |
| Accrued pension obligation long-term | | (34.5 | ) | | (33.8 | ) | | (9.3 | ) | | (12.8 | ) | Accrued pension obligation short-term | | (2.6 | ) | | (2.2 | ) | | — |
| | — |
| Other long-term liabilities | | (5.2 | ) | | (5.0 | ) | | — |
| | — |
| Net amount recognized | | $ | 46.2 |
| | $ | 70.0 |
| | $ | (9.3 | ) | | $ | (12.8 | ) | | | | | | Amounts recognized in accumulated other comprehensive loss: | | | | | | | | | Prior service credit | | $ | (30.7 | ) | | $ | (36.7 | ) | | $ | (0.5 | ) | | $ | (0.3 | ) | Net loss | | 421.5 |
| | 398.6 |
| | 10.3 |
| | 13.0 |
| Net amount recognized, before tax effect | | $ | 390.8 |
| | $ | 361.9 |
| | $ | 9.8 |
| | $ | 12.7 |
|
The following table sets forth the funded status and amounts recognized in Teledyne’s consolidated balance sheets for the postretirement plans at year-end 2016 and 2015 (in millions): | | | | | | | | | | | | 2016 | | 2015 | Funded status: | | | | | Funded status | | $ | (9.8 | ) | | $ | (10.7 | ) | Unrecognized net gain | | (3.8 | ) | | (4.2 | ) | Accrued benefit cost | | $ | (13.6 | ) | | $ | (14.9 | ) | | | | | | Amounts recognized in the consolidated balance sheets: | | | | | Accrued postretirement benefits (long-term) | | $ | (8.7 | ) | | $ | (9.6 | ) | Accrued postretirement benefits (short-term) | | (1.1 | ) | | (1.1 | ) | Accumulated other comprehensive income | | (3.8 | ) | | (4.2 | ) | Net amount recognized | | $ | (13.6 | ) | | $ | (14.9 | ) |
|
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows (in millions): | | | | | | | | | | | 2016 | 2015 | Projected benefit obligation | | $ | 93.7 |
| $ | 97.6 |
| Accumulated benefit obligation | | $ | 91.4 |
| $ | 94.7 |
| Fair value of plan assets | | $ | 42.1 |
| $ | 43.8 |
|
|
Fair Value of Assets by Fair Value Hierarchy | The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S. and foreign pension plans as of January 1, 2017, by asset category are as follows (in millions): | | | | | | | | | | | | | | | | | | Asset category:(a) | | Level 1 | | Level 2 | | Level 3 | | Total | Cash and cash equivalents (b) | | $ | — |
| | $ | 39.5 |
| | $ | — |
| | $ | 39.5 |
| Equity securities | | 152.0 |
| | 78.2 |
| | — |
| | 230.2 |
| U.S. government securities and futures | | 46.2 |
| | 0.1 |
| | — |
| | 46.3 |
| Corporate bonds | | — |
| | 84.8 |
| | — |
| | 84.8 |
| Insurance contracts related to foreign plans | | — |
| | 12.7 |
| | — |
| | 12.7 |
| Fair value of net plan assets at the end of the year | | $ | 198.2 |
| | $ | 215.3 |
| | $ | — |
| | $ | 413.5 |
| | | | | | | | | | Investments measured at net asset value: | | | | | | | | | Equity securities | | | | | | | | $ | 147.2 |
| Alternatives | | | | | | | | 148.5 |
| Mutual funds (c) | | | | | | | | 136.4 |
| Corporate bonds | | | | | | | | 19.4 |
| Senior secured loans | | | | | | | | 4.4 |
| Mortgage-backed securities | | | | | | | | 16.5 |
| High yield bonds | | | | | | | | 13.2 |
| Fair value of net plan assets at the end of the year | | | | | | | | $ | 485.6 |
|
a) There were no transfers of plan assets between the three levels of the fair value hierarchy during the year. b) Reflects cash and cash equivalents held in overnight cash investments. c) 29% of mutual funds invest in fixed income types of securities; 71% invest in equity securities.
The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S. and foreign pension plans as of January 3, 2016, by asset category are as follows (in millions): | | | | | | | | | | | | | | | | | | Asset category: (a) | | Level 1 | | Level 2 | | Level 3 | | Total | Cash and cash equivalents (b) | | $ | — |
| | $ | 30.3 |
| | $ | — |
| | $ | 30.3 |
| Equity securities | | 185.5 |
| | 69.4 |
| | — |
| | 254.9 |
| U.S. government securities and futures | | 73.6 |
| | 0.1 |
| | — |
| | 73.7 |
| Corporate bonds | | — |
| | 81.4 |
| | — |
| | 81.4 |
| Insurance contracts related to foreign plans | | — |
| | 14.8 |
| | — |
| | 14.8 |
| Fair value of net plan assets at the end of the year | | $ | 259.1 |
| | $ | 196.0 |
| | $ | — |
| | $ | 455.1 |
| | | | | | | | | | Investments measured at net asset value: | | | | | | | | | Equity securities | | | | | | | | $ | 180.9 |
| Alternatives | | | | | | | | 110.9 |
| Mutual funds (c) | | | | | | | | 135.2 |
| Corporate bonds | | | | | | | | 20.4 |
| Senior secured loans | | | | | | | | 4.0 |
| Mortgage-backed securities | | | | | | | | 15.9 |
| High yield bonds | | | | | | | | 11.7 |
| Fair value of net plan assets at the end of the year | | | | | | | | $ | 479.0 |
|
(a) There were $15.3 million of transfers of plan assets between the three levels of the fair value hierarchy during the year. (b) Reflects cash and cash equivalents held in overnight cash investments. (c) 18% of mutual funds invest in fixed income types of securities; 82% invest in equity securities. The following table sets forth the percentage of year-end market value by asset class for the pension plans: | | | | | | | | | | | | | | Market value by asset class: | | Domestic Plan Assets % to Total | | Foreign Plan Assets % to Total | | | 2016 | | 2015 | | 2016 | | 2015 | Equity instruments | | 57 | % | | 59 | % | | 75 | % | | 75 | % | Fixed income instruments | | 30 |
| | 29 |
| | 15 |
| | 15 |
| Alternatives and other | | 13 |
| | 12 |
| | 10 |
| | 10 |
| Total | | 100 | % | | 100 | % | | 100 | % | | 100 | % |
|
Estimated Future Benefit Payments | | | | | | | | | | | Estimated future pension plan benefit payments (in millions): | | Domestic | | Foreign | 2017 | | $ | 56.9 |
| | $ | 2.2 |
| 2018 | | 57.7 |
| | 2.0 |
| 2019 | | 58.0 |
| | 1.8 |
| 2020 | | 57.8 |
| | 2.0 |
| 2021 | | 58.6 |
| | 1.8 |
| 2022-2026 | | 295.9 |
| | 10.5 |
| Total | | $ | 584.9 |
| | $ | 20.3 |
|
The measurement date for the Company’s postretirement plans is December 31.
| | | | | | Future postretirement plan benefit payments (in millions): | | | 2017 | | $ | 1.1 |
| 2018 | | 1.0 |
| 2019 | | 1.0 |
| 2020 | | 0.9 |
| 2021 | | 0.9 |
| 2022-2026 | | 3.5 |
| Total | | $ | 8.4 |
|
|