10-Q Filing

TELEDYNE TECHNOLOGIES INC CIK: 1094285 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001094285-14-000117`
Period End Date	20140331
Filing Date	20140429
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	tdy-20140330.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 32 Cash Flow Statement 62 Comprehensive Income 16

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$380.50M	USD	Point-in-time
Accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$367.00M	USD	Point-in-time
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$45.80M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$49.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$73.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$66.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$376.90M	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$378.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$294.30M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$307.60M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	37.56M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$60.80M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	37.57M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$63.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	37.70M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$799.10M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	37.57M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$821.20M	USD	Point-in-time
Property, plant and equipment, at cost, net of accumulated depreciation and amortization of $380.5 at March 30, 2014 and $367.0 at December 29, 2013	`PropertyPlantAndEquipmentNet`	$351.10M	USD	Point-in-time
Property, plant and equipment, at cost, net of accumulated depreciation and amortization of $380.5 at March 30, 2014 and $367.0 at December 29, 2013	`PropertyPlantAndEquipmentNet`	$357.70M	USD	Point-in-time
Goodwill, net	`Goodwill`	$1.03B	USD	Point-in-time
Goodwill, net	`Goodwill`	$1.04B	USD	Point-in-time
Acquired intangibles, net	`FiniteLivedIntangibleAssetsNet`	$261.20M	USD	Point-in-time
Acquired intangibles, net	`FiniteLivedIntangibleAssetsNet`	$270.90M	USD	Point-in-time
Prepaid pension assets	`PrepaidPensionCosts`	$228.50M	USD	Point-in-time
Prepaid pension assets	`PrepaidPensionCosts`	$222.00M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$63.60M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$65.50M	USD	Point-in-time
Total Assets	`Assets`	$2.76B	USD	Point-in-time
Total Assets	`Assets`	$2.75B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$147.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$152.30M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$267.10M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$239.30M	USD	Point-in-time
Current portion of long-term debt and capital leases	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$4.80M	USD	Point-in-time
Current portion of long-term debt and capital leases	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$3.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$418.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$396.40M	USD	Point-in-time
Long-term debt and capital leases	`LongTermDebtAndCapitalLeaseObligations`	$549.00M	USD	Point-in-time
Long-term debt and capital leases	`LongTermDebtAndCapitalLeaseObligations`	$555.10M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$261.80M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$265.30M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.21B	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.23B	USD	Point-in-time
Preferred stock, $0.01 par value; outstanding shares - none	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; outstanding shares - none	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; authorized 125 million shares; issued shares: 37,697,865 at March 30, 2014 and 37,571,182 at December 29, 2013. Outstanding shares; 37,560,180 at March 30, 2014 and 37,571,182 at December 29, 2013	`CommonStockValue`	$400.00K	USD	Point-in-time
Common stock, $0.01 par value; authorized 125 million shares; issued shares: 37,697,865 at March 30, 2014 and 37,571,182 at December 29, 2013. Outstanding shares; 37,560,180 at March 30, 2014 and 37,571,182 at December 29, 2013	`CommonStockValue`	$400.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$328.80M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$333.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.35B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.31B	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	-	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$13.70M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-292.90M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-165.50M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-173.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-273.40M	USD	Point-in-time
Total Teledyne Stockholders Equity	`StockholdersEquity`	$1.50B	USD	Point-in-time
Total Teledyne Stockholders Equity	`StockholdersEquity`	$1.47B	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$47.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$45.70M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.55B	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.52B	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$2.75B	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$2.76B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$573.50M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$569.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$365.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$351.70M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$145.10M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$155.80M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$510.50M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$507.50M	USD	1 Quarter
Income before other income/(expense) and income taxes	`OperatingIncomeLoss`	$66.00M	USD	1 Quarter
Income before other income/(expense) and income taxes	`OperatingIncomeLoss`	$58.90M	USD	1 Quarter
Other income/(expense), net	`OtherNonoperatingIncomeExpense`	$600.00K	USD	1 Quarter
Other income/(expense), net	`OtherNonoperatingIncomeExpense`	$-500.00K	USD	1 Quarter
Interest and debt expense, net	`InterestAndDebtExpense`	$5.40M	USD	1 Quarter
Interest and debt expense, net	`InterestAndDebtExpense`	$4.70M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$53.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$61.90M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$15.90M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$13.20M	USD	1 Quarter
Net income	`ProfitLoss`	$46.00M	USD	1 Quarter
Net income	`ProfitLoss`	$39.80M	USD	1 Quarter
Noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-600.00K	USD	1 Quarter
Noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$200.00K	USD	1 Quarter
Net income attributable to Teledyne	`NetIncomeLoss`	$40.40M	USD	1 Quarter
Net income attributable to Teledyne	`NetIncomeLoss`	$45.80M	USD	1 Quarter
Basic earnings per common share (in USD per share)	`EarningsPerShareBasic`	$1.22	USD	1 Quarter
Basic earnings per common share (in USD per share)	`EarningsPerShareBasic`	$1.09	USD	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.20M	shares	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.50M	shares	1 Quarter
Diluted earnings per common share (in USD per share)	`EarningsPerShareDiluted`	$1.07	USD	1 Quarter
Diluted earnings per common share (in USD per share)	`EarningsPerShareDiluted`	$1.20	USD	1 Quarter
Weighted average diluted common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.30M	shares	1 Quarter
Weighted average diluted common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.80M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$46.00M	USD	1 Quarter
Net income	`ProfitLoss`	$39.80M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$23.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$21.90M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$16.20M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$500.00K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$1.80M	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$2.60M	USD	1 Quarter
Excess income tax benefits from stock options exercised	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$1.80M	USD	1 Quarter
Excess income tax benefits from stock options exercised	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$2.90M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-400.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$14.20M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$17.90M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.60M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-600.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.10M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.40M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-29.30M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-20.50M	USD	1 Quarter
Income taxes payable, net	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-9.90M	USD	1 Quarter
Income taxes payable, net	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.00M	USD	1 Quarter
Long-term assets	`IncreaseDecreaseInOtherOperatingAssets`	$3.90M	USD	1 Quarter
Long-term assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.30M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.60M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.70M	USD	1 Quarter
Accrued pension obligation	`IncreaseDecreaseInPensionPlanObligations`	$-79.10M	USD	1 Quarter
Accrued pension obligation	`IncreaseDecreaseInPensionPlanObligations`	$-6.10M	USD	1 Quarter
Accrued postretirement benefits	`IncreaseDecreaseInPostretirementObligations`	$-200.00K	USD	1 Quarter
Accrued postretirement benefits	`IncreaseDecreaseInPostretirementObligations`	$100.00K	USD	1 Quarter
Other operating, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$600.00K	USD	1 Quarter
Other operating, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$700.00K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$26.40M	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-56.70M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.70M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.30M	USD	1 Quarter
Purchase of businesses and other investments	`PurchaseOfBusinessesAndOtherInvestmentsNetOfCashAcquired`	$69.70M	USD	1 Quarter
Purchase of businesses and other investments	`PurchaseOfBusinessesAndOtherInvestmentsNetOfCashAcquired`	-	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.70M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-86.00M	USD	1 Quarter
Net proceeds from debt	`ProceedsFromRepaymentsOfDebt`	$140.10M	USD	1 Quarter
Net proceeds from debt	`ProceedsFromRepaymentsOfDebt`	$7.90M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$4.80M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$6.70M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$23.60M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Excess income tax benefits from stock options exercised	`DeferredTaxExpenseFromStockOptionsExercised`	$1.80M	USD	1 Quarter
Excess income tax benefits from stock options exercised	`DeferredTaxExpenseFromStockOptionsExercised`	$2.90M	USD	1 Quarter
Issuance of cash flow hedges	`PaymentsForProceedsFromHedgeFinancingActivities`	$800.00K	USD	1 Quarter
Issuance of cash flow hedges	`PaymentsForProceedsFromHedgeFinancingActivities`	$900.00K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$145.90M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.00M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.70M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.20M	USD	1 Quarter
Cash and cash equivalentsbeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$45.80M	USD	Point-in-time
Cash and cash equivalentsbeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$49.00M	USD	Point-in-time
Cash and cash equivalentsbeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$73.70M	USD	Point-in-time
Cash and cash equivalentsbeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$66.00M	USD	Point-in-time
Cash and cash equivalentsend of period	`CashAndCashEquivalentsAtCarryingValue`	$45.80M	USD	Point-in-time
Cash and cash equivalentsend of period	`CashAndCashEquivalentsAtCarryingValue`	$49.00M	USD	Point-in-time
Cash and cash equivalentsend of period	`CashAndCashEquivalentsAtCarryingValue`	$73.70M	USD	Point-in-time
Cash and cash equivalentsend of period	`CashAndCashEquivalentsAtCarryingValue`	$66.00M	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$46.00M	USD	1 Quarter
Net income	`ProfitLoss`	$39.80M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-9.40M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-18.80M	USD	1 Quarter
Hedge activity and interest rate swap, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-900.00K	USD	1 Quarter
Hedge activity and interest rate swap, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-1.00M	USD	1 Quarter
Pension and postretirement benefit adjustments, net of tax	`OtherComprehensiveIncomeMinimumPensionLiabilityNetAdjustmentsNetOfTax`	$-200.00K	USD	1 Quarter
Pension and postretirement benefit adjustments, net of tax	`OtherComprehensiveIncomeMinimumPensionLiabilityNetAdjustmentsNetOfTax`	$-2.90M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-7.50M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-19.50M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$20.30M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$38.50M	USD	1 Quarter
Noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-600.00K	USD	1 Quarter
Noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$200.00K	USD	1 Quarter
Comprehensive income attributable to Teledyne	`ComprehensiveIncomeNetOfTax`	$20.90M	USD	1 Quarter
Comprehensive income attributable to Teledyne	`ComprehensiveIncomeNetOfTax`	$38.30M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.