XML 33 R20.htm IDEA: XBRL DOCUMENT v3.22.4
Leases
 12 Months Ended
Jan. 01, 2023
Leases [Abstract]  
Leases Leases
Operating Leases
Teledyne has more than 150 long-term operating lease agreements for manufacturing facilities and office space. These agreements frequently include one or more renewal options and may require the Company to pay for non-lease components such as utilities, taxes, insurance and maintenance expense. The Company accounts for lease and non-lease components as a single lease component when the payments are fixed. Variable payments included in the lease agreement are expensed as incurred. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At January 1, 2023, Teledyne has right-of-use assets of $142.1 million included in noncurrent other assets, net on the consolidated balance sheets.
At January 1, 2023, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions):
 
Operating lease commitments:
2023$35.3 
202429.5 
202525.9 
202620.8 
202716.9 
Thereafter48.4 
Total minimum lease payments176.8 
Less: 
   Imputed interest(21.5)
   Current portion (included in current accrued liabilities)(29.4)
Present value of minimum lease payments, net of current portion$125.9 
The weighted average remaining lease term for operating leases is approximately 7.0 years and the weighted average discount rate is approximately 3.53%. Rental expense under operating leases, including leases with a term of 12 months or less, net of immaterial sublease income, was $45.1 million in 2022, $40.9 million in 2021 and $29.4 million in 2020. Variable lease expense was $5.9 million in 2022, $5.8 million in 2021 and $5.3 million in 2020. Cash paid for amounts included in the measurement of lease liabilities was $36.9 million for 2022 and $39.7 million for 2021. Right-of-use assets obtained in
exchange for lease obligations was $26.1 million for 2022 and $24.3 million for 2021
Finance Leases and Subleases
Our finance leases and subleases are not material.