Business Acquisitions (Tables)

12 Months Ended

Jan. 01, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Goodwill Acquired, and Intangible Assets Acquired for the Acquisitions

The following tables show the purchase price (net of cash acquired), goodwill acquired, and acquired intangible assets for the acquisitions made in 2022 (in millions):


	2022
Acquisitions	Acquisition Date	Cash Paid (a)		Goodwill Acquired		Acquired Intangible Assets
ETM	October 28, 2022	$	87.7	$	32.6	$	20.9
NL Acoustics (acquisition of 80% interest)	July 15, 2022	11.9		11.6		3.8


Total		$	99.6	$	44.2	$	24.7
(a) Net of cash acquired; an immaterial portion of NL Acoustics will be paid in 2023.

Schedule of Provisional Fair Values Allocated to Assets Acquired and Liabilities Assumed

The following table presents the final purchase price allocation for FLIR, as the measurement period closed in the second quarter of 2022. The Company accounted for the FLIR acquisition under the acquisition method and measured identifiable assets acquired and liabilities assumed of the acquiree at the fair values on the closing date. The Company has completed the process of specifically identifying the amounts assigned to certain assets, including acquired intangible assets, and liabilities and the related impact on taxes and goodwill for the FLIR acquisition. The fair values of acquired intangibles were determined based on estimates and assumptions deemed reasonable by the Company.


Final fair values allocated to the assets acquired and liabilities assumed - FLIR (in millions):	2022
Cash and cash equivalents	$	287.7
Accounts receivable, net	241.3
Unbilled receivables, net	72.1
Inventories, net	519.4
Prepaid expenses and other current assets	54.8
Total current assets	1,175.3

Property, plant and equipment	354.1
Goodwill	5,939.7
Acquired intangible assets	2,490.0
Other long-term assets	141.9
Total assets acquired	10,101.0

Accounts payable	144.7
Accrued liabilities	612.1
Total current liabilities acquired	756.8

Long-term debt, net	496.8
Long-term deferred tax liabilities	603.3
Other long-term liabilities	335.5
Total liabilities assumed	2,192.4
Consideration transferred	$	7,908.6

Consideration transferred, net of cash acquired (a)	$	7,620.9


(a)			The consideration included approximately $3.9 billion of Teledyne shares issued to existing shareholders of the acquired company. This $3.9 billion of equity consideration is a non-cash transaction. An immaterial portion of the cash consideration for certain vested FLIR restricted stock awards was deferred at the election of the award holder and will be paid out in future periods.

Schedule of Acquired Intangible Assets

The following table is a summary at the acquisition date of the acquired intangible assets and weighted average useful life in years for the FLIR acquisition (dollars in millions):



Intangibles subject to amortization:	Intangible Assets		Weighted average useful life in years
Proprietary technology	$	1,355.0	9.7
Customer list/relationships	450.0		14.4


Total acquired intangibles subject to amortization	1,805.0		10.9






Intangibles not subject to amortization:
Trademarks	685.0		n/a
Total acquired intangible assets	$	2,490.0

Goodwill	$	5,939.7	n/a

Schedule of Pro Forma Information

The following table presents proforma net sales, net income and earnings per common share data assuming FLIR was acquired at the beginning of the 2020 fiscal year:



(unaudited - in millions, except per share amounts)	2021 (a)		2020 (a)
Net sales	$	5,235.6	$	5,009.9
Net income	$	571.7	$	399.6
Basic earnings per common share	$	13.23	$	8.65
Diluted earnings per common share	$	12.91	$	8.43
(a) The above unaudited proforma information is only presented for the FLIR acquisition as it is considered a material acquisition.