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Derivative Instruments
 12 Months Ended
Dec. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company periodically enters into foreign currency forward contracts designated as cash flow hedges to minimize foreign currency risk, primarily to Canadian dollars and British pounds. As of December 29, 2024, foreign currency forward contracts in Canadian dollars designated as cash flow hedges have maturities ranging from March 2025 to February 2026. There were no open contracts forward currency forward contracts in British pounds designated as cash flow hedges as of December 29, 2024.
We converted a U.S. dollar denominated, variable rate obligation of a European subsidiary, into a euro fixed rate obligation using a receive float, pay fixed cross currency swap. This cross-currency swap was designated as a cash flow hedge and matured in October 2024.
In addition, the Company utilizes foreign currency forward contracts which are not designated as hedging instruments for accounting purposes to mitigate foreign exchange rate risk associated with foreign currency denominated monetary assets and liabilities, including intercompany receivables and payables. The gains and losses on these derivatives which are not designated as hedging instruments, are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings.
The following is a summary of notional amounts outstanding under foreign currency forward contracts, cross-currency swap agreements and their respective fair value amounts recorded in the consolidated balance sheets (in millions):

December 29, 2024December 31, 2023
Notional amount
Fair value
Notional amountFair value
Derivatives designated as hedging instruments
Foreign currency forward contracts
Other current assets
$— $— $116.5 $3.7 
Other non-current assets
$— — $70.5 2.4 
Accrued liabilities
$69.4 (2.5)$— — 
Other non-current liabilities
$13.9 (0.5)$— — 
Cross-currency swap agreements
Other current assets
$— — $— 0.1 
Accrued liabilities$— — $172.6 (21.3)
Total derivatives designated as hedging instruments$(3.0)$(15.1)
Derivatives not designated as hedging instruments
Foreign currency forward contracts
Other current assets
$271.4 $1.0 $329.9 $14.2 
Accrued liabilities
$703.4 (13.9)$467.6 (3.2)
Total derivatives not designated as hedging instruments$(12.9)$11.0 
Total derivatives$(15.9)$(4.1)
All derivatives are recorded on the balance sheet at fair value. The accounting for income and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. Teledyne does not use foreign currency forward contracts for speculative or trading purposes.
The following is a summary of the gain (loss) included in the consolidated statements of income (loss) and comprehensive income (loss) related to the derivative instruments described above (in millions):
 20242023
Net gain (loss) recognized in AOCI - foreign exchange contracts (a)$(8.2)$19.3 
Net gain (loss) reclassified from AOCI into revenue/cost of sales - foreign exchange contracts$1.1 $(6.2)
Net gain (loss) reclassified from AOCI into interest expense - foreign exchange contracts$(17.9)$7.6 
Net gain (loss) reclassified from AOCI into interest expense -interest rate contracts$— $0.6 
Net gain (loss) reclassified from AOCI into other income and expense, net - foreign exchange contracts (b)$22.7 $8.0 
Net gain (loss) recognized in other income and expense, net – foreign exchange contracts
$(43.6)$13.7 
(a) Effective portion
(b) Amount reclassified to offset earnings impact of liability hedged by cross currency swap
Net deferred losses recorded in AOCI, net of tax, for forward contracts that will mature in the next 12 months total $2.2 million. These losses are expected to be offset by anticipated gains in the value of the forecasted underlying hedged item.