XML 61 R41.htm IDEA: XBRL DOCUMENT v3.25.0.1

Pension Plans and Postretirement Benefits (Tables)

12 Months Ended

Dec. 29, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Expense (Income) Allocation

Net periodic benefit expense (income) allocation

			Domestic																		Foreign
			2024						2023						2022						2024						2023						2022
Service cost - (in millions)			$	5.1					$	5.2					$	7.6					$	1.1					$	0.9					$	1.0

			Domestic																		Foreign
Pension non-service (income) expense (in millions):			2024						2023						2022						2024						2023						2022
Interest cost on benefit obligation			$	30.3					$	31.7					$	22.8					$	1.9					$	1.9					$	0.8
Expected return on plan assets			(52.3)						(52.6)						(54.9)						(1.9)						(1.6)						(1.1)
Amortization of prior service cost			(0.4)						(1.8)						(1.8)						—						0.1						—
Amortization of actuarial loss			11.3						9.9						22.7						0.4						0.2						—
Settlements/Curtailment			—						—						—						—						—						(0.1)
Pension non-service (income) expense			$	(11.1)					$	(12.8)					$	(11.2)					$	0.4					$	0.6					$	(0.4)

Schedule of Assumptions Used

The following assumptions were used to measure the net benefit income or expense within each respective year for the domestic qualified plans and the foreign plans:

Pension Plan Assumptions:			Discount rates						Increase in future compensation levels						Expected long-term rate of return
Domestic plans - 2024			5.40% - 5.45%						2.75%						6.58% - 7.80%
Domestic plans - 2023			5.71% - 5.72%						2.75%						6.58% - 7.80%
Domestic plans - 2022			2.91% - 3.08%						2.75%						6.58% - 7.80%
Foreign plans - 2024			1.30% - 4.50%						1.50% - 3.00%						1.25% - 6.20%
Foreign plans - 2023			2.20% - 4.80%						1.50% - 3.00%						1.25% - 5.10%
Foreign plans - 2022			0.20% - 1.80%						1.00% - 2.50%						1.00% - 2.70%

The key assumptions used to measure the benefit obligation at each respective year-end were:

			Domestic Plans																		Foreign Plans
Key assumptions:			2024						2023						2022						2024						2023						2022
Discount rate			5.73% - 5.76%						5.40% - 5.45%						5.71% - 5.72%						0.90% - 5.40%						1.30% - 4.50%						2.20% - 4.80%
Salary growth rate			2.75%						2.75%						2.75%						1.50% - 3.00%						1.50% - 3.00%						1.50% -3.00%

Schedule of Changes in Benefit Obligation

			Domestic												Foreign
Changes in benefit obligation (in millions):			2024						2023						2024						2023
Benefit obligation - beginning of year			$	584.1					$	583.0					$	51.5					$	45.2
Service cost			5.1						5.2						1.1						0.9
Interest cost on projected benefit obligation			30.3						31.7						1.9						1.9
Actuarial (gain) loss			(10.2)						23.6						(3.0)						3.1
Benefits paid			(68.1)						(59.8)						(2.3)						(2.1)
Other - including foreign currency, settlements/curtailments			—						0.4						(2.5)						2.5
Benefit obligation - end of year			$	541.2					$	584.1					$	46.7					$	51.5
Accumulated benefit obligation - end of year			$	539.3					$	581.7					$	43.4					$	47.9

Schedule of Reconciliation of the Beginning and Ending Balances of the Fair Value of Plan Assets

Plan assets

			Domestic												Foreign
Changes in plan assets (in millions):			2024						2023						2024						2023
Fair value of net plan assets - beginning of year			$	740.4					$	719.7					$	38.6					$	35.0
Actual return on plan assets			47.4						78.0						(1.2)						2.3
Employer contribution - other benefit plan			2.6						2.5						1.5						1.5
Foreign currency changes			—						—						(1.1)						2.0
Benefits paid			(68.1)						(59.8)						(2.3)						(2.2)
Other			—						—						(0.4)						—
Fair value of net plan assets - end of year			$	722.3					$	740.4					$	35.1					$	38.6

Schedule of Funded Status and Amounts Recognized in Balance Sheet

The following tables sets forth the funded status and amounts recognized in the consolidated balance sheets at year-end 2024 and 2023 for the domestic qualified and nonqualified pension plans and the foreign-based pension plans for benefits provided to certain employees (in millions):

									Domestic												Foreign
									2024						2023						2024						2023
Funded (unfunded) status									$	181.1					$	156.3					$	(11.6)					$	(12.9)
Amounts recognized in the consolidated balance sheets as a debit (credit):
Balance sheet item						Balance sheet location
Prepaid pension assets						Prepaid pension assets - non-current			$	227.6					$	203.3					$	—					$	—
Accrued pension obligations short-term						Accrued liabilities			(2.9)						(2.9)						(0.5)						(0.6)
Accrued pension obligations long-term						Other long-term liabilities			(43.6)						(44.1)						(11.1)						(12.3)
Net amount recognized									$	181.1					$	156.3					$	(11.6)					$	(12.9)
Amounts recognized in AOCI:
Net prior service cost (credit)									$	1.4					$	1.0					$	0.5					$	0.4
Net loss									301.8						318.4						7.7						8.2
Net amount recognized, before tax effect									$	303.2					$	319.4					$	8.2					$	8.6

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):

			2024						2023
Projected benefit obligation			$	69.8					$	98.4
Accumulated benefit obligation			$	66.5					$	94.8
Fair value of plan assets			$	11.7					$	38.6

Schedule of Estimated Future Benefit Payments

Estimated future pension plan benefit payments (in millions):			Domestic						Foreign
2025			$	51.1					$	2.6
2026			$	53.3					$	2.6
2027			$	53.5					$	2.4
2028			$	54.8					$	2.9
2029			$	50.2					$	2.5
2030 - 2034			$	225.0					$	13.4

Schedule of Fair Value of Assets Category

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 December 29, 2024, by asset category are as follows (in millions):

Asset category:(a)			Level 1						Level 2						Level 3						Total
Cash and cash equivalents (b)			$	—					$	18.6					$	—					$	18.6
Equity securities			4.1						185.3						—						189.4
U.S. Government securities and futures			234.7						—						—						234.7
Corporate bonds			—						17.1						—						17.1
Insurance contracts related to foreign plans			—						11.7						—						11.7
Fair value of net plan assets at the end of the year			$	238.8					$	232.7					$	—					$	471.5
Investments measured at net asset value:
Alternatives																					$	199.6
Mutual funds (c)																					5.2
Mortgage-backed securities																					45.6
High yield bonds																					35.5
Fair value of net plan assets at the end of the year																					$	285.9

(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) The mutual funds are invested 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 December 31, 2023, by asset category are as follows (in millions):

Asset category: (a)			Level 1						Level 2						Level 3						Total
Cash and cash equivalents (b)			$	—					$	20.1					$	—					$	20.1
Equity securities			3.5						209.0						—						212.5
U.S. Government securities and futures			231.4						11.4						—						242.8
Corporate bonds			—						22.5						—						22.5
Insurance contracts related to foreign plans			—						13.1						—						13.1
Fair value of net plan assets at the end of the year			$	234.9					$	276.1					$	—					$	511.0
Investments measured at net asset value:
Alternatives																					$	189.3
Mutual funds (c)																					4.8
Mortgage-backed securities																					60.3
High yield bonds																					13.6
Fair value of net plan assets at the end of the year																					$	268.0

(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) The mutual funds are invested in equity securities.

X

- Definition

Schedule of Funded Status and Amounts Recognized in Balance Sheet [Table Text Block]

+ References

No definition available.

+ Details

Name:	tdy_ScheduleOfFundedStatusAndAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	tdy_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

+ Details

Name:	us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (b)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (a)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration