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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
FORM 10-Q
_____________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 3, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number 1-15295
_____________________________________
TELEDYNE TECHNOLOGIES INCORPORATED
(Exact name of registrant as specified in its charter)
_____________________________________
Delaware 25-1843385
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
1049 Camino Dos Rios
Thousand OaksCalifornia91360-2362
(Address of principal executive offices) (Zip Code)
805 373-4545
(Registrant’s telephone number, including area code)
____________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueTDYNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): 
Yes      No  
There were 46,655,176 shares of common stock, $.01 par value per share, outstanding as of October 25, 2021.


TELEDYNE TECHNOLOGIES INCORPORATED

Explanatory Note
On May 14, 2021, Teledyne Technologies Incorporated completed the acquisition of FLIR Systems, Inc. ( “FLIR”), and the financial results of FLIR have been included since the date of the acquisition. The financial statements of Teledyne Technologies Incorporated contained herein are as of and for the periods ended October 3, 2021, and reflect the results of the Company after giving effect to the acquisition of FLIR.
1

PART I FINANCIAL INFORMATION
 
Item 1.    Financial Statements
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020
(Unaudited - Amounts in millions, except per-share amounts)
Third QuarterNine Months
 2021202020212020
Net sales$1,311.9 $749.0 $3,238.6 $2,276.9 
Costs and expenses
Cost of sales787.7 458.5 1,943.3 1,411.7 
Selling, general and administrative expenses279.3 158.1 768.2 499.7 
Acquired intangible asset amortization 55.3 9.9 97.9 29.2 
Total costs and expenses1,122.3 626.5 2,809.4 1,940.6 
Operating income
189.6 122.5 429.2 336.3 
Interest and debt expense, net(23.8)(4.1)(80.7)(11.9)
Non-service retirement benefit income2.8 3.2 8.4 8.9 
Other income (expense), net(0.7)(1.9)4.4 (4.7)
Income before income taxes
167.9 119.7 361.3 328.6 
Provision for income taxes33.8 25.8 77.8 58.8 
Net income$134.1 $93.9 $283.5 $269.8 
Basic earnings per common share$2.88 $2.55 $6.75 $7.35 
Weighted average common shares outstanding46.6 36.8 42.0 36.7 
Diluted earnings per common share$2.81 $2.48 $6.58 $7.14 
Weighted average diluted common shares outstanding47.7 37.8 43.1 37.8 
The accompanying notes are an integral part of these condensed consolidated financial statements.

TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020
(Unaudited - Amounts in millions)
 Third QuarterNine Months
 2021202020212020
Net income$134.1 $93.9 $283.5 $269.8 
Other comprehensive income (loss):
Foreign exchange translation adjustment(44.0)38.7 (39.8)(21.2)
Hedge activity, net of tax(4.5)2.6 (4.1)0.6 
Pension and postretirement benefit adjustments, net of tax4.4 2.9 13.2 9.6 
Other comprehensive income (loss)(44.1)44.2 (30.7)(11.0)
Comprehensive income$90.0 $138.1 $252.8 $258.8 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - Amounts in millions, except share amounts)
October 3, 2021January 3, 2021
Assets
Current Assets
Cash and cash equivalents$551.8 $673.1 
Accounts receivable, net759.6 402.0 
Unbilled receivables, net271.7 222.1 
Inventories, net 833.2 347.3 
Prepaid expenses and other current assets118.6 78.1 
Total current assets2,534.9 1,722.6 
Property, plant and equipment, net of accumulated depreciation and amortization of $749.0 at October 3, 2021 and $673.4
     at January 3, 2021
858.1 489.3 
Goodwill7,899.5 2,150.0 
Acquired intangibles, net2,705.2 409.7 
Prepaid pension assets87.0 67.9 
Operating lease right-of-use assets137.7 123.4 
Other assets, net225.1 121.9 
Total Assets$14,447.5 $5,084.8 
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable$427.6 $229.1 
Accrued liabilities994.2 434.2 
Current portion of long-term debt and other debt 97.6 
Total current liabilities1,421.8 760.9 
Long-term debt, net of current portion4,441.7 680.9 
Long-term operating lease liabilities130.1 116.5 
Long-term deferred tax liabilities641.9 39.0 
Other long-term liabilities395.4 258.9 
Total Liabilities7,030.9 1,856.2 
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; outstanding shares - none
  
Common stock, $0.01 par value; authorized 125,000,000 shares; issued shares: 47,194,766 at October 3, 2021 and 37,697,865 at January 3, 2021; outstanding shares: 46,653,888 at October 3, 2021 and 36,951,607 at January 3, 2021
0.5 0.4 
Additional paid-in capital4,307.5 389.9 
Retained earnings3,611.4 3,327.9 
Treasury stock, 540,878 shares at October 3, 2021 and 746,258 shares at January 3, 2021
(42.0)(59.5)
Accumulated other comprehensive loss(460.8)(430.1)
Total Stockholders’ Equity7,416.6 3,228.6 
Total Liabilities and Stockholders’ Equity$14,447.5 $5,084.8 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In millions)
Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance, January 3, 2021$0.4 $389.9 $(59.5)$3,327.9 $(430.1)$3,228.6 
Net income   84.7  84.7 
Other comprehensive income, net of tax    5.2 5.2 
Treasury stock issued (9.3)9.3    
Stock-based compensation 7.0    7.0 
Exercise of stock options 10.8    10.8 
Balance, April 4, 20210.4 398.4 (50.2)3,412.6 (424.9)3,336.3 
Net income   64.7  64.7 
Other comprehensive income, net of tax    8.2 8.2 
Common stock issued0.1 3,889.6    3,889.7 
Treasury stock issued (4.1)4.1    
Stock-based compensation 8.4    8.4 
Exercise of stock options 5.1    5.1 
Balance, July 4, 20210.5 4,297.4 (46.1)3,477.3 (416.7)7,312.4 
Net income   134.1  134.1 
Other comprehensive loss, net of tax    (44.1)(44.1)
Treasury stock issued (4.1)4.1    
Stock-based compensation 8.7    8.7 
Exercise of stock options 5.5    5.5 
Balance, October 3, 2021$0.5 $4,307.5 $(42.0)$3,611.4 $(460.8)$7,416.6 
Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance, December 29, 2019$0.4 $360.5 $(96.4)$2,926.0 $(475.8)$2,714.7 
Net income— — — 82.2 — 82.2 
Other comprehensive loss, net of tax— — — — (63.7)(63.7)
Treasury stock issued— (9.4)9.4 — —  
Stock-based compensation— 9.6 — — — 9.6 
Exercise of stock options— 10.2 — — — 10.2 
Balance, March 29, 20200.4 370.9 (87.0)3,008.2 (539.5)2,753.0 
Net income— — — 93.7 — 93.7 
Other comprehensive income, net of tax— — — — 8.5 8.5 
Treasury stock issued— (19.4)19.4 — —  
Stock based compensation— 6.7 — — — 6.7 
Exercise of stock options— 18.0 — — — 18.0 
Balance, June 28, 20200.4 376.2 (67.6)3,101.9 (531.0)2,879.9 
Net income— — — 93.9 — 93.9 
Other comprehensive income, net of tax— — — — 44.2 44.2 
Treasury stock issued— (1.3)1.3 — —  
Stock-based compensation— 6.7 — — — 6.7 
Exercise of stock options— 1.3 — — — 1.3 
Balance, September 27, 2020$0.4 $382.9 $(66.3)$3,195.8 $(486.8)$3,026.0 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020
(Unaudited - Amounts in millions)
 Nine Months
 20212020
Operating Activities
Net income$283.5 $269.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and inventory step-up expense237.8 87.5 
Stock-based compensation25.0 23.0 
Bridge financing and debt extinguishment expense30.5  
Changes in operating assets and liabilities excluding the effect of business acquired:
Accounts receivable and unbilled receivables(103.0)8.7 
Inventories3.7 27.1 
Accounts payable59.8 (52.2)
Deferred and income taxes receivable/payable, net16.9 10.8 
Prepaid expenses and other assets19.9 (9.1)
Accrued expenses and other liabilities(65.4)11.1 
     Other operating, net20.3 5.8 
Net cash provided by operating activities529.0 382.5 
Investing Activities
Purchases of property, plant and equipment(67.6)(52.0)
Purchase of businesses, net of cash acquired(3,723.3)(29.0)
Other investing, net0.5 0.1 
Net cash used in investing activities(3,790.4)(80.9)
Financing Activities
Net payments on senior notes and other debt(796.6)(75.4)
Proceeds from other debt3,975.8  
Proceeds from exercise of stock options21.4 29.5 
Payments for bridge financing and debt extinguishment(30.5) 
Other financing, net(22.8) 
Net cash provided by (used in) financing activities3,147.3 (45.9)
Effect of exchange rate changes on cash(7.2)(0.7)
Change in cash and cash equivalents (121.3)255.0 
Cash and cash equivalents—beginning of period673.1 199.5 
Cash and cash equivalents—end of period$551.8 $454.5 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

TELEDYNE TECHNOLOGIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
October 3, 2021

Note 1. General
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (“Teledyne” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with generally accepted accounting principles in the United States (“GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne’s Annual Report on Form 10-K for the fiscal year ended January 3, 2021 (“2020 Form 10-K”).
In the opinion of Teledyne’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne’s consolidated financial position as of October 3, 2021 and the consolidated results of operations, consolidated comprehensive income for the third quarter and nine months ended October 3, 2021 and the consolidated cash flows for the nine months then ended. The results of operations and cash flows for the periods ended October 3, 2021 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current period presentation. The Company now discloses acquired intangible asset amortization on a separate income statement line. Acquired intangible asset amortization was previously included in selling, general and administrative expenses. In addition, the Company now discloses the balance of long-term deferred tax liabilities on the face of the balance sheet. Long-term deferred tax liabilities was previously included in other long-term liabilities.
Acquisition of FLIR Systems, Inc.
On May 14, 2021, the Company completed the acquisition of FLIR Systems, Inc. (“FLIR”), and the financial results of FLIR have been included since the date of the acquisition. See Note 2 to these Notes to Condensed Consolidated Financial Statements for information regarding the FLIR acquisition.
Cash Equivalents
Cash equivalents consist of highly liquid money-market mutual funds and bank deposits with maturities of three months or less when purchased. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets. Cash equivalents totaled $38.1 million at October 3, 2021 and $471.0 million at January 3, 2021.
Note 2. Business Combinations, Goodwill and Acquired Intangible Assets
Acquisition of FLIR Systems, Inc.
On May 14, 2021, Teledyne acquired the outstanding stock of FLIR for approximately $8.1 billion, comprising of net cash payments of $3.7 billion, net Teledyne share issuances of $3.9 billion, and the assumption of FLIR debt of $0.5 billion. FLIR stockholders received $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, and Teledyne issued approximately 9.5 million shares at $409.41 per share. See Note 10 to these Notes to Condensed Consolidated Financial Statements for information regarding financing activities undertaken in connection with the FLIR acquisition.
Founded in 1978, FLIR is an industrial technology company focused on intelligent sensing solutions for defense and industrial applications. FLIR offers a diversified portfolio that serves a number of applications in government and defense, industrial, and commercial markets. FLIR develops technologies that enhance perception and awareness. FLIR designs, develops, markets, and distributes solutions that detect people, objects and substances that may not be perceived by human senses and improve the way people interact with the world around them. FLIR technologies include thermal imaging systems, visible-light imaging systems, locater systems, measurement and diagnostic systems, and advanced threat-detection solutions. FLIR is part of the Digital Imaging segment.
The primary reasons for the FLIR acquisition were as follows:
the synergies in merging with a business that has the same core business model based on proprietary sensor technologies, but with different products and markets;
the opportunity to add new and complementary products with FLIR’s products based on different semiconductor technologies for imaging across different wavelengths than Teledyne products, and the opportunity to serve different customers and applications, with minimal overlapping technologies and markets;
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the expectation of combining two businesses that both provide sensors, cameras and sensor systems to customers and both business portfolios being balanced among commercial and government markets and geographies, but with Teledyne primarily producing extremely high-performance infrared detectors used for astronomy and space-based imaging applications compared to FLIR’s products focused on helicopters to soldiers to firefighters throughout commercial tomography and automotive advanced driver systems;
the opportunity to add FLIR’s suite of imaging sensor products based on different semiconductor technologies for different wavelengths to Teledyne’s offerings;
The significant factors that resulted in recognition of goodwill were: (a) the purchase price was based on cash flow and return on capital projections assuming integration with our businesses and (b) the calculation of the fair value of tangible and intangible assets acquired that qualified for recognition. Goodwill resulting from the FLIR acquisition will not be deductible for tax purposes.
The following table presents the preliminary purchase price allocation for FLIR. We are accounting for the FLIR acquisition under the acquisition method and are required to measure identifiable assets acquired and liabilities assumed of the acquiree at the fair values on the closing date. The Company made an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. As of October 3, 2021, the measurement period (not to exceed one year) is open; therefore, the assets acquired and liabilities assumed related to the FLIR acquisition are subject to adjustment until the end of the respective measurement period. The Company is in 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 Company is in the process of obtaining a third-party valuation of certain intangible assets and tangible assets of FLIR. The fair values of acquired intangibles are determined based on estimates and assumptions that are deemed reasonable by the Company. The amounts recorded as of October 3, 2021 are preliminary since there was insufficient time between the acquisition date and the end of the period to finalize the analysis.
Fair values allocated to the assets acquired and liabilities assumed - FLIR (in millions):
Cash and cash equivalents$287.7 
Accounts receivables, net240.2 
Unbilled receivables, net72.2 
Inventories, net556.4 
Prepaid expenses and other current assets106.1 
Total current assets1,262.6 
Property, plant and equipment391.7 
Goodwill5,795.0 
Acquired intangible assets2,400.0 
Other long-term assets131.4 
Total assets acquired$9,980.7 
Accounts payable144.6 
Accrued liabilities601.5 
Total current liabilities assumed746.1 
Long-term debt, net496.8 
Long-term deferred tax liabilities647.5 
Other long-term liabilities181.7 
Total liabilities assumed2,072.1 
Consideration transferred$7,908.6 
Consideration transferred, net of cash acquired (a)$7,620.9 
(a)     The consideration transferred 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.


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During fiscal year 2018, the Swedish Tax Authority (“STA”) issued a reassessment of tax for the year ending December 31, 2012 to one of FLIR’s non-operating subsidiaries in Sweden. The total taxes, penalties and interest levied by the STA totals SEK 3.1 billion ($351.5 million USD). The reassessment concerns the use of tax credits applied against capital gains pursuant to European Union Council Directive 2009/133/EC, commonly referred to as the EU Merger Directive, and the reassessment levied significant taxes and penalties. In March 2020, FLIR received an adverse judgment from the First Instance Court of Sweden regarding the STA’s reassessment. FLIR appealed the decision to the Administrative Court of Appeal in Stockholm, Sweden (the “ Appellate Court”). After completing an extensive analysis, including consultation with outside specialists, Teledyne recorded a liability for this uncertain tax position that reflects the most likely outcome for this tax matter under the acquisition method for business combinations in the third quarter of 2021, which is included within Accrued Liabilities on the Condensed Consolidated Balance Sheet. Subsequently, the Appellate Court hearing was held on September 15, 2021 and in the subsequent weeks ending on October 22, 2021, the STA and Teledyne submitted additional arguments in writing, including closing arguments. An adverse tax ruling by the Appellate Court related to a pre-acquisition assessment by the STA against a FLIR subsidiary would materially impact our cash flow.
The Company is in the process of reviewing and identifying acquisition accounting adjustments for a number of acquired tax positions of FLIR that may meet the definition of an acquired uncertain tax position. In addition to the STA matter described above, the Company has preliminarily recorded $51.2 million of provisional purchase accounting adjustments for the accrual of other uncertain tax positions of FLIR. These amounts are included within other Long-Term Liabilities on the Condensed Consolidated Balance Sheet. These preliminary estimates are subject to change as the Company obtains additional information on these matters and as additional information is made known during the post-acquisition measurement period. The final acquisition accounting adjustments for these tax matter may be materially different, as Teledyne obtains additional information on this matter and as additional information is made known during the post-acquisition measurement period.
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 made in 2021 (dollars in millions):
Intangibles subject to amortization:(a)Intangible AssetsWeighted average useful life in years
Proprietary technology$1,412.0 10.0
Customer list/relationships380.0 12.0
Backlog8.0 0.8
Total intangibles subject to amortization1,800.0 10.4
Intangibles not subject to amortization:(a)
Trademarks600.0 
Total acquired intangible assets$2,400.0 
a)     The amounts recorded as of October 3, 2021 are preliminary since there was insufficient time between the acquisition date and the end of the period to finalize the analysis.
With significant operations in the United States, Europe and Canada, FLIR had sales of approximately $1,932.7 million for its fiscal year ended December 31, 2020. FLIR’s results have been included since the date of the acquisition and include $775.0 million in net sales and operating income of $56.6 million, which included $152.5 million in acquisition-related costs for the nine months ended October 3, 2021. The third quarter of 2021, includes $473.6 million in net sales and operating income of $35.2 million, which included $82.3 million in acquisition-related costs.
In connection with the FLIR acquisition, in the third quarter of 2021, Teledyne incurred pretax expenses of $82.6 million, consisting of $45.6 million in acquired intangible asset amortization expense, $35.2 million in acquired inventory step-up expense, recorded to cost of sales and $1.8 million of transaction and integration-related costs, recorded to selling, general and administrative expenses. Of these amounts, $82.3 million impacted Digital Imaging segment’s operating income. In the first nine months of 2021, Teledyne incurred pretax expenses of $259.8 million, consisting of $68.4 million in acquired intangible asset amortization expense, $58.9 million recorded to cost of sales, primarily in acquired inventory step-up expense, and $101.9 million of transaction and integration-related costs, recorded to selling, general and administrative expenses and $30.6 million was recorded to interest and debt expense. Of these amounts, $152.5 million impacted the Digital Imaging segment’s operating income and $76.7 million of transaction and integration-related costs impacted corporate expense.
The unaudited proforma information below, as required by GAAP, assumes that FLIR had been acquired at the beginning of the 2020 fiscal year and includes the effect of transaction accounting adjustments. These adjustments include the financing costs associated with debt to fund the acquisition, amortization of acquired intangible assets, depreciation of the fair value step-up of acquired property, plant and equipment, and amortization of inventory fair value step-up (assumed to be fully amortized in 2020) as well as the issuance of Teledyne common stock in connection with the acquisition. These costs are considered non-recurring costs that were necessary to complete the acquisition and are included in the unaudited pro forma condensed combined statement of operations.

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This unaudited proforma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have resulted had the acquisition been in effect at the beginning of the 2020 fiscal year. In addition, the unaudited proforma results are not intended to be a projection of future results and do not reflect any operating efficiencies or cost savings that might be achievable.
The following table presents proforma net sales, net income and earnings per share data assuming FLIR was acquired at the beginning of the 2020 fiscal year:
Third Quarter (a)Nine Months (a)
(unaudited - in millions, except per share amounts)2021202020212020
Net sales$1,311.9 $1,215.5 $3,859.9 $3,676.3 
Net income$164.3 $99.7 $356.8 $218.4 
Basic earnings per common share$3.53 $2.15 $8.50 $4.73 
Diluted earnings per common share$3.44 $2.11 $8.28 $4.62 
(a) The above unaudited proforma information is presented for the FLIR acquisition as it is considered a material acquisition.
Acquisition of the OakGate Technology, Inc.
On January 5, 2020, we acquired OakGate Technology, Inc. (“OakGate”) for $28.5 million in cash, net of cash acquired. Based in Loomis, California, OakGate provides software and hardware designed to test electronic data storage devices from development through manufacturing and end-use applications. OakGate is part of the Test and Measurement product line of the Instrumentation segment. Teledyne funded the acquisition with cash on hand. The results of the OakGate acquisition have been included in Teledyne’s results since the date of the acquisition. Goodwill resulting from the acquisition of OakGate is not deductible for tax purposes.
Goodwill and Acquired Intangible Assets
Teledyne’s goodwill was $7,899.5 million at October 3, 2021 and $2,150.0 million at January 3, 2021. The increase in the balance of goodwill in 2021 related primarily to goodwill recognized in the FLIR acquisition. Teledyne’s net acquired intangible assets were $2,705.2 million at October 3, 2021 and $409.7 million at January 3, 2021. The increase in the balance of net acquired intangible assets primarily reflected the acquired intangible assets acquired in the FLIR acquisition.
Acquired intangible assets are summarized as follows:
October 3, 2021January 3, 2021
Acquired intangible assets (in millions):
Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Proprietary technology$1,826.6 $315.5 $1,511.1 $420.3 $242.7 $177.6 
Customer list/relationships547.0 130.9 416.1 168.3 112.8 55.5 
Patents0.6 0.6  0.7 0.7  
Non-compete agreements0.9 0.9  0.9 0.9  
Trademarks4.5 3.8 0.7 4.5 3.6 0.9 
Backlog24.3 20.0 4.3 16.5 16.5  
Total intangibles subject to amortization2,403.9 471.7 1,932.2 611.2 377.2 234.0 
Intangibles not subject to amortization:
Trademarks773.0  773.0 175.7 — 175.7 
Total acquired intangible assets$3,176.9 $471.7 $2,705.2 $786.9 $377.2 $409.7 


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Note 3. Accumulated Other Comprehensive Loss
The changes in AOCI by component, net of tax, for the third quarter and nine months ended October 3, 2021 and September 27, 2020 are as follows (in millions):
Foreign Currency TranslationCash Flow Hedges and OtherPension and Postretirement BenefitsTotal
Balance as of July 4, 2021$(80.4)$2.7 $