e11vk
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2010
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________________ to ____________________
Commission file number 1-15295
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A. |
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Full title of the plan and the address of the plan, if different from that of
the issuer named below: |
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TELEDYNE TECHNOLOGIES INCORPORATED 401(K) PLAN
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B. |
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Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office: |
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TELEDYNE TECHNOLOGIES INCORPORATED
1049 Camino Dos Rios
Thousand Oaks, California 91360-2362
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Financial Statements and
Supplemental Schedule
Teledyne
Technologies Incorporated 401(k) Plan
Year Ended December 31, 2010
With Report of Independent Registered Public
Accounting Firm
Teledyne Technologies Incorporated 401(k) Plan
Financial Statements
and Supplemental Schedule
Year Ended December 31, 2010
Contents
Report of Independent Registered Public Accounting Firm
Teledyne Technologies Incorporated
As Plan Administrator of the Teledyne Technologies Incorporated 401(k) Plan
We have audited the accompanying statements of net assets available for benefits of Teledyne
Technologies Incorporated 401(k) Plan as of December 31, 2010 and 2009, and the related statement
of changes in net assets available for benefits for the year ended December 31, 2010. These
financial statements are the responsibility of the Plans management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. We
were not engaged to perform an audit of the Plans internal control over financial reporting. Our
audits included consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Plans internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31, 2010 and 2009, and the
changes in its net assets available for benefits for the year ended December 31, 2010, in
conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken
as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December
31, 2010 is presented for purposes of additional analysis and is not a required part of the
financial statements but is supplementary information required by the Department of Labors Rules
and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. This supplemental schedule is the responsibility of the Plans management. The supplemental
schedule has been subjected to the auditing procedures applied in our audits of the financial
statements and, in our opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.
/s/ Ernst & Young LLP
Los Angeles, California
June 28, 2011
1
Teledyne Technologies Incorporated 401(k) Plan
Statements of Net Assets Available for Benefits
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December 31 |
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2010 |
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2009 |
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(In thousands) |
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Assets |
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Investments, at fair value |
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$ |
465,509 |
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$ |
400,145 |
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Notes receivable from participants |
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11,073 |
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10,280 |
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Other receivables |
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72 |
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Total assets |
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476,582 |
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410,497 |
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Liabilities |
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Other liabilities |
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105 |
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378 |
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Total liabilities |
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105 |
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378 |
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Net assets reflecting investments at fair value |
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476,477 |
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410,119 |
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Adjustment from fair value to contract value for fully
benefit-responsive investment contracts |
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(108 |
) |
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226 |
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Net assets available for benefits |
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$ |
476,369 |
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$ |
410,345 |
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See accompanying notes.
2
Teledyne Technologies Incorporated 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2010
(In thousands)
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Additions (deductions): |
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Contributions: |
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Employee |
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$ |
32,180 |
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Employer, net of forfeitures |
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7,426 |
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Rollover |
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4,071 |
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Total contributions |
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43,677 |
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Investment income: |
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Interest and dividend income |
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6,537 |
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Net appreciation in fair value of investments |
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45,732 |
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Net investment income |
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52,269 |
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Interest income from notes receivable from participants |
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9 |
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Distributions to participants |
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(29,883 |
) |
Administrative and other expenses |
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(48 |
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Net increase |
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66,024 |
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Net assets available for benefits: |
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Beginning of year |
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410,345 |
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End of year |
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$ |
476,369 |
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See accompanying notes.
3
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements
December 31, 2010
1. Description of the Plan
General
The Teledyne Technologies Incorporated 401(k) Plan (the Plan) is a defined contribution plan
available to eligible U.S. domestic employees of Teledyne Technologies Incorporated (Plan Sponsor)
and certain subsidiaries (collectively, Teledyne or the Company). The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plan was
adopted and effective on April 1, 2000. For a more complete description of the Plans provisions
please refer to the Plan document.
Contributions
Participants can defer between 1% and 50% (highly compensated employees between 1% and 15%),
subject to internal Revenue Code limitations, of their eligible wages and contribute them to the
Plan. An employee who first becomes an eligible employee on or after January 1, 2011 shall be
deemed to have elected to contribute 3% of eligible wages from each periodic payment of eligible
wages unless or until such deemed election is revoked. Employees become eligible for Company
matching contributions following 90 days of service or unless expressly provided by the terms of an
acquisition/sales agreement. The Company will match 50% of qualifying employee contributions up to
a maximum of $1,000 annually for each participant. Employees who are not eligible to accrue a
benefit under the Teledyne Technologies Incorporated Pension Plan are not subject to the $1,000
maximum matching contribution cap, and instead will have maximum matching contributions of 50% of
the first 6% of qualifying employee contributions, provided that total matching contributions do
not exceed 3% of the compensation for any plan year. Employees hired after February 1, 1993, who
are members of Local 12 of the United Automobile Aerospace and Agricultural Implement Workers of
America and have completed their respective probation periods under the collective bargaining
agreement will receive a $250 Company contribution or $375 on or after September 22, 2010 in
addition to a Company match of 50% of qualifying employee contributions up to a maximum of $250
annually or $375 on or after September 22, 2010 for each participant. Former employees of the
Rockwell Scientific Company hired before January 1, 2008 will receive a Company match of 50% of the
first 8% of qualifying employee contributions.
4
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Participant Accounts
Separate accounts are maintained by the recordkeeper for each participant. Each participant may
direct their account balance into one or more investment options offered by the Plan or a
self-directed brokerage link investment option. The self-directed brokerage link investment option
allows the participant to direct contributions to be invested in any investment permitted under the
Plan, including mutual funds, common stock and bonds. Asset management fees charged for the
administration of all funds are charged against net assets available for benefits of the respective
fund.
Vesting
Participants who are eligible to accrue a benefit under the Teledyne Technologies Incorporated
Pension Plan are 100% vested in their 401(k) Plan contributions, Company matching contributions and
all earnings thereon. Participants who are not eligible to accrue a benefit under the Teledyne
Technologies Incorporated Pension Plan will at all times have a 100% vested interest in his or her
accounts, except for the Company Match Account and all earnings thereon which follows a five-year
annual vesting schedule. Former employees of the Rockwell Scientific Company hired before January
1, 2008 will have their Company Match Account and all earnings thereon follow a three-year annual
vesting schedule.
Participant Loans
Active employees can borrow up to 50% of their vested account balances. The loan amounts are
further limited to a minimum of $500 and a maximum of $50,000, and an employee can have no more
than one loan outstanding at any given time. Interest rates are determined based on commercially
accepted criteria, and payment schedules vary based on the type of loan. Loans may be paid in full
or in part at any time. Loans are repayable over periods of up to five years (15 years for loans to
purchase the participants primary residence). Payments are generally made through payroll
deductions.
The Plan has several participant loans that have an initial term of greater than 15 years. These
participant loans became part of the Plan in connection with rollover balances from an acquisition
of a business made in 2008.
5
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Plan Termination
In the event that the Plan is terminated, or the Plan Sponsor permanently discontinues making
contributions, all amounts credited to the accounts of affected participants will be distributed to
participants as defined in the Plan document under the provisions of ERISA.
Withdrawals and Distributions
The Plan allows for participants to make withdrawals from the Plan upon reaching age 591/2.
Additionally, the value of participants contributions and the value of all Company matching
contributions are payable to participants upon death, disability, retirement or upon termination of
employment with the Company. At the participants election, payment may be made in cash, as a
single lump sum, or in installments. In addition, employees who rolled their funds over as a result
of the Reynolds Industries, Incorporated acquisition and have at least 20 years of service may make
a withdrawal of their pre-tax Company matching contributions and all earnings thereon.
Administrative Expenses
The Company pays administrative expenses, which include recordkeeping and trustee fees as well as
expenses incurred in administering the Plan. Participants pay loan origination and servicing fees.
2. Significant Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan have been prepared on an accrual basis.
New Accounting Pronouncements
Fair Value Disclosures. In January 2010, the Financial Accounting Standards Board (FASB) issued
guidance which expanded the required disclosures about fair value measurements. In particular, this
guidance requires (i) separate disclosure of the amounts of significant transfers in and out of
Level 1 and Level 2 fair value measurements along with the reasons for such transfers, (ii)
information about purchases, sales, issuances and settlements to be presented separately in the
reconciliation for Level 3 fair value measurements, (iii) fair value measurement disclosures for
each class of assets and liabilities, and (iv) disclosures about the valuation techniques and
inputs used to measure fair value for both recurring and nonrecurring fair value measurements for
fair value measurements that fall in either Level 2 or Level 3. This guidance is effective for
6
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements (continued)
2. Significant Accounting Policies (continued)
annual reporting periods beginning after December 15, 2009 except for (ii) above which is effective
for fiscal years beginning after December 15, 2010. Adoption of guidance did not materially affect
the Plans financial statements.
In September 2010, the FASB issued Accounting Standards Update 2010-25, Reporting Loans to
Participants by Defined Contribution Pension Plans, (ASU 2010-25). ASU 2010-25 requires participant
loans to be measured at their unpaid principal balance plus any accrued but unpaid interest and
classified as notes receivable from participants. Previously loans were measured at fair value and
classified as investments. ASU 2010-25 is effective for fiscal years ending after December 15, 2010
and is required to be applied retrospectively. Adoption of ASU 2010-25 did not change the value of
participant loans from the amount previously reported as of December 31, 2009. Participant loans
have been reclassified to notes receivable from participants as of December 31, 2009.
In May 2011, the FASB issued Accounting Standards Update 2011-04, Amendments to Achieve Common Fair
Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS, (ASU 2011-04). ASU 2011-04
amended Accounting Standards Codification 820, Fair Value Measurements and Disclosures (ASC
820), to converge the fair value measurement guidance in US generally accepted accounting
principles (GAAP) and International Financial Reporting Standards (IFRS). Some of the amendments
clarify the application of existing fair value measurement requirements, while other amendments
change a particular principle in ASC 820. In addition, ASU 2011-04 requires additional fair value
disclosures. The amendments are to be applied prospectively and are effective for annual periods
beginning after December 15, 2011. Plan management is currently evaluating the effect that the
provisions of ASU 2011-04 will have on the Plans financial statements.
Valuation of Investments
The Plans investments are stated at fair value.
In accordance with U.S. generally accepted accounting principles, investment contracts held by a
defined contribution plan are required to be reported at fair value. However, contract value is the
relevant measurement attribute for that portion of the net assets available for benefits of a
defined contribution plan attributable to fully benefit-responsive investment contracts, because
contract value is the amount participants would receive if they were to initiate permitted
transactions under the terms of the Plan. During 2007, the Plan began to invest in fully
benefit-responsive investment contracts through a common collective trust, Fidelity Managed Income
Portfolio (MIP). The statements of net assets available for benefits present the fair value of the
Fidelity MIP and the adjustment from fair value to contract value. The fair value of the Plans
interest in the Fidelity MIP is based on the net asset value determined by Fidelity Management
Trust Company, the trustee of the Plan, and is based on the fair value of the underlying investment
contracts and quoted redemption values on the last business day of the Plans year-end. The
contract value of
7
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements (continued)
2. Significant Accounting Policies (continued)
the Fidelity MIP represents contributions plus earnings, less participant withdrawals and
administrative expenses, transacted at the funds adjusted net asset value.
Participant-directed redemptions have no restrictions; however, the Plan is required to provide a
one-year redemption notice to liquidate its entire share in the Fidelity MIP.
The following is a description of the valuation methodologies used for assets measured at fair
value. There have been no changes in the methodologies used at December 31, 2010 and 2009.
Fidelity Mutual Funds: Valued at the net asset value of shares held by the Plan at year-end.
Non-Fidelity Mutual Funds: Valued at the net asset value of shares held by the Plan at year-end.
Fidelity Lifecycle Funds: Valued at the net asset value of shares held by the Plan at year-end.
Self Directed Brokerage Link: Valued at quoted market prices in an active market on the last
business day of the Plan year,
Teledyne Technologies Common Stock: The Teledyne Technologies Common Stock Fund is a unitized
separate account comprised of common stock of Teledyne Technologies and short-term cash
investments. The unit value of the fund is derived from the fair value of the common stock based on
quoted market prices in an active market and the short-term cash investments. The fund is valued at
the closing price reported on the active market on which the individual securities are traded.
Common collective trust funds: These funds include both money market funds and the Fidelity MIP.
These funds are valued at the net asset value of shares held by the Plan at year-end. The fair
value of the Fidelity MIP is based on the fair value of the underlying investment contracts and
quoted redemption values of other securities on the last business day of the plans year-end as
reported by the issuer of the fund. The fair value of fully-benefit responsive investment contracts
included in the Fidelity MIP is calculated using a discounted cash flow model which considers
recent fee bids as determined by recognized dealers, discount rate and the duration of the
underlying portfolio securities.
While the Plan believes its valuation methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair value of
certain financial instruments could result in a different fair value measurement at the reporting
date,
In accordance with U.S., generally accepted accounting principles, each of the Plans fair value
measurements are categorized using a fair value hierarchy that prioritizes the inputs to valuation
8
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements (continued)
2. Significant Accounting Policies (continued)
techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level l measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value
hierarchy are described below:
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Level 1 |
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Inputs to the valuation methodology are unadjusted quoted prices for identical
assets or liabilities in active markets that the Plan has the ability to access. |
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Level 2 |
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Inputs to the valuation methodology include: |
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Quoted prices for similar assets or liabilities in active markets; |
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Quoted prices for identical or similar assets or liabilities in inactive markets; |
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Inputs other than quoted prices that are observable for the asset or liability; |
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Inputs that are derived principally from or corroborated by observable market data by
correlation or other means. |
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable
for substantially the full term of the asset or liability.
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Level 3 |
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Inputs to the valuation methodology are unobservable and significant to the fair
value measurement. |
The assets or liabilitys fair value measurement level within the fair value hierarchy is based on
the lowest level of any input that is significant to the fair value measurement. Valuation
techniques used need to maximize the use of observable inputs and minimize the use of unobservable
inputs.
9
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements (continued)
2. Significant Accounting Policies (continued)
The following table sets forth by level, within the fair value hierarchy, the Plans assets at fair
values as of December 31, 2010 and 2009, respectively (in thousands):
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2010 |
|
|
|
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Description of Investment |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Mutual funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Blended |
|
$ |
98,583 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
98,583 |
|
Bonds |
|
|
81,787 |
|
|
|
|
|
|
|
|
|
|
|
81,787 |
|
Domestic equity |
|
|
211,613 |
|
|
|
|
|
|
|
|
|
|
|
211,613 |
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International equity |
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|
28,380 |
|
|
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|
|
|
|
|
|
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|
28,380 |
|
Brokerage link |
|
|
9,014 |
|
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|
|
|
|
|
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|
9,014 |
|
Common collective trusts |
|
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|
|
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|
13,313 |
|
|
|
|
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|
13,313 |
|
Teledyne Technologies
Incorporated Common
Stock Fund |
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|
22,819 |
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22,819 |
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$ |
452,196 |
|
|
$ |
13,313 |
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$ |
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$ |
465,509 |
|
|
|
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|
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|
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2009 |
|
|
|
|
|
|
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|
|
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Description of Investment |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Mutual funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blended |
|
$ |
78,636 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
78,636 |
|
Bonds |
|
|
82,011 |
|
|
|
|
|
|
|
|
|
|
|
82,011 |
|
Domestic equity |
|
|
172,627 |
|
|
|
|
|
|
|
|
|
|
|
172,627 |
|
International equity |
|
|
27,147 |
|
|
|
|
|
|
|
|
|
|
|
27,147 |
|
Brokerage link |
|
|
6,943 |
|
|
|
|
|
|
|
|
|
|
|
6,943 |
|
Common collective trusts |
|
|
|
|
|
|
12,177 |
|
|
|
|
|
|
|
12,177 |
|
Teledyne Technologies
Incorporated Common Stock
Fund |
|
|
20,604 |
|
|
|
|
|
|
|
|
|
|
|
20,604 |
|
|
|
|
|
|
$ |
387,968 |
|
|
$ |
12,177 |
|
|
$ |
|
|
|
$ |
400,145 |
|
|
|
|
Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the
ex-dividend date.
Investment securities are exposed to various risks such as interest rate, market and credit. Due to
the level of risk associated with certain investment securities and the level of uncertainty
related to changes in the value of investment securities, it is at least reasonably possible that
changes in risks in the near term could have a material effect on participants account balances
and the amounts reported in the financial statements.
10
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements (continued)
2. Significant Accounting Policies (continued)
Notes Receivable from Participants
Notes receivable from participants represent participant loans that are recorded at their unpaid
principal balance plus any accrued but unpaid interest. Interest income on notes receivable from
participants is recorded when it is earned. Related fees are recorded as administrative expenses
and are expensed when they are incurred. No allowance for credit losses has been recorded as of
December 31, 2010 or 2009. If a participant ceases to make loan repayments and the plan
administrator deems the participant loan to be a distribution, the participant loan balance is
reduced and a benefit payment is recorded.
Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the amounts reported
in the financial statements and accompanying notes. Actual results could differ from those
estimates.
3. Investments
Plan participants can invest their contributions and any Company matching contributions in any or
all of the investment programs managed by the Plans trustee. The Plans investments are held by
Fidelity Management Trust Company (Fidelity), the trustee. One of the investment options offered
through Fidelity is the Fidelity Brokerage Link Account, which enables a participant to invest in
individual common stocks, preferred stocks, mutual funds, corporate bonds, Fidelity funds, and
short-term investments as stipulated in the Plan document. The Plan does not guarantee any rates of
return or investment results.
The following presents investments that represent 5% or more of the Plans net assets at December
31, 2010 and 2009 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
|
|
Fidelity Fund K |
|
$ |
52,513 |
|
|
$ |
48,028 |
|
Fidelity Growth Company Fund K |
|
|
37,819 |
|
|
|
31,610 |
|
Fidelity Diversified International Fund |
|
|
28,380 |
|
|
|
27,147 |
|
Fidelity Freedom K 2020 Fund |
|
|
34,901 |
|
|
|
30,987 |
|
Fidelity Retirement Money Market Portfolio |
|
|
46,576 |
|
|
|
46,052 |
|
Fidelity U.S. Bond Index Fund |
|
|
35,211 |
|
|
|
33,495 |
|
Teledyne Technologies Incorporated Common Stock |
|
|
* |
|
|
|
20,604 |
|
Fidelity Mid-Cap Stock Fund |
|
|
24,013 |
|
|
|
* |
|
|
|
|
* |
|
Investment balance represents less than 5% of the Plans net assets. |
11
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements (continued)
3. Investments (continued)
During 2010, the Plans investments (including investments purchased, sold, and held during the
period) appreciated in fair value as follows (in thousands):
|
|
|
|
|
Mutual funds |
|
$ |
41,775 |
|
Common stock |
|
|
3,036 |
|
Brokerage link (primarily common stock) |
|
|
921 |
|
|
|
|
|
|
|
$ |
45,732 |
|
|
|
|
|
4. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service (IRS) dated December
23, 2002, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the
Code) and, therefore, the related trust is exempt from taxation. Subsequent to this determination
by the IRS, the Plan was amended and restated. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The plan administrator believes the Plan is
being operated in compliance with the applicable requirements of the Code, and therefore, believes
that the Plan, as amended and restated, is qualified and the related trust is tax exempt.
Accounting principles generally accepted in the United States require plan management to evaluate
uncertain tax positions taken by the Plan. The financial statement effects of a tax position are
recognized when the position is more likely than not, based on the technical merits, to be
sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken
by the Plan, and has concluded that as of December 31, 2010, there are no uncertain positions taken
or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax
positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are
currently no audits for any tax periods in progress. The plan administrator believes it is no
longer subject to income tax examinations for years prior to 2007.
5. Parties-in-Interest
During 2010, the Plan invested in mutual funds and common collective trust funds managed by
Fidelity. There were no trustee and investment fees paid by the Plan in 2010.
One of the investment options available to participants is the Teledyne Technologies Incorporated
Stock Fund that included 483,252 and 499,516 shares of Teledyne Technologies Incorporated common
stock at December 31, 2010 and 2009, respectively.
12
Teledyne Technologies Incorporated 401(k) Plan
Notes to Financial Statements (continued)
6. Differences Between Financial Statements and Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements
to the Form 5500 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31 |
|
|
|
2010 |
|
|
2009 |
|
|
|
|
Net assets available for benefits per the financial
statements |
|
$ |
476,369 |
|
|
$ |
410,345 |
|
Less: Adjustment from fair value to contract value
for fully benefit-responsive investment contracts |
|
|
108 |
|
|
|
(226 |
) |
|
|
|
Net assets available for benefits per the Form 5500 |
|
$ |
476,477 |
|
|
$ |
410,119 |
|
|
|
|
The following is a reconciliation of net increase per the financial statements to net income on the
Form 5500 for the year ended December 31, 2010 (in thousands):
|
|
|
|
|
Net increase per the financial statements |
|
$ |
66,024 |
|
Add: Adjustment from fair value to contract value for fully
benefit-responsive investment contracts |
|
|
334 |
|
|
|
|
|
Net income per the Form 5500 |
|
$ |
66,358 |
|
|
|
|
|
7. Subsequent Event
In July 2010, Teledyne acquired Intelek plc. In January 2011, net assets of $2.6 million related
to a 401(k) of a U.S. based subsidiary of Intelek plc were transferred into the Plan.
13
Teledyne Technologies Incorporated 401(k) Plan
EIN: 25-1843385 Plan Number: 002
Schedule H, Line 4(i) Schedule of Assets (Held at End of Year)
December 31, 2010
(In thousands, except for unit/share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description of Investment |
|
|
|
|
|
|
|
Including Maturity Date, Rate |
|
|
|
Identity of Issue, Borrower, |
|
of Interest, Collateral, Par, |
|
|
|
Lessor or Similar Party |
|
or Maturity Value |
|
Current Value |
|
Fidelity* |
|
Fidelity Fund |
|
$ |
52,513 |
|
Fidelity* |
|
Growth Company Fund K |
|
|
37,819 |
|
Fidelity* |
|
Value Fund |
|
|
17,870 |
|
Fidelity* |
|
Capital Appreciation Fund |
|
|
13,307 |
|
Fidelity* |
|
Diversified International Fund |
|
|
28,380 |
|
Fidelity* |
|
Mid-Cap Stock Fund |
|
|
24,013 |
|
Fidelity* |
|
Large Cap Stock Fund |
|
|
11,629 |
|
Fidelity* |
|
Freedom K Income Fund |
|
|
3,018 |
|
Fidelity* |
|
Freedom 2000 Fund |
|
|
1,373 |
|
Fidelity* |
|
Freedom 2005 Fund |
|
|
896 |
|
Fidelity* |
|
Freedom 2010 Fund |
|
|
12,912 |
|
Fidelity* |
|
Freedom 2015 Fund |
|
|
7,709 |
|
Fidelity* |
|
Freedom 2020 Fund |
|
|
34,901 |
|
Fidelity* |
|
Freedom 2025 Fund |
|
|
7,260 |
|
Fidelity* |
|
Freedom 2030 Fund |
|
|
21,118 |
|
Fidelity* |
|
Freedom 2035 Fund |
|
|
3,029 |
|
Fidelity* |
|
Freedom 2040 Fund |
|
|
4,836 |
|
Fidelity* |
|
Freedom 2045 Fund |
|
|
716 |
|
Fidelity* |
|
Freedom 2050 Fund |
|
|
815 |
|
Fidelity* |
|
Retirement Money Market Portfolio |
|
|
46,576 |
|
Fidelity* |
|
U.S. Bond Index Fund |
|
|
35,211 |
|
Fidelity* |
|
Brokerage Link |
|
|
9,014 |
|
Fidelity* |
|
Managed Income Portfolio |
|
|
13,313 |
|
Morgan Stanley Institutional |
|
Small Company Growth Fund |
|
|
5,413 |
|
Wells Fargo Advantage |
|
Small Cap Value Fund |
|
|
21,418 |
|
Van Kampen |
|
Growth & Income A Fund |
|
|
8,478 |
|
Spartan* |
|
U.S. Equity Index |
|
|
9,631 |
|
Spartan* |
|
Extended Market Index |
|
|
2,673 |
|
PIMCO |
|
Total Return Adm |
|
|
5,775 |
|
Perkins |
|
Mid-Cap Value |
|
|
1,074 |
|
Teledyne Technologies Incorporated* |
|
Common stock, 483,252 shares |
|
|
22,819 |
|
Participant loans* |
|
With interest rates ranging from
3.25% to 11% and maturity
dates through 2036 |
|
|
11,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
476,582 |
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Party-in-interest as defined by ERISA |
15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrative
Committee that administers the Plan has duly caused this Annual Report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: June 28, 2011
|
|
|
|
|
|
TELEDYNE TECHNOLOGIES INCORPORATED 401(K) PLAN
Plan Administrative Committee
|
|
|
By: |
/s/Robyn E. McGowan
|
|
|
|
Member |
|
|
|
|
|
|
16