Teledyne Technologies (TDY) DEF 14A9 Mar 23Definitive proxyFinancial data

Company Profile

Cover

Cover	12 Months Ended
Cover	Jan. 01, 2023
Document Information [Line Items]
Document Type	DEF 14A
Amendment Flag	false
Entity Information [Line Items]
Entity Registrant Name	TELEDYNE TECHNOLOGIES INCORPORATED
Entity Central Index Key	0001094285

Pay vs Performance Disclosure

Pay vs Performance Disclosure Unit_pure in Millions	12 Months Ended
Pay vs Performance Disclosure Unit_pure in Millions	Jan. 01, 2023 USD ($)	Jan. 02, 2022 USD ($)	Jan. 03, 2021 USD ($)
Pay vs Performance Disclosure [Table]
Pay vs Performance [Table Text Block]	Pay Versus Performance As required by rules and regulations of the SEC, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the pay-for-performance Executive Compensation — Compensation Discussion and Analysis Year Summary 1 Summary 1 Compensation 2 Compensation 2 Average Non-PEO 3 Average Non-PEO 4 Value of Initial Net 7 Adjusted (millions) 8 Total 5 Peer 6 (a) (b)(1) (b)(2) (c)(1) (c)(2) (d) (e) (f) (g) (h) (i) 2022 $8,397,536 n/a $8,550,639 n/a $1,977,431 $2,015,191 $115 $127 $788.6 1,082.7 2021 $6,567,058 $2,604,456 $5,663,068 $3,058,410 $2,080,593 $2,124,234 $126 $136 $445.3 1,049.4 2020 $4,699,584 n/a $5,816,819 n/a $3,499,689 $4,022,974 $113 $111 $401.9 490.5 1 During 2021, both Dr. Mehrabian Aldo Pichelli 2 The dollar amounts reported in column (c)(1) represent the amount of “compensation actually paid” to the first PEO (Dr. Mehrabian for 2020 and 2021 and Mr. Pichelli for 2020), as computed in accordance with SEC rules. The dollar amounts reported in column (c)(2) represent the amount of “compensation actually paid” to the second PEO for 2021 (Mr. Pichelli), as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the PEO during the applicable year. The following adjustments were made to the PEO’s total compensation for each applicable year to determine the compensation actually paid in accordance with SEC rules: First PEO: Year Reported Reported Value Awards (a) Equity Adjustments (b) Reported (c) Pension Benefit (d) Compensation 2022 $8,397,536 ($5,820,636) $5,973,739 — — $8,550,639 2021 $6,567,058 ($2,301,577) $2,823,391 ($1,425,804) — $5,663,068 2020 $4,699,584 ($1,489,002) $2,776,241 ($ 170,004) — $5,816,819 Second PEO: Year Reported Reported Value Awards (a) Equity Award Adjustments (b) Reported (c) Pension Benefit (d) Compensation 2021 $2,604,456 ($704,002) $1,157,956 — — $3,058,410 (a) The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. (b) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following for the first PEO and the second PEO (for 2021): (i) the year-end First PEO: Year Year End Year over Fair Value Year over Fair Value at Value of Total Equity Adjustments 2022 $6,278,135 ($207,102) — ($ 97,294) — — $5,973,739 2021 $2,421,650 $ 899,702 — ($497,961 — — $2,823,391 2020 $1,567,073 $ 807,308 — $ 401,860 — — $2,776,241 Second PEO: Year Year End Year over Fair Value Year over Fair Value at Value of Total Equity Adjustments 2021 $780,591 $570,060 — ($192,695) — — $1,157,956 (c) The amounts included in this column are the amounts reported in “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for each applicable year. (d) The total pension benefit adjustments for each applicable year include the aggregate of two components: (i) the actuarially determined service cost for services rendered by Dr. Mehrabian or Mr. Pi 3 The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020)) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2020 and 2021)) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Ms. Main, Mr. VanWees, Mr. Roks and Mr. Bobb; (ii) for 2021, Ms. Main, Mr. VanWees, Mr. Roks and Melanie S. Cibik; and (iii) for 2020, Dr. Mehrabian, Ms. Main, Mr. VanWees and Miss Cibik. 4 The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020)), as computed in accordance with SEC rules and regulations. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to such NEOs as a group during the applicable year. In accordance with SEC rules and regulations, the following adjustments were made to average total compensation for such NEOs as a group for each year to determine the compensation actually paid, using the same methodology described above in Note 2: Year Average Non-PEO NEOs Average Value of Average (a) Average Average Pension (b) Average Non-PEO NEOs 2022 $1,977,431 ($989,650 ) $1,018,410 — $ 9,000 $2,015,191 2021 $2,080,593 ($967,196 ) $998,204 ($ 6,742 ) $19,375 $2,124,234 2020 $3,499,689 ($1,116,721 ) $2,290,193 ($668,874 ) $18,687 $4,022,974 (a) The amounts deducted or added in calculating the total average equity award adjustments are as follows: Year Average Year over Average Year over Average Fair Average Value Total Average 2022 $1,141,976 ($ 82,046 ) — ($ 41,520 ) — — $1,018,410 2021 $ 880,949 $327,660 — ($210,405 ) — — $ 998,204 2020 $1,126,384 $730,462 — $ 433,347 — — $2,290,193 (b) The amounts deducted or added in calculating the to ta Year Average Average Total Average 2022 $ 9,000 — $ 9,000 2021 $19,375 — $19,375 2020 $18,687 — $18,687 5 Cumulative Total Stockholder Return (“TSR”) is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. 6 Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: S&P 1500 Industrials. 7 The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year. 8 Adjusted Income Before Taxes is defined as net income before taxes adjusted for certain intercompany sales and certain one-time non-financial
Company Selected Measure Name	AdjustedIncomeBeforeTaxes
Named Executive Officers, Footnote [Text Block]	The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020)) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2020 and 2021)) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Ms. Main, Mr. VanWees, Mr. Roks and Mr. Bobb; (ii) for 2021, Ms. Main, Mr. VanWees, Mr. Roks and Melanie S. Cibik; and (iii) for 2020, Dr. Mehrabian, Ms. Main, Mr. VanWees and Miss Cibik.
Adjustment To PEO Compensation, Footnote [Text Block]	2 The dollar amounts reported in column (c)(1) represent the amount of “compensation actually paid” to the first PEO (Dr. Mehrabian for 2020 and 2021 and Mr. Pichelli for 2020), as computed in accordance with SEC rules. The dollar amounts reported in column (c)(2) represent the amount of “compensation actually paid” to the second PEO for 2021 (Mr. Pichelli), as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the PEO during the applicable year. The following adjustments were made to the PEO’s total compensation for each applicable year to determine the compensation actually paid in accordance with SEC rules: First PEO: Year Reported Reported Value Awards (a) Equity Adjustments (b) Reported (c) Pension Benefit (d) Compensation 2022 $8,397,536 ($5,820,636) $5,973,739 — — $8,550,639 2021 $6,567,058 ($2,301,577) $2,823,391 ($1,425,804) — $5,663,068 2020 $4,699,584 ($1,489,002) $2,776,241 ($ 170,004) — $5,816,819 TELEDYNE TECHNOLOGIES INCORPORATED \| 2023 Proxy Statement 81 Table of Contents Pay Versus Per for (continued) Second PEO: Year Reported Reported Value Awards (a) Equity Award Adjustments (b) Reported (c) Pension Benefit (d) Compensation 2021 $2,604,456 ($704,002) $1,157,956 — — $3,058,410 (a) The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. (b) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following for the first PEO and the second PEO (for 2021): (i) the year-end First PEO: Year Year End Year over Fair Value Year over Fair Value at Value of Total Equity Adjustments 2022 $6,278,135 ($207,102) — ($ 97,294) — — $5,973,739 2021 $2,421,650 $ 899,702 — ($497,961 — — $2,823,391 2020 $1,567,073 $ 807,308 — $ 401,860 — — $2,776,241 Second PEO: Year Year End Year over Fair Value Year over Fair Value at Value of Total Equity Adjustments 2021 $780,591 $570,060 — ($192,695) — — $1,157,956 82 TELEDYNE TECHNOLOGIES INCORPORATED \| 2023 Proxy Statement Table of Contents Pay Versus Performance (continued) (c) The amounts included in this column are the amounts reported in “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for each applicable year. (d) The total pension benefit adjustments for each applicable year include the aggregate of two components: (i) the actuarially determined service cost for services rendered by Dr. Mehrabian or Mr. Pi
Non-PEO NEO Average Total Compensation Amount	$ 1,977,431	$ 2,080,593	$ 3,499,689
Non-PEO NEO Average Compensation Actually Paid Amount	$ 2,015,191	2,124,234	4,022,974
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]	4 The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020)), as computed in accordance with SEC rules and regulations. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to such NEOs as a group during the applicable year. In accordance with SEC rules and regulations, the following adjustments were made to average total compensation for such NEOs as a group for each year to determine the compensation actually paid, using the same methodology described above in Note 2: Year Average Non-PEO NEOs Average Value of Average (a) Average Average Pension (b) Average Non-PEO NEOs 2022 $1,977,431 ($989,650 ) $1,018,410 — $ 9,000 $2,015,191 2021 $2,080,593 ($967,196 ) $998,204 ($ 6,742 ) $19,375 $2,124,234 2020 $3,499,689 ($1,116,721 ) $2,290,193 ($668,874 ) $18,687 $4,022,974 (a) The amounts deducted or added in calculating the total average equity award adjustments are as follows: Year Average Year over Average Year over Average Fair Average Value Total Average 2022 $1,141,976 ($ 82,046 ) — ($ 41,520 ) — — $1,018,410 2021 $ 880,949 $327,660 — ($210,405 ) — — $ 998,204 2020 $1,126,384 $730,462 — $ 433,347 — — $2,290,193 (b) The amounts deducted or added in calculating the to ta Year Average Average Total Average 2022 $ 9,000 — $ 9,000 2021 $19,375 — $19,375 2020 $18,687 — $18,687
Compensation Actually Paid vs. Total Shareholder Return [Text Block]	Compensation Actually Paid and TSR The following graph reflects the amount of compensation actually paid to Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020), and the average amount of compensation actually paid to the Compa ny’s NEOs as a group (excluding Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020)) compared with the Company’s and our peer group’s cumulative TSR over the three years presented in the table.
Compensation Actually Paid vs. Net Income [Text Block]	Compensation Actually Paid and Net Income The following graph reflects the amount of compensation actually paid to Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020), and the average amount of compensation actually paid to the Company’s NEOs as a group (excluding Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020)) compared with the Company’s net income over the three years presented in the table.
Compensation Actually Paid vs. Company Selected Measure [Text Block]	Compensation Actually Paid and Adjusted Income Before Taxes The following graph reflects the amount of compensation actually paid to Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020), and the average amount of compensation actually paid to the Company’s NEOs as a group (excluding Dr. Mehrabian (for 2022 and 2021) and Mr. Pichelli (for 2021 and 2020)) compared with the Company’s Adjusted Income Before Taxes over the three years presented in the table. While the Company uses numerous financial and non-financial mo imp nc mp component.
Total Shareholder Return Vs Peer Group [Text Block]	Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: S&P 1500 Industrials.
Tabular List [Table Text Block]	Financial Performance Measures As described in greater detail in “ Executive Compensation – Compensation Discussion and Analysis pay-for-performance • Adjusted Income Before Taxes • Adjusted Revenue • Return to Stockholders • Managed Working Capital as Percentage of Sales
Total Shareholder Return Amount	$ 115	126	113
Peer Group Total Shareholder Return Amount	127	136	111
Net Income (Loss)	$ 788,600,000	$ 445,300,000	$ 401,900,000
Company Selected Measure Amount	1,082.7	1,049.4	490.5
Fair Value as of Vesting Date of Equity Awards Granted and Vested	$ 0	$ 0	$ 0
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years	(41,520)	(210,405)	433,347
Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions	0	0	0
Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value	0	0	0
Year End Fair Value of Equity Awards	1,141,976	880,949	1,126,384
Year over Year Change in Fair Value of Outstanding and Unvested	$ (82,046)	327,660	730,462
Measure [Axis]: 1
Pay vs Performance Disclosure [Table]
Measure Name	Adjusted Income Before Taxes
Measure [Axis]: 2
Pay vs Performance Disclosure [Table]
Measure Name	Adjusted Revenue
Measure [Axis]: 3
Pay vs Performance Disclosure [Table]
Measure Name	Return to Stockholders
Measure [Axis]: 4
Pay vs Performance Disclosure [Table]
Measure Name	Managed Working Capital as Percentage of Sales
Dr. Mehrabian [Member]
Pay vs Performance Disclosure [Table]
PEO Total Compensation Amount	$ 8,397,536	6,567,058
PEO Actually Paid Compensation Amount	$ 8,550,639	$ 5,663,068
PEO Name	Dr. Mehrabian	Dr. Mehrabian
Fair Value as of Vesting Date of Equity Awards Granted and Vested	$ 0	$ 0
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years	(97,294)	(497,961)
Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions	0	0
Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value	0	0
Year End Fair Value of Equity Awards	6,278,135	2,421,650
Year over Year Change in Fair Value of Outstanding and Unvested	(207,102)	899,702
Mr. Pichelli [Member]
Pay vs Performance Disclosure [Table]
PEO Total Compensation Amount		2,604,456	4,699,584
PEO Actually Paid Compensation Amount		$ 3,058,410	$ 5,816,819
PEO Name		Mr. Pichelli	Mr. Pichelli
Fair Value as of Vesting Date of Equity Awards Granted and Vested		$ 0	$ 0
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years		(192,695)	401,860
Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions		0	0
Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value		0	0
Year End Fair Value of Equity Awards		780,591	1,567,073
Year over Year Change in Fair Value of Outstanding and Unvested		570,060	807,308
Mr. Pichelli [Member] \| Reported Value of Equity Awards [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount		(704,002)
Mr. Pichelli [Member] \| Equity Award Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount		1,157,956
Mr. Pichelli [Member] \| Reported Change in the Actuarial Present Value of Pension Benefits [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount		0
Mr. Pichelli [Member] \| Pension Benefit Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount		0
PEO [Member] \| Dr. Mehrabian [Member] \| Reported Value of Equity Awards [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(5,820,636)	(2,301,577)
PEO [Member] \| Dr. Mehrabian [Member] \| Equity Award Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	5,973,739	2,823,391
PEO [Member] \| Dr. Mehrabian [Member] \| Reported Change in the Actuarial Present Value of Pension Benefits [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	(1,425,804)
PEO [Member] \| Dr. Mehrabian [Member] \| Pension Benefit Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0
PEO [Member] \| Mr. Pichelli [Member] \| Reported Value of Equity Awards [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount			(1,489,002)
PEO [Member] \| Mr. Pichelli [Member] \| Equity Award Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount		1,157,956	2,776,241
PEO [Member] \| Mr. Pichelli [Member] \| Reported Change in the Actuarial Present Value of Pension Benefits [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount			(170,004)
PEO [Member] \| Mr. Pichelli [Member] \| Pension Benefit Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount			0
Non-PEO NEO [Member] \| Reported Value of Equity Awards [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(989,650)	(967,196)	(1,116,721)
Non-PEO NEO [Member] \| Equity Award Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	1,018,410	998,204	2,290,193
Non-PEO NEO [Member] \| Reported Change in the Actuarial Present Value of Pension Benefits [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	(6,742)	(668,874)
Non-PEO NEO [Member] \| Pension Benefit Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	9,000	19,375	18,687
Average Prior Service Cost	0	0	0
Average Service Cost	$ 9,000	$ 19,375	$ 18,687