Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 191

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 191
---
 the lower of cost or net realizable value and primarily valued on an average cost or first-in, first-out method.  Inventory adjustments are recorded when inventory is considered to be excess or obsolete based upon an analysis of actual on-hand quantities on a part-level basis to forecasted product demand and historical usage.Property, Plant and EquipmentProperty, plant and equipment is stated at cost less accumulated depreciation and amortization.  Depreciation and amortization are determined using a combination of accelerated and straight-line methods over the estimated useful lives of the various asset classes.  Buildings and building improvements are depreciated over periods not exceeding 45 years, equipment over 5 to 18 years, computer hardware and software over 3 to 7 years and leasehold improvements over the shorter of the estimated remaining lives or lease terms.  Significant improvements are capitalized while maintenance and repairs are charged to expense as incurred.  Depreciation expense on property, plant and equipment was $111.3 million in 2024, $119.1 million in 2023 and $129.8 million in 2022. Goodwill, Acquired Intangible Assets and Other Long-Lived AssetsGoodwill and acquired intangible assets with indefinite lives are not amortized but tested at least annually for impairment.  The Company performs an annual impairment test for goodwill and other indefinite-lived intangible assets in the fourth quarter of each year, or more often as circumstances require.  The Company uses qualitative and quantitative approaches when testing goodwill for impairment.  For selected reporting units under the qualitative approach, the Company performs a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment.  Based on that qualitative evaluation, if the Company determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary.  Otherwise, the Company performs a quantitative impairment test.  A quantitative impairment test, if applicable, is used to identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any.  The Company performs quantitative tests for reporting units at least once every three years.  However, for certain reporting units the Company may perform a quantitative impairment test more frequently.  The Company performed a quantitative impairment test for FLIR and qualitative impairment tests for all other reporting units in 2024.

53

The Company reviews intangible and other long-lived assets subject to depreciation or amortization for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable.  Acquired