Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 307

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 307
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1,382.6 $1,326.2 $1,254.0 Severance and Facility Consolidation Costs

As part of a continuing effort to reduce costs and improve operating performance, the Company may take and has taken actions to consolidate and relocate certain facilities and reduce headcount across various businesses, reducing its exposure to weaker end markets.  For 2024, 2023 and 2022, the Company recorded $15.6 million of costs, $12.0 million of costs and $0.5 million of benefits, respectively, related to these actions, with the majority of the costs included within selling, general and administrative expense and within the Digital Imaging segment.  At December 29, 2024, $2.4 million remains to be paid related to actions taken in 2024.  In 2022, the Company, recorded a net benefit of $0.5 million, which related to $3.5 million of costs related to headcount or facility consolidation costs, offset by $4.0 million of income related to the favorable resolution of a facility consolidation charge within the Digital Imaging segment. 

Note 5. Revenue Recognition and Contract Balances

The Company disaggregates its revenue from contracts with customers by customer type and geographic region for each of our segments, as the Company believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors.  With the exception of the Engineered Systems segment, net sales in each of our segments is primarily derived from fixed-price contracts.  Net sales in the Engineered Systems segment are typically between 45% and 55% fixed-price contracts in a given reporting period, with the balance of net sales related to cost-reimbursable type contracts.  For 2024, 2023 and 2022, approximately 50%, 49%, and 49% of net sales in the Engineered Systems segment was derived from fixed-price contracts.

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Fiscal Year Ended December 29, 2024Fiscal Year Ended December 29, 2024Customer TypeGeographic Region (c)(in millions)U.S. Govt. (a)Other (b)TotalUnited StatesEuropeAsiaAll otherTotalNet sales:Digital Imaging$557.1 $2,513.7 $3,070.8 $1,365.9 $830.1 $565.9 $308.9