Company: TDY
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001094285-25-000131
Chunk: 15

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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 covenants.

Our liquidity is not dependent upon the use of off-balance sheet financial arrangements.  We have no off-balance sheet financing arrangements that incorporate the use of special purpose entities or unconsolidated entities.

We may at any time and from time to time seek to retire or purchase our outstanding debt through cash purchases in open-market purchases, privately negotiated transactions or otherwise.  Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.  The amounts involved may be material.

Stock Repurchases

In July 2025, our Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $2.0 billion of our common stock.  This authorization superseded the remaining prior open stock repurchase programs authorized by the Board of Directors.  The newly authorized stock repurchase program does not have a stated expiration date.  Shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or via an accelerated stock repurchase program.  Shares could be repurchased in a plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934.  The repurchase program is expected to remain open continuously, and the number of shares purchased will depend on a variety of factors such as share price, levels of cash available, acquisitions and alternative investment opportunities available immediately or longer-term, and other regulatory, market or economic conditions.  We currently intend to fund future share repurchases, if any, with cash on hand and available borrowings under our credit facility.  No repurchases under any authorizations were made in the second quarter and first six months of 2025.

Cash Flows

Net cash provided by operating activities was $469.2 million for the first six months of 2025 compared with $609.7 million, with the decrease driven primarily by higher income tax payments in 2025 as well as the timing of accounts receivable collections.

Net cash used in investing activities was $805.2 million for the first six months of 2025 compared with $157.1 million.  During the first six months of 2025, we spent $757.6 million on acquisitions compared with  $123.6 million.  Capital expenditures for the first six months of 2025 and 2024 were $48.3 million and $33.6 million, respectively.  We currently plan to invest approximately $130 million for capital expenditures