Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 162

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 162
---
2024 and 2023, respectively (see “Recent Acquisitions”).  We funded the acquisitions from cash on hand.

Cash flows relating to investing activities for capital expenditures.Capital expenditures (in millions):20242023Digital Imaging$54.7 $78.2 Instrumentation15.0 14.0 Aerospace and Defense Electronics7.2 10.9 Engineered Systems2.4 3.4 Corporate4.4 8.4 Total$83.7 $114.9 

During 2025, we plan to invest approximately $130 million in capital expenditures, principally to upgrade facilities and manufacturing equipment, and this amount includes estimated post-acquisition capital expenditures relates to 2025 acquisitions described in Note 18.

Financing Activities

Net cash used in financing activities reflected net payments from debt of $600.6 million, share repurchases of $354.0 million and net proceeds from the exercise of stock options of $37.9 million in 2024.  Net cash used in financing activities reflected net payments from debt of $678.9 million and proceeds from the exercise of stock options of $45.4 million in 2023.

During 2024, we repaid $450.0 million Fixed Rate Senior Notes due April 2024 and $150.0 million for a term loan due October 2024.

During 2023, we repaid $125.0 million of amounts outstanding on our credit facility, the $300.0 million Fixed Rate Senior Notes due April 2023, and the remaining $245.0 million on our term loan due May 2026.  We also repurchased and retired $10.0 million of our Fixed Rate Senior Notes due April 2031, recording a $1.6 million non-cash gain on the extinguishment of this debt.

Other Matters

Income Taxes

Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid.  We are subject to income taxes in both the United States and numerous foreign jurisdictions.  Significant judgments and estimates are required in determining the consolidated income tax expense.

We continually evaluate our global cash needs and have historically asserted that most of our unremitted foreign earnings are permanently reinvested, and we did not generally record deferred taxes on such amounts.  During 2022, we determined that we could no longer make the assertion foreign earnings are permanently rein