Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 73

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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 agreements, for which the Company have not elected to present net amounts on the condensed consolidated balance sheets.  The effect of such right of setoff on the Company’s financial position were $0.4 million and $0.2 million, as of March 30, 2025, and December 29, 2024, respectively.Financial Instruments Not Recorded at Fair ValueThe carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturities of these assets and liabilities.Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates.  The Company’s long-term debt is considered a Level 2 and is valued based on observable market data.  As of March 30, 2025 and December 29, 2024, the aggregate fair values of our borrowings were $2,758.8 million and $2,395.0 million, respectively, and the carrying values were $2,981.1 million and $2,666.2 million, respectively.The cost, if any, to terminate off-balance sheet financial instruments (primarily letters of credit) is not significant.

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Note 15. Commitments and Contingencies

Trade Compliance MattersThe Company has made voluntary disclosures to the U.S. Department of State and the U.S. Department of Commerce, including to the Bureau of Industry and Security (“BIS”) with respect to Teledyne FLIR shipments of products from non-U.S. jurisdictions which were not licensed due to an incorrect de minimis calculation methodology under the Export Administration Regulations.  The Company has also made voluntary disclosures to export authorities in jurisdictions outside the United States for certain potential violations of local export laws.  At this time, based on available information, the Company is unable to reasonably estimate the time it may take to resolve these matters or the amount or range of potential loss, penalty or other government action, if any, that may be incurred in connection with these matters.  However, an unfavorable outcome could result in substantial fines and penalties or loss or suspension of export privileges or of particular authorizations that could be material to the Company’s financial position, results of operations or cash flows in and following the period in which such outcome becomes estimable or known.Environmental Remediation ObligationsAt March 30, 2025, the Company’s reserves for environmental remediation obligations totaled $6.5 million, of which $3.