Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 35

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 are presented in Accrued liabilities or Other non-current liabilities.

Note 14. Fair Value Measurement

The Company’s financial assets and liabilities carried at fair value are primarily comprised of derivative contracts used to hedge the Company’s foreign currency risk.  The Company has not elected to measure any additional financial instruments or other items at fair value.Financial Instruments Recorded at Fair ValueThe fair values of the Company’s derivative financial instruments are presented below.  All fair values for these derivatives were measured using Level 2 hierarchy information as defined by the accounting policies (in millions):March 30, 2025December 29, 2024Assets:Foreign currency forward contracts$17.3 $1.0 Cross-currency swaps2.7 —      Total assets recorded at fair value$20.0 $1.0 Liabilities:Foreign currency forward contracts(4.6)(16.9)Cross-currency swaps(7.9)—      Total liabilities recorded at fair value$(12.5)$(16.9)           Net derivatives at fair value$7.5 $(15.9)Gross derivative assets and liabilities are subject to legally enforceable master netting 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