Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 18

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 operations, consolidated comprehensive income (loss) and consolidated cash flows for the first quarter ended March 30, 2025.  The results of operations and cash flows for the period ended March 30, 2025 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year.Recent Accounting StandardsIn December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid, disaggregated by jurisdiction.  ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted.  The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.  This standard requires public entities, on an interim and annual basis, to provide disclosure of specified information about costs and expenses in the notes to the financial statements.  The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027, with early adoption permitted.  The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.Other ASUs issued but not effective until after March 30, 2025, are not expected to have a material effect on the Company’s consolidated financial position, annual results of operations and/or cash flows.

Note 2. Business Acquisitions

2025 AcquisitionsMicropacDuring the first quarter of 2025, the Company acquired Micropac Industries, Inc. (“Micropac”) for approximately $51.2 million in cash, net of cash acquired.  Micropac, founded in 1963 and headquartered in Garland, Texas, designs and manufactures microelectronic circuits, optoelectronic components and sensor and display assemblies primarily for military, aerospace and medical applications.  Micropac will be part of the Aerospace & Defense Electronics segment.  The Company funded the acquisition from cash on hand.  Goodwill resulting from the Micropac acquisition