Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 48

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1A
Chunk 48
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 general liability and other insurance policies concerning product liabilities and errors and omissions, we have self-insured retentions or deductibles under such policies with respect to a portion of these liabilities.  Awarded damages could be more than our accruals.  We could incur losses above the aggregate annual policy limit as well.  We cannot ensure that, for 2025 and in future years, insurance carriers will be willing to renew coverage or provide new coverage for product liability.

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Product recalls can be expensive and tarnish our reputation and have a material adverse effect on the sales of our products.  We cannot assure that we will not have additional product liability claims or that we will not recall any products.

We have been joined, among a number of defendants (often over 100), in lawsuits alleging injury or death as a result of exposure to asbestos.  In addition, because of the prominent “Teledyne” name, we may continue to be mistakenly joined in lawsuits involving a company or business that was not assumed by us as part of our 1999 spin-off.  To date, we have not incurred material liabilities in connection with these lawsuits.  However, our historical insurance coverage, including that of our predecessors, may not fully cover such claims and the defense of such matters.  Coverage typically depends on the year of purported exposure and other factors.  Nonetheless, we intend to vigorously defend our position against these claims.

Teledyne Brown Engineering, Inc. and other Teledyne companies manufacture components for customers in the nuclear power market, including utilities and certain governmental entities.  Certain liabilities associated with such products are covered by the Price-Anderson Nuclear Industries Indemnity Act and other statutory and common law defenses, and we have received indemnities from some of our customers.  However, there is no assurance we will not face product liability claims related to such products or that our exposure will not exceed the amounts for which we have liability coverage or protection.

Failing to comply with increasing environmental regulations, as well as the effects of potential environmental liabilities, could have a material adverse financial effect on us.

We, like other industry participants, are subject to various federal, state, local and international environmental laws and regulations.  

Our manufacturing operations, including former operations, could expose us to material environmental liabilities.  Additionally, companies that we acquire may have environmental liabilities that might not be accurately assessed or brought to our attention at the time of the acquisition.

Our Teledyne Battery Products unit makes lead acid batteries in California and is subject to a