Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 319

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 319
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 pension plans.  The measurement date for the Company’s pension plans is December 31.The Company’s U.S. domestic qualified pension plans purchased group annuity contracts from insurance companies and paid a total annuity premium of $17.8 million in 2024. These annuity contracts transfer the obligation to the insurance companies to guarantee the full payment of all annuity payments to existing retired pension plan participants or their surviving beneficiaries. These annuity contracts assume all investment risk associated with the assets that were delivered as the annuity contract premiums. These annuity contracts covered 331 existing retired pension plan participants at the time of purchase. The Company did not have similar purchases in 2023.The domestic qualified pension plans allow participants to elect a lump-sum payment at retirement.  In 2024, 2023 and 2022, the Company made lump sum payments of $9.0 million, $17.3 million and $24.8 million, respectively, from the domestic qualified pension plans assets to certain participants in the plan.  Each year beginning with 2014, the Society of Actuaries released revised mortality tables, which updated life expectancy assumptions.  In consideration of these tables, each year the Company reviews the mortality assumptions used in determining our pension and postretirement obligations.Net periodic benefit expense (income) allocationDomestic  Foreign  202420232022202420232022Service cost - (in millions)$5.1 $5.2 $7.6 $1.1 $0.9 $1.0 Domestic  Foreign Pension non-service (income) expense (in millions):202420232022202420232022Interest cost on benefit obligation$30.3 $31.7 $22.8 $1.9 $1.9 $0.8 Expected return on plan assets(52.3)(52.6)(54.9)(1.9)(1.6)(1.1)Amortization of prior service cost(0.4)(1.8)(1.8)— 0.1 — Amortization of actuarial loss11.3 9.9 22.7 0.4 0.2 — Settlements/Curtailment— — — — — (0.1)Pension non-service (income) expense$(11.1)$(12.8)$(11.2)$0.4