Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 331

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 331
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:Gain (loss) recognized in income on derivatives$(6.0)$(10.6)See Note 14Income tax impact1.6 2.7 Provision for income taxesTotal$(4.4)$(7.9)Amortization of defined benefit pension and postretirement plan items:Amortization of prior service cost$(0.4)$(1.7)See Note 10Amortization of net actuarial loss11.7 10.1 See Note 10Pension adjustments7.3 (1.0)See Note 10Total before tax18.6 7.4 Income tax impact(4.4)(1.5)Net of tax$14.2 $5.9 

Note 14. Derivative Instruments

The Company periodically enters into foreign currency forward contracts designated as cash flow hedges to minimize foreign currency risk, primarily to Canadian dollars and British pounds.  As of December 29, 2024, foreign currency forward contracts in Canadian dollars designated as cash flow hedges have maturities ranging from March 2025 to February 2026.  There were no open contracts forward currency forward contracts in British pounds designated as cash flow hedges as of December 29, 2024.We converted a U.S. dollar denominated, variable rate obligation of a European subsidiary, into a euro fixed rate obligation using a receive float, pay fixed cross currency swap.  This cross-currency swap was designated as a cash flow hedge and matured in October 2024.In addition, the Company utilizes foreign currency forward contracts which are not designated as hedging instruments for accounting purposes to mitigate foreign exchange rate risk associated with foreign currency denominated monetary assets and liabilities, including intercompany receivables and payables.  The gains and losses on these derivatives which are not designated as hedging instruments, are intended to, at a minimum, partially offset the transaction gains and losses recognized in earnings. 

79

The following is a summary of notional amounts outstanding under foreign currency forward contracts, cross-currency swap agreements and their respective fair value amounts recorded in the consolidated balance sheets (in millions):December 29, 2024December 31, 2023Notional amountFair valueNotional amountFair valueDerivatives designated as hedging instrumentsForeign currency forward contractsOther current assets$— $— $116.5 $3.7 Other non-current assets$— — $70.