Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 260

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 260
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 history and offsetting credits.

At December 29, 2024, we were not required, and accordingly are not planning, to make any cash contributions to the domestic qualified pension plans for 2025.  Our minimum funding requirements after 2024 as set forth by the Employee Retirement Income Security Act, are dependent on several factors.  Estimates beyond 2025 have not been provided due to the significant uncertainty of these amounts, which are subject to change until the Company’s pension assumptions can be updated at the appropriate times.  In addition, certain pension contributions are eligible for future recovery through the pricing of products and services to the U.S. Government under certain government contracts, therefore, future cash contributions are not necessarily indicative of the impact these contributions may have on our liquidity.  We also have payments due under our other postretirement benefit plans.  These plans are not required to be funded in advance but are pay as you go.  See further discussion in Note 10.  We monitor and manage our defined benefit pension plans obligation and may take additional actions to manage risk in the future.

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Operating Activities

Net cash provided by operating activities was $1,191.9 million and $836.1 million in 2024 and 2023, respectively.  The higher cash provided by operating activities in 2024, compared with 2023 primarily resulted from lower income tax payments, a higher amount of customer advances received in 2024 as well as the of accounts payable payments.

Free cash flow (cash provided by operating activities less capital expenditures) was as follows (in millions):

Free Cash Flow (a)20242023Cash provided by (used in) operating activities$1,191.9$836.1Less: Capital expenditures for property, plant and equipment(83.7)(114.9)Free cash flow$1,108.2$721.2

(a)  We define free cash flow as cash provided by operating activities (a measure prescribed by U.S. generally accepted accounting principles “GAAP”) less capital expenditures for property, plant and equipment.  We believe that this supplemental non-GAAP information is useful to assist management and the investment community in analyzing the company’s ability to generate cash flow.

Investing Activities

Net cash used in investing activities was $207.2 million and $190.3 million for 2024 and 2023, respectively.  Investing activities used cash for acquisitions and other investments of $123.7 million and $77.7 million in