Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 93

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 15
Chunk 93
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  The Company expects approximately 77% of remaining performance obligations to be recognized into revenue within the next twelve months, with the remaining 23% recognized thereafter.

64

The unbilled receivable balance increased from the beginning of the year by $9.7 million, or 3.2% , primarily due to recognizing revenue ahead of achieving billing milestones on certain contracts within the Aerospace and Defense Electronics and Digital Imaging segments.  Contract liabilities increased from the beginning of the year by $76.5 million or 28.7%, primarily due to an increase in customer advances in the Digital Imaging segment and Aerospace and Defense Electronics segment.  The Company recognized revenue of $152.4 million during the year ended December 29, 2024 from contract liabilities that existed at the beginning of year.

Note 6. Goodwill and Acquired Intangible Assets

Goodwill (in millions):Digital Imaging InstrumentationAerospace and Defense ElectronicsEngineered SystemsTotalBalance at January 1, 2023$6,780.4 $913.2 $161.8 $17.6 $7,873.0 Current year acquisitions55.5 21.1 — — 76.6 Foreign currency changes and other41.1 10.5 1.6 — 53.2 Balance at December 31, 20236,877.0 944.8 163.4 17.6 8,002.8 Current year acquisitions64.6 23.6 — — 88.2 Foreign currency changes and other(87.0)(13.1)(0.4)— (100.5)Balance at December 29, 2024$6,854.6 $955.3 $163.0 $17.6 $7,990.5 In the fourth quarter of 2024, the Company performed a quantitative impairment test for the FLIR reporting unit and qualitative impairment tests for all other reporting units.  The results of our annual impairment tests of goodwill indicated that no impairment existed in 2024, 2023 or 2022. 2024 2023Acquired intangible assets (in millions):Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amountProprietary technology$1,665.5 $796.6 $868.9 $1,