Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 219

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 219
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 of exchange rate changes10.1 5.0 7.6 End of year (a)$45.2 $96.5 $162.8 (a)  Beginning and end of year balances include amounts offset by deferred tax and amounts offset by potential refunds in other taxing jurisdictions.In the next 12 months, the Company anticipates the total unrecognized tax benefit for various federal, state and foreign tax items may be reduced by $11.9 million due to the expiration of statutes of limitation for various federal, state and foreign tax issues.Teledyne recognized net tax benefits and expense for interest and penalties related to unrecognized tax benefits within the provision for income taxes in our statements of income (loss) of $15.8 million of benefits, $10.3 million of benefits and $12.2 million of benefits, for 2024, 2023 and 2022, respectively.  Interest and penalties in the amount of $8.5 million, $36.9 million and $45.6 million were recognized in the 2024, 2023 and 2022 balance sheets, respectively.  Substantially all of the unrecognized tax benefits as of December 29, 2024, if recognized, would affect our effective tax rate.Teledyne files income tax returns in the United States federal and state jurisdictions and in various foreign jurisdictions.  The Company has substantially concluded income tax matters in the United States through 2016, in Canada through 2012, in the United Kingdom through 2016, and in France through 2020.

Cash payments for federal, state and foreign income taxes were $213.2 million for 2024, which are net of $20.1 million in tax refunds.  Cash payments for federal, state and foreign income taxes were $313.0 million for 2023, which are net of $14.7 million in tax refunds.  Cash payments for federal, state and foreign income taxes were $212.4 million for 2022, which are net of $20.1 million in tax refunds. 

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Note 10. Pension Plans and Postretirement Benefits

Pension PlansTeledyne has two domestic qualified defined benefit pension plans covering substantially all U.S. employees hired before January 1, 2004.  As of January 1, 2004, new Teledyne hires participate in a defined contribution plan only.  The Company also has several small domestic non-qualified and foreign-based defined benefit