Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 117

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 15
Chunk 117
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, rating and maturity and at comparable interest rates.  The Company’s long-term debt is considered a Level 2 and is valued based on observable market data.  As of December 29, 2024 and December 31, 2023, the aggregate fair values of our borrowings were $2,395.0 million and $2,965.3 million, respectively, and the carrying values were $2,666.2 million and $3,266.0 million, respectively.The cost, if any, to terminate off-balance sheet financial instruments (primarily letters of credit) is not significant.

Note 16. Leases

Operating LeasesTeledyne has more than 150 long-term operating lease agreements for manufacturing facilities and office space.  These agreements frequently include one or more renewal options and may require the Company to pay for non-lease components such as utilities, taxes, insurance and maintenance expense.  The Company accounts for lease and non-lease components as a single lease component when the payments are fixed.  Variable payments included in the lease agreement are expensed as incurred.  No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements.  At December 29, 2024, Teledyne has right-of-use assets of $128.6 million included in non-current other assets, net on the consolidated balance sheets.

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At December 29, 2024, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions):Operating lease commitments:2025$37.6 202631.2 202726.3 202818.9 202914.2 Thereafter31.6 Total minimum lease payments159.8 Less:    Imputed interest(20.0)   Current portion (included in current accrued liabilities)(30.2)Present value of minimum lease payments, net of current portion (included in other long-term liabilities)$109.6 The weighted average remaining lease term for operating leases is approximately 5.7 years and the weighted average discount rate is approximately 4.25%.  Rental expense under operating leases, including leases with a term of 12 months or less, net of immaterial sublease income, was $47.9 million in 2024, $43.9 million in 2023 and $45.1 million in 2022.  Variable lease expense was $1.3