Company: TDY
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001094285-25-000131
Chunk: 76

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 8
Chunk 76
---
 This standard requires public entities, on an interim and annual basis, to provide disclosure of specified information about costs and expenses in the notes to the financial statements.  The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027, with early adoption permitted.  The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.Other ASUs issued but not effective until after June 29, 2025, are not expected to have a material effect on the Company’s consolidated financial position, annual results of operations and/or cash flows.

Note 2. Business Acquisitions

2025 AcquisitionsMicropacDuring the first quarter of 2025, the Company acquired Micropac Industries, Inc. (“Micropac”) for approximately $51.2 million in cash, net of cash acquired.  Micropac, founded in 1963 and headquartered in Garland, Texas, designs and manufactures microelectronic circuits, optoelectronic components and sensor and display assemblies primarily for military, aerospace and medical applications.  Micropac is part of the Aerospace & Defense Electronics segment.  The Company funded the acquisition from cash on hand.  Goodwill resulting from the Micropac acquisition will not be deductible for tax purposes.Optical Systems and Advanced Electronics Systems businessesDuring the first quarter of 2025, the Company acquired select aerospace and defense electronics businesses of Excelitas Technologies Corp. (“Excelitas”) for approximately $706.4 million in cash, net of cash acquired, and subject to certain adjustments.  The acquisition includes the Optical Systems (“OS”) business known under the Qioptiq® brand which is based in Northern Wales, UK, as well as the U.S.-based Advanced Electronics Systems (“AES”) business (collectively, “OS and AES businesses”, or “Qioptiq”).  The OS and AES businesses are part of the Aerospace and Defense Electronics segment.  The Company funded the acquisition from available borrowings on the credit facility as well as from cash on hand.  Goodwill resulting from the acquisition of the UK operations will not be deductible for tax purposes, but goodwill resulting from the acquisition of the U.S. operations will be deductible for tax purposes.

7

2024 AcquisitionsAdimecDuring the second quarter of 2024, the Company acquired Adimec Holding B.V. and its subsidiaries (“Adimec”) for $88.7 million in cash, net of