Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 215

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 215
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  Borrowings under our credit facility and term loan are at variable rates which are, at our option, tied to a base rate, Eurocurrency rate or equivalent as defined in our credit agreements.  Available borrowing capacity under the credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $1,170.7 million at December 29, 2024.  The credit agreement requires the Company to comply with various financial and operating covenants and at December 29, 2024, the Company was in compliance with these covenants.  At December 29, 2024, Teledyne had $52.9 million in outstanding letters of credit.During 2024, the Company repaid the $450.0 million Fixed Rate Senior Notes due April 2024 and the $150.0 million term loan due October 2024.

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During 2023, the Company repaid $125.0 million of amounts outstanding on its credit facility, the $300.0 million Fixed Rate Senior Notes due April 2023, and the remaining $245.0 million on its term loan due May 2026.  The Company also repurchased and retired $10.0 million of its Fixed Rate Senior Notes due April 2031, recording a $1.6 million non-cash gain on the extinguishment of this debt.Maturities of long-term debt as of December 29, 2024 (in millions):Fiscal year2025$0.4 2026450.1 2027— 2028700.1 20290.1 Thereafter1,515.5 Total principal payments2,666.2 Debt issuance costs(17.2)Total debt $2,649.0 The Company has no sinking fund requirements.Total net interest expense, including credit facility fees and other bank charges, was $57.9 million, $77.3 million and $89.3 million for 2024, 2023 and 2022, respectively.  Cash payments for interest and credit facility fees and other bank charges totaled $73.4 million, $87.9 million and $79.3 million for 2024, 2023 and 2022, respectively.

Note 9. Income Taxes

Income (loss) before income taxes included the following (in millions):202420232022Domestic operations$527.4 $532.4