Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 249

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 249
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 See Item 7A. Market Risk, Note 1 and Note 14 for additional discussion around our derivative instruments and hedging activities.

In February 2025, the U.S. Presidential administration proposed certain orders directing the United States to potentially impose new tariffs on foreign imports impacting multiple countries, commodities and industries.  We are currently evaluating the potential impact of the proposed tariffs to our business and financial condition.  See our risks factor disclosure in Item 1A. Risk Factors for further information.

Recent Acquisitions

Consistent with our strategy, we completed two acquisitions each in 2024 and in 2023.  The financial results of these acquisitions have been included since the respective date of each acquisition.  Our 2024 and 2023 acquisitions were within the Digital Imaging and Instrumentation segments.  See Note 3 for additional information about our 2024 and 2023 business acquisitions.  Subsequent to the end of fiscal year 2024, we have completed two acquisitions.  See Note 18 for additional information.

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Table of Contents

Selected Consolidated Operating Results

Our fiscal year is determined based on a 52- or 53-week convention ending on the Sunday nearest to December 31.  Fiscal years 2024 and 2023 each contained 52 weeks.  Certain prior year amounts have been reclassified to conform to the current period presentation.  We now disclose research and development expense on a separate income statement line.  Research and development expense was previously included in selling, general and administrative expenses.  In addition, we historically included bid and proposal expense as part of its annual research and development expense disclosures.  We have not reclassified bid and proposal expense, which remains withing selling, general and administrative expense.  We also now disclose impairment of acquired intangible assets on a separate income statement line item.  Impairment of acquired intangible assets was previously included within selling, general and administrative expense.

 2024 2023 $ Change% ChangeNet sales$5,670.0 $5,635.5 $34.5 0.6 %Costs and expenses Cost of sales3,235.2 3,196.1 39.1 1.2 %Selling, general and administrative902.6 852.0 50.6 5.9 %Research and development292.6 356.3 (63.7)(17.9)%Acquired intangible asset amortization198