Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 15

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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ents

Cash and cash equivalents totaled $528.6 million at September 28, 2025, compared with $649.8 million at December 29, 2024, with the decrease primarily related to funding the 2025 acquisitions, partially offset by cash generated from operating activities.  Cash equivalents consist of highly liquid money-market mutual funds, with maturities of three months or less when purchased.

32

Long-term Debt

Total debt, net of unamortized debt discount and debt issuance costs at September 28, 2025, was $2,533.4 million compared with $2,649.0 million at December 29, 2024, with the decrease due to payments on fixed rate senior notes.

At September 28, 2025, $1,168.7 million was available under the $1.2 billion credit facility, after reductions of $31.3 million in outstanding letters of credit.

Our bank credit agreements, which includes our $1.2 billion credit facility expiring June 2029, require us to comply with various financial and operating covenants.  At September 28, 2025, we were in compliance with these covenants.

Our liquidity is not dependent upon the use of off-balance sheet financial arrangements.  We have no off-balance sheet financing arrangements that incorporate the use of special purpose entities or unconsolidated entities.

We may at any time and from time to time seek to retire or purchase our outstanding debt through cash purchases in open-market purchases, privately negotiated transactions or otherwise.  Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.  The amounts involved may be material.

Stock Repurchases

In July 2025, our Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $2.0 billion of our common stock.  This authorization superseded the remaining prior open stock repurchase programs authorized by the Board of Directors.  The newly authorized stock repurchase program does not have a stated expiration date.  Shares may be repurchased from time to time in open-market transactions at prevailing market prices, in privately negotiated transactions or via an accelerated stock repurchase program.  Shares could be repurchased in a plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934.  The repurchase program is expected to remain open continuously, and the number of shares purchased will depend on