Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 71

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 15
Chunk 71
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 obtaining and maintaining leadership in the markets and industries in which it competes.The Company’s businesses are aligned in four segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics and Engineered Systems.

Note 2. Summary of Significant Accounting Policies

Fiscal YearThe Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December 31.  Fiscal year 2024 was a 52-week fiscal year and ended on December 29, 2024.  Fiscal year 2023 was a 52-week fiscal year and ended on December 31, 2023.  Fiscal year 2022 was a 52-week fiscal year and ended on January 1, 2023.  References to the years 2024, 2023 and 2022 are intended to refer to the respective fiscal year unless otherwise noted.Principles of Consolidation and Basis of PresentationThe consolidated financial statements include the accounts of Teledyne and its majority-owned subsidiaries.  Intercompany accounts and intercompany transactions have been eliminated.  Certain prior year amounts have been reclassified to conform to the current period presentation.  The Company now discloses research and development expense on a separate income statement line.  Research and development expense was previously included within selling, general and administrative expenses.  In addition, the Company historically included bid and proposal expense as part of its prior year annual research and development expense disclosures.  The Company has not reclassified bid and proposal expense, which remains within selling, general and administrative expenses.  The Company also now discloses 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.Business AcquisitionsBusiness acquisitions are accounted for under the acquisition method by assigning the purchase price to tangible and intangible assets acquired and liabilities assumed.  Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Foreign Currency TranslationThe Company’s foreign entities’ accounts are generally measured using local currency as the functional currency.  Assets and liabilities of these entities are translated at the exchange rate in effect at year-end.  Revenues and expenses are translated at average month end rates of exchange prevailing during the year.  Unrealized translation gains and losses arising from differences in exchange rates from period to period are included as a component of accumulated other comprehensive income (loss) (“AOCI”). Use of EstimatesThe preparation of financial statements in conformity