Teledyne Technologies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Teledyne Technologies Inc. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

TELEDYNE TECHNOLOGIES INC (TDY) filed a Annual Report (10-K) with the SEC on February 23, 2024. Teledyne Technologies Inc. filed its annual report for the fiscal year ending December 31, 2023. The filing is a 10-K, providing a comprehensive overview of the company's financial performance and condition. The report covers the fiscal year 2023, with data as of December 31, 2023. The company's principal business is in Search, Detection, Navigation, and Guidance, Aeronautical Systems. Teledyne Technologies Inc. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking TELEDYNE TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides investors with the most up-to-date, audited financial statements and management's discussion of results for the fiscal year 2023. Understanding the details within this report is crucial for assessing Teledyne's financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: medium — TELEDYNE TECHNOLOGIES INC shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information including financial statements, risk factors, and business descriptions, necessitating a medium-risk assessment due to the inherent complexity and potential for undisclosed material information.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Teledyne's performance and outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (FISCAL YEAR END)
• 2024-02-23 — Filing Date (FILED AS OF DATE)
• 001-15295 — SEC File Number (SEC FILE NUMBER)
• 251843385 — IRS Number (IRS NUMBER)

Key Players & Entities

• TELEDYNE TECHNOLOGIES INC (company) — COMPANY CONFORMED NAME
• TDY (company) — Ticker Symbol
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-23 (date) — FILED AS OF DATE
• 3812 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (jurisdiction) — STATE OF INCORPORATION
• 1049 CAMINO DOS RIOS (address) — BUSINESS ADDRESS STREET 1
• 805-373-4545 (phone) — BUSINESS PHONE

FAQ

Industry Context

Teledyne Technologies operates within the Search, Detection, Navigation, Guidance, and Aeronautical Systems industry, a sector characterized by advanced technology and specialized applications.

Regulatory Implications

As a publicly traded company, Teledyne Technologies is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Review the 'Risk Factors' section to understand potential challenges and uncertainties.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the company's comprehensive annual disclosure for the fiscal year 2023, following previous quarterly and annual filings.

Key Financial Figures

• $2,740.1 million — l sales to international customers were $2,740.1 million in 2023 and $2,586.0 million in 2022. O
• $2,586.0 million — omers were $2,740.1 million in 2023 and $2,586.0 million in 2022. Of these net sales to internat
• $900.5 million — sses in the United States accounted for $900.5 million in 2023 and $837.9 million in 2022. In
• $837.9 million — ccounted for $900.5 million in 2023 and $837.9 million in 2022. In both 2023 and 2022, we sol
• $1,081.3 million — ent of Defense, with total net sales of $1,081.3 million and $1,065.1 million in 2023 and 2022,
• $1,065.1 million — total net sales of $1,081.3 million and $1,065.1 million in 2023 and 2022, respectively. With th

Filing Documents

• tdy-20231231.htm (10-K) — 2894KB
• a1018transitionagreementer.htm (EX-10.18) — 25KB
• a1024changeinctrlsblackwood.htm (EX-10.24) — 76KB
• tdy-ex21subsidiariesoftele.htm (EX-21) — 113KB
• tdy-ex231consentofdeloitte.htm (EX-23.1) — 3KB
• tdy-ex241powerofattorney20.htm (EX-24.1) — 12KB
• tdy-ex311_20231231xq4.htm (EX-31.1) — 10KB
• tdy-ex312_20231231xq4.htm (EX-31.2) — 10KB
• tdy-ex321_20231231xq4.htm (EX-32.1) — 4KB
• tdy-ex322_20231231xq4.htm (EX-32.2) — 5KB
• exhibit971compensationreco.htm (EX-97.1) — 42KB
• 0001094285-24-000044.txt (&nbsp;) — 15731KB
• tdy-20231231.xsd (EX-101.SCH) — 77KB
• tdy-20231231_cal.xml (EX-101.CAL) — 125KB
• tdy-20231231_def.xml (EX-101.DEF) — 515KB
• tdy-20231231_lab.xml (EX-101.LAB) — 1168KB
• tdy-20231231_pre.xml (EX-101.PRE) — 826KB
• tdy-20231231_htm.xml (XML) — 3068KB

Risk Factors

Item 1A. Risk Factors 6

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

C . C ybersecurity

Item 1 C . C ybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

[ Reserved]

Item 6. [ Reserved] 21

Management's Discussion and Analysis of Financial Condition and Results of Operation s

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation s 21

Quantitative and Qualitative Disclosure s About Market Risk

Item 7A. Quantitative and Qualitative Disclosure s About Market Risk 34

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 34

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 34

Controls and Procedures

Item 9A. Controls and Procedures 34

Other Information

Item 9B. Other Information 34

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 34 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 34

Executive Compensation

Item 11. Executive Compensation 35

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 35

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 35 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 35 I ndex to F inancial S tatements and R elated I nformation 36

Form 10-K Summary

Item 16. Form 10-K Summary 72 Exhibit Index 73

Signatures

Signatures 78 Explanatory Notes In this Annual Report on Form 10-K, Teledyne Technologies Incorporated is referred to as the "Company", "Teledyne", "we", "our" or "us". For a discussion of risk factors and uncertainties associated with Teledyne and any forward-looking statements made by us, see the discussion beginning on page 6 of this Annual Report on Form 10-K. In this document, for any references to Note 1 through Note 18 , refer to the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K. i Table of Contents PART I

Business

Item 1. Business Who We Are Teledyne Technologies Incorporated is a Delaware corporation that provides enabling technologies for industrial growth markets that require advanced technology and high reliability. These markets include aerospace and defense, factory automation, air and water quality environmental monitoring, electronics design and development, oceanographic research, deepwater oil and gas exploration and production, medical imaging and pharmaceutical research. Our products include digital imaging sensors, cameras and systems within the visible, infrared and X-ray spectra, monitoring and control instrumentation for marine and environmental applications, harsh environment interconnects, electronic test and measurement equipment, aircraft information management systems, and defense electronics and satellite communication subsystems. We also supply engineered systems for defense, space, environmental and energy applications. We differentiate ourselves from many of our direct competitors by having a customer- and Company-sponsored applied research center that augments our product development expertise. We believe our technological capabilities, innovation and ability to invest in the development of new and enhanced products are critical to obtaining and maintaining leadership in our markets and the industries in which we compete. We became an independent public company effective November 29, 1999. The following description of our business should be read together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" within Item 7 of this Form 10-K. Recent Developments Consistent with our strategy, we completed two acquisitions each in 2023 and in 2022. The financial results of these acquisitions have been included since the respective date of each acquisition. Our 2023 acquisitions were within the Digital Imaging and Instrumentation segments, and both acquisitions in 2022 were part of the Digital Imaging segment. S