XML 37 R17.htm IDEA: XBRL DOCUMENT v3.25.0.1
Long-Term Debt
 12 Months Ended
Dec. 29, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-Term Debt (dollars in millions):December 29, 2024December 31, 2023
$1.20 billion credit facility due June 2029
$— $— 
Term loan due and repaid October 2024, variable rate of 6.71% at December 31, 2023, swapped to a Euro fixed rate of 0.61%
— 150.0 
1.60% Fixed Rate Senior Notes due April 2026
450.0 450.0 
2.25% Fixed Rate Senior Notes due April 2028
700.0 700.0 
2.50% Fixed Rate Senior Notes due August 2030
485.0 485.0 
2.75% Fixed Rate Senior Notes due April 2031
1,030.0 1,030.0 
0.95% Fixed Rate Senior Notes due and repaid April 2024
— 450.0 
Other debt1.2 1.0 
Debt discount and debt issuance costs
(17.2)(21.1)
Total debt, net
2,649.0 3,244.9 
Less: Current portion of long-term debt
(0.3)(600.1)
Total long-term debt, net of current portion$2,648.7 $2,644.8 
As of December 29, 2024, no borrowings were outstanding under our $1.20 billion credit facility. Excluding interest and fees, no payments are due under the $1.20 billion unsecured credit facility (“credit facility”) until it matures in June 2029. 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.
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 year
2025$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.