XML 40 R20.htm IDEA: XBRL DOCUMENT v3.25.0.1
Stockholders’ Equity
 12 Months Ended
Dec. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common stock and treasury stock activity:Common StockTreasury Stock
Balance, January 1, 2023
47,194,766 282,131 
Issued137,079 (282,131)
Balance, December 31, 2023
47,331,845 — 
Acquired
— 885,321 
Issued101,043 (159,045)
Balance, December 29, 2024
47,432,888 726,276 
Shares issued from treasury stock include stock options exercised as well as shares issued under certain other compensation plans.
Treasury Stock
During 2024, the Company repurchased approximately 0.9 million shares for $354.0 million with a weighted-average price of $399.78 per share. All of the Company’s share repurchases were settled between April 2024 and October 2024.
Stock Options
The Company recorded $12.3 million, $12.4 million, and $17.9 million for stock option expense for 2024, 2023 and 2022, respectively. The Company issues shares of common stock upon the exercise of stock options.
During 2024 and 2023, the amount of cash received from the exercise of stock options was $37.9 million and $45.4 million, respectively. The total pretax intrinsic value of options exercised during 2024 and 2023 (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) was $72.4 million and 111.0 million, respectively. At December 29, 2024, the intrinsic value of stock options outstanding was $219.3 million and the intrinsic value of stock options exercisable was $213.1 million.
At December 29, 2024, there was $10.3 million of total unrecognized compensation cost related to non-vested stock option awards which is expected to be recognized over a weighted-average period of 1.7 years. This amount can be impacted by employee retirements or terminations.
Stock option valuation assumptions:2024
Expected dividend yieldn/a
Expected volatility30.4%
Risk-free interest rate
4.07%
Expected life in years6.3
The Company did not grant stock options in 2023. Based on the assumptions used in the valuation of stock options, the grant date weighted average fair value of stock options granted in 2024 and 2022 was $171.20 and $124.44, respectively.
Stock option transactions for Teledyne’s stock option plans are summarized as follows:
 202420232022
 SharesWeighted Average Exercise PriceSharesWeighted Average Exercise PriceSharesWeighted Average Exercise Price
Beginning balance1,337,972$249.76 1,726,731$223.43 1,793,857$206.08 
Granted67,003 $441.98 — $— 135,751 $360.39 
Exercised(244,130)$155.26 (372,739)$121.73 (179,828)$131.44 
Canceled or expired(25,096)$388.82 (16,020)$389.85 (23,049)$397.36 
Ending balance1,135,749$278.34 1,337,972$249.76 1,726,731$223.43 
Options exercisable at end of period1,032,102$264.98 1,190,838$232.10 1,395,949$182.53 
The following table provides certain information with respect to stock options outstanding and stock options exercisable at December 29, 2024, under the stock option plans.
 Stock Options OutstandingStock Options Exercisable
Range of Exercise PricesSharesWeighted Average Exercise PriceRemaining life in yearsSharesWeighted Average Exercise Price
$40.70-$99.99
68,462 $78.40 1.268,462 $78.40 
$100.00-$199.99
318,417 $160.55 2.7318,417 $160.55 
$200.00-$299.99
229,701 $217.60 4.1229,701 $217.60 
$300.00-$399.99
287,580 $373.79 6.3248,720 $375.89 
$400.00-$445.21
231,589 $441.13 7.4166,802 $440.79 
 1,135,749 $278.34 4.71,032,102 $264.98 
Restricted Stock
The following table shows restricted stock award activity:
Employee Time-Based Restricted Stock UnitsEmployee Performance-Based Restricted
Stock Awards		Non-Employee Directors Restricted Stock Units
Restricted Stock: SharesWeighted average fair value per shareSharesWeighted average fair value per shareSharesWeighted average fair value per share
Balance, January 2, 202249,351 $409.41 37,829 $279.27 7,058 $308.54 
Granted89,472 $360.39 19,492 $427.51 3,904 $451.13 
Vested(15,698)$409.41 (17,522)$200.00 (1,440)$450.27 
Forfeited/Canceled(5,653)$399.20 (398)$388.15 — $— 
Balance, January 1, 2023117,472 $372.51 39,401 $386.76 9,522 $345.57 
Granted2,316 $418.20 14,139 $361.08 4,190 $404.92 
Vested(39,705)$376.99 (9,106)$360.33 (1,880)$451.16 
Forfeited/Canceled(10,644)$369.60 (2,616)$346.08 — $— 
Balance, December 31, 202369,439 $371.90 41,818 $357.43 11,832 $349.81 
Granted70,341 $441.86 19,103 $397.78 4,680 $362.50 
Vested(38,198)$378.01 (7,692)$334.92 (2,095)$404.92 
Forfeited/Canceled(7,986)$399.90 (898)$334.92 — $— 
Balance, December 29, 202493,596 $419.76 52,331 $375.86 14,417 $345.92 
Employee Time-based Restricted Stock Units
The Company recorded $15.6 million, $14.2 million and $7.8 million in compensation expense related to restricted stock units to employees for fiscal years 2024, 2023 and 2022 respectively, which is primarily recorded in the Digital Imaging segment. At December 29, 2024, there was $28.1 million of total estimated unrecognized compensation cost related to non-vested awards which is expected to be recognized over a weighted-average period of approximately 1.8 years. This amount can be impacted by employee retirements or terminations.
Employee Performance-based Restricted Stock Awards
Under Teledyne’s restricted stock award program key officers and executives receive a grant of stock equal to a specified percentage of the participant’s annual base salary at the date of grant. The restricted stock is subject to transfer and forfeiture restrictions during an applicable “restricted period”. The restrictions have both time-based and performance-based components. The restricted period expires (and the restrictions lapse) on the third anniversary of the date of grant, subject to the achievement of stated performance objectives over a specified three-year performance period. If employment is terminated (other than by death, retirement or disability) during the restricted period, the stock grant is forfeited.
The estimated expense for restricted stock awards with both time-based and performance-based components to employees is based on a lattice-based simulation which takes into consideration several factors including volatility, risk free interest rates and the correlation of Teledyne’s stock price with the comparator, which has been the S&P 500 Index for awards granted since 2021. The Company recorded $6.6 million, $5.2 million and $5.1 million in compensation expense related to restricted stock awards to employees for fiscal years 2024, 2023 and 2022, respectively. At December 29, 2024, there was $6.8 million of total estimated unrecognized compensation cost related to non-vested awards which is expected to be recognized over a weighted-average period of approximately 1.3 years.
Non-Employee Directors Restricted Stock
Non-employee directors each received restricted stock units valued at $170,000 in 2024, 2023 and 2022 or valued at half the amount for a person who becomes a director for the first time after the date of the Annual Meeting. The restricted stock units generally vest one year following the date of grant and are settled in shares of common stock on the date of vesting unless a director has elected to defer settlement of the award until his or her separation from Board service. The annual expense related to non-employee director’s restricted stock units was $1.7 million for 2024, 2023 and 2022, with an immaterial amount of unrecognized compensation cost that will be recognized over the first half of 2025.