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Leases
 12 Months Ended
Dec. 29, 2024
Leases [Abstract]  
Leases Leases
Operating Leases
Teledyne has more than 150 long-term operating lease agreements for manufacturing facilities and office space. These agreements frequently include one or more renewal options and may require the Company to pay for non-lease components such as utilities, taxes, insurance and maintenance expense. The Company accounts for lease and non-lease components as a single lease component when the payments are fixed. Variable payments included in the lease agreement are expensed as incurred. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At December 29, 2024, Teledyne has right-of-use assets of $128.6 million included in non-current other assets, net on the consolidated balance sheets.
At December 29, 2024, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions):
Operating lease commitments:
2025$37.6 
202631.2 
202726.3 
202818.9 
202914.2 
Thereafter31.6 
Total minimum lease payments159.8 
Less: 
   Imputed interest(20.0)
   Current portion (included in current accrued liabilities)(30.2)
Present value of minimum lease payments, net of current portion (included in other long-term liabilities)$109.6 
The weighted average remaining lease term for operating leases is approximately 5.7 years and the weighted average discount rate is approximately 4.25%. Rental expense under operating leases, including leases with a term of 12 months or less, net of immaterial sublease income, was $47.9 million in 2024, $43.9 million in 2023 and $45.1 million in 2022. Variable lease expense was $1.3 million in 2024, $1.6 million in 2023 and $5.9 million in 2022. Cash paid for amounts included in the measurement of lease liabilities was $39.5 million for 2024 and $39.5 million for 2023. Right-of-use assets obtained in exchange for lease obligations was $13.8 million for 2024 and $21.7 million for 2023.
Finance Leases and Subleases
The Company’s finance leases and subleases are not material.