Long-Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

	Balance at
Long-Term Debt (in millions):	June 30, 2024		December 31, 2023
$1.20 billion credit facility due June 2029	$	—	$	—
Term loan due October 2024, variable rate of 6.69% at June 30, 2024 and 6.71% at December 31, 2023, swapped to a Euro fixed rate of 0.61%	150.0		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 debt	1.4		1.0
Debt discount and debt issuance costs	(19.0)		(21.1)
Total debt, net	2,797.4		3,244.9
Less: Current portion of long-term debt	(150.5)		(600.1)
Total long-term debt, net of current portion	$	2,646.9	$	2,644.8

At June 30, 2024, $1,177.7 million was available under the $1.20 billion credit facility, after a reduction of $22.3 million in outstanding letters of credit. The Company’s bank credit agreements requires it to comply with various financial and operating covenants and at June 30, 2024, the Company was in compliance with these covenants. During the second quarter of 2024, the Company made a $450 million debt maturity payment on the Senior Notes due April 2024.

Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The Company estimates the fair value of long-term debt by using Level 2 inputs in the fair value hierarchy which is based on observable market data. As of June 30, 2024 and December 31, 2023, the aggregate fair values of our borrowings were $2,493.2 million and $2,965.3 million, respectively, and the carrying values were $2,816.4 million and $3,266.0 million, respectively.