Cash provided by operating activities was $164.4 million for the fourth quarter of 2023 compared with $237.7 million. Depreciation and amortization expense for the fourth quarter of 2023 was $77.4 million compared with $81.8 million. Stock-based compensation expense for the fourth quarter of 2023 was $8.0 million compared with $11.4 million. The IRS announcements related to the California floods (IR-2023-33 and IR-2023-189) postponed approximately $139 million of Teledyne’s second and third quarter 2023 U.S. federal income tax payments, which the Company paid in the fourth quarter of 2023.

Capital expenditures for the fourth quarter of 2023 were $40.2 million compared with $34.1 million. Teledyne received $18.2 million from the exercise of stock options in the fourth quarter of 2023 compared with $5.2 million.

As of December 31, 2023, net debt was $2,596.6 million which is calculated as total debt of $3,244.9 million, net of cash and cash equivalents of $648.3 million. As of January 1, 2023, net debt was $3,282.5 million representing total debt of $3,920.6 million, net of cash and cash equivalents of $638.1 million. During 2023, Teledyne repaid approximately $680 million of debt, including $300.0 million of debt that matured in April 2023 and $370.0 million of floating rate debt under its term loan due May 2026 and under its credit facility. Teledyne 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.

As of December 31, 2023, $1,129.1 million was available under the $1.15 billion credit facility, after reductions of $20.9 million in outstanding letters of credit.