Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 58

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 2024, the first nine months discrete impact is primarily related to tax on stock-based compensation.

Nine Months(dollars in millions)20252024Provision (benefit) for income taxes (a)$153.2$90.7Income (loss) before income taxes$773.3$712.3Effective tax rate19.8%12.7%

(a) The first nine months of 2025 includes net discrete income tax benefits of $17.0 million and the first nine months of 2024 includes net discrete income tax benefits of $67.4 million, respectively.

In July 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law.  The Act includes changes to U.S. tax law, including provisions to accelerate tax deductions for qualified property and research expense.  The Company has estimated the 2025 impact in current results which includes a cash tax reduction of approximately $30.0 million.  The Company will continue to model the elective decisions before the 2025 tax return is filed in 2026.  The 2026 impact is estimated to include a cash tax reduction of between $60.0 million and $70.0 million. 

Segment Results

Segment results include net sales and operating income by segment but exclude corporate office expenses.  Corporate expense primarily includes various administrative expenses relating to our corporate office that are not allocated to our segments.  See Note 3 to these condensed consolidated financial statements for additional segment information.

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Digital Imaging

Third QuarterChangeNine MonthsChange(dollars in millions)20252024$%20252024$%Net sales$785.4$768.4$17.0 2.2 %$2,313.4$2,248.6$64.8 2.9 %Cost of sales$435.1$427.9$7.2 1.7 %$1,294.2$1,247.7$46.5 3.7 %Selling, general and administrative expense$129.4$127.9$1.5 1.2 %$372.4$377.9$(5.5)(1.5)%Research and development expense$50.7$42.6$8.1 19.0 %$143.0$134.6$8.4 6.2 %Acquired intangible asset amortization$46.8$