Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 57

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 and higher transaction costs in the first nine months of 2025 for current year acquisitions.  Stock-based compensation expense was $30.7 million for the first nine months of 2025 compared with $30.0 million.

Research and Development Expense

R&D expense increased $18.9 million in the first nine months of 2025 due to higher R&D expense within the Digital Imaging, Instrumentation and Aerospace and Defense Electronics segments.

Acquired Intangible Asset Amortization

Acquired intangible asset amortization for the first nine months of 2025 was $161.7 million compared with $148.3 million, with the increase primarily related to 2025 acquisitions within the Aerospace and Defense Electronics segment.

Pension Service Expense

Pension service expense is included in both cost of sales and SG&A expense.  For both the first nine months of 2025 and 2024, pension service expense was $4.5 million.

Operating Income

Operating income for the first nine months of 2025 increased 9.1%.  The first nine months of 2025, compared with the first nine months of 2024, reflected higher operating income in each segment, including incremental operating income related to 2025 acquisitions

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Non-operating Income and Expense

Interest and debt expense, net of interest income, was $47.5 million for the first nine months of 2025, compared with $44.2 million, with the increase related to higher outstanding borrowings on our line of credit during the period as compared to the first nine months of 2024.  Non-service retirement benefit income was $8.2 million for the first nine months of 2025 and 2024.  Other income and expense, net was expense of $7.7 million for the first nine months of 2025 compared with expense of $3.7 million for the first nine months of 2024.  The Other income and expense, net expense of $7.7 million for the first nine months of 2025 included a $10.5 million gain on debt extinguishment, partially offset by foreign currency exchange losses.  Other income and expense, net expense of $3.7 million for the first nine months of 2024 primarily related to foreign currency exchange losses. 

Income Tax

The first nine months of both the 2025 and 2024 income tax provision considers income, permanent items, tax credits and various statutory tax rates.  In both 2025 and