Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 41

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 long-term debt(450.2)(0.3)Total long-term debt, net of current portion$2,083.2 $2,648.7 At September 28, 2025, $1,168.7 million was available under the $1.2 billion credit facility after reductions of $31.3 million in outstanding letters of credit.  The Company’s bank credit agreements require the Company to comply with various financial and operating covenants, and at September 28, 2025, the Company was in compliance with these covenants.  In the first nine months of 2025, the Company repurchased and retired $118.2 million of principal of its fixed rate senior notes for $107.7 million in cash.

Note 8. Income Taxes

The income tax provision is calculated using an estimated annual effective tax rate based upon estimates of annual income, permanent items, statutory tax rates and planned tax strategies in the various jurisdictions in which the Company operates, except that certain loss jurisdictions and discrete items such as the resolution of uncertain tax positions and stock-based accounting income tax benefits are treated separately.Third QuarterNine Months(dollars in millions)2025202420252024Provision (benefit) for income taxes (a)$52.9$(7.1)$153.2$90.7Income (loss) before income taxes$273.8$255.1$773.3$712.3Effective tax rate19.3%(2.8)%19.8%12.7%(a) The third quarter of 2025 includes net discrete income tax benefits of $4.9 million and the first nine months of 2025 includes net discrete income tax benefits of $17.0 million, respectively.  The third quarter of 2024 includes net discrete income tax benefits of $62.3 million and the first nine months of 2024 includes net discrete income tax benefits of $67.4 million, respectively.

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Note 9. Pension Plans

 Third QuarterNine Months2025202420252024Service cost—benefits earned during the period (in millions)$1.5 $1.5 $4.5 $4.5 Pension non-service cost (income) (in millions):Interest cost on benefit obligation$7.8 $8.0 $23.6 $24.3 Expected return on plan assets(13.5)(13.6)(40.