Company: CRL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001100682-25-000011
Chunk: 115

Company: CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 115
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ps from 5.6% for fiscal year 2023.

Other Income (Expense) 

Fiscal Year20242023$ change% change(in thousands, except percentages)Other income (expense):Interest income$8,575 $5,196 $3,379 65.0 %Interest expense(126,288)(136,710)10,422 (7.6)%Other income (expense), net(16,520)95,537 (112,057)(117.3)%Total other expense, net$(134,233)$(35,977)$(98,256)273.1 %

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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.

Interest income for fiscal year 2024 was $8.6 million, an increase of $3.4 million, or 65.0%, driven primarily from higher interest rates and interest bearing asset balances.

Interest expense for fiscal year 2024 was $126.3 million, a decrease of $10.4 million, or 7.6%, compared to $136.7 million in fiscal year 2023. The decrease was due primarily to lower debt balances as we continue to pay down our revolving credit facility.

Other expense, net for fiscal year 2024 was $16.5 million, a change of $112.1 million, or 117.3%, compared to other income, net of $95.5 million for fiscal year 2023. The change was primarily due to a gain on acquisition of $98.5 million for Noveprim recognized in fiscal year 2023, as well as net losses on our venture capital and strategic investments of $12.9 million recognized in fiscal year 2024.

Income Taxes

Fiscal Year20242023$ change% change(in thousands, except percentages)Provision for income taxes$67,823 $100,914 $(33,091)(32.8)%Effective tax rate72.8 %17.4 %5,540 bps

Income tax expense for fiscal year 2024 was $67.8 million, a decrease of $33.1 million compared to $100.9 million for fiscal year 2023. Our effective tax rate was 72.8% for fiscal year 2024 compared to 17.4% for fiscal year 2023. The increase in our effective tax rate in fiscal year 2024 compared to fiscal year 2023 was primarily attributable