Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 67

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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 was in compliance with these covenants.

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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.First Quarter(dollars in millions)20252024Provision (benefit) for income taxes (a)$50.1$46.4Income (loss) before income taxes$238.9$225.5Effective tax rate21.0%20.6%(a) The first quarter of 2025 includes net discrete income tax benefits of $3.7 million and $4.4 million, respectively

Note 9. Pension Plans

 First Quarter20252024Service cost — benefits earned during the period (in millions)$1.5 $1.5 Pension non-service cost (income) (in millions):Interest cost on benefit obligation$7.9 $8.2 Expected return on plan assets(13.4)(13.6)Amortization of net prior service cost (income)0.1 (0.2)Amortization of net actuarial loss (gain)2.8 2.9 Pension non-service cost (income)$(2.6)$(2.7)

Note 10. Stock-Based Compensation 

Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock awards and restricted stock units.  The Company also has non-employee director stock compensation plans pursuant to which common stock, stock options and restricted stock units have been issued to its directors.  The Company issues shares of common stock upon the exercise of stock options.  The Company uses the Black–Scholes option pricing model to determine the fair value of stock options.Stock-based compensation expense was $8.9 million and $12.0 million for the first quarter of 2025 and 2024, respectively.Stock option activity for the first quarter of 2025 is as follows: SharesWeighted Average Exercise PriceBeginning balance1,135,749$278.34 Exercised(137,124)$215.36 Canceled(749)$405.53 Ending balance997,876$286.90 Exercisable at end of period916,