Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 78

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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 costs in the first quarter of 2025 related to current year acquisitions.  Stock-based compensation expense was $8.9 million for the first quarter of 2025 compared with $12.0 million, with the decrease due to timing of grants in the current year.  Subsequent to the end of the first quarter of 2025, the Company made its annual stock option and restricted stock grants. 

Research and Development Expense

R&D expense decreased $2.2 million in the first quarter of 2025 due to lower R&D expense at the Digital Imaging segment.

Acquired Intangible Asset Amortization

Acquired intangible asset amortization for the first quarter of 2025 was $52.0 million compared with $49.4 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 the first quarter of 2025 and 2024, pension service expense was $1.5 million.  For 2025, the weighted-average discount rate used to determine the benefit obligation for the domestic qualified pension plans is 7.05% compared with 6.86% in 2024. 

Operating Income

Operating income for the first quarter of 2025 increased 10.7%.  The first quarter of 2025, compared with the first quarter of 2024, reflected higher operating income in each segment.

Non-operating Income and Expense

Interest and debt expense, net of interest income, was $17.3 million for the first quarter of 2025 compared with $12.7 million, with the decrease related to higher outstanding borrowings compared to the first quarter of 2024.  Non-service retirement benefit income was $2.8 million for the first quarter of 2025 compared with $2.7 million.  Other income and expense, net, was expense of $5.9 million for the first quarter of 2025 compared with income of $1.2 million for the first quarter of 2024.  Other income and expense, net, primarily consisted of foreign currency exchange losses in the first quarter of 2025, as compared with foreign currency exchange gains in the first quarter of 2024.

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Income Tax

The first quarter income tax provision considers income, permanent items, tax credits, and various statutory tax rates.

First Quarter(dollars in millions)20252024Pro