Company: TDY
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001094285-25-000131
Chunk: 55

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 as compared to the first six months of 2024.  Non-service retirement benefit income was $5.5 million for the first six months of 2025 compared with $5.4 million for the first six months of 2024.  Other income and expense, net was expense of $8.6 million for the first six months of 2025 compared with expense of $1.0 million for the first six months of 2024, with the amounts primarily related to foreign currency exchange losses in both periods.  The Company also recorded a gain on debt extinguishment of $3.3 million for the first six months of 2025 which is included in other income and expense, net, with no comparable amount recorded in the first six months of 2024.

Income Tax

The first six 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 2024, the first six months discrete impact is primarily related to tax on stock-based compensation.

Six Months(dollars in millions)20252024Provision (benefit) for income taxes (a)$100.3$97.8Income (loss) before income taxes$499.5$457.2Effective tax rate20.1%21.4%

(a) The first six months of 2025 includes net discrete income tax benefits of $12.1 million and the first six months of 2024 includes net discrete income tax benefits of $5.1 million, respectively.

Segment Results

Segment results include net sales and operating income by segment but exclude corporate office expenses.  Corporate expense primarily includes various administrative expenses relating to our corporate office that are not allocated to our segments.  See Note 3 to these condensed consolidated financial statements for additional segment information.

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Digital Imaging

Second QuarterChangeSix MonthsChange(dollars in millions)20252024$%20252024$%Net sales$771.0$739.4$31.6 4.3 %$1,528.0$1,480.2$47.8 3.2 %Cost of sales$436.6$411.2$25.4 6.2 %$859.1$819.8$39.3 4.8 %Selling, general and administrative expense$120.3$126.3$(6.0)(4.8)%$243.