Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 315

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 315
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$490.3 Foreign operations410.5 426.5 417.8 Total income (loss) before income taxes$937.9 $958.9 $908.1  The provision for income taxes included the following (in millions):202420232022Current provision (benefit)   Federal$149.3 $91.2 $47.2 State25.5 21.4 14.8 Foreign40.5 57.1 47.8 Total current provision (benefit)215.3 169.7 109.8 Deferred provision (benefit)   Federal(55.8)(78.8)(39.0)State(7.7)(4.6)0.3 Foreign(34.6)(14.0)48.1 Total deferred provision (benefit)(98.1)(97.4)9.4 Provision (benefit) for income taxes$117.2 $72.3 $119.2 

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 The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate:202420232022U.S. federal statutory income tax rate21.0 %21.0 %21.0 %State and local taxes, net of federal benefit2.4 1.8 1.7 Research and development tax credits(1.3)(2.4)(1.8)Investment tax credits(0.8)(0.5)(0.5)Foreign rate differential2.6 1.8 1.5 Net accruals (reversals) for unrecognized tax benefits (8.5)(10.8)(7.9)Stock-based compensation(1.4)(2.1)(1.1)U.S. export sales(1.9)(2.2)(2.0)Other0.4 0.9 2.2 Effective income tax rate12.5%7.5 %13.1 %Deferred income taxes result from temporary differences in the recognition of income and expense for financial and income tax reporting purposes, and differences between the fair value of assets acquired in business combinations accounted for as purchases for financial reporting purposes and their corresponding tax bases.  Deferred income taxes represent future tax benefits or costs to be recognized when those temporary differences reverse. The categories of assets and liabilities that have resulted in differences in the