Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 107

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 8
Chunk 107
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 retirement benefit income was $2.7 million for the third quarter of 2025 compared with $2.8 million.  Other income (expense), net, was income of $0.9 million for the third quarter of 2025 compared with expense of $2.7 million for the third quarter of 2024.  Other income (expense), net, primarily consisted of a $7.2 million gain on debt extinguishment, partially offset by foreign currency exchange losses in the third quarter of 2025.  Other income (expense), net, primarily consisted of foreign currency exchange losses in the third quarter of 2024.

26

Income Tax

The third quarter of both the 2025 and 2024 income tax provision considers income, permanent items, tax credits and various statutory tax rates.

Third Quarter(dollars in millions)20252024Provision (benefit) for income taxes (a)$52.9$(7.1)Income (loss) before income taxes$273.8$255.1Effective tax rate19.3%(2.8)%

(a) The third quarter of 2025 includes net discrete income tax benefits of $4.9 million and the third quarter of 2024 includes net discrete income tax benefits of $62.3 million.

In July 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law.  The Act includes changes to U.S. tax law, including provisions to accelerate tax deductions for qualified property and research expense.  The Company has estimated the 2025 impact in current results which includes a cash tax reduction of approximately $30.0 million.  The Company will continue to model the elective decisions before the 2025 tax return is filed in 2026.  The 2026 impact is estimated to include a cash tax reduction of between $60.0 million and $70.0 million. 

First nine months of 2025 compared with the first nine months of 2024

The first nine months of 2025 net sales increased 8.0%.  Net income for the first nine months of 2025 decreased 0.2%, primarily driven by the favorable resolution of an uncertain tax position reached by the Company with foreign tax authorities around transfer pricing between certain FLIR subsidiaries in the third quarter of 2024.  Net income per diluted share was $13.06 for the first nine months of 2025, compared with net income per diluted share of $