Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 41

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 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.

23

Income Tax

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

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 the first quarter of 2024 includes net discrete income tax benefits of $4.4 million.

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.

Digital Imaging

First QuarterChange(dollars in millions)20252024$%Net sales$757.0$740.8$16.2 2.2 %Cost of sales$422.5$408.6$13.9 3.4 %Selling, general and administrative expense$122.7$123.7$(1.0)(0.8)%Research and development expense$44.1$48.9$(4.8)(9.8)%Acquired intangible asset amortization$45.4$45.8$(0.4)(