Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 93

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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 (a)$52.9$(7.1)$153.2$90.7Income (loss) before income taxes$273.8$255.1$773.3$712.3Effective tax rate19.3%(2.8)%19.8%12.7%(a) The third quarter of 2025 includes net discrete income tax benefits of $4.9 million and the first nine months of 2025 includes net discrete income tax benefits of $17.0 million, respectively.  The third quarter of 2024 includes net discrete income tax benefits of $62.3 million and the first nine months of 2024 includes net discrete income tax benefits of $67.4 million, respectively.

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Note 9. Pension Plans

 Third QuarterNine Months2025202420252024Service cost—benefits earned during the period (in millions)$1.5 $1.5 $4.5 $4.5 Pension non-service cost (income) (in millions):Interest cost on benefit obligation$7.8 $8.0 $23.6 $24.3 Expected return on plan assets(13.5)(13.6)(40.3)(40.7)Amortization of net prior service cost (income)— (0.1)0.1 (0.5)Amortization of net actuarial loss (gain)2.8 2.9 8.5 8.7 Pension non-service cost (income)$(2.9)$(2.8)$(8.1)$(8.2)

Note 10. Stock-Based Compensation 

Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock awards and restricted stock units.  The Company also has non-employee director stock compensation plans pursuant to which common stock, stock options and restricted stock units have been issued to its directors.  The Company issues shares of common stock upon the exercise of stock options.  The Company uses the Black–Scholes option pricing model to determine the fair value of stock options.Stock-based compensation expense was $10.5 million and $30.7 million for the third quarter and first nine months of 2025, respectively, and $8.7 million and $30.0 million for the third quarter and first nine months of 2024, respectively.Stock option activity for the third quarter and