Company: TDY
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001094285-25-000131
Chunk: 105

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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2025, the weighted-average discount rate used to determine the benefit obligation for the domestic qualified pension plans is 7.05% compared with 6.86% in 2024.

Operating Income

Operating income for the first six months of 2025 increased 11.7%.  The first six months of 2025, compared with the first six months of 2024, reflected higher operating income in each segment.

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Non-operating Income and Expense

Interest and debt expense, net of interest income, was $34.9 million for the first six months of 2025, compared with $28.5 million, with the increase related to higher outstanding borrowings on our line of credit during the period 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