Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 29

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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— 1.60% Fixed Rate Senior Notes due April 2026450.0 450.0 2.25% Fixed Rate Senior Notes due April 2028700.0 700.0 2.50% Fixed Rate Senior Notes due August 2030485.0 485.0 2.75% Fixed Rate Senior Notes due April 20311,030.0 1,030.0 Other debt1.1 1.2 Debt discount and debt issuance costs(16.3)(17.2)Total debt, net2,964.8 2,649.0 Less: Current portion of long-term debt(0.2)(0.3)Total long-term debt, net of current portion$2,964.6 $2,648.7 At March 30, 2025, $855.5 million was available under the $1.2 billion credit facility after reductions of $315.0 million in outstanding borrowings and $29.5 million in outstanding letters of credit.  The Company’s bank credit agreements requires it to comply with various financial and operating covenants, and at March 30, 2025, the Company was in compliance with these covenants.

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Note 8. Income Taxes

The income tax provision is calculated using an estimated annual effective tax rate based upon estimates of annual income, permanent items, statutory tax rates, and planned tax strategies in the various jurisdictions in which the Company operates, except that certain loss jurisdictions and discrete items such as the resolution of uncertain tax positions and stock-based accounting income tax benefits are treated separately.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 $4.4 million, respectively

Note 9. Pension Plans

 First Quarter20252024Service cost — benefits earned during the period (in millions)$1.5 $1.5 Pension non-service cost (income) (in millions):Interest cost on benefit obligation$7.9 $8.2 Expected return on plan assets(13.4)(13.6)Amortization of net prior service cost (income)0.1