TELEDYNE TECHNOLOGIES INC
For the period ended Sep 29, 2024. Filed Oct 28, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 29, 2024 · Filed Oct 28, 2024
TDY$618.60+4.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-29.
0001094285-24-000090
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-29; filed 2024-10-28.
0001094285-24-000104
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 108 previous paragraphs and 112 current paragraphs.
54 unchanged; 47 reworded; 11 added; 4 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report
(a) Net sales exclude inter-segment sales of $5.9 million and $19.2 million for the third quarter and nine months of 2024, respectively, and $7.2 million and $21.5 million for the third quarter and nine months of 2023, respectively.
Current report
Third Quarter Results
Current report
Operating income for the third quarter of 2024 increased 2.4%. The third quarter of 2024, compared with the third quarter of 2023, reflected higher operating income in each segment other than the Digital Imaging segment.
Current report
(a) The third quarter of 2024 includes net discrete income tax benefits of $62.3 million and the third quarter of 2023 includes net discrete income tax benefits of $6.1 million.
Current report
During the third quarter of 2024, the Company released $62.5 million of net income tax reserve liability (including applicable interest and penalties) as a result of a favorable resolution reached by the Company with foreign tax authorities around transfer pricing between certain FLIR subsidiaries.
Current report
(a) The first nine months of 2024 includes net discrete income tax benefits of $67.4 million and the first nine months of 2023 includes net discrete income tax benefits of $14.1 million, respectively.
Current report
During the first nine months of 2024, the Company released $62.5 million of net income tax reserve liability (including applicable interest and penalties) as a result of a favorable resolution reached by the Company with foreign tax authorities around transfer pricing between certain FLIR subsidiaries.
Current report
For nine months of 2024 compared with the first nine months of 2023
Current report
Cost of sales increased primarily due to higher net sales, and the cost of sales percentage increased slightly during the period. SG&A expense decreased primarily due to lower research and development and bid and proposal expense, and SG&A expense as a percentage of net sales decreased.
Current report
Operating income and operating income as a percentage of net sales increased primarily due higher net sales and favorable program mix.
Removed paragraphs (4)
Previous report
We have experienced supply chain challenges, including long lead times, as well as cost inflation for parts and components, logistics and labor due to availability constraints and high demand. These supply chain challenges have also delayed our ability to timely convert backlog to revenue. Although to a lesser extent compared to recent years, we expect cost inflation impacts and supply chain constraints to continue during the remainder of 2024.
Previous report
Second Quarter Results
Previous report
For six months of 2024 compared with the first six months of 2023
Previous report
Operating income and operating income as a percentage of net sales decreased primarily due to unfavorable program mix.
Reworded paragraphs (47)
Previous wording
We had previously assumed no full year sales growth in industrial automation markets as well as electronic test and measurement markets. However, those markets weakened more than planned in the first half of the year.
Current wording
We had previously assumed no full year sales growth in industrial automation markets as well as electronic test and measurement markets. Those markets weakened more than planned in the first half of the year, however, we believe those markets have stabilized or are beginning to recover.
Previous wording
To date, we have not been materially impacted by the conflict in Israel and its effect on neighboring regions. We do not have material assets in Israel. Our total net sales to Israel in the first six months of 2024 and the full year 2023 was approximately 1% of total net sales, respectively. It is too early to determine the full extent of the impact this conflict could have on our business and our operations, including the impact to our suppliers from these regions, and our assessment of the potential impacts is ongoing.
Current wording
To date, we have not been materially impacted by the conflict in Israel and its effect on neighboring regions. We do not have material assets in Israel. Our total net sales to Israel in the first nine months of 2024 and the full year 2023 were approximately 1% of total net sales, respectively. It is too early to determine the full extent of the impact this conflict could have on our business and our operations, including the impact to our suppliers from these regions, and our assessment of the potential impacts is ongoing.
Previous wording
The following is a discussion of our 2024 second quarter results compared with the second quarter results of 2023. Comparisons are with the corresponding reporting period of 2023, unless noted otherwise.
Current wording
The following is a discussion of our 2024 third quarter results compared with the third quarter results of 2023. Comparisons are with the corresponding reporting period of 2023, unless noted otherwise.
Previous wording
Our second quarter of 2024 net sales decreased 3.6%. Net income attributable to Teledyne for the second quarter of 2024 decreased 2.8%. Net income per diluted share was $3.77 for the second quarter of 2024, compared with net income per diluted share of $3.87.
Current wording
Our third quarter of 2024 net sales increased 2.9%. Net income attributable to Teledyne for the third quarter of 2024 increased 31.9%, driven primarily by the favorable resolution of an uncertain tax position reached by the Company with foreign tax authorities around transfer pricing between certain FLIR subsidiaries. Net income per diluted share was $5.54 for the third quarter of 2024, compared with net income per diluted share of $4.15.
Previous wording
The second quarter of 2024 net sales, compared with the second quarter of 2023, reflected lower net sales in the Digital Imaging and Engineered Systems segments, partially offset by higher net sales in the Aerospace and Defense Electronics and Instrumentation segments. The second quarter of 2024 also included $11.7 million in incremental sales from recent acquisitions.
Current wording
The third quarter of 2024 net sales, compared with the third quarter of 2023, reflected higher net sales in each segment other than the Digital Imaging segment. The third quarter of 2024 included $18.0 million in incremental sales from recent acquisitions.
Previous wording
Cost of sales decreased $24.8 million in the second quarter of 2024 primarily driven by lower net sales. Cost of sales as a percentage of net sales increased for the second quarter of 2024 to 56.9% from 56.6%.
Current wording
Cost of sales increased $26.7 million in the third quarter of 2024 primarily driven by higher net sales. Cost of sales as a percentage of net sales increased for the third quarter of 2024 to 57.1% from 56.8%.
Previous wording
SG&A expense, including research and development expense, decreased $16.5 million in the second quarter of 2024 due to lower sales as well as lower research and development expense, with the lower research and development expense primarily related to continued FLIR integration-related cost-reduction efforts implemented in the second half of 2023. SG&A expense as a percentage of net sales decreased to 21.5% for the second quarter of 2024, compared with 22.0%, primarily due to lower research and development expense. Corporate expense, which is included in SG&A expense, was $18.3 million for the second quarter of 2024, compared with $14.6 million, with the increase primarily related to higher compensation expense and increased legal contingencies for a legacy environmental reserve. Stock-based compensation expense was $9.3 million for the second quarter of 2024 compared with $8.4 million.
Current wording
SG&A expense, including research and development expense, increased $7.2 million in the third quarter of 2024 due to higher sales. SG&A expense as a percentage of net sales decreased to 20.7% for the third quarter of 2024, compared with 20.8%. Corporate expense, which is included in SG&A expense, was $18.7 million for the third quarter of 2024, compared with $17.8 million, with the increase primarily related to higher compensation expense. Stock-based compensation expense was $8.7 million for the third quarter of 2024 compared with $8.0 million.
Previous wording
Acquired intangible asset amortization for the second quarter of 2024 was $49.1 million compared with $49.3 million.
Current wording
Acquired intangible asset amortization for the third quarter of 2024 was $49.8 million compared with $49.1 million.
Previous wording
Pension service expense is included in both cost of sales and SG&A expense. For the second quarter of 2024 and 2023, pension service expense was $1.5 million. For 2024, the weighted-average discount rate used to determine the benefit obligation for the domestic qualified pension plans is 6.86% compared with 5.71% in 2023.
Current wording
Pension service expense is included in both cost of sales and SG&A expense. For the third quarter of 2024 and 2023, pension service expense was $1.5 million. For 2024, the weighted-average discount rate used to determine the benefit obligation for the domestic qualified pension plans is 6.86% compared with 5.71% in 2023.
Previous wording
Interest and debt expense, net of interest income, was $15.8 million for the second quarter of 2024, compared with $22.3 million, with the decrease related to reduced outstanding borrowings with lower weighted average interest rates compared to the second quarter of 2023. Non-service retirement benefit income was $2.7 million for the second quarter of 2024 compared with $2.9 million. Other income and expense, net was expense of $2.2 million for the second quarter of 2024 compared with expense of $3.4 million for the second quarter of 2023.
Current wording
Interest and debt expense, net of interest income, was $15.7 million for the third quarter of 2024, compared with $18.4 million, with the decrease related to reduced outstanding borrowings compared to the third quarter of 2023. Non-service retirement benefit income was $2.8 million for the third quarter of 2024 compared with $3.1 million. Other income and expense, net was expense of $2.7 million for the third quarter of 2024 compared with expense of $2.9 million for the third quarter of 2023.
Previous wording
The second quarter income tax provision considers income, permanent items, tax credits, and various statutory tax rates.
Current wording
The third quarter income tax provision considers income, permanent items, tax credits, and various statutory tax rates.
Previous wording
The first six months of 2024 net sales decreased 3.0%. Net income for the first six months of 2024 decreased 1.5%. Net income per diluted share was $7.49 for the first six months of 2024, compared with net income per diluted share of $7.60.
Current wording
The first nine months of 2024 net sales decreased 1.0%. Net income for the first nine months of 2024 increased 10.3%, driven primarily by the favorable resolution of an uncertain tax position reached by the Company with foreign tax authorities around transfer pricing between certain FLIR subsidiaries. Net income per diluted share was $13.01 for the first nine months of 2024, compared with net income per diluted share of $11.75.
Previous wording
The first six months of 2024 net sales, compared with the first six months of 2023 net sales, reflected lower net sales in the Digital Imaging and Engineered Systems segments, partially offset by higher net sales in the Aerospace and Defense Electronics and Instrumentation segments. The first six months of 2024 also included $14.2 million in incremental sales from recent acquisitions.
Current wording
The first nine months of 2024 net sales, compared with the first nine months of 2023, reflected lower net sales in the Digital Imaging and Engineered Systems segments, partially offset by higher net sales in the Aerospace and Defense Electronics and Instrumentation segments. The first nine months of 2024 included $32.1 million in incremental sales from recent acquisitions.
Previous wording
Cost of sales decreased $45.3 million in the first six months of 2024 and reflected the impact of lower sales. Cost of sales as a percentage of net sales increased slightly for the first six months of 2024 to 57.0% from 56.9%.
Current wording
Cost of sales decreased $18.6 million in the first nine months of 2024 and reflected the impact of lower sales. Cost of sales as a percentage of net sales increased for the first nine months of 2024 to 57.0% from 56.9%.
Previous wording
SG&A expense, including research and development expense, decreased $20.7 million in the first six months of 2024 due to lower sales as well as lower research and development expense, with the lower research and development expense primarily related to FLIR integration-related cost-reduction efforts implemented in the second half of 2023. SG&A expense as a percentage of net sales for the first six months of 2024 and 2023 was 21.8%. Corporate expense, which is included in SG&A expense, was $38.4 million for the first six months of 2024, compared with $32.0 million, with the increase primarily related to higher compensation expense, including higher stock-based compensation expense. Stock-based compensation expense was $21.3 million for the first six months of 2024 compared with $16.3 million. The first six months of 2024 also included $3.2 million of FLIR-related integration costs, including employee separation costs, facility consolidation costs and facility lease impairments.
Current wording
SG&A expense, including research and development expense, decreased $13.5 million in the first nine months of 2024 due to lower sales as well as lower research and development expense, with the lower research and development expense primarily related to FLIR integration-related cost-reduction efforts implemented in the second half of 2023. SG&A expense as a percentage of net sales for the first nine months of 2024 was 21.4% compared with 21.5%. Corporate expense, which is included in SG&A expense, was $57.1 million for the first nine months of 2024, compared with $49.8 million, with the increase primarily related to higher compensation expense, including higher stock-based compensation expense and increased legal contingencies for a legacy environmental reserve. Stock-based compensation expense was $30.0 million for the first nine months of 2024 compared with $24.3 million. The first nine months of 2024 also included $6.9 million of FLIR-related integration costs, including employee separation costs, facility consolidation costs and facility lease impairments, compared with $5.8 million.
Previous wording
Acquired intangible asset amortization for the first six months of 2024 was $98.5 million compared with $99.0 million.
Current wording
Acquired intangible asset amortization for the first nine months of 2024 was $148.3 million compared with $148.1 million.
Previous wording
Pension service expense is included in both cost of sales and SG&A expense. For the first six months of 2024, pension service expense was $3.0 million compared with $3.0 million. For 2024, the weighted-average discount rate used to determine the benefit obligation for the domestic qualified pension plans is 6.86% compared with 5.71% in 2023.
Current wording
Pension service expense is included in both cost of sales and SG&A expense. For both the first nine months of 2024 and 2023, pension service expense was $4.5 million. For 2024, the weighted-average discount rate used to determine the benefit obligation for the domestic qualified pension plans is 6.86% compared with 5.71% in 2023.
Previous wording
Operating income for the first six months of 2024 decreased 3.5%. The first six months of 2024, compared with the first six months of 2023, reflected lower operating income in the Digital Imaging and Engineered Systems segments, partially offset by higher operating income in the Aerospace and Defense Electronics and Instrumentation segments.
Current wording
Operating income for the first nine months of 2024 decreased 1.4%. The first nine months of 2024, compared with the first nine months of 2023, reflected lower operating income in the Digital Imaging and Engineered Systems segments, partially offset by higher operating income in the Aerospace and Defense Electronics and Instrumentation segments.
Previous wording
Interest and debt expense, net of interest income, was $28.5 million for the first six months of 2024, compared with $43.3 million, with the decrease related to reduced outstanding borrowings with lower weighted average interest rates compared to the first six months quarter of 2023. Non-service retirement benefit income was $5.4 million for the first six months of 2024 compared with $6.2 million for the first six months of 2023. Other income and expense, net was expense of $1.0 million for the first six months of 2024 compared with $4.5 million of other expense for the first six months of 2023, with the difference primarily related to lower foreign exchange losses in the first six months of 2024 compared with the first six months of 2023.
Current wording
Interest and debt expense, net of interest income, was $44.2 million for the first nine months of 2024, compared with $61.7 million, with the decrease related to reduced outstanding borrowings with lower weighted average interest rates compared to the first nine months of 2023. Non-service retirement benefit income was $8.2 million for the first nine months of 2024 compared with $9.3 million for the first nine months of 2023. Other income and expense, net was expense of $3.7 million for the first nine months of 2024 compared with $7.4 million of other expense for the first nine months of 2023, with the difference primarily related to lower foreign exchange losses in the first nine months of 2024 compared with the first nine months of 2023.
Previous wording
The first six months income tax provision considers income, permanent items, tax credits, and various statutory tax rates. In both years, the first six months discrete impact is primarily tax on stock-based compensation.
Current wording
The first nine months income tax provision considers income, permanent items, tax credits, and various statutory tax rates. In both years, the first nine months discrete impact is primarily tax on stock-based compensation.
Previous wording
Net sales decreased primarily due to lower sales of industrial automation imaging systems, X-ray products and commercial infrared imaging systems, partially offset by higher sales of infrared detectors and surveillance systems. Sales of industrial automation imaging systems decreased $46.9 million, sales of X-ray products decreased $13.7 million, sales of commercial infrared imaging systems decreased $13.5 million, sales of surveillance systems increased $10.9 million and sales of infrared detectors increased $9.0 million.
Current wording
Net sales decreased primarily due to lower sales of industrial automation imaging systems and X-ray products, partially offset by higher sales of unmanned air systems, surveillance systems, infrared detectors, commercial infrared imaging systems and incremental sales from recent acquisitions. Sales of industrial automation imaging systems decreased $45.3 million, sales of X-ray products decreased $9.7 million, sales of unmanned air systems increased $15.6 million, sales of surveillance systems increased $8.9 million, sales of commercial infrared imaging systems increased $6.2 million and sales of infrared detectors increased $5.3 million. The third quarter of 2024 also included $10.8 million in incremental sales from recent acquisitions.
Previous wording
Cost of sales decreased primarily due to decreased net sales partially offset by product mix. As a result of unfavorable product mix, including lower industrial automation imaging systems net sales, the cost of sales percentage increased during the period. SG&A expense decreased due to lower net sales as well $22.3 million in lower research and development costs. SG&A expense as a percentage of net sales decreased primarily due to lower research and development cost. Research and development costs decreased primarily due to FLIR integration-related cost-reduction efforts implemented in the second half of 2023.
Current wording
Cost of sales increased primarily due to product mix partially offset by decreased net sales. As a result of unfavorable product mix, including lower industrial automation imaging systems net sales, the cost of sales percentage increased during the period. SG&A expense decreased due to lower net sales. SG&A expense as a percentage of net sales increased slightly during the quarter.
Previous wording
Operating income decreased primarily due to lower net sales and unfavorable product mix during the period partially offset by lower research and development costs, and operating income as a percentage of net sales decreased during the period primarily due to unfavorable product mix partially offset by lower research and development costs.
Current wording
Operating income decreased primarily due to lower net sales and unfavorable product mix during the period, and operating income as a percentage of net sales decreased during the period primarily due to unfavorable product mix.
Previous wording
Net sales decreased primarily due to lower sales of industrial automation imaging systems, commercial infrared imaging systems and X-ray products, partially offset by higher sales of infrared detectors and surveillance systems. Sales of industrial automation imaging systems decreased $91.4 million, sales of commercial infrared imaging systems decreased $15.8 million, sales of X-ray products decreased $13.4 million, sales of infrared detectors increased $13.8 million and sales of surveillance systems increased $11.5 million.
Current wording
Net sales decreased primarily due to lower sales of industrial automation imaging systems, X-ray products and geospatial products, partially offset by higher sales of unmanned air systems, surveillance systems, infrared detectors and incremental sales from recent acquisitions. Sales of industrial automation imaging systems decreased $136.7 million, sales of X-ray products decreased $23.1 million, sales of commercial infrared imaging systems decreased $9.6 million, sales of geospatial products decreased $8.0 million, sales of unmanned air systems increased $33.7 million, sales of surveillance systems increased $20.4 million and sales of infrared detectors increased $19.2 million. The first nine months of 2024 also included $14.8 million in incremental sales from recent acquisitions.
Previous wording
Cost of sales decreased primarily due to decreased net sales partially offset by product mix. As a result of unfavorable product mix, including lower industrial automation imaging systems net sales, the cost of sales percentage increased during the period. SG&A expense decreased primarily due to lower net sales and $41.3 million in lower research and development costs. SG&A expense as a percentage of net sales decreased primarily due primarily due to lower research and development costs. Research and development costs decreased primarily due to FLIR integration-related cost-reduction efforts implemented in the second half of 2023.
Current wording
Cost of sales decreased primarily due to decreased net sales partially offset by product mix. As a result of unfavorable product mix, including lower industrial automation imaging systems net sales, the cost of sales percentage increased during the period. SG&A expense decreased primarily due to lower net sales and $54.5 million in lower research and development costs. SG&A expense as a percentage of net sales decreased primarily due primarily due to lower research and development costs. Research and development costs decreased primarily due to FLIR integration-related cost-reduction efforts implemented in the second half of 2023.
Previous wording
Net sales increased due to higher sales in our Marine Instrumentation product line, partially offset by lower sales at our Test and Measurement Instrumentation and Environmental Instrumentation product lines. Sales of Marine Instrumentation increased $20.4 million due to the ongoing recovery in offshore energy markets as well as stronger defense market sales. Sales of Test and Measurement Instrumentation and Environmental Instrumentation decreased $13.5 million and $1.8 million, respectively, with the decrease in Test and Measurement Instrumentation primarily due to end market weakness.
Current wording
Net sales increased due to higher sales in our Marine Instrumentation product line, partially offset by lower sales at our Test and Measurement Instrumentation and Environmental Instrumentation product lines. Sales of Marine Instrumentation increased $31.9 million due to the ongoing recovery in offshore energy markets as well as stronger defense market sales. Sales of Test and Measurement Instrumentation and Environmental Instrumentation decreased $7.2 million and $4.0 million, respectively, with the decrease in Test and Measurement Instrumentation primarily due to end market weakness. The third quarter of 2024 included $7.2 million in incremental sales from recent acquisitions.
Previous wording
Cost of sales decreased primarily due to favorable product mix. The cost of sales percentage decreased due to favorable product mix, including improved margins in our Marine Instrumentation product line. SG&A expense increased slightly due to higher research and development expense in the period, and SG&A expense as a percentage of net sales also increased slightly.
Current wording
Cost of sales increased primarily due to higher net sales partially offset by favorable product mix. The cost of sales percentage decreased due to favorable product mix, including improved margins in our Marine Instrumentation product line. SG&A expense increased slightly due to higher net sales in the period, and SG&A expense as a percentage of net sales decreased as research and development expense was relatively consistent in both periods while net sales increased.
Previous wording
Operating income increased primarily due to higher Marine Instrumentation sales and improved margins, and operating income as a percentage of net sales increased due to improved product margins at Marine Instrumentation.
Current wording
Operating income increased primarily due to higher Marine Instrumentation sales, favorable product mix and improved Marine Instrumentation margins, and operating income as a percentage of net sales increased due to favorable product mix and improved Marine Instrumentation margins as well as lower research and development expense as a percentage of net sales.
Previous wording
Net sales increased due to higher sales in our Marine Instrumentation product line, partially offset by lower sales at our Test and Measurement Instrumentation and Environmental Instrumentation product lines. Sales of Marine Instrumentation increased $40.0 million due to the ongoing recovery in offshore energy markets as well as stronger defense market sales. Sales of Test and Measurement Instrumentation decreased $29.4 million, and sales of Environmental Instrumentation decreased $8.6 million, respectively, primarily due to end market weakness.
Current wording
Net sales increased due to higher sales in our Marine Instrumentation product line, partially offset by lower sales at our Test and Measurement Instrumentation and Environmental Instrumentation product lines. Sales of Marine Instrumentation increased $71.9 million due to the ongoing recovery in offshore energy markets as well as stronger defense market sales. Sales of Test and Measurement Instrumentation decreased $36.6 million, and sales of Environmental Instrumentation decreased $12.6 million, respectively, with the decrease in Test and Measurement Instrumentation primarily due to end market weakness. The first nine months of 2024 included $17.3 million in incremental sales from recent acquisitions.
Previous wording
Cost of sales decreased primarily due to favorable product mix, and the cost of sales percentage decreased due to favorable product mix, including increased margins in our Marine Instrumentation product line. SG&A expense increased primarily due to higher net sales.
Current wording
Cost of sales decreased primarily due to favorable product mix, and the cost of sales percentage decreased due to favorable product mix, including improved margins in our Marine Instrumentation product line. SG&A expense increased primarily due to higher net sales.
Previous wording
Net sales increased due to a $4.4 million increase in defense electronics and a $4.0 million increase in aerospace electronics.
Current wording
Net sales increased due to a $12.6 million increase in defense electronics and a $4.3 million increase in aerospace electronics.
Previous wording
Cost of sales increased slightly due to higher net sales partially offset by favorable product mix, and the cost of sales percentage decreased due to favorable product mix. SG&A expense increased primarily due to higher net sales as well as a $2.4 million increase in research and development costs.
Current wording
Cost of sales increased due to higher net sales partially offset by favorable product mix, and the cost of sales percentage decreased due to favorable product mix. SG&A expense increased primarily due to higher net sales as well as a $2.5 million increase in research and development costs.
Previous wording
Net sales increased due to a $14.1 million increase for aerospace electronics and a $6.8 million increase for defense electronics.
Current wording
Net sales increased due to a $19.4 million increase for defense electronics and an $18.4 million increase for aerospace electronics.
Previous wording
Cost of sales increased primarily due to higher net sales partially offset by favorable product mix and improved margins, and the cost of sales percentage decreased as a result. SG&A expense as well as the SG&A expense percentage increased primarily due to a $3.2 million increase in research and development costs.
Current wording
Cost of sales increased primarily due to higher net sales partially offset by favorable product mix, and the cost of sales percentage decreased as a result. SG&A expense as well as the SG&A expense percentage increased primarily due to a $5.7 million increase in research and development costs.
Previous wording
Operating income and operating income as a percent of net sales increased primarily due to increased net sales during the period, favorable product mix and improved product margins.
Current wording
Operating income and operating income as a percent of net sales increased primarily due to increased net sales during the period as well as favorable product mix.
Previous wording
Net sales decreased due to lower sales of $8.9 million for engineered products and lower sales of $1.3 million for energy systems.
Current wording
Net sales increased due to higher sales of $10.3 million for engineered products and $0.5 million for energy systems.
Previous wording
Net sales decreased primarily due to lower sales of $19.0 million for engineered products and lower sales of $2.1 million for energy systems.
Current wording
Net sales decreased primarily due to lower sales of $8.7 million for engineered products and $1.6 million for energy systems.
Previous wording
Cost of sales decreased primarily due to lower net sales as well as unfavorable program mix. The cost of sales percentage increased during the period due primarily to unfavorable program mix. SG&A expense increased due to higher selling expense, and SG&A expense as a percentage of net sales increased.
Current wording
Cost of sales decreased primarily due to lower net sales. The cost of sales percentage increased due to program mix. SG&A expense and SG&A expense as a percentage of net sales increased.
Previous wording
Cash and cash equivalents totaled $443.2 million at June 30, 2024 compared with $648.3 million at December 31, 2023. Cash equivalents consist of highly liquid money-market mutual funds with maturities of three months or less when purchased.
Current wording
Cash and cash equivalents totaled $561.0 million at September 29, 2024 compared with $648.3 million at December 31, 2023. Cash equivalents consist of highly liquid money-market mutual funds with maturities of three months or less when purchased.
Previous wording
Total debt at June 30, 2024 was $2,797.4 million compared with $3,244.9 million at December 31, 2023. In the first half of 2024, we made a $450 million debt maturity payment on the Senior notes due April 2024.
Current wording
Total debt at September 29, 2024 was $2,798.0 million compared with $3,244.9 million at December 31, 2023. In the first nine months of 2024, we made a $450 million debt maturity payment on the Senior notes due April 2024.
Showing the first 40 of 47 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Operating income for the second quarter of 2024 decreased 3.6%. The second quarter of 2024, compared with the second quarter of 2023, reflected lower operating income in the Digital Imaging and Engineered Systems segments, partially offset by higher operating income in the Aerospace and Defense Electronics and Instrumentation segments.
Previous report — wording carried elsewhere
Cost of sales decreased primarily due to lower net sales. The cost of sales percentage increased slightly. SG&A expense increased primarily due to higher net sales. SG&A expense as a percentage of net sales increased.
Previous report — wording carried elsewhere
In April 2024, our Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $1.25 billion of our common stock. This authorization superseded prior open stock repurchase programs authorized by the Board of Directors. The newly authorized stock repurchase program does not have a stated expiration date. Shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or