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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
FORM 10-Q
_____________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 3, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number 1-15295
_____________________________________
TELEDYNE TECHNOLOGIES INCORPORATED
(Exact name of registrant as specified in its charter)
_____________________________________
Delaware 25-1843385
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
1049 Camino Dos Rios
Thousand OaksCalifornia91360-2362
(Address of principal executive offices) (Zip Code)
805 373-4545
(Registrant’s telephone number, including area code)
____________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueTDYNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): 
Yes      No  
There were 46,864,643 shares of common stock, $.01 par value per share, outstanding as of July 26, 2022.


TELEDYNE TECHNOLOGIES INCORPORATED


1

PART I FINANCIAL INFORMATION
 
Item 1.    Financial Statements
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE SECOND QUARTER ENDED JULY 3, 2022 AND JULY 4, 2021
(Unaudited - Amounts in millions, except per-share amounts)
Second QuarterSix Months
 2022202120222021
Net sales$1,355.8 $1,121.0 $2,676.8 $1,926.7 
Costs and expenses
Cost of sales788.6 663.1 1,541.2 1,155.6 
Selling, general and administrative expenses286.4 320.7 577.7 488.9 
Acquired intangible asset amortization 51.3 32.8 104.9 42.6 
Total costs and expenses1,126.3 1,016.6 2,223.8 1,687.1 
Operating income
229.5 104.4 453.0 239.6 
Interest and debt expense, net(22.5)(21.2)(44.8)(43.5)
Gain (loss) on debt extinguishment10.6  10.6 (13.4)
Non-service retirement benefit income2.9 2.8 5.7 5.6 
Other income, net1.0 6.1  5.1 
Income before income taxes
221.5 92.1 424.5 193.4 
Provision for income taxes50.2 27.4 40.6 44.0 
Net income$171.3 $64.7 $383.9 $149.4 
Basic earnings per common share$3.66 $1.52 $8.20 $3.76 
Weighted average common shares outstanding46.8 42.5 46.8 39.7 
Diluted earnings per common share$3.59 $1.48 $8.05 $3.66 
Weighted average diluted common shares outstanding47.7 43.6 47.7 40.8 
The accompanying notes are an integral part of these condensed consolidated financial statements.

TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE SECOND QUARTER ENDED JULY 3, 2022 AND JULY 4, 2021
(Unaudited - Amounts in millions)
 Second QuarterSix Months
 2022202120222021
Net income$171.3 $64.7 $383.9 $149.4 
Other comprehensive income (loss):
Foreign exchange translation adjustment(154.8)3.2 (187.4)4.2 
Hedge activity, net of tax(2.3)0.5 4.2 0.4 
Pension and postretirement benefit adjustments, net of tax4.0 4.5 8.2 8.8 
Other comprehensive income (loss)(153.1)8.2 (175.0)13.4 
Comprehensive income$18.2 $72.9 $208.9 $162.8 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - Amounts in millions, except share amounts)
July 3, 2022January 2, 2022
Assets
Current Assets
Cash and cash equivalents$278.8 $474.7 
Accounts receivable, net814.7 767.7 
Unbilled receivables, net314.6 316.1 
Inventories, net 821.5 752.9 
Prepaid expenses and other current assets107.8 118.0 
Total current assets2,337.4 2,429.4 
Property, plant and equipment, net of accumulated depreciation and amortization of $818.9 at July 3, 2022 and $743.3
     at January 2, 2022
774.2 827.5 
Goodwill7,894.6 7,986.7 
Acquired intangibles, net2,618.8 2,741.6 
Prepaid pension assets135.5 123.7 
Operating lease right-of-use assets147.1 144.5 
Other assets, net139.9 176.9 
Total Assets$14,047.5 $14,430.3 
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable$483.0 $469.5 
Accrued liabilities620.0 1,028.9 
Current portion of long-term debt300.0  
Total current liabilities1,403.0 1,498.4 
Long-term debt, net of current portion3,645.7 4,099.4 
Long-term operating lease liabilities139.3 138.0 
Long-term deferred tax liabilities568.5 625.5 
Other long-term liabilities429.1 447.0 
Total Liabilities6,185.6 6,808.3 
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; outstanding shares - none
  
Common stock, $0.01 par value; authorized 125,000,000 shares; issued shares: 47,194,766 at July 3, 2022 and 47,194,766 at January 2, 2022; outstanding shares: 46,862,209 at July 3, 2022 and 46,692,296 at January 2, 2022
0.5 0.5 
Additional paid-in capital4,333.6 4,317.1 
Retained earnings4,157.1 3,773.2 
Treasury stock, 332,557 shares at July 3, 2022 and 502,470 shares at January 2, 2022
(24.3)(38.8)
Accumulated other comprehensive loss(605.0)(430.0)
Total Stockholders’ Equity7,861.9 7,622.0 
Total Liabilities and Stockholders’ Equity$14,047.5 $14,430.3 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In millions)
Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance, January 2, 2022$0.5 $4,317.1 $(38.8)$3,773.2 $(430.0)$7,622.0 
Net income   212.6  212.6 
Other comprehensive loss, net of tax    (21.9)(21.9)
Treasury stock issued (11.6)11.6    
Stock-based compensation 7.0    7.0 
Exercise of stock options 12.7    12.7 
Balance, April 3, 20220.5 4,325.2 (27.2)3,985.8 (451.9)7,832.4 
Net income   171.3  171.3 
Other comprehensive loss, net of tax    (153.1)(153.1)
Treasury stock issued (2.9)2.9    
Stock-based compensation 6.5    6.5 
Exercise of stock options 4.8    4.8 
Balance, July 3, 2022$0.5 $4,333.6 $(24.3)$4,157.1 $(605.0)$7,861.9 
Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance, January 3, 2021$0.4 $389.9 $(59.5)$3,327.9 $(430.1)$3,228.6 
Net income— — — 84.7 — 84.7 
Other comprehensive income, net of tax— — — — 5.2 5.2 
Treasury stock issued— (9.3)9.3 — —  
Stock-based compensation— 7.0 — — — 7.0 
Exercise of stock options— 10.8 — — — 10.8 
Balance, April 4, 20210.4 398.4 (50.2)3,412.6 (424.9)3,336.3 
Net income— — — 64.7 — 64.7 
Other comprehensive income, net of tax— — — — 8.2 8.2 
Common stock issued0.1 3,889.6 — — — 3,889.7 
Treasury stock issued— (4.1)4.1 — —  
Stock based compensation— 8.4 — — — 8.4 
Exercise of stock options— 5.1 — — — 5.1 
Balance, July 4, 2021$0.5 $4,297.4 $(46.1)$3,477.3 $(416.7)$7,312.4 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JULY 3, 2022 AND JULY 4, 2021
(Unaudited - Amounts in millions)
 Six Months
 20222021
Operating Activities
Net income$383.9 $149.4 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization169.6 112.4 
Stock-based compensation15.4 16.3 
Bridge financing and debt extinguishment (income) expense(10.6)30.5 
Changes in operating assets and liabilities excluding the effect of business acquired:
Accounts receivable and unbilled receivables(67.5)(28.0)
Inventories(103.9)20.5 
Accounts payable32.8 27.4 
Deferred and income taxes receivable/payable, net(60.2)(2.6)
Prepaid expenses and other assets16.2 11.4 
Accrued expenses and other liabilities(405.1)(15.5)
  Other operating, net9.6 14.4 
Net cash (used in) provided by operating activities(19.8)336.2 
Investing Activities
Purchases of property, plant and equipment(41.8)(38.4)
Purchase of businesses, net of cash acquired (3,723.4)
Proceeds from disposal of fixed assets5.1  
Other investing, net1.3  
Net cash used in investing activities(35.4)(3,761.8)
Financing Activities
Net payments on fixed rate notes (496.5)
Net proceeds from credit facility 3,975.8 
Payments on other debt(144.5) 
Proceeds from exercise of stock options17.5 15.9 
Liquidation of cross currency swap18.3  
Payments for bridge financing and debt extinguishment (30.5)
Other financing, net(1.9)(13.3)
Net cash (used in) provided by financing activities(110.6)3,451.4 
Effect of exchange rate changes on cash(30.1)(3.8)
Change in cash and cash equivalents (195.9)22.0 
Cash and cash equivalents—beginning of period474.7 673.1 
Cash and cash equivalents—end of period$278.8 $695.1 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

TELEDYNE TECHNOLOGIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
July 3, 2022

Note 1. General
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (“Teledyne” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with generally accepted accounting principles in the United States (“GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022 (“2021 Form 10-K”).
In the opinion of Teledyne’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne’s consolidated financial position as of July 3, 2022 and the consolidated results of operations, consolidated comprehensive income and consolidated cash flows for the second quarter and six months ended July 3, 2022. The results of operations and cash flows for the periods ended July 3, 2022 and cash flows for the six months ended July 3, 2022 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current period presentation. In the current year, gain (loss) on debt extinguishment is presented as separate line item on the income statement.
Teledyne had an immaterial amount of cash equivalents at July 3, 2022 and January 2, 2022.
Note 2. Business Combinations, Goodwill and Acquired Intangible Assets
Acquisition of FLIR Systems, Inc.
On May 14, 2021, Teledyne acquired the outstanding stock of FLIR Systems, Inc. ( “FLIR”) for approximately $8.1 billion, comprising of net cash payments of $3.7 billion, net Teledyne share issuances of $3.9 billion, and the assumption of FLIR debt of $0.5 billion. FLIR stockholders received $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, and Teledyne issued approximately 9.5 million shares at $409.41 per share. See Note 3 to the Notes to Consolidated Financial Statements in Teledyne’s 2021 Form 10-K for additional information regarding the FLIR acquisition.
Founded in 1978, FLIR is an industrial technology company focused on intelligent sensing solutions for defense and industrial applications. FLIR technologies include thermal imaging systems, visible-light imaging systems, locater systems, measurement and diagnostic systems, and advanced threat-detection solutions. FLIR is part of the Digital Imaging segment.
The significant factors that resulted in recognition of goodwill were: (a) the purchase price was based on cash flow and return on capital projections assuming integration with our businesses and (b) the calculation of the fair value of tangible and intangible assets acquired that qualified for recognition. Goodwill resulting from the FLIR acquisition will not be deductible for tax purposes.
The following table presents the final purchase price allocation for FLIR, as the measurement period closed in the second quarter of 2022. We are accounting for the FLIR acquisition under the acquisition method and are required to measure identifiable assets acquired and liabilities assumed of the acquiree at the fair values on the closing date. The Company has completed the process of specifically identifying the amounts assigned to certain assets, including acquired intangible assets, and liabilities and the related impact on taxes and goodwill for the FLIR acquisition. The fair values of acquired intangibles were determined based on estimates and assumptions that are deemed reasonable by the Company.
6


Fair values allocated to the assets acquired and liabilities assumed - FLIR (in millions):
Cash and cash equivalents$287.7 
Accounts receivables, net241.3 
Unbilled receivables, net72.1 
Inventories, net519.4 
Prepaid expenses and other current assets54.8 
Total current assets1,175.3 
Property, plant and equipment354.1 
Goodwill5,939.7 
Acquired intangible assets2,490.0 
Other long-term assets141.9 
Total assets acquired$10,101.0 
Accounts payable144.7 
Accrued liabilities612.1 
Total current liabilities assumed756.8 
Long-term debt, net496.8 
Long-term deferred tax liabilities603.3 
Other long-term liabilities335.5 
Total liabilities assumed2,192.4 
Consideration transferred$7,908.6 
Consideration transferred, net of cash acquired (a)$7,620.9 
(a)     The consideration transferred included approximately $3.9 billion of Teledyne shares issued to existing shareholders of the acquired company. This $3.9 billion of equity consideration is a non-cash transaction. An immaterial portion of the cash consideration for certain vested FLIR restricted stock awards was deferred at the election of the award holder and will be paid out in future periods.

During fiscal year 2018, the Swedish Tax Authority (“STA”) issued a reassessment of tax for the year ending December 31, 2012 to one of FLIR’s non-operating subsidiaries in Sweden. The total taxes, penalties and interest levied by the STA totaled SEK 3.1 billion ($364.7 million based on exchange rates as of the acquisition date). The reassessment concerned the use of tax credits applied against capital gains pursuant to European Union Council Directive 2009/133/EC, commonly referred to as the EU Merger Directive, and the reassessment levied significant taxes and penalties. In March 2020, FLIR received an adverse judgment from the First Instance Court of Sweden regarding the STA’s reassessment. FLIR appealed the decision to the Administrative Court of Appeal in Stockholm, Sweden. After completing an extensive analysis, including consultation with outside specialists, Teledyne recorded a liability for this uncertain tax position that reflected the most likely outcome for this tax matter under the acquisition method for business combinations in the third quarter of 2021, which was included within accrued liabilities on the consolidated balance sheet at January 2, 2022. On January 26, 2022, the Administrative Court of Appeal in Stockholm, Sweden generally affirmed the March 2020 ruling of the First Instance Court and determined an estimated tax liability in the amount of SEK 2.765 billion. We paid the tax on February 2, 2022 totaling $296.4 million. We have requested for permission to appeal this ruling to the Swedish Administrative Supreme Court. We have not yet received a response to our request.
During the second quarter of 2022, the Company finalized the measurement period including reviewing and identifying acquisition accounting adjustments for a number of acquired tax positions of FLIR that may meet the definition of an acquired uncertain tax position. In addition to the STA matter described above, the Company recorded $187.6 million of purchase accounting adjustments for the accrual of other uncertain tax positions of FLIR. These amounts are included within other long-term liabilities on the Condensed Consolidated Balance Sheet.

7


The following table is a summary at the acquisition date of the acquired intangible assets and weighted average useful life in years for the FLIR acquisition made in 2021 (dollars in millions):
Intangibles subject to amortization:Intangible AssetsWeighted average useful life in years
Proprietary technology$1,355.0 9.7
Customer list/relationships450.0 14.4
Total intangibles subject to amortization1,805.0 10.9
Intangibles not subject to amortization:
Trademarks685.0 
Total acquired intangible assets$2,490.0 

The unaudited proforma information below assumes that FLIR had been acquired at the beginning of the 2020 fiscal year and includes the effect of transaction accounting adjustments. These adjustments include financing and interest costs associated with debt to fund the acquisition, amortization of acquired intangible assets, depreciation of the fair value step-up of acquired property, plant and equipment, amortization of inventory fair value step-up (assumed to be fully amortized in 2020) and tax related effects as well as the issuance of Teledyne common stock in connection with the acquisition.
This unaudited proforma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have resulted had the acquisition been in effect at the beginning of the 2020 fiscal year. In addition, the unaudited proforma results are not intended to be a projection of future results and do not reflect any operating efficiencies or cost savings that might be achievable.
The following table presents proforma net sales, net income and earnings per share data assuming FLIR was acquired at the beginning of the 2020 fiscal year:
Second Quarter (a)Six Months (a)
(unaudited - in millions, except per share amounts)20212021
Net sales$1,275.0 $2,548.0 
Net income$93.2 $192.3 
Basic earnings per common share$2.19 $4.84 
Diluted earnings per common share$2.14 $4.71 
(a) The above unaudited proforma information is presented for the FLIR acquisition as it is considered a material acquisition.
Goodwill and Acquired Intangible Assets
Teledyne’s goodwill was $7,894.6 million at July 3, 2022 and $7,986.7 million at January 2, 2022. Teledyne’s net acquired intangible assets were $2,618.8 million at July 3, 2022 and $2,741.6 million at January 2, 2022. The decrease in the balance of net acquired intangible assets primarily reflected amortization of acquired intangible assets.
8


Acquired intangible assets are summarized as follows:
July 3, 2022January 2, 2022
Acquired intangible assets (in millions):
Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Proprietary technology$1,750.4 $432.7 $1,317.7 $1,767.7 $358.2 $1,409.5 
Customer list/relationships611.0 159.6 451.4 616.2 141.8 474.4 
Patents0.6 0.6  0.6 0.6  
Non-compete agreements0.9 0.9  0.9 0.9  
Trademarks5.3 4.1 1.2 4.5 3.9 0.6 
Backlog15.8 15.8  16.3 16.3  
Total intangibles subject to amortization2,384.0 613.7 1,770.3 2,406.2 521.7 1,884.5 
Intangibles not subject to amortization:
Trademarks848.5  848.5 857.1 — 857.1 
Total acquired intangible assets$3,232.5 $613.7 $2,618.8 $3,263.3 $521.7 $2,741.6 

Note 3. Accumulated Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of tax, for the second quarter and six months ended July 3, 2022 and July 4, 2021 are as follows (in millions):
Foreign Currency TranslationCash Flow Hedges and OtherPension and Postretirement BenefitsTotal
Balance as of April 3, 2022$(161.6)$3.1 $(293.4)$(451.9)
   Other comprehensive income (loss) before reclassifications(154.8)9.4  (145.4)
   Amounts reclassified from AOCI (11.7)4.0 (7.7)
Net other comprehensive income (loss)(154.8)(2.3)4.0 (153.1)
Balance as of July 3, 2022$(316.4)$0.8 $(289.4)$(605.0)
Foreign Currency TranslationCash Flow Hedges and OtherPension and Postretirement BenefitsTotal
Balance as of April 4, 2021$(83.6)$2.2 $(343.5)$(424.9)
   Other comprehensive income before reclassifications3.2 2.2  5.4 
   Amounts reclassified from AOCI (1.7)4.5 2.8 
Net other comprehensive income3.2 0.5 4.5 8.2 
Balance as of July 4, 2021$(80.4)$2.7 $(339.0)$(416.7)

9


Foreign Currency TranslationCash Flow Hedges and OtherPension and Postretirement BenefitsTotal
Balance as of January 2, 2022$(129.0)$(3.4)$(297.6)$(430.0)
   Other comprehensive income (loss) before reclassifications(187.4)20.7  (166.7)
   Amounts reclassified from AOCI (16.5)8.2 (8.3)
Net other comprehensive income (loss)(187.4)4.2 8.2 (175.0)
Balance as of July 3, 2022$(316.4)$0.8 $(289.4)$(605.0)
Foreign Currency TranslationCash Flow Hedges and OtherPension and Postretirement BenefitsTotal
Balance as of January 3, 2021$(84.6)$2.3 $(347.8)$(430.1)
   Other comprehensive income before reclassifications4.2 11.7  15.9 
   Amounts reclassified from AOCI (11.3)8.8 (2.5)
Net other comprehensive income4.2 0.4 8.8 13.4 
Balance as of July 4, 2021$(80.4)$2.7 $(339.0)$(416.7)
The reclassifications out of AOCI to net income for the second quarter and six months ended July 3, 2022 and July 4, 2021 are as follows (in millions):
Amount Reclassified from AOCI for the Three Months EndedAmount Reclassified from AOCI for the Three Months EndedStatement of Income
July 3, 2022July 4, 2021Presentation
(Gain) loss on cash flow hedges:
Gain recognized in income on derivatives$(15.6)$(2.2)See Note 4
Income tax impact3.9 0.5 Provision for income taxes
Total$(11.7)$(1.7)
Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost$(0.4)$(0.9)Costs and expenses
Amortization of net actuarial loss5.7 6.8 Costs and expenses
Total before tax5.3 5.9 
Income tax impact(1.3)(1.4)Provision for income taxes
Total$4.0 $4.5 

Amount Reclassified from AOCI for the Six Months EndedAmount Reclassified from AOCI for the Six EndedStatement of Income
July 3, 2022July 4, 2021Presentation
(Gain) loss on cash flow hedges:
Gain recognized in income on derivatives$(22.0)$(15.1)See Note 4
Income tax impact5.5 3.8 Provision for income taxes
Total$(16.5)$(11.3)
Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost(0.8)(1.8)Costs and expenses
Amortization of net actuarial loss11.6 13.4 Costs and expenses
Total before tax10.8 11.6 
Income tax impact$(2.6)$(2.8)Provision for income taxes
Total$8.2 $