In the following piece of code we make a call listType.getDescription() twice:
for (ListType listType: this.listTypeManager.getSelectableListTyp
I would agree with the local variable approach for readability only if the local variable's name is self-documenting. Calling it "description" wouldn't be enough (which description?). Calling it "selectableListTypeDescription" would make it clear. I would throw in that the incremented variable in the for loop should be named "selectableListType" (especially if the "listTypeManager" has accessors for other ListTypes).
The other reason would be if there's no guarantee this is single-threaded or your list is immutable.