3 unchanged sentences
We have in the past and are currently subject to product liability and warranty claims, including certain legal claims related to a commercial sealant product formerly incorporated into our products.
−Removed: In December 2022, the claimant in an arbitration of one such claim was awarded $20 million by an arbitration panel.
−Removed: The claimant then sought to confirm this award in Los Angeles Superior Court in March 2023.
−Removed: In response, the Company moved to vacate the award.
−Removed: Later in March 2023, the Superior Court confirmed the award, which the Company appealed in June 2023.
−Removed: The appeal was argued before the California Court of Appeals, Second Appellate District, Division Seven, on March 7, 2025.
−Removed: The California Court of Appeals confirmed the judgment of the Superior Court on March 25, 2025.
−Removed: The Company paid the final arbitration award, including accrued post-judgment interest, in the amount of $24.7 million, on April 7, 2025.
−Removed: As a result of the judgment, we recorded expense of $9.4 million, which represents the impact of the award amount net of existing reserves and insurance proceeds of $11.0 million.
−Removed: This impact was recorded in cost of goods sold in the fourth quarter of fiscal 2025.
The Company is also subject to litigation arising out of areas such as employment practices, workers compensation and general liability matters.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.