What changed in this filing

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Item 1. Financial Statements

2026-06-25 compared with 2026-04-02 · 114 added, 81 removed, 593 unchanged (25% of the section changed)

2 unchanged sentences

(In millions, except per-share data)

February 28, 2026 August 31, 2025

May 31, 2026 August 31, 2025

Current assets:

41 unchanged sentences

(In millions, except per-share data)

Three Months Ended Six Months Ended

February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Three Months Ended Nine Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Net sales $ 1,198.0 $ 1,178.6 $ 3,397.4 $ 3,136.5

22 unchanged sentences

Defined benefit plans, net of tax 0.3 0.5 0.8 1.5

Other comprehensive income (loss) items, net of tax 20.7 ( 11.2 ) 15.8 ( 28.0 )

Other comprehensive (loss) income items, net of tax ( 10.9 ) 28.3 4.9 0.3

Comprehensive income $ 130.1 $ 126.7 $ 363.2 $ 282.9

5 unchanged sentences

(In millions)

Six Months Ended

February 28, 2026 February 28, 2025

Nine Months Ended

May 31, 2026 May 31, 2025

Cash flows from operating activities:

3 unchanged sentences

Share-based payment expense 39.2 34.0

Asset impairments — 16.7

Changes in operating assets and liabilities, net of acquisitions:

1 unchanged sentence

Inventories 66.9 5.1

Prepayments and other current assets ( 23.8 ) ( 26.4 )

Accounts payable ( 82.5 ) 38.1

7 unchanged sentences

Cash flows from financing activities:

Borrowings on credit agreement 200.0 —

Borrowings from term loan — 600.0

39 unchanged sentences

Our open technology includes products for heating, ventilation, and air conditioning (“HVAC”), refrigeration, lighting, shades, and building access that prioritize end-user outcomes.

Q-SYS, our full-stack audio, video, and control platform, unifies data, devices, and a cloud-first architecture to deliver real-time action, experiences, and insights.

Q-SYS, our full-stack audio, video, and control platform, unifies data, devices, and a cloud-first architecture to deliver real-time actions, experiences, and insights.

QSC Audio includes audio technology that enhances experiences for live entertainers and sound reinforcement professionals.

6 unchanged sentences

and its wholly-owned subsidiaries.

These unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of February 28, 2026, our consolidated comprehensive income for the three and six months ended February 28, 2026 and February 28,

These unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of May 31, 2026, our consolidated comprehensive income for the three and nine months ended May 31, 2026 and May 31, 2025, and our

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

2025, and our consolidated cash flows for the six months ended February 28, 2026 and February 28, 2025.

consolidated cash flows for the nine months ended May 31, 2026 and May 31, 2025.

Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with U.S.

20 unchanged sentences

We finalized the purchase accounting for QSC during the second quarter of fiscal 2026.

No measurement period adjustments were recorded during the three and six months ended February 28, 2026.

Acquisition-related professional fees of $ 23.8 million were expensed as incurred in fiscal 2025, of which $ 14.1 million and $ 18.7 million were incurred during the three and six months ended February 28, 2025, respectively.

No measurement period adjustments were recorded during fiscal 2026.

Acquisition-related professional fees of $ 23.8 million were expensed as incurred in fiscal 2025, of which $ 2.5 million and $ 21.2 million were incurred during the three and nine months ended May 31, 2025, respectively.

These costs were recorded in Selling, distribution, and administrative expenses on the Consolidated Statements of Comprehensive Income and were reflected in our unallocated corporate amounts.

35 unchanged sentences

The following table provides the amount of QSC net sales and net income included within our consolidated financial statements for fiscal 2025 since the acquisition date (in millions):

February 28, 2025

Three Months Ended Six Months Ended

Three Months Ended Nine Months Ended

Net sales $ 172.8 $ 267.9

1 unchanged sentence

____________________________________

(1) Net income includes pre-tax nonrecurring acquisition date fair value adjustments to inventory of $ 10.4 million and amortization of acquired intangible assets of $ 7.8 million for the three and six months ended February 28, 2025.

(1) Net income for the three months ended May 31, 2025 includes pre-tax nonrecurring acquisition date fair value adjustments to inventory of $ 19.2 million and amortization of acquired intangible assets of $ 11.6 million.

Net income for the nine months ended May 31, 2025 includes pre-tax nonrecurring acquisition date fair value adjustments to inventory of $ 29.6 million and amortization of acquired intangible assets of $ 19.4 million.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

3 unchanged sentences

Quarter-to-Date Year-to-Date

February 28, 2025 February 28, 2025

May 31, 2025 May 31, 2025

Revenue $ 1,178.6 $ 3,337.2

38 unchanged sentences

The following table summarizes balances and the fair value hierarchy level of our financial instruments recorded at fair value on a recurring basis as of the dates presented (in millions):

February 28, 2026 August 31, 2025

May 31, 2026 August 31, 2025

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

12 unchanged sentences

Our senior unsecured public notes are carried at the outstanding balance, net of unamortized bond discount and deferred costs, as of the end of the reporting period.

The estimated fair value of our senior unsecured public notes was $ 454.9 million and $ 446.7 million as of February 28, 2026 and August 31, 2025, respectively.

We had $ 200.0 million and $ 400.0 million of borrowings outstanding under our Term Loan Facility (as defined herein) as of February 28, 2026 and August 31, 2025, respectively.

The estimated fair value of our senior unsecured public notes was $ 447.8 million and $ 446.7 million as of May 31, 2026 and August 31, 2025, respectively.

We had $ 200.0 million and $ 400.0 million of borrowings outstanding under our credit agreements as of May 31, 2026 and August 31, 2025, respectively.

Such borrowings are variable-rate instruments that reset on a frequent short-term basis;

10 unchanged sentences

Inventories are stated on a first-in, first-out basis at the lower of cost and net realizable value and consist of the following as of the dates presented (in millions):

February 28, 2026 August 31, 2025

May 31, 2026 August 31, 2025

Raw materials, supplies, and work in process (1)

10 unchanged sentences

Property, plant, and equipment consist of the following as of the dates presented (in millions):

February 28, 2026 August 31, 2025

May 31, 2026 August 31, 2025

Land $ 22.5 $ 22.2

10 unchanged sentences

Indefinite-lived intangible assets consist of trade names that are expected to generate cash flows indefinitely.

We recorded amortization expense for definite-lived intangible assets of $ 24.0 million and $ 16.8 million during the three months ended February 28, 2026 and February 28, 2025, respectively and $ 47.4 million and $ 25.5 million during the six months ended February 28, 2026 and February 28, 2025, respectively.

We recorded amortization expense for definite-lived intangible assets of $ 23.0 million and $ 20.0 million during the three months ended May 31, 2026 and May 31, 2025, respectively and $ 70.4 million and $ 45.5 million during the nine months ended May 31, 2026 and May 31, 2025, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

3 unchanged sentences

Foreign currency translation adjustments ( 0.3 ) ( 0.6 ) ( 0.9 )

Balance at February 28, 2026 $ 1,017.2 $ 480.2 $ 1,497.4

Balance at May 31, 2026 $ 1,015.7 $ 478.9 $ 1,494.6

ABL AIS Total

1 unchanged sentence

Provisional amounts from acquired businesses — 363.5 363.5

Adjustments to provisional amounts from acquired businesses — 31.5 31.5

Foreign currency translation adjustments ( 0.3 ) ( 0.8 ) ( 1.1 )

Balance at February 28, 2025 $ 1,006.9 $ 443.4 $ 1,450.3

Balance at May 31, 2025 $ 1,014.8 $ 477.8 $ 1,492.6

Further discussion of goodwill and intangible assets is included within the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

1 unchanged sentence

Other current liabilities consist of the following as of the dates presented (in millions):

February 28, 2026 August 31, 2025

May 31, 2026 August 31, 2025

Customer incentive programs (1)

24 unchanged sentences

Lines of Credit

On June 30, 2022, we entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks that provides us with a $ 600.0 million five-year unsecured revolving credit facility (the “Revolving Credit Facility”) with the ability to request an additional $ 400.0 million of borrowing capacity.

We had no short-term borrowings outstanding under the Revolving Credit Facility at February 28, 2026 and August 31, 2025.

On November 25, 2024, we entered into an amendment to the Credit Agreement that, among other things, provided for a delayed draw term loan facility of up to $ 600.0 million (the “Term Loan Facility”), which could be drawn in a single borrowing at any time, subject to certain conditions.

In connection with the acquisition of QSC, we incurred an aggregate $ 600.0 million in indebtedness under the Term Loan Facility.

In fiscal 2025, we voluntarily repaid $ 200.0 million of the outstanding obligation.

In the first six months of fiscal 2026, we voluntarily repaid an additional $ 200.0 million of the outstanding obligation.

We had borrowings outstanding under the Term Loan Facility of $ 200.0 million and $ 400.0 million at February 28, 2026 and August 31, 2025, respectively.

The Term Loan Facility will mature on June 30, 2027, which is the maturity date of the revolving loans and commitments under the existing Credit Agreement.

Borrowings under the Term Loan Facility bear interest at an adjusted term Secured Overnight Financing Rate (“SOFR”), adjusted daily simple SOFR rate, or base rate, at the Company’s option, plus an applicable margin.

The applicable margin is based on, at our option, the Company’s leverage ratio or ratings level, each as defined in the Credit Agreement, and ranges from 0.875 % to 1.375 % (for SOFR-based loans) and from 0.0 % to 0.375 % (for base rate loans).

The covenants and events of default that apply to the revolving loans and commitments under the Credit Agreement also apply to the Term Loan Facility, and borrowings under the Term Loan Facility are guaranteed by the Company and the subsidiaries of the Company that guarantee the revolving loans and commitments.

We were in compliance with all financial covenants under the Credit Agreement as of the periods presented.

At February 28, 2026, we had additional borrowing capacity under the Credit Agreement of $ 593.4 million under the most restrictive covenant in effect at the time, which represents the full amount of the Revolving Credit Facility less outstanding letters of credit of $ 6.6 million issued under the Revolving Credit Facility, primarily for securing collateral requirements under our casualty insurance policies.

On May 8, 2026, we entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks that provides us with an $ 800.0 million five-year unsecured revolving credit facility.

The Credit Agreement will mature on May 8, 2031.

Borrowings under the Credit Agreement bear interest at a rate equal to an adjusted base rate, Term Secured Overnight Financing Rate (“SOFR”), Euro Interbank Offered Rate (“EURIBOR”), Daily Simple Sterling Overnight Index Average (“SONIA”), or Term Canadian Overnight Repo Rate Average (“CORRA”), plus, in each case, an applicable margin.

The applicable margin is based on, at our option, the Company’s leverage ratio or credit rating level, each as defined in the Credit Agreement, and ranges from 0.75 % to 1.25 %.

Additionally, we will pay a quarterly facility fee based on the average daily amount of the revolving credit facility (regardless of usage), which will be determined, at the Company’s option, by the Company’s leverage ratio or credit rating level.

The Credit Agreement replaced our prior credit agreement dated as of June 30, 2022 and amended on November 25, 2024 that was set to expire June 30, 2027.

The prior credit agreement provided us with a $ 600.0 million five-year unsecured revolving credit facility and a delayed draw term loan facility of up to $ 600.0 million (the “Term Loan Facility”).

In fiscal 2025, we incurred an aggregate $ 600.0 million in indebtedness on our Term Loan Facility in connection with the acquisition of QSC, and we voluntarily repaid $ 200.0 million of the outstanding obligation.

In fiscal 2026, we voluntarily repaid an additional $ 200.0 million of the outstanding obligation.

We repaid the remaining $ 200.0 million of borrowings outstanding on the Term Loan Facility using proceeds received from borrowings on the Credit Agreement.

We had borrowings outstanding under our credit agreements of $ 200.0 million and $ 400.0 million at May 31, 2026 and August 31, 2025, respectively.

The Credit Agreement contains a leverage ratio covenant (“Maximum Leverage Ratio”) requiring the ratio of (a) the Company’s consolidated debt (subject to certain adjustments), less unrestricted cash and cash equivalents of the Company and its subsidiaries, to (b) the sum of the Company’s consolidated adjusted earnings before interest, tax, depreciation, and amortization (“EBITDA”) as of the last day of any fiscal quarter to be 3.75 to 1.00 or less, subject to the Company’s right to temporarily increase the maximum leverage ratio to up to 4.25 to 1.00 in connection with certain acquisitions.

The Credit Agreement contains various customary restrictions, covenants and events of default.

The revolving credit facility under the Credit Agreement is guaranteed by the Company’s material domestic subsidiaries (subject to certain exclusions) and certain other subsidiaries.

We were in compliance with all financial covenants under our credit agreements as of the periods presented.

At May 31, 2026, we had additional borrowing capacity under the Credit Agreement of $ 592.8 million under the most restrictive covenant in effect at the time.

This represents the full amount of the revolving credit facility under the Credit Agreement less outstanding borrowings of $ 200.0 million and letters of credit of $ 7.2 million issued, primarily for securing collateral requirements under our casualty insurance policies.

None of our existing debt instruments include provisions that would require an acceleration of repayments based solely on changes in our credit ratings.

Borrowings and repayments on our Revolving Credit Facility with terms of three months or less are reported on a net basis on our Consolidated Statements of Cash Flows .

Borrowings and repayments on our revolving credit facility under the Credit

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Agreement with terms of three months or less are reported on a net basis on our Consolidated Statements of Cash Flows .

Note 11 — Commitments and Contingencies

1 unchanged sentence

We establish estimated liabilities when the associated costs related to uncertainties or guarantees become probable and can be reasonably estimated.

For the period ended February 28, 2026, no material changes have occurred in our estimated liabilities for self-insurance, litigation, environmental matters, guarantees, and indemnities, or relevant events and circumstances, from those disclosed in the Commitments and Contingencies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

For the period ended May 31, 2026, no material changes have occurred in our estimated liabilities for self-insurance, litigation, environmental matters, guarantees, and indemnities, or relevant events and circumstances, from those disclosed in the Commitments and Contingencies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Product Warranty Costs

9 unchanged sentences

The following table summarizes changes in the estimated liabilities for product warranty costs, excluding any estimated or actual lost recoveries, during the periods presented (in millions):

Six Months Ended

February 28, 2026 February 28, 2025

Nine Months Ended

May 31, 2026 May 31, 2025

Beginning balance $ 44.1 $ 37.5

3 unchanged sentences

Ending balance $ 36.5 $ 41.0

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

We are subject to various other legal claims arising in the normal course of business, including patent infringement, employment matters, and product liability claims.

4 unchanged sentences

However, we cannot make a meaningful estimate of actual costs to be incurred that could possibly be higher or lower than the accrued amounts.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Tariff Refunds

On February 20, 2026, the U.S.

Supreme Court issued a ruling addressing the validity of certain tariffs implemented under the International Emergency Economic Powers Act (“IEEPA”).

In March 2026, the U.S.

Court of International Trade issued an additional ruling that importers that paid tariffs under IEEPA are due refunds.

We paid tariffs during fiscal years 2025 and 2026 on certain imported products and materials that were subject to these IEEPA‑based duties.

As the nature, timing, and extent of any such refunds remains uncertain, we have elected to account for refunds of these tariffs as gain contingencies based on the original tariff cost recognition in accordance with ASC 450, Contingencies (“ASC 450”).

During the three and nine months ended May 31, 2026, we recorded $ 6.4 million in tariff refunds in Cost of products sold in the Consolidated Statements of Comprehensive Income.

Note 12 — Changes in Stockholders' Equity

25 unchanged sentences

Balance, February 28, 2026 30.5 0.6 1,164.5 4,491.5 ( 60.7 ) ( 2,755.1 ) 2,840.8

Net income — — — 141.0 — — 141.0

Other comprehensive loss — — — — ( 10.9 ) — ( 10.9 )

Share-based payment amortization, issuances, and cancellations — * — 13.3 — — — 13.3

Stock options exercised and other — * — 0.6 — — — 0.6

Cash dividends of $ 0.20 per share paid on common stock

— — — ( 6.1 ) — — ( 6.1 )

Repurchases of common stock ( 0.4 ) — — — — ( 127.2 ) ( 127.2 )

Balance, May 31, 2026 30.1 $ 0.6 $ 1,178.4 $ 4,626.4 $ ( 71.6 ) $ ( 2,882.3 ) $ 2,851.5

_______________________________________

(1) Share activity and balances above are calculated using rounded numbers.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

* Represents shares of less than 0.1 million.

23 unchanged sentences

Balance, February 28, 2025 31.0 0.5 1,132.8 4,084.0 ( 142.9 ) ( 2,554.0 ) 2,520.4

Net income — — — 98.4 — — 98.4

Other comprehensive income — — — — 28.3 — 28.3

Share-based payment amortization, issuances, and cancellations — * — 10.2 — — — 10.2

Stock options exercised and other — * — 0.5 — — — 0.5

Cash dividends of $ 0.17 per share paid on common stock

— — — ( 5.3 ) — — ( 5.3 )

Repurchases of common stock ( 0.3 ) — — — — ( 68.5 ) ( 68.5 )

Balance, May 31, 2025 30.7 $ 0.5 $ 1,143.5 $ 4,177.1 $ ( 114.6 ) $ ( 2,622.5 ) $ 2,584.0

_______________________________________

(1) Share activity and balances above are calculated using rounded numbers.

* Represents shares of less than 0.1 million.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 13 — Revenue

9 unchanged sentences

Contract liabilities arise when we receive cash or an unconditional right to collect cash prior to the transfer of control of goods or services.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The amount of transaction price from contracts with customers allocated to our contract liabilities consists of the following as of the dates presented (in millions):

February 28, 2026 August 31, 2025

May 31, 2026 August 31, 2025

Current deferred revenues $ 23.0 $ 21.4

2 unchanged sentences

These services are expected to be performed within one year.

Revenue recognized from beginning balances of contract liabilities during the six months ended February 28, 2026 totaled $ 13.7 million.

Revenue recognized from beginning balances of contract liabilities during the nine months ended May 31, 2026 totaled $ 17.6 million.

Non-current deferred revenues primarily consist of long-term service-type warranties, which are typically recognized ratably as revenue between five years and ten years from the date of sale, and are included within Other long-term liabilities on the Consolidated Balance Sheets.

Unsatisfied performance obligations that do not represent contract liabilities are expected to be satisfied within one year from February 28, 2026 and consist primarily of orders for physical goods that have not yet been shipped.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Unsatisfied performance obligations that do not represent contract liabilities are expected to be satisfied within one year from May 31, 2026 and consist primarily of orders for physical goods that have not yet been shipped.

Disaggregated Revenues

2 unchanged sentences

The following table shows revenue from contracts with customers by sales channel and reconciles to our segment information for the periods presented (in millions):

Three Months Ended Six Months Ended

February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Three Months Ended Nine Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Independent sales network $ 690.5 $ 685.3 $ 1,973.5 $ 1,944.4

10 unchanged sentences

The following table presents share-based payment expense for the periods presented (in millions):

Three Months Ended Six Months Ended

February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Three Months Ended Nine Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Share-based payment expense $ 13.6 $ 10.5 $ 39.2 $ 34.0

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Further details regarding our share-based payments are included within the Share-based Payments footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

4 unchanged sentences

Plan assets are invested primarily in fixed income and equity securities.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Service cost of net periodic pension cost is allocated between Cost of products sold and Selling, distribution, and administrative expenses in the Consolidated Statements of Comprehensive Income based on the function of the employee's services.

1 unchanged sentence

Net periodic pension cost included the following components before tax for the periods presented (in millions):

Three Months Ended Six Months Ended

February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Three Months Ended Nine Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Service cost $ 1.1 $ 1.4 $ 3.2 $ 4.1

6 unchanged sentences

Note 16 — Special Charges

During the second fiscal quarter of 2026, we recognized pre-tax special charges consisting of employee severance costs of $ 5.9 million related to productivity improvements in our ABL segment.

We recognized no special charges during the three months ended May 31, 2026.

During the nine months ended May 31, 2026, we recognized pre-tax special charges consisting of employee severance costs of $ 5.9 million related to productivity improvements in our ABL segment.

These charges primarily related to labor cost reductions.

We recognized no special charges during the three and six months ended February 28, 2025.

As of February 28, 2026, remaining accruals related to special charges totaled $ 4.9 million and are included in Accrued compensation in the Consolidated Balance Sheets .

These amounts related to unpaid severance and employee-related costs from our second quarter fiscal 2026 actions.

During the three and nine months ended May 31, 2025, we recognized pre-tax special charges of $ 29.7 million comprised of impairments of long lived assets of $ 16.7 million, severance and employee-related costs of $ 7.2 million, and other items of $ 5.8 million.

These costs were related to productivity initiatives in our ABL segment.

As of May 31, 2026, remaining accruals related to special charges totaled $ 0.6 million and are included in Accrued compensation in the Consolidated Balance Sheets .

These amounts related to unpaid severance and employee-related costs from our fiscal 2026 actions.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 17 — Other Expense

The following table summarizes the components of O ther expense (income) , net for the periods presented (in millions):

Three Months Ended Six Months Ended

February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

The following table summarizes the components of O ther expense , net for the periods presented (in millions):

Three Months Ended Nine Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Interest expense (income), net:

2 unchanged sentences

Interest expense, net 6.1 12.1 21.5 15.0

Miscellaneous (income) expense, net:

Miscellaneous expense (income), net:

Non-service components of net periodic pension cost 1.0 1.0 2.9 2.9

Foreign currency transaction losses (gains) 1.6 ( 0.2 ) 0.9 ( 0.1 )

Foreign currency transaction losses 1.2 0.4 2.1 0.3

Other items ( 0.2 ) 0.9 ( 0.5 ) 2.6

1 unchanged sentence

Other expense, net $ 8.1 $ 14.4 $ 26.0 $ 20.8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 18 — Earnings Per Share

4 unchanged sentences

The following table calculates basic earnings per common share and diluted earnings per common share for the periods presented (in millions, except per share data):

Three Months Ended Six Months Ended

February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Three Months Ended Nine Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Net income $ 141.0 $ 98.4 $ 358.3 $ 282.6

9 unchanged sentences

Amounts in the table may not recalculate exactly due to rounding.

Stock options, performance stock awards, and restricted stock awards that were excluded from the diluted earnings per share calculation as the effect of inclusion would have been antidilutive were immaterial for the three and six months ended February 28, 2026 and February 28, 2025.

Further discussion of our share-based payment awards is included within the Common Stock and Related Matters and Share-based Payments footnotes of the Notes to Consolidated Financial Statements within our Form 10-K.

9 unchanged sentences

Net current period other comprehensive income 4.1 0.8 4.9

Balance at February 28, 2026 $ ( 44.8 ) $ ( 15.9 ) $ ( 60.7 )

Balance at May 31, 2026 $ ( 56.0 ) $ ( 15.6 ) $ ( 71.6 )

Foreign Currency Items Defined Benefit Pension Plans Accumulated Other Comprehensive Loss Items

3 unchanged sentences

Net current period other comprehensive (loss) income ( 1.2 ) 1.5 0.3

Balance at February 28, 2025 $ ( 99.9 ) $ ( 43.0 ) $ ( 142.9 )

Balance at May 31, 2025 $ ( 72.1 ) $ ( 42.5 ) $ ( 114.6 )

_______________________________________

1 unchanged sentence

See the Pension and Defined Contribution Plans footnote of the Notes to Consolidated Financial Statements for additional details.

The following table summarizes the tax expense or benefit allocated to each component of other comprehensive income (loss) for the periods presented (in millions):

The following table summarizes the tax expense or benefit allocated to each component of other comprehensive (loss) income for the periods presented (in millions):

Three Months Ended

February 28, 2026 February 28, 2025

May 31, 2026 May 31, 2025

Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Before Tax Amount Tax (Expense) Benefit Net of Tax Amount

1 unchanged sentence

Actuarial losses on defined benefit pension plans 0.4 ( 0.1 ) 0.3 0.6 ( 0.1 ) 0.5

Other comprehensive income (loss) $ 20.8 $ ( 0.1 ) $ 20.7 $ ( 11.1 ) $ ( 0.1 ) $ ( 11.2 )

Six Months Ended

February 28, 2026 February 28, 2025

Other comprehensive (loss) income $ ( 10.8 ) $ ( 0.1 ) $ ( 10.9 ) $ 28.4 $ ( 0.1 ) $ 28.3

Nine Months Ended

May 31, 2026 May 31, 2025

Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Before Tax Amount Tax (Expense) Benefit Net of Tax Amount

17 unchanged sentences

The following table presents financial information by operating segment for the periods presented (in millions):

Three Months Ended February 28, 2026

Three Months Ended May 31, 2026

ABL AIS Corporate Eliminations Total

2 unchanged sentences

Selling, distribution, and administrative expenses 262.8 126.5 23.8 — 413.1

Special charges 5.9 — — — 5.9

Operating profit $ 160.6 $ 56.5 $ ( 23.8 ) $ — 193.3

6 unchanged sentences

Capital expenditures 14.1 2.4 0.2 — 16.7

Three Months Ended February 28, 2025

Three Months Ended May 31, 2025

ABL AIS Corporate Eliminations Total

2 unchanged sentences

Selling, distribution, and administrative expenses 266.7 112.4 21.6 — 400.7

Special charges 29.7 — — — 29.7

Operating profit $ 134.0 $ 27.4 $ ( 21.6 ) $ — 139.8

7 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Six Months Ended February 28, 2026

Nine Months Ended May 31, 2026

ABL AIS Corporate Eliminations Total

11 unchanged sentences

Capital expenditures 50.2 6.6 1.7 — 58.5

Six Months Ended February 28, 2025

Nine Months Ended May 31, 2025

ABL AIS Corporate Eliminations Total

2 unchanged sentences

Selling, distribution, and administrative expenses 777.5 224.6 72.4 — 1,074.5

Special charges 29.7 — — — 29.7

Operating profit $ 407.6 $ 48.1 $ ( 72.4 ) $ — 383.3

7 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.

What changed 10-Q

Item 1. Financial Statements