What changed in this filing

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Item 1. Financial Statements

2025-11-03 compared with 2025-08-04 · 96 added, 65 removed, 601 unchanged (21% of the section changed)

3 unchanged sentences

Three Months Ended

June 30 Six Months Ended

September 30 Nine Months Ended

2025 2024 2025 2024

29 unchanged sentences

Three Months Ended

June 30 Six Months Ended

September 30 Nine Months Ended

2025 2024 2025 2024

8 unchanged sentences

Consolidated Balance Sheets

September 30,

2025 December 31,

19 unchanged sentences

Consolidated Balance Sheets (continued)

September 30,

2025 December 31,

32 unchanged sentences

Consolidated Statements of Cash Flows

Six Months Ended

Nine Months Ended

Cash provided by (used for) operations

57 unchanged sentences

Balance at June 30, 2025 45,248 $ 452 7,793 $ ( 428,732 ) $ 566,111 $ ( 448 ) $ 2,014,674 $ 2,152,057

Net income 21,769 21,769

Other comprehensive income 6 6

Repurchase of common stock ( 292 ) ( 3 ) ( 25,203 ) ( 25,206 )

Treasury stock retirement ( 7,793 ) ( 78 ) ( 7,793 ) 428,732 ( 428,654 ) —

Stock-based compensation 3,058 3,058

Common stock dividends ($ 0.22 per share)

( 8,299 ) ( 8,299 )

Balance at September 30, 2025 37,163 $ 371 — $ — $ 569,169 $ ( 442 ) $ 1,574,287 $ 2,143,385

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

24 unchanged sentences

Balance at June 30, 2024 45,130 $ 451 6,121 $ ( 234,879 ) $ 557,478 $ ( 502 ) $ 1,980,428 $ 2,302,976

Net income 91,038 91,038

Other comprehensive income 7 7

Treasury stock purchased 554 ( 69,651 ) ( 69,651 )

Stock-based compensation 3,745 3,745

Common stock dividends ($ 5.21 per share)

( 203,985 ) ( 203,985 )

Other ( 697 ) ( 697 )

Balance at September 30, 2024 45,130 $ 451 6,675 $ ( 305,227 ) $ 561,223 $ ( 495 ) $ 1,867,481 $ 2,123,433

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

44 unchanged sentences

In our Wood Products segment, we view our shipping and handling costs as a cost of the manufacturing process and the movement of product to our end customers.

For our BMD segment, costs related to shipping and handling of $ 68.9 million and $ 64.5 million for the three months ended June 30, 2025 and 2024, respectively, and $ 129.2 million and $ 123.4 million for the six months ended June 30, 2025 and 2024, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations.

For our BMD segment, costs related to shipping and handling of $ 72.3 million and $ 67.7 million for the three months ended September 30, 2025 and 2024, respectively, and $ 201.5 million and $ 191.2 million for the nine months ended September 30, 2025 and 2024, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations.

In our BMD segment, our activities relate to the purchase and resale of finished products, and excluding shipping and handling costs from "Materials, labor, and other operating expenses (excluding depreciation)" provides us a clearer view of our operating performance and the effectiveness of our sales and purchasing functions.

2 unchanged sentences

We provide the rebates to increase the sell-through of our products.

Rebates are generally estimated based on the expected amount to be paid and recorded as a decrease in "Sales." At June 30, 2025 and December 31, 2024, we had $ 84.0 million and $ 91.4 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets.

Rebates are generally estimated based on the expected amount to be paid and recorded as a decrease in "Sales." At September 30, 2025 and December 31, 2024, we had $ 88.7 million and $ 91.4 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets.

We also estimate expected cash discounts on trade accounts receivable based on an analysis of historical experience and record cash discounts as a decrease in "Sales." We adjust our estimate of revenue at the earlier of when the probability of rebates paid and cash discounts provided changes or when the amounts become fixed.

2 unchanged sentences

We receive rebates and allowances from our vendors under a number of different programs, including vendor marketing programs.

At June 30, 2025 and December 31, 2024, we had $ 10.0 million and $ 17.7 million, respectively, of vendor rebates and allowances recorded in "Receivables, Other" on our Consolidated Balance Sheets.

At September 30, 2025 and December 31, 2024, we had $ 13.1 million and $ 17.7 million, respectively, of vendor rebates and allowances recorded in "Receivables, Other" on our Consolidated Balance Sheets.

Rebates and allowances received from our vendors are recognized as a reduction of "Materials, labor, and other operating expenses (excluding depreciation)" when the product is sold, unless the rebates and allowances are linked to a specific incremental cost to sell a vendor's product.

21 unchanged sentences

Inventories included the following (work in process is not material):

September 30,

2025 December 31,

5 unchanged sentences

Property and equipment consisted of the following asset classes:

September 30,

2025 December 31,

8 unchanged sentences

$ 1,129,593 $ 1,047,083

At June 30, 2025 and December 31, 2024, we had $ 11.4 million and $ 10.8 million, respectively, of accrued purchases of property and equipment.

At September 30, 2025 and December 31, 2024, we had $ 6.9 million and $ 10.8 million, respectively, of accrued purchases of property and equipment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

6 unchanged sentences

Our cash is recorded at cost, which approximates fair value, and our cash equivalents are money market funds.

As of June 30, 2025 and December 31, 2024, we held $ 444.3 million and $ 679.5 million, respectively, in money market funds that are measured at fair value on a recurring basis using Level 1 inputs.

As of September 30, 2025 and December 31, 2024, we held $ 500.2 million and $ 679.5 million, respectively, in money market funds that are measured at fair value on a recurring basis using Level 1 inputs.

The recorded values of accounts receivable and accounts payable approximate fair values based on their short-term nature.

At June 30, 2025 and December 31, 2024, the book value of our fixed-rate debt for each period was $ 400.0 million, and the fair value was estimated to be $ 388.0 million and $ 377.0 million, respectively.

At September 30, 2025 and December 31, 2024, the book value of our fixed-rate debt for each period was $ 400.0 million, and the fair value was estimated to be $ 392.0 million and $ 377.0 million, respectively.

The difference between the book value and the fair value is derived from the difference between the period-end market interest rate and the stated rate of our fixed-rate, long-term debt.

18 unchanged sentences

In order to manage credit risk, we consider customer concentrations and current economic trends and monitor the creditworthiness of significant customers based on ongoing credit evaluations.

At June 30, 2025, receivables from two customers accounted for approximately 18 % and 14 % of total receivables.

At September 30, 2025, receivables from two customers accounted for approximately 16 % and 11 % of total receivables.

At December 31, 2024, receivables from these two customers accounted for approximately 19 % and 11 % of total receivables.

3 unchanged sentences

Improvements to Income Tax Disclosures, which requires additional income tax disclosures, primarily related to the rate reconciliation and income taxes paid.

The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis.

Early adoption is permitted.

We are currently evaluating the impact of this ASU on the disclosures related to our consolidated financial statements.

The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis, however retrospective application is permitted.

We plan to adopt this standard in fourth quarter 2025 on a retrospective basis.

The adoption of this standard will result in changes to our disclosures, but will not impact our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

5 unchanged sentences

There were no other accounting standards recently issued that had or are expected to have a material impact on our consolidated financial statements and associated disclosures.

For the three and six months ended June 30, 2025, we recorded $ 18.6 million and $ 32.5 million, respectively, of income tax expense and had an effective rate of 23.1 % and 24.1 %, respectively.

For the three and six months ended June 30, 2024, we recorded $ 38.5 million and $ 71.3 million, respectively, of income tax expense and had an effective rate of 25.5 % and 24.8 %, respectively.

For the three and nine months ended September 30, 2025, we recorded $ 9.1 million and $ 41.5 million, respectively, of income tax expense and had an effective rate of 29.5 % and 25.1 %, respectively.

For the three and nine months ended September 30, 2024, we recorded $ 29.8 million and $ 101.1 million, respectively, of income tax expense and had an effective rate of 24.7 % and 24.8 %, respectively.

For all periods, the primary reason for the difference between the federal statutory income tax rate of 21% and the effective tax rate was the effect of state taxes.

During the six months ended June 30, 2025 and 2024, cash paid for taxes, net of refunds received, were $ 32.1 million and $ 66.5 million, respectively.

In addition, our effective tax rate during the three months ended September 30, 2025 was adversely impacted by the effect of permanent tax differences on decreased pre-tax book income for 2025.

During the nine months ended September 30, 2025 and 2024, cash paid for taxes, net of refunds received, were $ 36.4 million and $ 90.0 million, respectively.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law in the United States.

The OBBBA includes numerous provisions that affect corporate taxation, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, changes to bonus depreciation, and modifications to the international tax framework.

The OBBBA will not have a material impact on our effective tax rate or total provision for income taxes.

Net Income Per Common Share

2 unchanged sentences

Other potentially dilutive weighted average common shares include the dilutive effect of restricted stock units and performance stock units for each period using the treasury stock method.

Under the treasury stock method, the exercise price of a share and the amount of compensation expense, if any, for future service that has not yet been recognized are assumed to be used to repurchase shares in the current period.

Under the treasury stock method, the amount of compensation expense, if any, for future service that has not yet been recognized is assumed to be used to repurchase shares in the current period.

The following table sets forth the computation of basic and diluted net income per common share:

Three Months Ended

June 30 Six Months Ended

September 30 Nine Months Ended

2025 2024 2025 2024

6 unchanged sentences

Net income per common share - Diluted $ 0.58 $ 2.33 $ 3.28 $ 7.78

The computation of the dilutive effect of other potential common shares excludes stock awards representing 0.1 million shares of common stock and an insignificant number of shares of common stock, respectively, in the three months ended June 30, 2025 and 2024, and 0.1 million shares of common stock and an insignificant number of shares of common stock, respectively, in the six months ended June 30, 2025 and 2024.

The computation of the dilutive effect of other potential common shares excludes stock awards representing 0.1 million shares of common stock and an insignificant number of shares of common stock, respectively, in the three months ended September 30, 2025 and 2024, and 0.1 million shares of common stock in both the nine months ended September 30, 2025 and 2024.

Under the treasury stock method, the inclusion of these stock awards would have been antidilutive.

2 unchanged sentences

The carrying amount of our goodwill by segment is as follows:

Balance at December 31, 2024 and June 30, 2025 $ 45,779 $ 126,166 $ 171,945

At June 30, 2025 and December 31, 2024, intangible assets represented the values assigned to trade names and trademarks and customer relationships.

Balance at December 31, 2024 and September 30, 2025 $ 45,779 $ 126,166 $ 171,945

At September 30, 2025 and December 31, 2024, intangible assets represented the values assigned to trade names and trademarks and customer relationships.

We maintain trademarks for our manufactured wood products, particularly EWP.

2 unchanged sentences

In addition, we have acquired trade names and customer relationships through acquisitions, which are amortized over their useful life.

For the three months ended June 30, 2025 and 2024 we recognized $ 5.1 million and $ 4.9 million, respectively, of amortization expense for intangible assets.

For the six months ended June 30, 2025 and 2024 we recognized $ 10.2 million and $ 9.8 million, respectively, of amortization expense for intangible assets.

For the three months ended September 30, 2025 and 2024 we recognized $ 5.1 million and $ 5.0 million, respectively, of amortization expense for intangible assets.

For the nine months ended September 30, 2025 and 2024 we recognized $ 15.3 million and $ 14.8 million, respectively, of amortization expense for intangible assets.

Intangible assets consisted of the following:

June 30, 2025

September 30, 2025

Gross Carrying

12 unchanged sentences

Long-term debt consisted of the following:

September 30,

2025 December 31,

27 unchanged sentences

The new credit facility under the Credit Agreement is not an asset-based credit facility.

At June 30, 2025, we had $ 50.0 million outstanding under the Revolver and $ 4.8 million of letters of credit outstanding.

At September 30, 2025, we had $ 50.0 million outstanding under the Revolver and $ 4.8 million of letters of credit outstanding.

These letters of credit and borrowings, if any, reduce availability under the Revolver by an equivalent amount.

23 unchanged sentences

Cash Paid for Interest

For the six months ended June 30, 2025 and 2024, cash payments for interest were $ 8.1 million and $ 10.3 million, respectively.

For the nine months ended September 30, 2025 and 2024, cash payments for interest were $ 17.3 million and $ 20.5 million, respectively.

The components of lease expense were as follows:

Three Months Ended

June 30 Six Months Ended

September 30 Nine Months Ended

2025 2024 2025 2024

9 unchanged sentences

Supplemental cash flow information related to leases was as follows:

Six Months Ended

Nine Months Ended

Cash paid for amounts included in the measurement of lease liabilities

6 unchanged sentences

Other information related to leases was as follows:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Weighted-average remaining lease term (years)

4 unchanged sentences

Finance leases 8.6 % 7.5 %

As of June 30, 2025, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

As of September 30, 2025, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

Operating Leases Finance Leases

10 unchanged sentences

Long-term lease obligations $ 51,381 $ 15,915

As of June 30, 2025, the undiscounted future lease payments for additional leases that have not yet commenced was approximately $ 9 million.

As of September 30, 2025, undiscounted future lease payments for an additional lease that has not yet commenced are approximately $ 26 million.

This lease is expected to commence in 2026 with a lease term of approximately 16 years.

7 unchanged sentences

The maximum number of shares approved for grant under the 2025 Incentive Plan is 1.7 million shares.

During the six months ended June 30, 2025 and 2024, we granted two types of stock-based awards:

During the nine months ended September 30, 2025 and 2024, we granted two types of stock-based awards:

performance stock units (PSUs) and restricted stock units (RSUs).

Pursuant to the terms of the 2025 Incentive Plan, all stock-based awards granted after December 31, 2024 reduce the amount of shares available for issuance.

Therefore, as of June 30, 2025, 1.5 million shares remained available for future issuance under the 2025 Incentive Plan.

Therefore, as of September 30, 2025, 1.5 million shares remained available for future issuance under the 2025 Incentive Plan.

PSU and RSU Awards

During the six months ended June 30, 2025, we granted 83,616 PSUs to our officers and other employees, subject to performance and service conditions.

During the nine months ended September 30, 2025, we granted 83,616 PSUs to our officers and other employees, subject to performance and service conditions.

For the officers, the PSUs granted are subject to a three-year performance period.

8 unchanged sentences

Because the PSUs contain a performance condition, we record compensation expense over the requisite service period based on the most probable number of shares expected to vest.

During the six months ended June 30, 2024, we granted 60,207 PSUs to our officers and other employees, subject to performance and service conditions.

During the nine months ended September 30, 2024, we granted 60,207 PSUs to our officers and other employees, subject to performance and service conditions.

For both periods, the PSUs granted to officers generally vest in a single installment three years from the date of grant, while the PSUs granted to other employees vest in three equal tranches each year after the grant date.

During the six months ended June 30, 2025 and 2024, we granted an aggregate of 99,025 and 72,289 RSUs, respectively, to our officers, other employees, and nonemployee directors with only service conditions.

During the nine months ended September 30, 2025 and 2024, we granted an aggregate of 100,159 and 72,377 RSUs, respectively, to our officers, other employees, and nonemployee directors with only service conditions.

The RSUs granted to officers and other employees vest in three equal tranches each year after the grant date.

1 unchanged sentence

We based the fair value of PSU and RSU awards on the closing market price of our common stock on the grant date.

During the six months ended June 30, 2025 and 2024, the total fair value of PSUs and RSUs vested was $ 15.8 million and $ 34.0 million, respectively.

The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the six months ended June 30, 2025:

During the nine months ended September 30, 2025 and 2024, the total fair value of PSUs and RSUs vested was $ 15.8 million and $ 34.0 million, respectively.

The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the nine months ended September 30, 2025:

Number of shares Weighted Average Grant-Date Fair Value Number of shares Weighted Average Grant-Date Fair Value

4 unchanged sentences

Forfeited ( 15,998 ) 91.50 ( 8,730 ) 105.37

Outstanding, June 30, 2025 243,370 $ 93.53 152,245 $ 106.14

Outstanding, September 30, 2025 242,320 $ 93.44 152,293 $ 105.92

_______________________________

(a) Represents total PSUs forfeited during the six months ended June 30, 2025, related to below-target achievement of the 2024 performance condition on awards granted to other employees in 2024.

(a) Represents total PSUs forfeited during the nine months ended September 30, 2025, related to below-target achievement of the 2024 performance condition on awards granted to other employees in 2024.

During the 2024 performance period, other employees earned 90 % of the target based on Boise Cascade's 2024 EBITDA, determined by executive management, in accordance with the related grant agreement.

6 unchanged sentences

Three Months Ended

June 30 Six Months Ended

September 30 Nine Months Ended

2025 2024 2025 2024

2 unchanged sentences

Total $ 3,058 $ 3,745 $ 10,068 $ 11,668

The related tax benefit for the six months ended June 30, 2025 and 2024, was $ 1.9 million and $ 2.0 million, respectively.

As of June 30, 2025, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $ 24.6 million.

The related tax benefit for the nine months ended September 30, 2025 and 2024, was $ 2.7 million and $ 3.0 million, respectively.

As of September 30, 2025, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $ 18.9 million.

This expense is expected to be recognized over a weighted-average period of 1.8 years.

1 unchanged sentence

On November 14, 2017, we announced that our board of directors approved a dividend policy to pay quarterly cash dividends to holders of our common stock.

For more information regarding our dividend declarations and payments made during each of the six months ended June 30, 2025 and 2024, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.

On July 31, 2025, our board of directors declared a quarterly dividend of $ 0.22 per share on our common stock, payable on September 17, 2025, to stockholders of record on September 2, 2025.

For more information regarding our dividend declarations and payments made during each of the nine months ended September 30, 2025 and 2024, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.

On October 30, 2025, our board of directors declared a quarterly dividend of $ 0.22 per share on our common stock, payable on December 17, 2025, to stockholders of record on December 1, 2025.

For a description of the restrictions in our revolving credit facility and the indenture governing our senior notes on our ability to pay dividends, see Note 6, Debt.

2 unchanged sentences

On October 30, 2024, our board of directors authorized the repurchase of an additional 1.4 million shares of our common stock.

This is the most recent authorization under our common stock repurchase program that was authorized on February 25, 2015 (the Program).

This is the most recent authorization under our common stock repurchase program that was authorized on February 25, 2015.

During third quarter 2025, our board of directors approved a resolution to retire all outstanding treasury shares previously purchased, as well as a policy to retire all future shares immediately upon repurchase.

In accordance with the Company’s policy, the excess cost over par value of retired treasury shares is allocated to retained earnings.

Additionally, repurchased shares are subject to a 1% excise tax, which is also allocated to retained earnings.

As a result of this resolution, approximately 7 million shares of common stock related to treasury share repurchases made prior to December 31, 2024, were retired.

During the nine months ended September 30, 2025, we repurchased and retired 1,128,752 shares at a cost of $ 111.0 million, or an average of $ 98.31 per share, exclusive of excise tax.

During the nine months ended September 30, 2024, we repurchased 1,232,345 shares at a cost of $ 158.5 million, or an average of $ 128.62 per share, exclusive of excise tax.

The shares were purchased with cash on hand and were subsequently retired in accordance with our board-approved policy.

In October 2025, we repurchased and retired 120,000 shares at a cost of approximately $ 9 million, or an average of $ 75.29 per share.

On October 30, 2025, our board of directors authorized the repurchase of up to $ 300.0 million of our outstanding common stock.

This authorization replaced the prior share repurchase authorization that was announced in October 2024.

Share repurchases may be made on an opportunistic basis, through open market transactions, privately negotiated transactions, or by other means in accordance with applicable federal securities laws.

We are not obligated to purchase any shares and there is no set date that the Program will expire.

Our board of directors may increase or decrease the number of shares under the Program or terminate the Program in its discretion at any time.

During the six months ended June 30, 2025, we repurchased 837,352 shares under the Program at a cost of $ 86.0 million, or an average of $ 102.72 per share.

During the six months ended June 30, 2024, we repurchased 677,845 shares under the Program at a cost of $ 88.9 million, or an average of $ 131.09 per share.

The shares were purchased with cash on hand and are recorded as "Treasury stock" on our Consolidated Balance Sheets.

As of June 30, 2025, there were 970,864 shares of common stock that may yet be purchased under the Program.

In July 2025, we repurchased 117,000 shares under the Program at a cost of approximately $ 10 million, or an average of $ 88.38 per share.

Subsequent to these share repurchases, there were approximately 850,000 shares of common stock that may yet be purchased under the Program.

We are not obligated to purchase any shares and there is no set date that the share repurchase program will expire.

Our board of directors may increase or decrease the amount authorized or terminate the share repurchase program in its discretion at any time.

Transactions With Related Party

4 unchanged sentences

Accordingly, we do not consolidate LTP's results in our financial statements.

Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $ 2.2 million and $ 3.1 million, respectively, during the three months ended June 30, 2025 and 2024, and $ 3.8 million and $ 5.7 million, respectively, during the six months ended June 30, 2025 and 2024.

Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $ 2.7 million and $ 2.6 million, respectively, during the three months ended September 30, 2025 and 2024, and $ 6.5 million and $ 8.3 million, respectively, during the nine months ended September 30, 2025 and 2024.

These sales are recorded in "Sales" in our Consolidated Statements of Operations.

Costs and Expenses

Related-party wood fiber purchases from LTP were $ 17.9 million and $ 21.3 million, respectively, during the three months ended June 30, 2025 and 2024, and $ 32.8 million and $ 41.1 million, respectively, during the six months ended June 30, 2025 and 2024.

Related-party wood fiber purchases from LTP were $ 21.5 million and $ 22.1 million, respectively, during the three months ended September 30, 2025 and 2024, and $ 54.3 million and $ 63.2 million, respectively, during the nine months ended September 30, 2025 and 2024.

These costs are recorded in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations.

6 unchanged sentences

Three Months Ended

June 30 Six Months Ended

September 30 Nine Months Ended

2025 2024 2025 2024

18 unchanged sentences

(b) Sales of EWP to external customers are net of the cost of all EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, dealers, and homebuilders).

For the six months ended June 30, 2025 and 2024, approximately 74 % and 77 % , respectively, of Wood Products' EWP sales volumes were to our BMD segment.

For both the nine months ended September 30, 2025 and 2024, approximately 75 % of Wood Products' EWP sales volumes were to our BMD segment.

An analysis of our operations by segment is as follows:

Three Months Ended

June 30 Six Months Ended

September 30 Nine Months Ended

2025 2024 2025 2024

5 unchanged sentences

408,456 400,043 1,239,851 1,214,776

Segment income from operations $ 13,976 $ 72,780 $ 31,685 $ 144,018

Segment income (loss) from operations $ ( 12,055 ) $ 53,853 $ 19,630 $ 197,871

Building Materials Distribution

11 unchanged sentences

Total net sales $ 1,667,806 $ 1,713,724 $ 4,944,414 $ 5,156,814

Reconciliation of income

Reconciliation of income (loss)

Wood Products $ ( 12,055 ) $ 53,853 $ 19,630 $ 197,871

14 unchanged sentences

(d) Unallocated corporate costs include corporate support staff services, and related assets and liabilities.

Support services include, but are not limited to, information technology, human resources, finance, accounting, and legal functions.

Support services include, but are not limited to, information technology, human resources, finance, accounting, insurance and legal functions.

For both the three and nine months ended September 30, 2025, unallocated corporate costs include a $ 1.9 million settlement gain for property damages at one of our distribution facilities.

(e) Other unallocated items include foreign exchange gains and losses, pension expense (excluding service costs) and the change in fair value of interest rate swaps.

September 30,

2025 December 31,

4 unchanged sentences

Three Months Ended

June 30 Six Months Ended

September 30 Nine Months Ended

2025 2024 2025 2024

8 unchanged sentences

In addition, we have purchase obligations for goods and services, capital expenditures, and raw materials entered into in the normal course of business.

As of June 30, 2025, there have been no material changes to the above commitments disclosed in the 2024 Form 10-K.

As of September 30, 2025, there have been no material changes to the above commitments disclosed in the 2024 Form 10-K.

Legal Proceedings and Contingencies

4 unchanged sentences

Financial Statements and Supplementary Data" in our 2024 Form 10-K describes the nature of our guarantees, including the approximate terms of the guarantees, how the guarantees arose, the events or circumstances that would require us to perform under the guarantees, and the maximum potential undiscounted amounts of future payments we could be required to make.

As of June 30, 2025, there have been no material changes to the guarantees disclosed in the 2024 Form 10-K.

As of September 30, 2025, there have been no material changes to the guarantees disclosed in the 2024 Form 10-K.

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