21 unchanged sentences
During the three months ended December 31, 2025, we did not make any repurchases of common stock.
−Removed: The dollar value remaining available for future purchases under the 2019 program at December 31, 2024, was $218 million.
+Added: The dollar value remaining available for future purchases under the 2019 program at December 31, 2025, was $218 million, leaving a total of $2.2 billion available under all plans.
Our Key Employee Stock Investment Plan allows certain employees, other than officers, to purchase shares of common stock on an installment basis up to an established credit limit.
4 unchanged sentences
The following graph compares the cumulative total shareholder return on our common stock for the last five years with the cumulative total return on the S&P 500 Index and an index of peer companies selected by us.
−Removed: In 2024, we re-evaluated our peer group that the Board benchmarks against and chose to remove companies that we no longer believe participate in similar end-markets or are strongly aligned with our businesses.
−Removed: We removed W.W.
−Removed: Grainger since they are primarily U.S.
−Removed: focused and Fortive Corporation due to a spin-off transaction that shrank the size of their business.
−Removed: Our peer group includes BorgWarner Inc., Caterpillar, Inc., Daimler Truck Holding AG, Dana Inc., Deere & Company, Eaton Corporation, Emerson Electric Co., Honeywell International, Illinois Tool Works Inc., PACCAR, Parker-Hannifin Corporation, Textron Inc.
−Removed: and Volvo AB.
+Added: Our peer group includes AB Volvo, BorgWarner Inc., Caterpillar, Inc., Daimler Truck Holding AG, Dana Inc., Deere & Company, Eaton Corporation, Emerson Electric Co., Honeywell International, Illinois Tool Works Inc., PACCAR, Parker-Hannifin Corporation and Textron Inc.
Daimler Truck Holding AG is excluded from the peer index in the following graph due to the corporate split and public filing in December 2021.
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.