2 unchanged sentences
Condensed Consolidated Balance Sheets
−Removed: (Amounts in millions except share information)
−Removed: Assets June 30,
+Added: (Amounts in millions except share and per share information)
+Added: Assets September 30,
2024 December 31,
37 unchanged sentences
(Unaudited) (Unaudited)
−Removed: Six Months Ended
−Removed: June 30, Three Months Ended
+Added: Nine Months Ended
+Added: September 30, Three Months Ended
+Added: September 30,
2024 2023 2024 2023
18 unchanged sentences
(Unaudited) (Unaudited)
−Removed: Six Months Ended
−Removed: June 30, Three Months Ended
+Added: Nine Months Ended
+Added: September 30, Three Months Ended
+Added: September 30,
2024 2023 2024 2023
9 unchanged sentences
(Unaudited) (Unaudited)
−Removed: Six Months Ended
−Removed: June 30, Three Months Ended
+Added: Nine Months Ended
+Added: September 30, Three Months Ended
+Added: September 30,
2024 2023 2024 2023
22 unchanged sentences
(Unaudited) (Unaudited)
−Removed: Six Months Ended
−Removed: June 30, Three Months Ended
+Added: Nine Months Ended
+Added: September 30, Three Months Ended
+Added: September 30,
2024 2023 2024 2023
40 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2024 and 2023
+Added: September 30, 2024 and 2023
(1) Basis of Presentation
10 unchanged sentences
The enhanced disclosure requirements include:
−Removed: title and position of the Chief Operating Decision Maker (CODM), significant segment expenses provided to the CODM, extending certain annual disclosures to interim periods, clarifying single reportable segment entities must apply ASC 280 in its entirety, and permitting more than one measure of segment profit or loss to be reported under certain circumstances.
+Added: title and position of the Chief Operating Decision Maker (CODM), significant segment expenses provided to the CODM, extending certain annual disclosures to interim periods, clarifying single reportable segment entities must apply Accounting Standards Codification 280 in its entirety, and permitting more than one measure of segment profit or loss to be reported under certain circumstances.
This change is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024.
This change will apply retrospectively to all periods presented.
−Removed: We are currently evaluating the impact that the adoption of ASU 2023-07 will have on our consolidated financial statements and disclosures and we anticipate adoption in our 2024 annual report on Form 10-K .
+Added: We are currently evaluating the impact that the adoption of ASU 2023-07 will have on our consolidated financial statements and disclosures and plan to adopt the standard in our 2024 annual report on Form 10-K.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) , which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements.
17 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2024 and 2023
+Added: September 30, 2024 and 2023
Disaggregation of Revenue
Revenues are attributable to countries based on the selling location from which the sale occurred.
−Removed: Our revenues related to the following geographic areas were as follows for the periods ended June 30:
−Removed: Six-month Period Three-month Period
+Added: Our revenues related to the following geographic areas were as follows for the periods ended September 30:
+Added: Nine-month Period Three-month Period
2024 2023 2024 2023
8 unchanged sentences
Total revenues $ 5,721.5 5,588.1 $ 1,910.2 1,845.9
−Removed: The percentages of our sales by end market were as follows for the periods ended June 30:
−Removed: Six-month Period Three-month Period
+Added: The percentages of our sales by end market were as follows for the periods ended September 30:
+Added: Nine-month Period Three-month Period
2024 2023 2024 2023
3 unchanged sentences
100.0 % 100.0 % 100.0 % 100.0 %
−Removed: The percentages of our sales by product line were as follows for the periods ended June 30:
−Removed: Six-month Period Three-month Period
+Added: The percentages of our sales by product line were as follows for the periods ended September 30:
+Added: Nine-month Period Three-month Period
Type Introduced 2024 2023 2024 2023
15 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2024 and 2023
+Added: September 30, 2024 and 2023
(3) Stockholders' Equity
−Removed: On July 11, 2024, our board of directors declared a quarterly dividend of $ 0.39 per share of common stock to be paid in cash on August 23, 2024 to shareholders of record at the close of business on July 26, 2024.
+Added: On October 10, 2024, our board of directors declared a quarterly dividend of $ 0.39 per share of common stock to be paid in cash on November 22, 2024 to shareholders of record at the close of business on October 25, 2024.
The following table presents the cash dividends either paid previously or declared by our board of directors for future payment on a per share basis:
6 unchanged sentences
Stock Options
−Removed: The following tables summarize the details of options granted under our stock option plans that were outstanding as of June 30, 2024, and the assumptions used to value those grants.
+Added: The following tables summarize the details of options granted under our stock option plans that were outstanding as of September 30, 2024, and the assumptions used to value those grants.
All such grants were effective at the close of business on the date of grant.
1 unchanged sentence
Price Closing Stock Price on Date
−Removed: of Grant June 30, 2024
+Added: of Grant September 30, 2024
Date of Grant Options
13 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2024 and 2023
+Added: September 30, 2024 and 2023
Date of Grant Risk-free
22 unchanged sentences
Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period.
−Removed: The stock-based compensation expense for the six-month periods ended June 30, 2024 and 2023 was $ 4.0 and $ 3.8 , respectively, while the second quarter of 2024 and 2023 was $ 2.0 and $ 1.9 , respectively.
−Removed: Unrecognized stock-based compensation expense related to outstanding unvested stock options as of June 30, 2024 was $ 22.9 and is expected to be recognized over a weighted average period of 4.43 years.
+Added: The stock-based compensation expense for the nine-month periods ended September 30, 2024 and 2023 was $ 6.0 and $ 5.6 , respectively, while the third quarter of 2024 and 2023 was $ 2.0 and $ 1.8 , respectively.
+Added: Unrecognized stock-based compensation expense related to outstanding unvested stock options as of September 30, 2024 was $ 20.9 and is expected to be recognized over a weighted average period of 4.25 years.
Any future changes in estimated forfeitures will impact this amount.
1 unchanged sentence
The following tables present a reconciliation of the denominators used in the computation of basic and diluted income per share and a summary of the options to purchase shares of common stock which were excluded from the diluted income per share calculation because they were anti-dilutive:
−Removed: Six-month Period Three-month Period
+Added: Nine-month Period Three-month Period
Reconciliation 2024 2023 2024 2023
2 unchanged sentences
Diluted weighted average shares outstanding 574,135,926 572,871,420 574,183,661 573,099,709
−Removed: Six-month Period Three-month Period
+Added: Nine-month Period Three-month Period
Summary of Anti-dilutive Options Excluded 2024 2023 2024 2023
5 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2024 and 2023
+Added: September 30, 2024 and 2023
(4) Income Taxes
1 unchanged sentence
We are no longer subject to income tax examinations by taxing authorities for taxable years before 2021 in the case of United States federal examinations, and with limited exception, before 2018 in the case of foreign, state, and local examinations.
−Removed: During the first six months of 2024, there were no material changes in unrecognized tax benefits.
+Added: During the first nine months of 2024, there were no material changes in unrecognized tax benefits.
(5) Operating Leases
5 unchanged sentences
Debt obligations and letters of credit outstanding at the end of each period consisted of the following:
−Removed: Average Interest Rate at June 30, 2024
+Added: Average Interest Rate at September 30, 2024
Debt Outstanding
−Removed: Date June 30,
+Added: Date September 30,
2024 December 31,
21 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2024 and 2023
+Added: September 30, 2024 and 2023
Senior Unsecured Promissory Notes Payable
−Removed: We have issued senior unsecured promissory notes under our master note agreement (the Master Note Agreement) in the aggregate principal amount of $ 200.0 as of June 30, 2024.
+Added: We have issued senior unsecured promissory notes under our master note agreement (the Master Note Agreement) in the aggregate principal amount of $ 200.0 as of September 30, 2024.
Our aggregate borrowing capacity under the Master Note Agreement is $ 900.0 ;
5 unchanged sentences
The nature of our potential exposure to legal contingencies is described in our 2023 annual report on Form 10-K in Note 10 of the Notes to Consolidated Financial Statements.
−Removed: As of June 30, 2024, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.
+Added: As of September 30, 2024, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.
(8) Subsequent Events
1 unchanged sentence
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.