What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2025-03-31 compared with 2024-03-14 · 90 added, 95 removed, 300 unchanged (38% of the section changed)

8 unchanged sentences

While we anticipate similar regular cash dividends after 2025, no assurances can be given that we will declare or pay dividends for years after 2025.

Additionally, during the first quarter of 2024, we declared a special cash dividend of $2.50 per share on our common stock payable on April 9, 2024, to the holders of record of all the issued and outstanding shares of common stock as of the close of business on March 26, 2024.

Additionally, we paid a special cash dividend of $2.50 per share on our common stock on April 9, 2024, to the holders of record of all the issued and outstanding shares of common stock as of the close of business on March 26, 2024.

Securities Authorized for Issuance Under Equity Compensation Plan

3 unchanged sentences

The shares to be issued under the Incentive Plan were registered with the SEC on a Form S-8 filed on November 9, 2017.

Through December 31, 2023, we issued 64,000 options to purchase shares of our common stock and awarded no shares to participants under the Incentive Plan.

Through December 31, 2024, we have issued or awarded 8 4,000 options to purchase shares of our common stock, 750,000 restricted stock units (“RSUs”), and 40,000 shares of stock, in each case under the Incentive Plan.

Following is additional information regarding the incentive plans as of December 31, 2024.

7 unchanged sentences

issuance under equity

outstanding options,

outstanding units, options,

warrants and rights

compensation plans (excluding

warrants and rights

(excluding RSUs

securities reflected in column (a))

Plan Category

reflected in column (a))

Equity compensation plans approved by security holders

11 unchanged sentences

The timing and amount of repurchase transactions will be determined by management based on its evaluation of market conditions, share price, and other factors.

[TBR1] The ultimate language should be aligned here and in the earnings release.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

26 unchanged sentences

Our annual biodiesel production capacity is 59 million gallons per year.

There currently is uncertainty as to whether we will produce biodiesel in the future.

There currently is uncertainty as to our production of biodiesel in the future.

This uncertainty results from changes in feedstock prices relative to biodiesel prices and the lack of permanency of government mandates including the BTC, the small producer’s tax credit, the CFPC (effective January 1, 2025), the renewable fuels program, and the California low carbon fuel program credits.

7 unchanged sentences

Most of our sales are FOB the Batesville plant, although some transfer points are in other states or foreign ports.

While many of our chemicals are used to manufacture products that are shipped, further processed, and/or consumed throughout the world, the chemical products, with limited exceptions, generally leave the United States only after we have transferred ownership.

Rarely are we the exporter of record, never are we the importer of record into foreign countries, and we are not always aware of the exact quantities of our products that are moved into foreign markets by our customers.

Many of our chemicals are used to manufacture products that are shipped, further processed, and/or consumed throughout the world, and we are not always aware of the exact quantities of our products that are moved into foreign markets by our customers.

We do track the addresses of our customers for invoicing purposes and use this address to determine whether a particular sale is within or outside the United States.

18 unchanged sentences

Adjusted EBITDA

* Adjusted EBITDA for 2022 has been restated to be consistent with 2023 reporting.

Adjusted EBITDA in both years excludes the impact from unrealized gains or losses on derivatives.

Realized gains and losses are included in Adjusted EBITDA in both 2022 and 2023.

We use adjusted EBITDA as a key operating metric to measure both performance and liquidity.

5 unchanged sentences

Our calculation of adjusted EBITDA may be different from similarly titled measures used by other companies; therefore, the results of our calculation are not necessarily comparable to the results of other companies.

Adjusted EBITDA allows our chief operating decision makers to assess the performance and liquidity of our business on a consolidated basis to assess the ability of our operating segments to produce operating cash flow to fund working capital needs, to fund capital expenditures and to pay dividends.

Adjusted EBITDA allows our chief operating decision maker to assess the performance and liquidity of our business on a consolidated basis to assess the ability of our operating segments to produce operating cash flow to fund working capital needs, to fund capital expenditures and to pay dividends.

In particular, our management believes that adjusted EBITDA permits a comparative assessment of our operating performance and liquidity, relative to a performance and liquidity based on GAAP results, while isolating the effects of depreciation and amortization, which may vary among our operating segments without any correlation to their underlying operating performance, and of non-cash stock-based compensation expense, which is a non-cash expense that varies widely among similar companies, and unrealized gains and losses on derivative instruments, which can cause net income to appear volatile from period to period relative to the sale of the underlying physical product.

10 unchanged sentences

Loss on disposal of property and equipment

Unrealized gain on derivative instruments

(Gain) loss on marketable securities

Income tax provision (benefit)

Unrealized loss (gain) on derivative instruments

Gain on marketable securities

Income tax provision

Adjusted EBITDA

3 unchanged sentences

Net cash provided by operating activities

Benefit for deferred income taxes

Provision for deferred income taxes

Interest and dividend income

Income tax provision (benefit)

Income tax provision

Changes in operating assets and liabilities, net

Other non-operating (income) expense

Other non-operating income

Adjusted EBITDA

* Adjusted EBITDA for 2022 has been restated to be consistent with 2023 reporting.

Adjusted EBITDA in both years excludes the impact from unrealized gains or losses on derivatives.

Realized gains and losses are included in Adjusted EBITDA in both 2022 and 2023.

Results of Operations

8 unchanged sentences

2024 Compared to 2023

Consolidated sales revenue decreased 34% or $124,911 in 2024 compared to 2023 from lower sales volumes ($60,574) and lower prices ($65,011) in the biofuel segment.

Partially offsetting this decline was an increase in chemical segment volumes and an increase of $5,492 in amortization of deferred revenue from the expiration of a long-term contract which is now a short-term contract.

Gross profit decreased 52% or $21,335 in 2024 compared to 2023.

This comparative decrease was ($14,031) in the biofuel segment and ($7,304) in the chemical segment.

This reduction was inclusive of (i) reduced sales volumes of biodiesel and glycerin from extreme weather conditions in the first three months of the year, ii) downtime of both biodiesel and chemical production equipment during the last half of 2024 from delays by equipment suppliers, and iii) in the biofuel segment, the change in the unrealized activity of derivative instruments in comparison to the prior year with a loss of $1,971 in the current year and a gain of $1,878 in the prior year.

Also contributing to this reduced margin was the change in adjustments in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting which increased gross profit $3,028 in 2024 as compared to $10,334 in 2023.

Partially offsetting this decrease was the benefit of the amortization of deferred revenue in the chemical segment of $5,492.

Operating expenses decreased $339 in 2024 compared to 2023.

This decrease was primarily the result of decreased research and development and legal expenses.

Other income decreased $92 in 2024 as compared to 2023.

This net decrease was due to (i) the reduction of interest income of $1,921, (ii) the prior year gain of $575 on the sale of marketable securities with no such gain in the current year, and (iii) separations payments made in the current year.

These reductions were mostly offset by the receipt of a $2,750 settlement in 2024 (see Note 22 of our consolidated financial statements for further details).

Income tax provision (benefit)

The income tax provision was $792 in 2024 or an effective tax rate of 4.9% as compared to a provision in 2023 of $1 or an effective tax rate of 0.0%.

The Company’s effective tax rates for the years 2024 and 2023 reflect the positive effect of certain tax credits and incentives, the most significant of which are the BTC and the Small Agri-biodiesel Producer Tax Credit.

Based on technical guidance from the Internal Revenue Service, the Company excludes the portion of the BTC not used to satisfy excise tax liabilities from income.

See Note 3 to our consolidated financial statements for a discussion of the pretax earnings impact of the BTC.

The Company’s effective tax rate for 2024 and 2023 includes an expense of $8,169 or 50.1% and $6,821 or 18.2%, respectively, from the recording of a valuation allowance against its deferred tax assets.

The Company evaluates its deferred tax assets and records a valuation allowance to reduce these assets to the amount that is more likely than not to be realized.

As of December 31, 2024, based on all available and allowable evidence, the Company determined that its deferred tax assets of $41,076 are more likely than not realizable only to the extent of $18,691, resulting in a net deferred tax liability of $773.

As of December 31, 2023, based on all available and allowable evidence, the Company determined that its deferred tax assets were more likely than not realizable only to the extent of its deferred tax liabilities and recorded the resulting valuation allowance.

The Company’s unrecognized tax benefit totaled $0 at December 31, 2024 and 2023.

2023 Compared to 2022

Consolidated sales revenue decreased 7.0% or $27,764 in 2023 compared to 2022 primarily from lower average sales prices in the biofuel segment ($71,198) and, to a lesser extent, in the chemical segment ($1,916).

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The Company’s unrecognized tax benefit totaled $0 at December 31, 2023 and 2022.

2022 Compared to 2021

Consolidated sales revenue increased 23.2% or $74,628 in 2022 compared to 2021 primarily from higher average sales prices in the biofuel segment and, to a lesser extent, in the chemical segment.

This increase was reduced in part by lower sales volumes primarily in the biofuels segment and, to a lesser extent, in the chemicals segment.

Gross profit increased 23.2% or $5,456 in 2022 compared to 2021.

This comparative increase was primarily attributable to:

(i) improved margins in the chemical segment, and (ii) the prior year was unfavorably impacted by significantly atypical natural gas prices incurred in February 2021 from Winter Storm Uri.

Partially offsetting this improvement in gross profit was the unfavorable change in the realized and unrealized activity of derivative instruments which resulted in a reduction in gross profit of $10,500 in 2022.

The comparative unfavorable change was primarily from the unprecedented volatility in the NYMEX heating oil futures market.

Operating expenses increased $808 in 2022 compared to 2021.

This increase was primarily the result of increased compensation expense.

Other expense increased $6,840 from 2022 primarily from realized and unrealized losses on equity securities with a loss of $8,546 in 2022 as compared to a loss of $70 in 2021.

Income tax benefit (provision)

The income tax benefit in 2022 was $1,473 or an effective tax rate of (10.7%) as compared to a benefit in 2021 of $10,325 or an effective tax rate of (64.8%).

The Company’s effective tax rates for the years 2022 and 2021 reflect the positive effect of certain tax credits and incentives, the most significant of which was the BTC and the Small Agri-biodiesel Producer Tax Credit.

Based on technical guidance from the Internal Revenue Service, the Company excludes the portion of the BTC not used to satisfy excise tax liabilities from income.

The Company’s effective tax rate for 2022 includes an expense of $7,392 or 53.8% from the recording of a valuation allowance against its deferred tax assets.

The Company evaluates its deferred tax assets and records a valuation allowance to reduce these assets to the amount that is more likely than not to be realized.

As of December 31, 2022, based on all available and allowable evidence, the Company determined that its deferred tax assets are more likely than not realizable only to the extent of its deferred tax liabilities and recorded the resulting valuation allowance.

The Company’s unrecognized tax benefit totaled $0 at December 31, 2022 and 2021.

Chemicals Segment

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2024 Compared to 2023

Chemical sales revenue increased 1% or $674 in 2024 compared with 2023.

Sales revenue for our custom chemical product line (chemicals produced for specific customers) totaled $69,473, an increase of 8% or $5,187 from 2023.

Included in this net increase were higher sales volumes of chemicals sold into the automotive coatings market, sales of one new product into the coatings market, and an increase of $5,492 from the amortization of deferred revenue of a long-term contract which expired.

We are working with this customer on a new long-term agreement while we continue to do business.

Mostly offsetting these increases were reduced sales prices and volumes of chemicals sold in the agricultural and energy markets.

Performance chemicals revenue (comprised of multi-customer products which are sold based on specification) was $10,534 in 2024, a decrease of 30% or $4,513 from 2023.

This decrease resulted from lower sales volumes and prices of glycerin products.

Sales volumes were negatively impacted by the downtime of production equipment during the last half of 2024 from delays by equipment suppliers.

Gross profit for the chemicals segment decreased 24% or $7,304 in 2024 compared with 2023.

This decrease was primarily from:

(i) reduced chemical sales prices in the agricultural and energy markets, and (ii) reduced sales volumes as described above.

Partially offsetting these decreases were:

(i) the benefit of the amortization of deferred revenue in the chemical segment of $5,492, and (ii) the change in the adjustment in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting.

This adjustment increased gross profit $658 in 2024 as compared to $1,920 in 2023.

2023 Compared to 2022

Chemical sales revenue decreased 1.9% or $1,560 in 2023 compared with 2022.

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Partially reducing these improvements was the change in the timing of deferred revenue amortization of $3,081 and lower margins from glycerin products on reduced selling price from increased imports.

2022 Compared to 2021

Chemical sales revenue increased 19.8% or $13,351 in 2022 compared with 2021.

Sales revenue for our custom chemical product line (chemicals produced for specific customers) totaled $58,737, an increase of 15.9% or $8,062 from 2021.

This increase was primarily from higher sales volumes of chemical intermediates in the oil and gas industry.

Performance chemicals revenue (comprised of multi-customer products which were sold based on specification) was $22,156 in 2022, an increase of 31.4% or $5,289 from 2021.

This increase resulted from higher selling prices of our glycerin products partially offset by lower volumes of polymer modifiers.

Gross profit for the chemicals segment increased 83.6% or $11,675 in 2022 compared with 2021.

This increase resulted primarily from stronger margins and higher sales volumes in products sold into the oil and gas industry and glycerin markets.

In addition, the prior year gross profit was negatively impacted from higher natural gas prices incurred from Winter Storm Uri.

Biofuel Segment

3 unchanged sentences

Volume/product mix effect

Gross (loss) profit

2024 Compared t o 2023

Biofuels sales revenue decreased 43% in 2024 compared to 2023, primarily from a 21% reduction in sales volume and a 23% reduction in the average price of fuel sold inclusive of D4 RIN prices.

Production and sales volumes in 2024 were impacted by the extreme winter weather experienced in the first quarter as well as production issues, stemming from delays by equipment suppliers that created an extended service utility downtime, which impacted the third and fourth quarter.

A portion of our biodiesel sold was to two major refiners in the United States in 2024 and 2023.

No assurances can be given that we will continue to sell to such major refiners, or, if we do sell, the volume we will sell or the profit margin we will realize.

We do not believe that the loss of this customer would have a material adverse effect on our biofuels segment or on us as a whole in that:

(i) unlike our custom manufacturing products, biodiesel is a commodity with a large potential customer base; (ii) we believe that we could readily sell our biodiesel to other customers as potential demand from other customers for biodiesel exceeds our production capacity; (iii) our sales to this customer are not under fixed terms and the customer has no fixed obligation to purchase any minimum quantities except as stipulated by short term purchase orders; and (iv) the prices we receive from this customer are based upon then-market rates, as would be the case with sales of this commodity to other customers.

Biofuels gross profit decreased $14,031 in 2024 compared to 2023.

This decrease primarily resulted from reduced sales volumes, primarily stemming from:

(i) extreme winter weather in the first quarter of 2024, (ii) delays by equipment suppliers that created an extended service utility downtime, which prevented us from building the biodiesel inventories we would typically have available to sell in the last half of 2024, and (iii) the change in the unrealized activity of derivative instruments in comparison to the prior year with a loss of $1,971 in the current year and a gain of $1,878 in the prior year.

Also reducing gross profit was the change in the adjustment in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting.

This adjustment increased gross profit $2,370 in 2024 as compared to an increase in gross profit of $8,414 in 2023.

2023 Compared to 2022

12 unchanged sentences

no such liquidation occurred in 2023.

2022 Compared to 2021

Biofuels sales revenue increased 24.1% or $61,277 in 2022 compared to 2021, primarily from increased selling prices of biodiesel and biodiesel blends, inclusive of separated RIN sales.

Sales revenue declined in part on lower sales volumes as margins narrowed from the prior year.

A portion of our biodiesel sold was to two major refiners in the United States in 2022 as compared with three major refiners in 2021.

No assurances can be given that we will continue to sell to such major refiners, or, if we do sell, the volume we will sell or the profit margin we will realize.

We do not believe that the loss of this customer would have a material adverse effect on our biofuels segment or on us as a whole in that:

Biofuels gross profit decreased 65.0% or $6,219 in 2022 compared to 2021.

Gross profit primarily decreased due to the unprecedented volatility in the heating oil futures market which resulted in a basis risk loss of $10,500 and lower sales volumes.

Partially improving gross profit was (i) the change in adjustments in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting reduced gross profit $9,921 in 2021 as compared to $5,794 in 2022, (ii) the liquidation effect of exiting the pipeline business, which increased profits $1,851 in 2022, and (iii) 2021 gross profit was unfavorably impacted by higher natural gas prices incurred from Winter Storm Uri.

Critical Accounting Policies and Estimates

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All of our products are tested for quality before shipment, and historically returns have been inconsequential.

We do not offer rebates, except those related to the BTC.

We do not offer rebates, except those related to the BTC when transactions are occurring when the BTC is not in effect.

See Note 3 of our consolidated financial statements for additional discussion on the BTC.

Biodiesel selling prices can at times fluctuate based on the timing of unsold, internally generated RINs.

25 unchanged sentences

Net cash provided by operating activities

Net cash provided by (used in) investing activities

Net cash (used in) provided by investing activities

Net cash used in financing activities

Operating Activities

Cash provided by operating activities increased in 2024 to $24,802 from $21,299 in 2023, a net increase of $3,503.

This increase was attributed to the change in (i) inventory of $9,815, (ii) accounts receivable, including accounts receivable – related parties, of $8,714, (iii) accrued expenses and other current liabilities of $7,043, (iv) change in fair value of derivative instruments of $3,849, (v) change in fair value of equity securities of $3,117, and (vi) accounts payable, including accounts payable - related parties, of $2,249.

Partially offsetting the increase in cash from operations was the decrease of $21,879 in net income in 2024 compared to 2023 and the change in deferred revenue of $6,787 and other non-current liabilities of $3,317.

Cash provided by operating activities decreased in 2023 to $21,299 from $52,451 in 2022, a net decrease of $31,152.

1 unchanged sentence

Partially offsetting the decrease in cash from operations was the increase of $22,171 in net income in 2023 compared to 2022.

Cash provided by operating activities increased in 2022 to $52,451 from $44,084 in 2021, a net increase of $8,367.

This increase was attributed to the change in (i) accounts receivable, including accounts receivable - related parties, of $9,731 and (ii) accounts payable, including accounts payable-related parties, of $4,656.

Primarily offsetting the increase in cash from operations was the increase of $6,807 in inventory in 2022 compared to 2021.

Investing Activities

Cash used in investing activities was $14,794 in 2024 compared to cash provided by investing activities of $33,022 in 2023 for a net decrease in cash of $47,816.

This decrease was primarily attributable to the sale of marketable securities in 2023 of $37,701.

In addition, increased capital expenditures decreased cash from investing activities by $8,646.

Cash provided by investing activities was $33,022 in 2023 compared to cash used by investing activities of $3,829 in 2022 for a net increase in cash of $36,851.

1 unchanged sentence

Increased capital expenditures decreased cash from investing activities by $1,244.

Cash used by investing activities was $3,829 in 2022 compared to cash provided by investing activities of $14,993 in 2021 for a net decrease in cash of $18,822.

This decrease was primarily attributable to sales of marketable securities in 2022 of $1,292 compared to the net sales of marketable securities in 2021 of $17,106.

Increased capital expenditures decreased cash from investing activities by $3,322.

Financing Activities

Cash used in financing activities increased to $119,911 in 2024 from $10,517 in 2023, a net increase of $109,394 primarily from the payment of a special cash dividend of $109,408.

Cash used in financing activities was $10,517 in 2023, primarily from the payment of dividends of $10,503.

Cash used in financing activities decreased to $10,503 in 2022, from $119,678 in 2021, a net decrease of $109,175.

This decrease resulted from the payment of special cash dividends in 2021 of $109,408 compared to $0 in 2022.

Capital Expenditure Commitments

We had $560 of infrastructure capital repair projects that generated commitments as of December 31, 2023.

We had $1,460 of ne w chemical production equipment and infrastructure capital repair projects that generated commitments as of December 31, 2024.

We plan to continue to invest in capital infrastructure to increase the reliability of plant operations.

Historically, we finance capital requirements for our business with cash flows from operations and have not had the need to incur bank indebtedness to finance any of our operations during the periods discussed herein.

Credit Facility

On March 30, 2020, the Company, with FutureFuel Chemical Company as the borrower and certain of the Company’s other subsidiaries as guarantors, amended and restated its credit agreement (the “Credit Agreement”) originally entered into on April 16, 2015 (as amended, the “Prior Credit Agreement”) with the lenders party thereto, Regions Bank as administrative agent and collateral agent, and PNC Bank, N.A., as syndication agent.

On February 21, 2025, the Company, with FutureFuel Chemical Company as the borrower and certain of the Company’s other subsidiaries as guarantors, amended and restated its credit agreement (the “Credit Agreement”) originally entered into on April 16, 2015 with the lenders party thereto, Regions Bank as administrative agent and collateral agent, and PNC Bank, N.A., as syndication agent and further amended on March 30, 2020 (as amended, the “Prior Credit Agreement”).

The Credit Agreement consists of a five-year revolving credit facility in a dollar amount of up to $75,000, which includes a sublimit of $30,000 for letters of credit and $15,000 for swingline loans (collectively, the “Credit Facility”).

The Credit Facility expires on March 30, 2025.

The primary amendments from the Prior Credit Agreement were a reduction in the facility’s credit limit by $65,000, a reduction in the facility’s applicable interest rate by 0.25%, a reduction in the commitment fee, and elimination of the minimum consolidated fixed charge coverage ratio.

The Credit Facility expires on February 21, 2030.

The primary amendment from the Prior Credit Agreement was a reduction in the facility’s credit limit by $25,000.

We will be permitted to use net proceeds of any borrowings under the Credit Facility for working capital and other general corporate purposes.

No borrowings were made under the Credit Agreement or the Prior Credit Agreement as of December 31, 2023 and 2022.

No borrowings were made under the Prior Credit Agreement as of December 31, 2024 and 2023.

See Note 13 of the consolidated financial statements for additional information regarding our Credit Agreement.

The Credit Facility contains certain affirmative and negative covenants, including negative covenants that limit or restrict, among other things, indebtedness, liens and encumbrances, dividends, burdensome agreements, mergers and fundamental changes, assets sales, investments, transactions with affiliates, changes in fiscal years, and other matters customarily restricted in such agreements.

On March 1, 2023, the Company entered into a First Amendment to the Credit Agreement (the “First Amendment”).

The First Amendment primarily amends the Credit Agreement to transition the Credit Facility from LIBOR to SOFR and to reflect other conforming changes, in each case as more specifically set forth in the First Amendment.

The First Amendment does not modify the aggregate amount, or expiration date, of the Credit Facility.

We do not expect the transition from LIBOR to have a material impact on the Credit Facility.

Pursuant to the First Amendment, the interest rate floats at the following margins over SOFR or base rate based upon our leverage ratio.

We do not expect the transition from LIBOR to have a material impact on the Credit Facility or any new agreement we might enter into.

The interest rate floats at the following margins over SOFR or base rate based upon our leverage ratio.

Adjusted SOFR

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The regular cash dividends declared in 2024 totaled $10,513 to be paid in 2025.

On March 12, 2024, we also declared a special cash dividend of $2.50 per share on our common stock.

This special dividend paid on April 9, 2024 amounted to $109,408.

Total cash dividends paid in 2024 were $119,911 .

In 2023, we paid regular cash dividends aggregating $0.24 per share on our common stock with record dates and payment dates as previously discussed.

The regular cash dividends declared in 2023 totaled $10,503 to be paid in 2024.

In 2022, we paid regular cash dividends aggregating $0.24 per share on our common stock with record dates and payment dates as previously discussed.

The regular cash dividends declared in 2022 totaled $21,006;

$10,503 paid in 2022 and $10,503 paid in 2023.

In 2021, we paid regular cash dividends aggregating $0.24 per share on our common stock with record dates and payment dates as previously discussed.

The regular cash dividends totaled $10,498.

On May 10, 2021, we also declared a special cash dividend of $2.50 per share on our common stock.

This special cash dividend paid on June 4, 2021, amounted to $109,408.

Total cash dividends paid in 2021 were $119,906.

Capital Management

2 unchanged sentences

Third parties have not placed significant restrictions on our working capital management decisions.

A significant portion of these funds were held in cash or cash equivalents at multiple financial institutions.

In the first six months of 2023 and the twelve months of 2022, we also had investments in certain preferred stock and other equity instruments measured at fair value and changes in fair value recognized in net income.

We also held certain trust preferred securities.

We classified these investments as current assets in the accompanying consolidated balance sheets and designate them as being “available-for-sale”.

Accordingly, they were recorded at fair value with the unrealized gains and losses, net of taxes, reported as a component of stockholders’ equity.

We exited our position in these marketable securities during 2023.

The fair value of these preferred stock, trust preferred securities, and other equity instruments, including accrued dividends and interest, totaled $0 and $37,126 as of December 31, 2023 and 2022, respectively.

The unrealized losses on equity securities were $0 and $8,297 as of December 31, 2023 and 2022, respectively.

Lastly, we maintain depository accounts such as checking accounts, money market accounts, and other similar accounts at selected financial institutions.

As of December 31, 2023, approximately 55% of these deposits were insured by the Federal Deposit Insurance Corporation.

We maintain depository accounts such as checking accounts, money market accounts, and other similar accounts at selected financial institutions.

As of December 31, 2024, approximately 83% o f these deposits were insured by the Federal Deposit Insurance Corporation.

Off-Balance Sheet Arrangements

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Less than 1 year

More than 5 years

A component of other noncurrent liabilities is a reserve for asset retirement obligations and environmental contingencies of $1,466 at December 31, 2024.

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.

What changed 10-K

Item 5. Market for Registrant’s Common Equity