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Item 1. Financial Statements

2024-11-06 compared with 2024-08-07 · 213 added, 135 removed, 458 unchanged (43% of the section changed)

3 unchanged sentences

13 Weeks Ended 39 Weeks Ended

Dollars presented in millions, except per share amounts) June 30,

2024 June 25,

2023 June 30,

2024 June 25,

Dollars presented in millions, except per share amounts) September 29,

2024 September 24,

2023 September 29,

2024 September 24,

NET SALES $ 718.1 $ 677.3 $ 2,032.7 $ 2,049.1

6 unchanged sentences

Interest expense 20.0 15.3 54.7 49.9

Other (income) expense, net ( 2.9 ) 0.5 ( 3.2 ) 0.9

Other income, net ( 1.8 ) ( 1.0 ) ( 5.0 ) ( 0.1 )

INCOME BEFORE TAXES 39.4 77.9 148.5 195.5

11 unchanged sentences

13 Weeks Ended 39 Weeks Ended

Dollars presented in millions) June 30,

2024 June 25,

2023 June 30,

2024 June 25,

Dollars presented in millions) September 29,

2024 September 24,

2023 September 29,

2024 September 24,

NET INCOME $ 29.1 $ 59.7 $ 111.9 $ 145.9

3 unchanged sentences

Unrealized holding (losses) gains arising during period ( 4.1 ) 1.6 ( 8.0 ) 8.1

reclassification adjustment for gains included in net income ( 0.8 ) ( 3.1 ) ( 1.3 ) ( 5.5 )

Unrealized (losses) gains on derivatives ( 6.5 ) 0.8 ( 5.2 ) 1.0

reclassification adjustment for losses (gains) included in net income 2.0 ( 3.1 ) 0.7 ( 8.6 )

Unrealized losses on derivatives ( 2.1 ) ( 1.5 ) ( 7.3 ) ( 0.5 )

Other comprehensive (loss) income, before tax ( 6.1 ) ( 3.5 ) ( 23.1 ) 7.1

5 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

Dollars presented in millions) June 30,

Dollars presented in millions) September 29,

2024 December 31,

27 unchanged sentences

authorized 750.0 million shares;

130.0 million issued and 127.0 million outstanding as of June 30, 2024 ;

130.1 million issued and 127.1 million outstanding as of September 29, 2024 ;

129.1 million issued and 126.8 million outstanding as of December 31, 2023)

9 unchanged sentences

39 Weeks Ended

Dollars presented in millions) June 30,

2024 June 25,

Dollars presented in millions) September 29,

2024 September 24,

OPERATING ACTIVITIES

18 unchanged sentences

Proceeds from the disposition of assets 8.4 0.3

Acquisition of business, net of cash acquired ( 515.7 ) —

NET CASH USED IN INVESTING ACTIVITIES ( 541.9 ) ( 21.1 )

8 unchanged sentences

Other items ( 1.6 ) ( 1.0 )

NET CASH USED IN FINANCING ACTIVITIES ( 40.3 ) ( 172.0 )

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 331.3 ( 292.1 )

Effect of foreign exchange rate changes on cash and cash equivalents ( 5.6 ) ( 1.9 )

NET INCREASE IN CASH AND CASH EQUIVALENTS $ 40.7 $ 9.1

Cash and cash equivalents at beginning of period $ 148.7 $ 101.1

Cash and cash equivalents at end of period $ 189.4 $ 110.2

(a) Capital expenditures of $ 3.2 million and $ 3.0 million that have not been paid as of June 30, 2024 and June 25, 2023, respectively, were excluded from the condensed consolidated statements of cash flows.

NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH $ ( 39.3 ) $ 21.4

Cash, cash equivalents, and restricted cash at beginning of period $ 148.7 $ 101.1

Cash, cash equivalents, and restricted cash at end of period $ 109.4 $ 122.5

Cash and cash equivalents $ 108.4 $ 122.5

Restricted cash included in other assets 1.0 —

Total cash, cash equivalents and restricted cash $ 109.4 $ 122.5

(a) Capital expenditures of $ 2.4 million and $ 3.7 million that have not been paid as of September 29, 2024 and September 24, 2023, respectively, were excluded from the condensed consolidated statements of cash flows.

See notes to unaudited condensed consolidated financial statements

14 unchanged sentences

Stock repurchase program ( 1.3 ) — — ( 15.9 ) — — ( 15.9 )

Balance at June 25, 2023

Balance at September 24, 2023

127.2 $ 1.3 $ 13.2 $ ( 19.0 ) $ ( 7.4 ) $ 1,168.4 $ 1,156.5

6 unchanged sentences

Stock repurchase program ( 0.4 ) — — ( 6.5 ) — — ( 6.5 )

Balance at June 30, 2024

Balance at September 29, 2024

127.1 $ 1.3 $ 34.6 $ ( 37.9 ) $ ( 26.8 ) $ 1,316.4 $ 1,287.6

9 unchanged sentences

Our fiscal 2024 will consist of 52 weeks ending on December 29, 2024, while our fiscal 2023 consisted of 53 weeks ended on December 31, 2023.

The condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 , as well as the related condensed consolidated statements of income, comprehensive income, cash flows, and equity for the thirteen and twenty-six weeks ended June 30, 2024 and the thirteen and twenty-six weeks ended June 25, 2023, are unaudited.

The condensed consolidated balance sheets as of September 29, 2024 and December 31, 2023 , as well as the related condensed consolidated statements of income, comprehensive income, cash flows, and equity for the thirteen and thirty-nine weeks ended September 29, 2024 and the thirteen and thirty-nine weeks ended September 24, 2023, are unaudited.

The presentation of these financial statements requires us to make estimates and assumptions that affect reported amounts and related disclosures.

Actual results could differ from those estimates.

In the opinion of management, all adjustments necessary for a fair statement of the financial statements have been included.

In the opinion of management, all adjustments, consisting of normal, recurring accruals, considered necessary for a fair statement of the financial statements have been included.

Interim results may not be indicative of results for a full year.

The condensed consolidated financial statements and notes are presented pursuant to the rules and regulations of the Securities and Exchange Commission and do not contain certain information included in our audited consolidated financial statements and notes.

The 2023 condensed consolidated balance sheet was derived from our audited consolidated financial statements, but does not include all disclosures required by the United States Generally Accepted Accounting Principals (“GAAP”).

The 2023 condensed consolidated balance sheet was derived from our audited consolidated financial statements, but does not include all disclosures required by United States Generally Accepted Accounting Principles (“GAAP”).

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 .

Tornado at Jackson, GA Production Facility On January 12, 2023, a tornado hit the Company’s leased Jackson, Georgia production facility, causing damage to the Company’s assets and disrupting certain operations.

Tornado at Jackson, Georgia Production Facility On January 12, 2023, a tornado hit the Company’s leased Jackson, Georgia production facility, causing damage to the Company’s assets and disrupting certain operations.

Insurance, less applicable deductibles, covered the repair or replacement of the Company’s assets that suffered loss or damage, provided business interruption coverage, including lost profits, and reimbursement for other expenses and costs that were incurred relating to the damages and losses suffered.

22 unchanged sentences

The Company is currently evaluating the impact of adopting this guidance on the condensed consolidated financial statements and will adopt this guidance when it becomes effective in our Annual Report on Form 10-K for the fiscal year ending December 28, 2025.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03 to require more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement.

This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027.

Early adoption is permitted.

The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements.

The Company is currently evaluating the impact of adopting this guidance on the condensed consolidated financial statements.

On July 10, 2024, we acquired all of the issued and outstanding limited liability interests of Dura Investment Holdings LLC, the parent company of Supreme Cabinetry Brands, Inc.

(“Supreme”), a cabinetry company, from GHK Capital Partners LP for $ 520.0 million in cash, subject to customary purchase price adjustments set forth in the Merger Agreement.

Supreme is a domestic manufacturer of residential cabinetry with a portfolio of product lines significantly focused on premium products.

Supreme, with manufacturing facilities located in Minnesota, Iowa and North Carolina, and its two brands, Dura Supreme and Bertch cabinetry, crafts framed and frameless cabinetry for a nationwide network of dealers.

The combined company is reaching more customers, through its highly complementary dealer networks, with greater efficiency and effectiveness.

Through this transaction, MasterBrand broadened its portfolio of premium cabinetry in the resilient and attractive kitchen and bath categories, further diversifying its channel distribution and adding to its strategically located facility footprint.

The acquisition was funded with a combination of cash on hand and proceeds from our revolving credit facility.

The purchase consideration was $ 527.1 million , which was determined as follows:

Dollars presented in millions)

Cash considerations paid to Supreme shareholders $ 336.4

Cash paid for transaction costs of Supreme 13.9

Repayment of Supreme existing indebtedness and accrued interest 178.2

Total Cash Consideration $ 528.5

Preliminary purchase price adjustments ( 1.4 )

Total Preliminary Purchase Consideration $ 527.1

The purchase price of Supreme was allocated on a preliminary basis as of the closing date of July 10, 2024.

Assets acquired and liabilities assumed were recorded at estimated fair values based on management’s estimates, available information, and supportable assumptions that management considered reasonable.

Under the acquisition method of accounting, the identifiable assets acquired and liabilities assumed of Supreme are recognized and measured at fair value.

Due to the timing of acquisition close, the preliminary fair value estimates and assumptions are subject to change as we obtain additional information over the measurement period.

The primary areas of the purchase accounting that remain preliminary for completion of the related valuations relate to, but are not limited to, property, plant and equipment, other intangible assets and the related deferred income tax impacts.

The following table sets forth the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed of Supreme, with the excess recorded to goodwill:

Dollars presented in millions)

Preliminary Net Assets Acquired Fair Value

Cash and cash equivalents $ 11.8

Accounts receivable 11.5

Inventories 17.3

Other current assets 2.1

Property, plant and equipment 115.9

Operating lease right-of-use assets 17.6

Other intangible assets 256.9

Other assets 1.9

Accounts payable $ 7.2

Current operating lease liabilities 2.4

Other current liabilities 18.0

Deferred income taxes 69.8

Operating lease liabilities 15.1

Other non-current liabilities 0.3

Net Assets Acquired $ 322.2

Goodwill 204.9

Purchase Consideration $ 527.1

The estimated value of Property, Plant and Equipment includes adjustments totaling $ 73.7 million to increase the net book value of $ 42.2 million to the preliminary fair value estimate of $ 115.9 million .

This estimate is based on other comparable acquisitions and historical experience, and preliminary expectations as to the duration of time we expect to realize benefits from those assets.

The estimated fair values of identifiable intangible assets acquired were prepared using an income valuation approach, which requires a forecast of expected future cash flows either through the use of the relief-from-royalty method or the multi-period excess earnings method.

The estimated useful lives are based on our historical experience and expectations as to the duration of time we expect to realize benefits from those assets.

We applied significant judgment in determining the fair value of the intangible assets, which involved the use of Level 3 inputs, including estimates and assumptions of future revenues, royalty rates and discount rates.

The estimated fair values of the identifiable intangible assets acquired, their estimated useful lives and the related valuation methodology are as follows:

Dollars presented in millions)

Asset Type Fair Value Useful Life Valuation Methodology

Customer relationships $ 171.8 17.5 years Multi-period excess earnings

Tradenames 85.1 Indefinite Relief from royalty method

Total other intangible assets $ 256.9

The Company recognized $ 204.9 million of goodwill , of which $ 180.8 million is tax deductible.

The $ 204.9 million of goodwill recognized is attributable to synergies that are expected to enhance and expand the Company’s overall product portfolio and opportunities in new and existing markets, future products that have yet to be determined and Supreme’s assembled workforce.

The Company incurred $ 15.0 million and $ 19.4 million of acquisition-related costs associated with the acquisition in the thirteen and thirty-nine weeks ended September 29, 2024 , respectively, which are recorded within selling, general and administrative expenses in the condensed consolidated statements of income.

Pro forma financial information

Net sales and earnings related to the operations of Supreme that have been included in our condensed consolidated statements of income for the period from July 10, 2024 to September 29, 2024 are as follows:

Dollars presented in millions)

Net Sales $ 60.8

Net Income $ 4.2

The following table summarizes, on a pro forma basis, the combined results of operations of Supreme and MasterBrand as though the acquisition and the related financing had occurred as of December 26, 2022.

The pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition of Supreme occurred on December 26, 2022, nor are they indicative of future consolidated operating results.

13 Weeks Ended 39 Weeks Ended

Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023

Net Sales $ 718.1 $ 738.5 $ 2,168.7 $ 2,242.4

Net Income $ 42.0 $ 56.7 $ 118.3 $ 124.5

These pro forma amounts have been calculated after applying our accounting policies and making certain adjustments, which primarily include:

(i) depreciation adjustments relating to fair value step-ups to property, plant and equipment;

(ii) amortization adjustments relating to fair value estimates of acquired intangible assets;

(iii) incremental interest expense associated with the revolving credit facility used, in part, to fund the acquisition, and related debt issuance costs;

(iv) cost of products sold adjustments relating to fair value step-ups to inventory;

and (v) transaction related costs of both MasterBrand and Supreme.

Revenue from Contracts with Customers

13 unchanged sentences

Obligations arise for us from customer rights to return our goods, including among others, product obsolescence, stock rotations, trade-in agreements for newer products and upon termination of a customer contract.

We estimate future product returns at the time of sale based on historical experience and record a corresponding refund obligation, which amounted to $ 2.0 million and $ 2.1 million as of June 30, 2024 and December 31, 2023, respectively.

We estimate future product returns at the time of sale based on historical experience and record a corresponding refund obligation, which amounted to $ 2.2 million and $ 2.1 million as of September 29, 2024 and December 31, 2023, respectively.

Refund obligations are classified within other current liabilities in our condensed consolidated balance sheets.

1 unchanged sentence

The Company disaggregates revenue from contracts with customers into (i) major sales distribution channels and (ii) total sales to customers by shipping location, as these categories depict the nature, amount, timing and uncertainty of revenues and cash flows that are affected by economic factors.

The following table disaggregates our consolidated revenue by major sales distribution channels and by shipping location for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023 .

The following table disaggregates our consolidated revenue by major sales distribution channels and by shipping location for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 .

13 Weeks Ended 39 Weeks Ended

Dollars presented in millions) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023

Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023

Net Sales by Channel (a)

10 unchanged sentences

Net sales $ 718.1 $ 677.3 $ 2,032.7 $ 2,049.1

(a) Net sales by channel presented for the thirteen and twenty-six weeks ended June 25, 2023 have been reclassified to conform with the new format of this table, which is intended to provide a consolidated view of our net sales by channel and shipping location.

(a) Net sales by channel presented for the thirteen and thirty-nine weeks ended September 24, 2023 have been reclassified to conform with the new format of this table, which is intended to provide a consolidated view of our net sales by channel and shipping location.

Prior to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, net sales by channel were presented for our domestic sales only.

14 unchanged sentences

All provisions for allowances for doubtful collection of accounts are included in selling, general and administrative expenses.

The following table summarizes the activity for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023:

The following table summarizes the activity for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023:

13 Weeks Ended 39 Weeks Ended

Dollars presented in millions) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023

Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023

Beginning balance $ 2.8 $ 6.1 $ 4.6 $ 11.6

4 unchanged sentences

Earnings Per Share

The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023:

The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023:

13 Weeks Ended 39 Weeks Ended

Dollars presented in millions, except per share amounts) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023

Dollars presented in millions, except per share amounts) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023

Numerator for basic and diluted earnings per share - Net income $ 29.1 $ 59.7 $ 111.9 $ 145.9

5 unchanged sentences

Diluted $ 0.22 $ 0.46 $ 0.86 $ 1.12

Approximately 0.9 million and 1.0 million shares were excluded from the calculation of diluted earnings per share for the thirteen and twenty-six weeks ended June 30, 2024, respectively, and approximately 1.0 million and 2.3 million shares were excluded from the calculation of diluted earnings per share for the thirteen and twenty-six weeks ended June 25, 2023, respectively, because their inclusion would have been anti-dilutive.

Approximately 0.3 million and 0.8 million shares were excluded from the calculation of diluted earnings per share for the thirteen and thirty-nine weeks ended September 24, 2023, respectively, because their inclusion would have been anti-dilutive.

Balance Sheet Information

Supplemental information on our condensed consolidated balance sheets is as follows:

Dollars presented in millions) June 30, 2024 December 31, 2023

Dollars presented in millions) September 29, 2024 December 31, 2023

Raw materials and supplies $ 199.7 $ 175.1

15 unchanged sentences

Accrued product warranties 9.2 12.9

Interest payable 13.2 1.3

Derivative payable 5.8 0.1

Other accrued expenses 83.4 62.5

1 unchanged sentence

Goodwill and Identifiable Intangible Assets

We had goodwill of $ 924.0 million and $ 925.1 million as of June 30, 2024 and December 31, 2023, respectively.

We had goodwill of $ 1,129.4 million and $ 925.1 million as of September 29, 2024 and December 31, 2023, respectively.

The change in the net carrying amount of goodwill was as follows:

1 unchanged sentence

Balance at December 31, 2023

Q1 2024 translation adjustments ( 0.8 )

Balance at March 31, 2024

Q2 2024 translation adjustments ( 0.3 )

Balance at June 30, 2024

The gross carrying value and accumulated amortization by class of intangible assets as of June 30, 2024 and December 31, 2023 were as follows:

June 30, 2024 December 31, 2023

Supreme acquisition 204.9

2024 translation adjustments ( 0.6 )

Balance at September 29, 2024

The gross carrying value and accumulated amortization by class of intangible assets as of September 29, 2024 and December 31, 2023 were as follows:

September 29, 2024 December 31, 2023

Dollars presented in millions) Gross

3 unchanged sentences

Amortization Net

Indefinite-lived tradenames $ 182.8 $ — $ 182.8 $ 184.2 $ — $ 184.2

Indefinite-lived tradenames (a)

$ 268.5 $ — $ 268.5 $ 184.2 $ — $ 184.2

Amortizable intangible assets

Tradenames 10.3 ( 10.3 ) — 10.4 ( 10.4 ) —

Customer and contractual relationships 362.7 ( 218.7 ) 144.0 363.6 ( 212.3 ) 151.3

Customer and contractual relationships (a)

534.9 ( 225.5 ) 309.4 363.6 ( 212.3 ) 151.3

Patents/proprietary technology 11.0 ( 11.0 ) — 11.0 ( 11.0 ) —

1 unchanged sentence

Total identifiable intangibles $ 824.7 $ ( 246.8 ) $ 577.9 $ 569.2 $ ( 233.7 ) $ 335.5

There were no impairments of goodwill or indefinite-lived assets for the thirteen and twenty-six weeks ended June 30, 2024 .

(a) During the third quarter of 2024, we completed our acquisition of Supreme, acquiring Indefinite-lived tradenames of $ 85.1 million and customer relationships of $ 171.8 million.

There were no impairments of goodwill or indefinite-lived assets for the thirteen and thirty-nine weeks ended September 29, 2024 .

The Company tests goodwill and indefinite-lived intangibles for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate the asset might be impaired.

There were no triggering events requiring an impairment assessment be conducted in the thirteen and twenty-six weeks ended June 30, 2024.

There were no triggering events requiring an impairment assessment be conducted in the thirteen and thirty-nine weeks ended September 29, 2024.

However, it is possible that future changes in circumstances would require the Company to record additional non-cash impairment charges.

10 unchanged sentences

In all periods presented, the recognized gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item, are recognized in cost of products sold on the condensed consolidated statements of income.

• Derivative instruments that are designated as fair value hedges - The gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item, are recognized in other (income) expense, net on the condensed consolidated statements of income.

• Derivative instruments that are designated as fair value hedges - The gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item, are recognized in other income, net on the condensed consolidated statements of income.

• Derivative instruments that are designated as net investment hedges - The changes in fair value of the derivative instrument are recognized in the condensed consolidated statements of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity.

As of and for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023, we have only entered into foreign currency forward contracts, some of which have been designated as fair value hedges and some of which have been designated as cash flow hedges.

As of and for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023, we have only entered into foreign currency forward contracts, some of which have been designated as fair value hedges and some of which have been designated as cash flow hedges.

We may enter into foreign currency forward contracts to protect against foreign exchange risks associated with certain existing assets and liabilities, forecasted future cash flows, and net investments in foreign subsidiaries.

2 unchanged sentences

The gross U.S.

dollar equivalent notional amount of all foreign currency derivative hedges outstanding at June 30, 2024, was $ 85.0 million, representing a net settlement liability of $ 3.0 million.

Based on foreign exchange rates as of June 30, 2024 , we estimate that the $ 3.0 million of net derivative losses associated with cash flow hedges and included in accumulated other comprehensive inco me as of June 30, 2024, will be reclassified to earnings within the next twelve months.

The fair values of foreign exchange derivative instruments on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 were:

Dollars presented in millions) Location June 30, 2024 December 31, 2023

dollar equivalent notional amount of all foreign currency derivative hedges outstanding at September 29, 2024, was $ 91.3 million, representing a net settlement liability of $ 5.8 million.

Based on foreign exchange rates as of September 29, 2024 , we estimate that the $ 5.1 million of net derivative losses associated with cash flow hedges and included in accumulated other comprehensive inco me as of September 29, 2024, will be reclassified to earnings within the next twelve months.

The fair values of foreign exchange derivative instruments on the condensed consolidated balance sheets as of September 29, 2024 and December 31, 2023 were:

Dollars presented in millions) Location September 29, 2024 December 31, 2023

Foreign exchange contracts Other current assets $ — $ 3.0

2 unchanged sentences

Total liabilities $ 5.8 $ 0.1

The effects of cash flow hedging financial instruments included within the condensed consolidated statements of comprehensive income for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023 are presented in the table below.

The effects of cash flow hedging financial instruments included within the condensed consolidated statements of comprehensive income for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 are presented in the table below.

When the hedged item affects earnings, amounts are reclassed out of accumulated other comprehensive loss and recognized as a component of cost of products sold.

2 unchanged sentences

13 Weeks Ended 39 Weeks Ended

Dollars presented in millions) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023

Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023

Foreign exchange contracts:

1 unchanged sentence

reclassification adjustment for gains included in net income 2.0 ( 3.1 ) 0.7 ( 8.6 )

Unrealized (losses) gains on derivatives $ ( 6.5 ) $ 0.8 $ ( 5.2 ) $ 1.0

The effects of fair value hedging financial instruments included in other (income) expense, net on the condensed consolidated statements of income for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023 were:

Unrealized losses on derivatives $ ( 2.1 ) $ ( 1.5 ) $ ( 7.3 ) $ ( 0.5 )

The effects of fair value hedging financial instruments included in other income, net on the condensed consolidated statements of income for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 were:

Amount of (Gain) Loss Recognized in Earnings

1 unchanged sentence

13 Weeks Ended 39 Weeks Ended

Dollars presented in millions) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023

Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023

Foreign exchange contracts:

8 unchanged sentences

We do not have any assets or liabilities measured at fair value on a recurring basis that are Level 3, except for certain assumptions in estimating the fair value of indefinite-lived tradenames, as discussed in Note 8, "Goodwill and Identifiable Intangible Assets," in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 were as follows:

Dollars presented in millions) June 30, 2024 December 31, 2023

Assets and liabilities measured at fair value on a recurring basis as of September 29, 2024 and December 31, 2023 were as follows:

Dollars presented in millions) September 29, 2024 December 31, 2023

Derivative asset financial instruments (Level 2) $ — $ 3.0

2 unchanged sentences

Derivative liability financial instruments (Level 2) $ 5.8 $ 0.1

The following table provides a summary of the Company’s debt as of June 30, 2024 and December 31, 2023, including the carrying value of the debt less debt issuance costs:

June 30, 2024 December 31, 2023

The estimated fair value of the Company's debt, including current maturities, was based on Level 2 inputs, being market quotes or values for similar instruments, and interest rates currently available to the Company for the issuance of debt with similar terms and remaining maturities, as a discount rate for the remaining principal payments.

As of September 29, 2024, the fair value of total debt was $ 1,109.1 million compared to the carrying value of $ 1,075.0 million , excluding deferred financing costs.

As of December 31, 2023, the fair value of total debt was equal to the carrying value of $ 712.5 million , excluding deferred financing costs.

The following table provides a summary of the Company’s debt as of September 29, 2024 and December 31, 2023, including the carrying value of the debt less debt issuance costs:

September 29, 2024 December 31, 2023

Dollars presented in millions) Current Long-term Current Long-term

10 unchanged sentences

The $ 750.0 million term loan had quarterly required amortization payments that began in March 2023.

T he revolving credit facility was paid in full during the third quarter of fiscal 2023, and no additional amounts have been drawn against the revolving credit facility since.

T he revolving credit facility was paid in full during the third quarter of fiscal 2023.

During the thirteen weeks ended September 24, 2023, the Company made total payments of $ 28.1 million on the term loan, consisting of a $ 4.7 million required payment due September 2023, and $ 23.4 million of required amortization payments due during each of the next three quarters.

As such, we were not required to make, nor did we make, any required amortization payments associated with the term loan during the fourth quarter of fiscal 2023 or in the first half of fiscal 2024.

As such, we were not required to make, nor did we make, any required amortization payments associated with the term loan during the fourth quarter of fiscal 2023 or in the first two quarters of fiscal 2024.

In June 2024, the Company refinanced the 2022 Credit Agreement, including extinguishing and repaying all amounts outstanding under the existing term loan facility, inclusive of accrued and unpaid interest.

As a result, there were no amounts outstanding under the term loan as of June 30, 2024.

Interest rates under the 2022 Credit Agreement were variable based on the Secured Overnight Financing Rate (“SOFR”) at the time of the borrowing and the Company’s net leverage ratio, as measured by net leverage to our consolidated earnings before interest, taxes, depreciation and amortization (“Consolidated EBITDA”).

4 unchanged sentences

The Company was also required to maintain a minimum interest coverage ratio, defined as Consolidated EBITDA compared to consolidated interest expense, of 3.0 to 1.0.

The Company was in compliance with all debt covenants under the 2022 Credit Agreement through the date of the June 2024 refinancing transaction and as of December 31, 2023 .

The Company was in compliance with all debt covenants under the 2022 Credit Agreement through the date of the June 2024 refinancing transaction.

2024 Refinancing Transaction

On May 21, 2024, the Company announced it had entered into a definitive agreement (the “Merger Agreement”) to acquire Dura Investment Holdings LLC, parent company of Supreme Cabinetry Brands, Inc.

(“Supreme”), a cabinetry company, from GHK Capital Partners LP for $ 520.0 million in cash, subject to customary adjustments set forth in the Merger Agreement.

On July 10, 2024, the Company completed its acquisition of Supreme.

For more information, refer to Note 16, "Subsequent Events."

On June 27, 2024, the Company completed a private offering (the “Offering”) of $ 700.0 million aggregate principal amount of 7.00 percent Senior Notes due 2032 (the “Senior Notes”) and entered into an amended and restated credit agreement (the “2024 Credit Agreement”), which amends and restates the 2022 Credit Agreement.

The Company used the funds from the refinancing transaction, and cash on-hand, to:

4 unchanged sentences

Interest on the Senior Notes will accrue at a rate of 7.00 percent per annum and will be payable semi-annually in arrears on January 15 and July 15, beginning on January 15, 2025.

The Senior Notes had an outstanding balance of $ 700.0 million as of June 30, 2024.

As of June 30, 2024, prepaid debt issuance costs related to the Notes were $ 11.1 million and will be amortized over the term of the debt.

The Senior Notes had an outstanding balance of $ 700.0 million as of September 29, 2024.

As of September 29, 2024, prepaid debt issuance costs related to the Notes were $ 12.7 million and are being amortized over the term of the debt.

These costs are included in long-term debt in our condensed consolidated balance sheets.

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or S&P Global Ratings and (ii) no default or event of default has occurred and is continuing under the Indenture.

The Company was in compliance with all of its debt covenants under the Indenture as of June 30, 2024.

The Company was in compliance with all of its debt covenants under the Indenture as of September 29, 2024.

The 2024 Credit Agreement provides for a 5 -year , $ 750.0 million revolving credit facility.

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The occurrence of an event of default could result in the termination of commitments under the revolving credit facility, the acceleration of all outstanding amounts thereunder and the requirement to cash collateralize outstanding letters of credit.

The Company was in compliance with all of its debt covenants under the 2024 Credit Agreement as of June 30, 2024.

The revolving credit facility did not have an outstanding balance as of June 30, 2024 and had $ 727.3 million of availability, which consists of our $ 750.0 million revolving credit facility less outstanding letters of credit.

As of June 30, 2024, prepaid debt issuance costs related to the 2024 Credit Agreement were $ 4.6 million and will be amortized over the term of the debt.

At June 30, 2024, these costs are included in other assets in our condensed consolidated balance sheets.

Interest paid on debt was $ 13.9 million and $ 28.0 million for the thirteen and twenty-six weeks ended June 30, 2024, respectively, and $ 17.8 million and $ 34.7 million for the thirteen and twenty-six weeks ended June 25, 2023, respectively.

The Company was in compliance with all of its debt covenants under the 2024 Credit Agreement as of September 29, 2024.

The revolving credit facility had an outstanding balance of $ 375.0 million as of September 29, 2024 and had $ 350.4 million of availability.

Availability under the $ 750.0 million revolving credit facility is reduced by the outstanding balance under the revolving credit facility and outstanding letters of credit.

As of September 29, 2024, prepaid debt issuance costs related to the 2024 Credit Agreement were $ 4.9 million and will be amortized over the term of the debt.

At September 29, 2024, these costs are included in other assets in our condensed consolidated balance sheets.

Interest paid on debt was $ 6.7 million and $ 34.7 million for the thirteen and thirty-nine weeks ended September 29, 2024, respectively, and $ 14.4 million and $ 49.1 million for the thirteen and thirty-nine weeks ended September 24, 2023, respectively.

Restructuring Charges

For the thirteen and twenty-six weeks ended June 30, 2024 , we recognized restructuring charges of $ 2.8 million and $ 3.2 million, respectively.

For the thirteen and twenty-six weeks ended June 25, 2023, we recognized restructuring charges of $ 3.1 million and $ 2.7 million.

For the thirteen and thirty-nine weeks ended September 29, 2024 , we recognized restructuring charges of $ 7.8 million and $ 11.0 million, respectively.

For the thirteen and thirty-nine weeks ended September 24, 2023, we recognized restructuring charges of $ 1.4 million and $ 4.1 million.

Restructuring charges for all periods presented are largely related to severance costs and other employee-related costs in order to better align our workforce with our forecasted demand within our manufacturing footprint.

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Dollars presented in millions) Balance at

March 31, 2024 Provision Cash Expenditures (a)

June 30, 2024

June 30, 2024 Provision Cash Expenditures (a)

Writeoffs Balance at September 29, 2024

Workforce reduction costs $ 1.4 $ 5.7 $ ( 2.7 ) $ — $ 4.4

Other 0.1 0.9 ( 0.9 ) 0.1

0.1 2.1 ( 0.9 ) ( 1.2 ) 0.1

$ 1.5 $ 7.8 $ ( 3.6 ) $ ( 1.2 ) $ 4.5

Dollars presented in millions) Balance at

March 26, 2023

Provision Cash Expenditures (a)

June 25, 2023

Provision Cash Expenditures (a)

Writeoffs Balance at September 24, 2023

Workforce reduction costs $ 3.2 $ 1.2 $ ( 3.0 ) $ — $ 1.4

Other 0.1 0.7 ( 0.7 ) 0.1

0.1 0.2 ( 0.2 ) — 0.1

$ 3.3 $ 1.4 $ ( 3.2 ) $ — $ 1.5

Dollars presented in millions) Balance at December 31, 2023 Provision Cash Expenditures (a)

June 30, 2024

Writeoffs Balance at September 29, 2024

Workforce reduction costs $ 1.3 $ 7.7 $ ( 4.6 ) $ — $ 4.4

Other 0.1 1.2 ( 1.2 ) 0.1

0.1 3.3 ( 2.1 ) ( 1.2 ) 0.1

$ 1.4 $ 11.0 $ ( 6.7 ) $ ( 1.2 ) $ 4.5

Dollars presented in millions) Balance at December 25, 2022 Provision Cash Expenditures (a)

June 25, 2023

Writeoffs Balance at September 24, 2023

Workforce reduction costs $ 15.3 $ 2.5 $ ( 16.4 ) $ — $ 1.4

Other 0.1 1.4 ( 1.4 ) 0.1

0.1 1.6 ( 1.6 ) — 0.1

$ 15.4 $ 4.1 $ ( 18.0 ) $ — $ 1.5

(a) Cash expenditures primarily related to severance charges.

The effective income tax rates for the thirteen weeks ended June 30, 2024 and June 25, 2023, were 24.6 percent and 26.5 percent, respectively.

The net decrease in the effective tax rate between the periods is primarily due to the reduction in deferred tax liability for foreign earnings, discrete adjustments, including the stock compensation windfall benefit for shares which vested and changes due to final tax return filings, state and local income taxes and the mix of earnings in jurisdictions with differing tax rates, partially offset by changes in foreign income inclusions with offsetting foreign tax credits.

The difference between our effective income tax rate for the thirteen weeks ended June 30, 2024, and the U.S.

statutory rate of 21.0 percent is due to the unfavorable impact of state and local income taxes, nondeductible compensation and foreign income inclusions with offsetting tax credits, partially offset by the stock compensation windfall benefit for shares which vested and the mix of earnings in jurisdictions with differing tax rates.

The difference between our effective income tax rate for the thirteen weeks ended June 25, 2023, and the U.S.

(b) Other includes provisions and non-cash writeoffs related to facility closure costs.

The effective income tax rates for the thirteen weeks ended September 29, 2024 and September 24, 2023, were 26.1 percent and 23.4 percent, respectively.

The net increase in the effective tax rate between the periods is primarily due to nondeductible acquisition-related transaction costs, an increase in nondeductible stock compensation and changes in foreign income inclusions with offsetting foreign tax credits, partially offset by favorable return-to-provision adjustments and a decrease in the deferred tax liability for foreign earnings.

The difference between our effective income tax rate for the thirteen weeks ended September 29, 2024, and the U.S.

statutory rate of 21.0 percent is due to the unfavorable impact of state and local income taxes, nondeductible compensation, nondeductible acquisition-related transaction costs and foreign income inclusions with offsetting tax credits, partially offset by favorable return-to-provision adjustments and the mix of earnings in jurisdictions with differing tax rates.

The difference between our effective income tax rate for the thirteen weeks ended September 24, 2023, and the U.S.

statutory rate of 21.0 percent is due to the unfavorable changes in state and local income taxes, nondeductible compensation, foreign income inclusions with offsetting foreign tax credits and recognition of a deferred tax liability for foreign earnings, partially offset by the mix of earnings in jurisdictions with differing tax rates.

The effective income tax rates for the twenty-six weeks ended June 30, 2024 and June 25, 2023, were 24.1 percent and 26.7 percent, respectively.

The net decrease in the effective tax rate between the periods is primarily due to the mix of earnings in jurisdictions with differing tax rates, discrete adjustments, including the stock compensation windfall benefit for shares which vested and changes due to final tax return filings, state and local income taxes and deferred tax liability for foreign earnings, partially offset by changes in foreign income inclusions with offsetting foreign tax credits.

The difference between our effective income tax rate for the twenty-six weeks ended June 30, 2024, and the U.S.

statutory rate of 21.0 percent is due to the unfavorable impact of state and local income taxes, foreign income inclusions with offsetting tax credits and nondeductible compensation, partially offset by the stock compensation windfall benefit for shares which vested and the mix of earnings in jurisdictions with differing tax rates.

The difference between the Company’s effective income tax rate for the twenty-six weeks ended June 25, 2023, and the U.S.

The effective income tax rates for the thirty-nine weeks ended September 29, 2024 and September 24, 2023, were 24.6 percent and 25.4 percent, respectively.

The net decrease in the effective tax rate between the periods is primarily related to favorable return-to-provision adjustments, the stock compensation windfall benefit for shares which vested and a decrease in the deferred tax liability for foreign earnings, partially offset by nondeductible acquisition-related transaction costs and nondeductible compensation.

The difference between our effective income tax rate for the thirty-nine weeks ended September 29, 2024, and the U.S.

statutory rate of 21.0 percent is due to the unfavorable impact of state and local income taxes, foreign income inclusions with offsetting tax credits, nondeductible compensation and nondeductible acquisition-related transaction costs, partially offset by favorable return-to-provision adjustments , the stock compensation windfall benefit for shares which vested and the mix of earnings in jurisdictions with differing tax rates.

The difference between the Company’s effective income tax rate for the thirty-nine weeks ended September 24, 2023, and the U.S.

statutory rate of 21.0 percent is due to unfavorable changes in state and local income taxes, nondeductible compensation, foreign income inclusions with offsetting foreign tax credits, recognition of a deferred tax liability for foreign earnings and changes due to foreign tax return filings, partially offset by the mix of earnings in jurisdictions with differing tax rates.

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During 2025, we expect to complete the purchase of group annuity contracts that will transfer any remaining pension benefit obligation to an insurance company.

The components of net periodic cost (benefit) for pension and other postretirement plans for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively, are as set forth in the tables below.

The components of net periodic cost (benefit) for pension and other postretirement plans for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023, respectively, are as set forth in the tables below.

Service cost is classified as either a component of cost of products sold or within selling, general and administrative expenses in the condensed consolidated statements of income, based on the nature of the job responsibilities of the associates participating in the plans.

All other components of net periodic cost (benefit) are classified as other (income) expense, net in the condensed consolidated statements of income.

All other components of net periodic cost (benefit) are classified as other income, net in the condensed consolidated statements of income.

Pension Benefits Postretirement Benefits

13 Weeks Ended 13 Weeks Ended

Dollars presented in millions) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023

Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023

Service cost $ — $ — $ 0.1 $ 0.1

4 unchanged sentences

39 Weeks Ended 39 Weeks Ended

Dollars presented in millions) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023

Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023

Service cost $ — $ — $ 0.4 $ 0.3

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Warranty expense is determined based on historic claim experience and the nature of the product category.

The following table summarizes activity related to our product warranty liability for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023.

The following table summarizes activity related to our product warranty liability for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023.

13 Weeks Ended 39 Weeks Ended

Dollars presented in millions) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023

Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023

Reserve balance at the beginning of the period $ 10.6 $ 13.2 $ 12.9 $ 11.2

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In order to prevent the 2018 tax year from further audit by the SAT, the Company has filed an action to declare this annulment final in the specialized court of trade and customs in Monterrey, Nuevo Leon, Sala Especializada en Materia de Comercio Exterior y Auxiliar – Noreste, Tribunal Federal de Justicia Administrativa.

We reserved an immaterial amount related to the 2018 tax year audit as our best estimate of our probable liability as of June 30, 2024 and December 31, 2023.

We reserved an immaterial amount related to the 2018 tax year audit as our best estimate of our probable liability as of September 29, 2024 and December 31, 2023.

While we cannot predict with certainty the outcome of any future review relating to the 2018 tax year or other open tax years, based on currently known information, we believe our risk of additional loss is remote and not estimable.

1 unchanged sentence

We reserve for remediation activities to clean up potential environmental liabilities as required by federal and state laws based on our best estimate of undiscounted future costs, excluding possible insurance recoveries or recoveries from other third parties.

There were no material environmental accruals as of June 30, 2024 and December 31, 2023.

There were no material environmental accruals as of September 29, 2024 and December 31, 2023.

Accumulated other comprehensive loss

1 unchanged sentence

It includes currency translation gains and losses, realized gains and losses from derivative instruments designated as cash flow hedges, and defined benefit plan adjustments.

The after-tax components of and changes in accumulated other comprehensive loss for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023 were as follows:

The after-tax components of and changes in accumulated other comprehensive loss for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 were as follows:

Dollars presented in millions) Foreign

5 unchanged sentences

(Loss) Income

Balance at March 31, 2024 $ 3.0 $ 3.5 $ ( 10.0 ) $ ( 3.5 )

Amounts classified into accumulated other comprehensive loss ( 10.7 ) ( 5.7 ) — ( 16.4 )

Amounts reclassified into earnings — ( 0.8 ) — ( 0.8 )

Net current period other comprehensive loss ( 10.7 ) ( 6.5 ) — ( 17.2 )

Balance at June 30, 2024 $ ( 7.7 ) $ ( 3.0 ) $ ( 10.0 ) $ ( 20.7 )

Balance at March 26, 2023 $ ( 8.2 ) $ 3.0 $ ( 9.3 ) $ ( 14.5 )

Amounts classified into accumulated other comprehensive income 9.8 3.9 — 13.7

Amounts classified into accumulated other comprehensive (loss) income ( 4.0 ) ( 4.1 ) — ( 8.1 )

Amounts reclassified into earnings — 2.0 — 2.0

Net current period other comprehensive income 9.8 0.8 — 10.6

Net current period other comprehensive (loss) income ( 4.0 ) ( 2.1 ) — ( 6.1 )

Balance at September 29, 2024 $ ( 11.7 ) $ ( 5.1 ) $ ( 10.0 ) $ ( 26.8 )

Balance at June 25, 2023 $ 1.6 $ 3.8 $ ( 9.3 ) $ ( 3.9 )

Amounts classified into accumulated other comprehensive (loss) income ( 2.0 ) 1.6 — ( 0.4 )

Amounts reclassified into earnings — ( 3.1 ) — ( 3.1 )

Net current period other comprehensive loss ( 2.0 ) ( 1.5 ) — ( 3.5 )

Balance at September 24, 2023 $ ( 0.4 ) $ 2.3 $ ( 9.3 ) $ ( 7.4 )

Dollars presented in millions) Foreign

6 unchanged sentences

Balance at December 31, 2023 $ 4.1 $ 2.2 $ ( 10.0 ) $ ( 3.7 )

Amounts classified into accumulated other comprehensive loss ( 11.8 ) ( 3.9 ) — ( 15.7 )

Amounts classified into accumulated other comprehensive (loss) income ( 15.8 ) ( 8.0 ) — ( 23.8 )

Amounts reclassified into earnings — 0.7 — 0.7

Net current period other comprehensive loss ( 11.8 ) ( 5.2 ) — ( 17.0 )

Balance at June 30, 2024 $ ( 7.7 ) $ ( 3.0 ) $ ( 10.0 ) $ ( 20.7 )

Net current period other comprehensive (loss) income ( 15.8 ) ( 7.3 ) — ( 23.1 )

Balance at September 29, 2024 $ ( 11.7 ) $ ( 5.1 ) $ ( 10.0 ) $ ( 26.8 )

Balance at December 25, 2022 $ ( 8.0 ) $ 2.8 $ ( 9.3 ) $ ( 14.5 )

1 unchanged sentence

Amounts reclassified into earnings — ( 8.6 ) — ( 8.6 )

Net current period other comprehensive income 9.6 1.0 — 10.6

Balance at June 25, 2023 $ 1.6 $ 3.8 $ ( 9.3 ) $ ( 3.9 )

Net current period other comprehensive income (loss) 7.6 ( 0.5 ) — 7.1

Balance at September 24, 2023 $ ( 0.4 ) $ 2.3 $ ( 9.3 ) $ ( 7.4 )

Stock Repurchase Program

3 unchanged sentences

We may limit or terminate the repurchase program at any time.

During the thirteen and twenty-six weeks ended June 30, 2024, we repurchased 267,499 and 371,499 shares of our common stock under this program, respectively.

The shares were repurchased at a cost of approximately $ 4.6 million and $ 6.5 million, respectively, or an average of $ 17.30 and $ 17.58 per share, respectively, during the thirteen and twenty-six weeks ended June 30, 2024.

During the thirteen and twenty-six weeks ended June 25, 2023, we repurchased 404,858 shares of our common stock under this program.

The shares were repurchased at a cost of approximately $ 4.4 million, or an average of $ 10.89 per share, during the thirteen and twenty-six weeks ended June 25, 2023.

As of June 30, 2024, $ 21.5 million remained authorized for purchase under our stock repurchase program.

Subsequent Events

On July 10, 2024, we completed our previously announced acquisition of Supreme, a cabinetry company, from GHK Capital Partners LP for $ 520.0 million in cash, subject to customary adjustments set forth in the Merger Agreement.

Supreme is a domestic manufacturer of residential cabinetry with a portfolio of product lines significantly focused on premium products.

We funded the acquisition with a combination of cash on hand and $ 430.0 million of proceeds from the revolving credit facility provided for by the 2024 Credit Agreement (see Note 9, “Debt” for further details).

We are currently in the process of determining the initial purchase accounting for this transaction.

Based on the timing of the acquisition and lack of available information, we determined it to be impracticable to disclose a preliminary purchase price allocation at this time.

The Company incurred $ 4.4 million of acquisition-related costs associated with the transaction in the second quarter of 2024, which are recorded within selling, general and administrative expenses in the condensed consolidated statements of income.

During the thirteen weeks ended September 29, 2024, we did not repurchase any shares of our common stock.

During the thirty-nine weeks ended September 29, 2024, we repurchased 371,499 shares of our common stock under this program.

The shares were repurchased at a cost of approximately $ 6.5 million, or an average of $ 17.58 per share, during the thirty-nine weeks ended September 29, 2024.

During the thirteen and thirty-nine weeks ended September 24, 2023, we repurchased 942,918 and 1,347,776 shares of our common stock under this program, respectively.

The shares were repurchased at a cost of approximately $ 11.5 million and $ 15.9 million, respectively, or an average of $ 12.23 and $ 11.83 per share, respectively, during the thirteen and thirty-nine weeks ended September 24, 2023.

As of September 29, 2024, $ 21.5 million remained authorized for purchase under our stock repurchase program.

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