What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-08-01 compared with 2024-05-02 · 107 added, 66 removed, 533 unchanged (25% of the section changed)

3 unchanged sentences

(Dollars in thousands, except share and per share amounts)

Quarter Ended March 31,

Quarter Ended June 30, Year to Date Ended June 30,

2024 2023 2024 2023

Sales $ 190,805 $ 209,001 $ 361,368 $ 410,011

26 unchanged sentences

(Dollars in thousands)

Quarter Ended March 31,

Quarter Ended June 30, Year to Date Ended June 30,

2024 2023 2024 2023

Net income attributable to MGP Ingredients, Inc.

1 unchanged sentence

Other comprehensive income (loss), net of tax:

Unrealized gain on foreign currency translation adjustment — 175

Unrealized gain (loss) on foreign currency translation adjustment ( 76 ) 136 ( 76 ) 311

Change in Company-sponsored post-employment benefit plan ( 40 ) ( 69 ) ( 80 ) ( 176 )

8 unchanged sentences

(Unaudited) (Dollars in thousands)

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Current Assets

Cash and cash equivalents $ 21,011 $ 18,388

Receivables (less allowance for credit loss, $ 1,475 at both March 31, 2024, and December 31, 2023)

Receivables (less allowance for credit loss, $ 1,475 at both June 30, 2024, and December 31, 2023)

159,019 144,286

16 unchanged sentences

Federal and state excise taxes payable 4,492 2,251

Income taxes payable 4,340 —

Accrued expenses and other 17,843 31,861

16 unchanged sentences

authorized 40,000,000 shares;

issued 23,125,166 shares at March 31, 2024 and December 31, 2023;

and 22,009,057 and 22,016,113 shares outstanding at March 31, 2024 and December 31, 2023, respectively

issued 23,125,166 shares at June 30, 2024 and December 31, 2023;

and 21,987,685 and 22,016,113 shares outstanding at June 30, 2024 and December 31, 2023, respectively

Additional paid-in capital 329,713 325,453

1 unchanged sentence

Accumulated other comprehensive loss ( 553 ) ( 397 )

Treasury stock, at cost, 1,116,109 and 1,109,053 shares at March 31, 2024 and December 31, 2023, respectively

Treasury stock, at cost, 1,137,481 and 1,109,053 shares at June 30, 2024 and December 31, 2023, respectively

( 28,687 ) ( 21,166 )

8 unchanged sentences

(Dollars in thousands)

Quarter to Date Ended March 31,

Year to Date Ended June 30,

Cash Flows from Operating Activities

3 unchanged sentences

Share-based compensation 1,981 3,637

Equity method investment loss 296 260

Equity method investment loss (gain) ( 614 ) 579

Deferred income taxes, including change in valuation allowance ( 10 ) 2,129

1 unchanged sentence

Other, net 270 206

Changes in operating assets and liabilities:

Changes in operating assets and liabilities, net of effects of acquisition:

Receivables, net ( 14,766 ) ( 35,833 )

2 unchanged sentences

Income taxes payable (refundable)

( 1,818 ) 2,010

Accounts payable ( 6,345 ) 22,328

5 unchanged sentences

Additions to property, plant, and equipment ( 33,397 ) ( 30,055 )

Purchase of business, net of cash acquired — ( 104,398 )

Other, net ( 260 ) ( 1,136 )

6 unchanged sentences

Principal payments on long-term debt ( 28,200 ) ( 9,400 )

Net cash provided by (used in) financing activities 3,767 ( 4,270 )

Net cash provided by financing activities 6,721 89,462

Effect of exchange rate changes on cash and cash equivalents ( 23 ) 41

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For Quarter to Date Ended March 31, 2024 and 2023

For Year to Date Ended June 30, 2024

(Dollars in thousands)

18 unchanged sentences

4 6,715 329,460 557,848 ( 437 ) ( 26,571 ) ( 1,476 ) 865,543

Comprehensive income:

Net income (loss) — — — 32,085 — — ( 68 ) 32,017

Other comprehensive income — — — — ( 116 ) — — ( 116 )

Dividends and dividend equivalents of $ 0.12 per common share and per restricted stock unit, net of estimated forfeitures

— — — ( 2,668 ) — — — ( 2,668 )

Share-based compensation — — 911 — — — — 911

Stock shares awarded, forfeited or vested — — ( 658 ) — — 658 — —

Stock shares repurchased — — — — — ( 2,774 ) — ( 2,774 )

Balance, June 30, 2024

$ 4 $ 6,715 $ 329,713 $ 587,265 $ ( 553 ) $ ( 28,687 ) $ ( 1,544 ) $ 892,913

See accompanying notes to unaudited condensed consolidated financial statements

MGP INGREDIENTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For Year to Date Ended June 30, 2023

(Dollars in thousands)

Preferred Issued Common Additional

16 unchanged sentences

4 6,715 320,997 471,471 ( 236 ) ( 21,885 ) ( 1,119 ) 775,947

Comprehensive income:

Net income (loss) — — — 32,126 — — ( 162 ) 31,964

Other comprehensive income — — — — 67 — — 67

Dividends and dividend equivalents of $ 0.12 per common share and per restricted stock unit, net of estimated forfeitures

— — — ( 2,664 ) — — — ( 2,664 )

Share-based compensation — — 1,808 — — — — 1,808

Stock shares awarded, forfeited, or vested — — ( 538 ) — — 538 — —

Stock shares repurchased — — — — — — — —

Balance, June 30, 2023

$ 4 $ 6,715 $ 322,267 $ 500,933 $ ( 169 ) $ ( 21,347 ) $ ( 1,281 ) $ 807,122

See accompanying notes to unaudited condensed consolidated financial statements

13 unchanged sentences

Distilling Solutions, Branded Spirits, and Ingredient Solutions.

Certain amounts in the 2023 condensed consolidated financial statements have been reclassified to conform to the 2024 presentation.

Certain amounts in the Company’s 2023 condensed consolidated financial statements have been reclassified to conform to the 2024 presentation.

Basis of Presentation and Principles of Consolidation.

1 unchanged sentence

All significant intercompany balances and transactions have been eliminated in consolidation.

These unaudited condensed consolidated financial statements as of and for the quarter ended March 31, 2024, should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”).

These unaudited condensed consolidated financial statements as of and for the quarter and year to date ended June 30, 2024, should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”).

The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

16 unchanged sentences

Inventory consists of the following:

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Finished goods $ 48,144 $ 55,463

55 unchanged sentences

The Company separately evaluates indefinite-lived intangible assets for impairment.

As of March 31, 2024, the Company determined that goodwill and indefinite-lived intangible assets were not impaired.

As of June 30, 2024, the Company determined that goodwill and indefinite-lived intangible assets were not impaired.

Fair Value of Financial Instruments.

11 unchanged sentences

The fair value of the Company’s debt is estimated based on current market interest rates for debt with similar maturities and credit quality.

Excluding the impact of the conversion feature of the Convertible Senior Notes, the fair value of the Company’s debt was $ 210,173 and $ 194,440 at March 31, 2024 and December 31, 2023, respectively.

The financial statement carrying value of total debt (net of unamortized loan fees) was $ 300,823 and $ 287,249 at March 31, 2024 and December 31, 2023, respectively.

Excluding the impact of the conversion feature of the Convertible Senior Notes, the fair value of the Company’s debt was $ 218,350 and $ 194,440 at June 30, 2024 and December 31, 2023, respectively.

The financial statement carrying value of total debt (net of unamortized loan fees) was $ 309,396 and $ 287,249 at June 30, 2024 and December 31, 2023, respectively.

These fair values are considered Level 2 under the fair value hierarchy.

8 unchanged sentences

(“Agricola” and together with DGL, “LMX”), which are accounted for as equity method investments and are considered affiliates of the Company.

The investment in LMX, which is recorded in investment in joint ventures on the Condensed Consolidated Balance Sheets, was $ 4,901 and $ 5,197 at March 31, 2024 and December 31, 2023, respectively.

During the quarters ended March 31, 2024 and 2023, the Company recorded a loss of $ 296 and $ 260 , respectively, from its equity method investments, which is recorded in other income (expense), net on the Condensed Consolidated Statements of Income.

During the quarters ended March 31, 2024 and 2023, the Company purchased $ 8,092 and $ 8,417 , respectively, of finished goods from LMX and bulk beverage alcohol from the other 50 percent owner of DGL.

The investment in LMX, which is recorded in investment in joint ventures on the Condensed Consolidated Balance Sheets, was $ 5,811 and $ 5,197 at June 30, 2024 and December 31, 2023, respectively.

During the quarter and year to date ended June 30, 2024, the Company recorded a gain of $ 910 and $ 614 , respectively, from its equity method investments, which is recorded in other income (expense), net on the Condensed Consolidated Statements of Income.

During the quarter and year to date ended June 30, 2023, the Company recorded a loss of $ 319 and $ 579 , respectively, which is recorded in other income (expense), net on the Condensed Consolidated Statements of Income.

During the quarters ended June 30, 2024 and 2023, the Company purchased $ 6,906 and $ 11,538 , respectively, of finished goods from LMX and bulk beverage alcohol from the other 50 percent owner of DGL.

During the year to date ended June 30, 2024 and 2023, the Company purchased $ 14,998 and $ 19,955 , respectively, of finished goods from LMX and bulk beverage alcohol from the other 50 percent owner of DGL.

Related Party Transaction.

7 unchanged sentences

Recently Adopted Accounting Standard Updates.

The Company did not adopt any new Accounting Standard Updates (“ASUs”) during the quarter ended March 31, 2024.

The Company did not adopt any new Accounting Standard Updates (“ASUs”) during the quarter ended June 30, 2024.

Recently Issued Accounting Pronouncements.

17 unchanged sentences

The following table presents the Company’s sales disaggregated by segment and major products and services:

Quarter Ended March 31,

Quarter Ended June 30, Year to Date Ended June 30,

2024 2023 2024 2023

Distilling Solutions

27 unchanged sentences

During the year ended December 31, 2023, the Company finalized the net working capital adjustments, which decreased the cash consideration from $ 105,000 at closing to $ 104,638 at December 31, 2023.

The cash portion of the consideration and transaction-related expenses were paid using both cash on hand and borrowings under the Company’s existing credit agreement.

The cash portion of the consideration and transaction-related expenses were paid using both

cash on hand and borrowings under the Company’s existing credit agreement.

See Note 5, Corporate Borrowings, for further details.

35 unchanged sentences

Management engaged a third party valuation specialist to assist in the valuation analysis of certain acquired assets including trade names and distributor relationships.

The operating results of Penelope have been included in the Company’s condensed consolidated financial statements since the June 1, 2023 acquisition date.

The operating results of Penelope have been included in the Company’s condensed consolidated financial statements since the

June 1, 2023 acquisition date.

The operating results and pro forma results are not disclosed due to the immaterial impact to the Company’s Condensed Consolidated Statements of Income.

During the quarter ended March 31, 2024, the Company incurred $ 71 of costs related to the Acquisition, which are included in selling, general, and administrative expenses on the Condensed Consolidated Statements of Income.

During the quarter and year to date ended June 30, 2024, the Company incurred $ 15 and $ 86 , respectively, of costs related to the Acquisition, which are included in selling, general, and administrative expenses on the Condensed Consolidated Statements of Income.

Contingent Consideration.

2 unchanged sentences

The inputs used in the calculation of the contingent consideration liability are considered Level 3 under the fair value hierarchy due to the lack of relevant market activity.

contingent consideration liability is measured on a quarterly basis and recorded at fair value.

The contingent consideration liability is measured on a quarterly basis and recorded at fair value.

The changes in fair value of the obligation resulted from changes in the key assumptions between measurement dates, such as projected net sales, discount rates, and volatility rates.

During the quarter ended March 31, 2024, there was a $ 4,100 adjustment to the fair value measurement of the contingent consideration obligation, which was included in the change of fair value of contingent consideration on the Condensed Consolidated Statements of Income.

During the quarter and year to date ended June 30, 2024, there were $ 5,400 and $ 9,500 , respectively, in adjustments to the fair value measurement of the contingent consideration obligation, which were included in the change of fair value of contingent consideration on the Condensed Consolidated Statements of Income.

The amount payable is based upon achievement of certain net sales targets between the Acquisition date and December 31, 2025.

5 unchanged sentences

The distributor relationships have a useful life of 20 years.

The amortization expense for the quarters ended March 31, 2024 and 2023 was $ 813 and $ 518 , respectively.

As of March 31, 2024, the expected future amortization expense related to definite-lived intangible assets is as follows:

The amortization expense for the quarter and year to date ended June 30, 2024 was $ 814 and $ 1,627 , respectively.

The amortization expense for the quarter and year to date ended June 30, 2023 was $ 610 and $ 1,128 , respectively.

As of June 30, 2024, the expected future amortization expense related to definite-lived intangible assets is as follows:

Remainder of 2024 $ 1,628

3 unchanged sentences

The Company records goodwill and indefinite-lived intangible assets in connection with various acquisitions of businesses and allocates the goodwill and indefinite-lived intangible assets to its respective reporting units.

The carrying amount of goodwill, which relates to the Branded Spirits segment, was $ 321,544 at both March 31, 2024 and December 31, 2023.

The carrying amount of trade name indefinite-lived intangible assets, which relates to the Branded Spirits segment, was $ 212,990 at both March 31, 2024 and December 31, 2023.

The carrying amount of goodwill, which relates to the Branded Spirits segment, was $ 321,544 at both June 30, 2024 and December 31, 2023.

The carrying amount of trade name indefinite-lived intangible assets, which relates to the Branded Spirits segment, was $ 212,990 at both June 30, 2024 and December 31, 2023.

Corporate Borrowings

1 unchanged sentence

Description (a)

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Credit Agreement - Revolver, 6.44 % (variable rate) due 2026

13 unchanged sentences

Long-term debt $ 302,996 $ 280,849

(a) Interest rates are as of March 31, 2024.

(a) Interest rates are as of June 30, 2024.

(b) Loan fees are being amortized over the life of the debt agreements.

Credit Agreement.

On February 14, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with multiple participants led by Wells Fargo Bank, National Association (“Wells Fargo Bank”) that matures on May 14, 2026.

On February 14, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with multiple participants led by Wells Fargo Bank, National Association that matures on May 14, 2026.

The Credit Agreement provided for a $ 300,000 revolving credit facility.

1 unchanged sentence

On August 31, 2022, the Credit Agreement was amended to change the interest rate benchmark from LIBOR to SOFR.

The Credit Agreement includes certain requirements and covenants with which the Company was in compliance at March 31, 2024.

The Credit Agreement includes certain requirements and covenants with which the Company was in compliance at June 30, 2024.

Part of the cash portion of the consideration paid to acquire Penelope and transaction-related expenses were financed with $ 105,000 borrowings under the Credit Agreement during 2023.

As of March 31, 2024, the Company had $ 78,000 outstanding borrowings under the Credit Agreement, leaving $ 322,000 available.

As of June 30, 2024, the Company had $ 88,000 outstanding borrowings under the Credit Agreement, leaving $ 312,000 available.

Convertible Senior Notes.

12 unchanged sentences

During 2019, the Company issued $ 20,000 of additional Senior Secured Notes with a maturity date of April 30, 2029.

The Note Purchase Agreement includes certain requirements and covenants with which the Company was in compliance at March 31, 2024 .

As of March 31, 2024, the Company had $ 11,200 of Series A Senior Secured Notes and $ 16,800 of additional Senior Secured Notes outstanding under the Note Purchase Agreement, leaving $ 222,000 available under the Note Purchase Agreement.

The Note Purchase Agreement includes certain requirements and covenants with which the Company was in compliance at June 30, 2024 .

As of June 30, 2024, the Company had $ 10,400 of Series A Senior Secured Notes and $ 16,000 of additional Senior Secured Notes outstanding under the Note Purchase Agreement, leaving $ 223,600 available under the Note Purchase Agreement.

The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter.

1 unchanged sentence

The Company’s quarterly effective tax rate can be subject to significant change due to the effect of discrete items arising in a given quarter.

Income tax expense for the quarter ended March 31, 2024 was $ 6,262 for an effective tax rate of 23.3 percent.

The effective tax rate for the quarter ended March 31, 2024 differed from the 21 percent U.S.

Income tax expense for the quarter and year to date ended June 30, 2024 was $ 10,108 and $ 16,370 , respectively, for an effective tax rate of 24.0 percent and 23.7 percent, respectively.

The effective tax rate for the quarter and year to date ended June 30, 2024 differed from the 21 percent U.S.

federal statutory rate on pretax income primarily due to state income taxes and income taxes on foreign subsidiaries, partially offset by U.S.

state and federal tax credits and the deduction applicable to export activity.

Income tax expense for the quarter ended March 31, 2023 was $ 9,655 for an effective tax rate of 23.7 percent.

The effective tax rate for the quarter ended March 31, 2023 differed from the 21 percent U.S.

federal statutory rate on pretax income primarily due to state and foreign income taxes, partially offset by state and federal tax credits, the deduction applicable to export activity, and the discrete impact of certain items related to equity compensation.

Income tax expense for the quarter and year to date ended June 30, 2023 was $ 10,804 and $ 20,459 , respectively, for an effective tax rate of 25.3 percent and 24.5 percent, respectively.

The effective tax rate for the quarter and year to date ended June 30, 2023 differed from the 21 percent U.S.

federal statutory rate on pretax income primarily due to state income taxes and income taxes on foreign subsidiaries, partially offset by U.S.

state and federal tax credits and the deduction applicable to export activity.

Equity and EPS

The following table presents computations of basic and diluted EPS:

Quarter Ended March 31,

Quarter Ended June 30, Year to Date Ended June 30,

2024 2023 2024 2023

Net income (a)

12 unchanged sentences

(a) Net income attributable to all stockholders.

(b) Participating securities included 260,651 and 227,810 unvested restricted stock units (“RSUs”) at March 31, 2024 and 2023, respectively.

(b) Participating securities included 243,243 and 226,684 unvested restricted stock units (“RSUs”) at June 30, 2024 and 2023, respectively.

5 unchanged sentences

The repurchase program has no expiration date and may be modified, suspended, or discontinued at any time by the Company without prior notice.

During the quarter ended March 31, 2024, the Company repurchased 59,084 shares of Common Stock for approximately $ 5,000 , resulting in approximately $ 95,000 remaining under the share repurchase program.

During the quarter and year to date ended June 30, 2024, the Company repurchased 33,363 and 92,447 shares, respectively, of Common Stock for approximately $ 2,500 and $ 7,500 , respectively.

As of June 30, 2024, there was approximately $ 92,500 remaining under the share repurchase program.

Common Stock Share Activity.

6 unchanged sentences

Balance, March 31, 2024 437 22,009,057

Issuance of Common Stock — 14,627

Repurchase of Common Stock (a)

Balance, June 30, 2024 437 21,987,685

Shares Outstanding

4 unchanged sentences

Balance, March 31, 2023 437 22,008,929

(a) 59,084 shares that were repurchased during the quarter ended March 31, 2024 pursuant to the Company’s share repurchase program.

Issuance of Common Stock — 5,445

Balance, June 30, 2023 437 22,014,374

(a) 59,084 and 33,363 shares that were repurchased during the quarter ended March 31, 2024 and June 30, 2024, respectively, pursuant to the Company’s share repurchase program.

The remaining shares repurchased were related to the tax withholding on equity-based compensation.

5 unchanged sentences

Share-Based Compensation Plans .

The Company’s share-based compensation plans provide for the awarding of stock options, stock appreciation rights, shares of restricted stock, and RSUs for senior executives and other employees, as well as non-employee directors.

The Company had two equity-based compensation plans:

the 2014 Equity Incentive Plan (as amended, the “2014 Plan”) and the 2014 Non-Employee Director Equity Incentive Plan (the “Directors’ Plan”).

As of March 31, 2024, 773,492 RSUs had been granted from the 1,500,000 shares approved under the 2014 Plan, and 141,262 shares had been granted from the 300,000 shares approved under the Directors’ Plan.

As of March 31, 2024, there were 260,651 unvested RSUs under the Company’s long-term incentive plans, all of which were participating securities (see Note 7, Equity and EPS).

The Company had two equity-based compensation plans, the 2014 Equity Incentive Plan and the 2014 Non-Employee Director Equity Incentive Plan, both of which expired in April 2024.

At the Company’s annual meeting in May 2024, the stockholders of the Company approved a new equity-based compensation plan, the 2024 Equity Incentive Plan (the “2024 Plan”), which initially authorized 1,319,320 shares for issuance, subject to the adjustment and add-back provision of the 2024 Plan.

Similar to the prior plans, the 2024 Plan provides for the awarding of stock options, stock appreciation rights, shares of restricted stock, RSUs, and other stock-based awards for executive officers and other employees, as well as non-employee directors and certain consultants and advisors.

As of June 30, 2024, 1,330,041 shares remain available for issuance under the 2024 Plan.

Deferred Compensation Plan.

2 unchanged sentences

Realized and unrealized gains (losses) on deferred compensation plan investments were included as a component of other income (expense), net on the Company’s Condensed Consolidated Statements of Income.

For the quarters ended March 31, 2024 and 2023, the Company had a gain on deferred compensation plan investments of $ 252 and $ 179 , respectively.

For the quarter and year to date ended June 30, 2024, the Company had a gain on deferred compensation plan investments of $ 34 and $ 286 , respectively, and for the quarter and year to date ended June 30, 2023, the Company had a gain on deferred compensation plan investments of $ 211 and $ 390 , respectively.

EDC Plan investments are classified as Level 1 in the fair value hierarchy since the investments trade with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis.

2 unchanged sentences

STI Plan deferral amounts are deposited, at the time of payment, into the EDC Plan by the Company and allocated by participants among Company-determined investment options.

At March 31, 2024 and December 31, 2023, the EDC Plan investments were $ 3,419 and $ 2,916 , respectively, which were recorded in other assets on the Company’s Condensed Consolidated Balance Sheets.

The EDC Plan current liabilities were $ 1,071 and $ 74 at March 31, 2024 and December 31, 2023, respectively, which were included in accrued expenses and other on the Company’s Condensed Consolidated Balance Sheets.

The EDC Plan non-current liabilities were $ 2,489 and $ 3,314 at March 31, 2024 and December 31, 2023, respectively, and were included in other noncurrent liabilities on the Company’s Condensed Consolidated Balance Sheets.

At June 30, 2024 and December 31, 2023, the EDC Plan investments were $ 3,458 and $ 2,916 , respectively, which were recorded in other assets on the Company’s Condensed Consolidated Balance Sheets.

The EDC Plan current liabilities were $ 1,796 and $ 74 at June 30, 2024 and December 31, 2023, respectively, which were included in accrued expenses and other on the Company’s Condensed Consolidated Balance Sheets.

The EDC Plan non-current liabilities were $ 1,803 and $ 3,314 at June 30, 2024 and December 31, 2023, respectively, and were included in other noncurrent liabilities on the Company’s Condensed Consolidated Balance Sheets.

Operating Segments

At March 31, 2024, the Company had three segments:

At June 30, 2024, the Company had three segments:

Distilling Solutions, Branded Spirits, and Ingredient Solutions.

8 unchanged sentences

Non-direct selling, general, and administrative expenses, interest expense, and other general miscellaneous expenses are excluded from segment operations and are classified as Corporate.

Receivables, inventories, property, plant and equipment, leases, goodwill, and intangible assets

have been identified with the segments to which they relate.

Receivables, inventories, property, plant and equipment, leases, goodwill, and intangible assets have been identified with the segments to which they relate.

All other assets are considered as Corporate.

The following table presents summarized financial information for each segment:

Quarter Ended March 31,

Quarter Ended June 30, Year to Date Ended June 30,

2024 2023 2024 2023

Sales to Customers

20 unchanged sentences

The following table allocates assets to each segment as of:

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Identifiable Assets

5 unchanged sentences

Subsequent Events

On May 2, 2024, the Company announced a quarterly dividend payable to stockholders of record of the Company’s common stock, resulting in dividend equivalents payable to RSU holders, of $ 0.12 per share and per RSU.

The dividend and dividend equivalents are payable on May 31, 2024 to stockholders of record and RSU holders on May 17, 2024.

On August 1, 2024, the Company announced a quarterly dividend payable to stockholders of record of the Company’s common stock, resulting in dividend equivalents payable to RSU holders, of $ 0.12 per share and per RSU.

The dividend and dividend equivalents are payable on August 30, 2024 to stockholders of record and RSU holders on August 16, 2024.

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