What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-11-19 compared with 2024-11-20 · 85 added, 78 removed, 262 unchanged (38% of the section changed)

Mueller Water Products, Inc.

(“Mueller,” “we,” “our,” or the “Company”) is a leading manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America.

Our products and services are used by municipalities and the residential and non-residential construction industries.

(“Mueller,” “we,” “our,” or the “Company”) is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America.

Our products and solutions are used by municipalities and the residential and non-residential construction industries.

Some of our products have leading positions as a result of their strong brand recognition and reputation for quality, service and innovation.

We believe we have one of the largest installed bases of iron gate valves and fire hydrants in the United States.

Our iron gate valve or fire hydrant products are specified for use in the largest 100 metropolitan areas in the United States.

Our iron gate valve and hydrant products are specified for use in the largest 100 metropolitan areas in the United States.

Our large installed base, broad product range and well-known brands have led to long-standing relationships with the key distributors and end users of our products.

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Organization Updates

In August 2023, Marietta Edmunds Zakas was appointed to Chief Executive Officer and to the Board of Directors.

Zakas formerly served as our Chief Financial Officer.

In May 2024, Paul McAndrew, Chief Operating Officer, was promoted to President and Chief Operating Officer.

In September 2024, we announced that Steven S.

Heinrichs, the Company’s Chief Financial Officer (“CFO”) and Chief Legal and Compliance Officer, will be transitioning from his position effective on or about December 31, 2024.

Heinrichs will continue to serve as CFO and Chief Legal and Compliance Officer until a new CFO has been named.

In January 2025, we announced the appointment of Ms.

Melissa Rasmussen as Senior Vice President and Chief Financial Officer effective March 3, 2025.

On March 1, 2025, Mr.

Heinrichs transitioned from his roles as Chief Financial Officer and Chief Legal Officer to Senior Advisor and remained an advisor until September 30, 2025.

In August 2025, we announced the appointment of Ms.

Feyerherm as Chief Accounting Officer effective August 15, 2025.

Feyerherm also serves as the Company’s principal accounting officer.

On November 6, 2025, we announced that Ms.

Marietta Edmunds Zakas will retire as the Company’s Chief Executive Officer and as a member of the Company’s Board of Directors, effective as of February 9, 2026 (the “Transition Date”).

In connection with Ms.

Zakas’ retirement, the Company’s Board of Directors appointed Mr.

Paul McAndrew as President and Chief Executive Officer, effective as of the Transition Date.

Water Flow Solutions

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We expect to make disciplined investments in our commercial and operational capabilities to drive additional performance improvements.

We are focused on improving operational excellence, increasing supply chain efficiencies and developing advanced manufacturing capabilities to drive productivity across our facilities.

We are focused on improving operational excellence, increasing supply chain efficiencies and developing advanced manufacturing capabilities to drive productivity and increase domestic capacity across our facilities.

We expect these efforts will drive sales growth, improve product margins, and facilitate innovation and new product development.

Productivity improvements within our facilities should allow us to lower costs, which can help fund additional manufacturing initiatives and continued investment in product development.

Productivity improvements within our facilities are expected to drive cost reductions to support additional manufacturing initiatives and ongoing investment in product development.

Since 2018, we have prioritized capital investments to modernize our manufacturing facilities and processes, expand capacity and capabilities for domestic manufacturing and accelerate new product development.

We believe these i nvestments will drive margin expansion by lowering costs, expanding our product portfolio, and improving product quality.

We believe these investments will drive margin expansion by lowering costs, expanding our product portfolio, and improving product quality.

Our new brass foundry in Decatur, Illinois, is operational, and we have closed our legacy brass foundry, which was built in the early 1900s.

We expect these investments to support our domestic manufacturing capabilities for specialty and large valves and to capitalize

Index to Financial Statements

completed our large valve manufacturing expansion in Chattanooga, Tennessee and a new facility in Kimball, Tennessee, which included consolidating multiple facilities.

Additionally, our new brass foundry in Decatur, Illinois is operational, and in the first half of our fiscal 2025, we expect to close our old brass foundry which was built in the early 1900s.

We expect these investments to support our domestic manufacturing capabilities for specialty and large valves and to capitalize on the growing need for highly engineered valves required for water infrastructure projects.

Additionally, we expect these investments to drive operational efficiencies, expand capabilities for American-made products, advance our sustainability environmental initiatives, and help accelerate product development.

on the growing need for highly engineered valves required for water infrastructure projects.

Additionally, we expect these investments to drive operational efficiencies, expand capabilities for American-made products, advance our sustainability initiatives, and help accelerate product development.

Accelerate sales growth through enhanced customer experience and innovation.

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Expanding our systems and employee capabilities will allow us to improve our customer experience.

We continue to invest time and resources to deepen our channel partnerships’ end-customer relationships to increase our presence in the fastest-growing markets.

We continue to invest time and resources to deepen our channel partnerships and end-customer relationships to increase our presence in the fastest-growing markets.

Additionally, we seek to attract and retain customers through product training and engineering resources to ascertain, educate and understand project requirements.

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Our core values of respect, integrity, trust, safety and inclusion shape our culture and define who we are.

We are making investments to enhance collaboration and teamwork throughout the organization to create a culture of talent development, enabling us to execute on our strategic opportunities and make Mueller a preferred place to work.

We continue to make investments to enhance collaboration and teamwork throughout the organization to create a culture of talent development, enabling us to execute on our strategic opportunities and make Mueller a preferred place to work.

We prioritize employee engagement and transparency by implementing programs and processes to provide our employees with opportunities to ask questions, voice concerns and share feedback.

This communication is accomplished in part by conducting employee satisfaction surveys, global town halls and facility employee meetings.

This communication is accomplished in part by conducting employee experience surveys, global town halls and facility employee meetings.

Continue to seek, acquire, and invest in businesses and technologies that expand our existing portfolio or allow us to enter new markets.

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Additionally, our products are typically specified by a water utility for use in its infrastructure system.

, leak detection and pressure control products

Water Flow Solutions

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We recognized $ 824.9 million, $ 755.5 million and $634.4 million of net sales in our 2025, 2024 and 2023 fiscal years, respectively, for Water Flow Solutions products and solutions.

Index to Financial Statements

Water Valves and Related Products.

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Most of these valves are used in water transmission or distribution, water treatment facilities or industrial applications.

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Water Management Solutions

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Water Management Solutions sells dry-barrel fire hydrants under the Mueller and U.S.

Pipe Valve and Hydrant brand names in the United States and Mueller and the Canada Valve™ brand names in Canada.

Pipe Valve and Hydrant brand names in the United States and under the Mueller and the Canada Valve™ brand names in Canada.

Water Management Solutions also makes wet-barrel fire hydrants, where the valves are located in the hydrant nozzles and the barrel contains water at all times.

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Natural Gas Distribution Products .

Water Management Solutions produces machines and tools for tapping, drilling, extracting, installing and stopping-off, which are designed to work with its water and gas fittings and valves as an integrated system.

Water Management Solutions produces machines and tools for tapping, drilling, extracting, installing and line stopping, which are designed to work with its water and gas fittings and valves as an integrated system.

We also provide gas valve products primarily for use in gas distribution systems.

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With an AMR system, utility personnel with mobile equipment, including a radio receiver, computer and reading software, collect the data from utilities’ meters.

With an AMI system, a network of permanent data collectors or gateway receivers that are always active or listening

Index to Financial Statements

for the radio transmission from the utilities’ meters gathers the data.

With an AMI system, a network of permanent data collectors or gateway receivers that are always active or listening for the radio transmission from the utilities’ meters gathers the data.

Water Management Solutions sells both AMR and AMI systems and related products.

Our remote disconnect water meter enables the water flow to be stopped and started remotely via a handheld device or from a central operating facility.

Index to Financial Statements

Manufacturing

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Our existing manufacturing capacity is sufficient for anticipated near-term requirements.

To meet longer-term capacity requirements and modernize some production facilities, we have expanded the large valve casting capabilities at the facility located in Chattanooga, Tennessee, and added a new facility nearby in Kimball, Tennessee to expa nd domestic manufacturing capabilities for specialty large valves.

Additionally, our new brass foundry in Decatur, Illinois, is operational and in the first half of our fiscal 2025, we expect to close our old brass foundry that was built in the 1900s.

Our foundries use both lost foam and green sand-casting techniques.

Our new brass foundry in Decatur, Illinois, is operational, and we have closed our legacy brass foundry that was built in the 1900s.

Our iron foundries use both lost foam and green sand-casting techniques.

We use the lost foam technique for fire hydrant production in our Albertville, Alabama, facility and for iron gate valve production in our Chattanooga, Tennessee, facility.

The lost foam technique has several advantages over the green sand technique, especially for high-volume products, including a reduction in the number of manual finishing operations, lower scrap rates and the ability to reuse some of the materials.

The lost foam technique has several advantages, especially for high-volume, larger products, including a reduction in the number of manual finishing operations, lower scrap rates and the ability to reuse some of the materials while the green sand process is better suited for smaller, simpler parts.

Over the next few years, we intend to increase capital investments in our facilities to expand production capacity and enhance operational capabilities, including investment in our two iron foundries.

Additionally, we design, manufacture and assemble water metering products in Cleveland, North Carolina.

In Atlanta, Georgia, we design and support AMR and AMI systems in our research and development center of excellence for software and electronics.

Our facility in Jingmen, China, manufactures and assembles specialty valve products, and our facility in Ariel, Israel, designs, manufactures, and assembles repair products and solutions.

Our research and development center in Toronto, Ontario, Canada, designs and supports leak detection and pipe condition assessment products and solutions.

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Purchased Components and Raw Materials

Our products are made using various purchased components and seve ral basic raw materials that include brass ingot, scrap steel, sand and resin.

Purchased parts and raw materials represented approxi mately 35% and 9%, respectively, of Cost of sales in 2024.

Our products are made using various purchased components and several basic raw materials that include brass ingot, scrap steel, sand and resin.

Purchased parts and raw materials represented approximately 35% and 8%, respectively, of Cost of sales in 2025.

Patents, Licenses and Trademarks

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Many of the patents for technology underlying the majority of our products have been in the public domain for many years, and we do not believe third-party patents individually or in the aggregate are material to our business.

However, we consider the pool of proprietary information consisting of expertise and trade secrets relating to the design, manufacture and operation of our products to be particularly important and valuable.

However, we consider our proprietary information consisting of expertise and trade secrets relating to the design, manufacture and operation of our products to be particularly important and valuable.

We generally own the rights to the products that we manufacture and sell, and we are not dependent in any material way upon any third-party license or franchise to operate.

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RISK FACTORS - Any inability to protect our intellectual property or our failure to effectively defend against intellectual property infringement claims could adversely affect our competitive position.”

Index to Financial Statements

Our brand names include:

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Pipe Valve and Hydrant

Index to Financial Statements

Parts of our business depend upon construction activity, which is seasonal in many areas as a result of the impact of cold weather conditions on construction.

Net sales and operating income have historically been lowest in the quarters ending December 31 and March 31 when the northern United States and most of Canada generally face weather conditions that restrict significant construction and other field crew activity.

Net sales and operating income have historically been lowest in our first and second fiscal quarters ending December 31 and March 31, respectively, when the northern United States and most of Canada generally face weather conditions that restrict significant construction activity.

See “Item 1A.

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Our distribution network covers all of the major locations for our principal products in the United States and Canada.

Although we have long-standing relationships with most of our key distributors, we typically do not have long-term contracts with them, including our two largest distributors, which together accounted for approxim ately 38%, 35% and 40% of our gross sales in 2024, 2023 and 2022 fiscal years, respectively .

Although we have long-standing relationships with most of our key distributors, we typically do not have long-term contracts with them, including our two largest distributors, which together accounted for approximately 37%, 38% and 35% of our gross sales in 2025, 2024 and 2023 fiscal years, respectively.

See “Item 1A.

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Water Flow Solutions

Water Flow Solutions sells its products primarily through waterworks distributors to a wide variety of end user customers, including water and wastewater utilities, and fire protection and constructi on contractors.

Sales of the products are heavily influenced by the specifications for the underlying projects.

Approximately 6% of Water Flow Solutions’ net sales were to Canadian customers in fiscal years 2024 and 2023, and 8% in fiscal year 2022.

Approximately 5% of Water Flow Solutions’ net sales were to Canadian customers in fiscal year 2025 and 6% in fiscal years 2024 and 2023.

Water Management Solutions

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Water Management Solutions also sells its water metering, leak detection, including pipe condition assessment, and pressure management and control products and solutions directly to municipalities and to waterworks distributors.

Approximate ly 6% of Water Management Solutions’ net sales were to Canadian customers in fiscal years 2024 and 2023, and 7% in fiscal year 2022.

Approximately 6% of Water Management Solutions’ net sales were to Canadian customers in fiscal years 2025, 2024, and 2023.

We consider backlog to represent orders placed by customers for which goods or services have yet to be shipped.

Backlog is a meaningful indicator for many of our product lines.

The delivery lead time for certain product lines such as specialty valves

Index to Financial Statements

can be longer than one year, and we expect approximately 17% of Water Flow Solutions’ backlog at the end of 2024 will not be shipped until beyond 2025.

The delivery lead time for certain product lines such as specialty valves can be longer than one year, and we expect approximately 22% of Water Flow Solutions’ backlog at the end of 2025 will be shipped after 2026.

Water Management Solutions manufactures or sources water meter systems that are sometimes ordered in large quantities with delivery dates over several years.

We expect approximately 6% of Water Management Solutions’ backlog at the end of 2024 will not be shipped until beyond 2025.

With improvement in our manufacturing lead times, particularly for service brass products, we experienced a decrease in our overall backlog compared to the prior year.

Backlog for Water Management Solutions and Water Flow Solutions are as follows:

We expect approximately 4% of Water Management Solutions’ backlog at the end of 2025 will be shipped after 2026.

Due to increased demand, particularly for specialty valve and hydrant products, we experienced an increase in our overall backlog compared to the prior year.

Backlog for Water Flow Solutions and Water Management Solutions are as follows:

September 30,

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Total backlog $ 320.7 $ 302.5

Sales cycles for metering systems can span several years, and it is common for customers to place orders throughout the contract period.

Although we believe we have a common understanding with our customer as to the total value of a contract when it is awarded, we do not include customer orders in our backlog until the customer order is received.

Sales cycles for metering systems often extend over several years, and customers typically place orders incrementally throughout the contract term.

While we believe we share a mutual understanding with the customer regarding the total contract value at the time of award, orders are reflected in our backlog once a formal order is received, not when the contract is awarded.

Index to Financial Statements

The United States and Canadian markets for water infrastructure and flow control products are very competitive.

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We consider our installed base, product quality, customer service level, brand recognition, innovation, distribution and technical support to be competitive strengths.

The competitive environment for most of Water Flow Solutions’ valve products is mature and many end users are slow to transition to brands other than their historically preferred brands making it difficult to increase market share.

The competitive environment for most of Water Flow Solutions’ valve products is mature and many end users are slow to transition to brands other than their historically preferred brands.

We believe our valves enjoy strong competitive positions based primarily on the extent of their installed base, product quality, specified position and brand recognition.

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For our specialty valve products such as butterfly, plug, and check valves, our principal competitors are DeZURIK, Val-Matic and McWane, Inc.

The markets for products and services sold by Water Management Solutions are very competitive, with some mature products, and many end users are slow to transition to brands other than their historically preferred brands.

The competitive environment for many of Water Management Solutions’ products, including fire hydrants and gas repair products, is mature, and many end users are slow to transition to brands other than their historically preferred brands.

We believe that our fire hydrants enjoy a strong competitive position, primarily based on the extent of their installed base, product quality, specified position and brand recognition.

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We believe the markets for many of our repair products are open to product innovation.

Our current repair offerings are primarily focused on repairing, joining, and restraining water infrastructure piping systems, which consist of cast iron, ductile iron, and plastic pipe.

Our repair solutions are well-suited for each of these piping systems.

For our pipe repair products, we believe our brand names, including Krausz ® and HYMAX ® , are generally associated with premium products as a result of our patented technology and superior features.

Our current marketing strategy is primarily focused on repair, joining and restraining of water infrastructure piping systems, which consists of cast iron, ductile iron and plastic pipe.

Our repair solutions work well with each of these piping systems.

Our primary competitors in the repair market are Romac Industries, Smith Blair, Viking Johnson, AVK Group, JCM Industries, and Georg Fisher Ltd.

Index to Financial Statements

The gas repair products we sell are primarily used on distribution lines.

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however, we expect this transition to be relatively slow and that many end users will be reluctant to adopt brands other than their historically preferred brand.

Our principal competitors are Sensus, Neptune Technology Group Inc., Badger Meter, Inc., Itron, Inc., and Master Meter, Inc.

Our principal competitors in water metering products and systems are Sensus, Neptune Technology Group Inc., Badger Meter, Inc., Itron, Inc.

and Master Meter, Inc.

We also sell pressure control valves and pressure loggers through our Singer Valve and i2O products.

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and Southampton, United Kingdom.

The primary focus of these operations is to develop new products, improve and refine existing products and obtain and assure compliance with industry approval certifications or standards, such as AWWA, UL, FM, NSF and The Public Health and Safety Company.

These operations develop new products, improve and refine existing products and obtain and assure compliance with industry approval certifications or standards, such as those established by American Water Works Association, UL Research Institutes, FM Global, National Science Foundation and The Public Health and Safety Company.

R&D expenses were $19.9 million, $20.5 million and $25.9 million during 2025, 2024 and 2023, respectively.

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Regulatory and Environmental Matters

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competition, government contracts, international trade, labor and employment, tax, licensing, consumer protection, environmental protection, workplace health and safety, and others.

These and other laws and regulations impact the manner in which we conduct our business, and changes in legislation or government policies can affect our operations, both favorably and unfavorably.

These and other laws and regulations impact the manner in which we conduct our business, and changes in legislation or government policies can affect our operations.

For example, the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and similar state laws affect our operations by, among other things, imposing investigation and cleanup requirements for threatened or actual releases of hazardous substances.

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Except for certain orders issued by environmental, health and safety regulatory agencies, with which we believe we are in compliance and which we believe are immaterial to our financial condition, results of operations and liquidity, we are not currently named as a party in any judicial or administrative proceeding relating to environmental, health and safety matters.

Index to Financial Statements

Greenhouse gas ("GHG") emissions have increasingly become the subject of political and regulatory focus.

Greenhouse gas ("GHG") emissions continue to be a subject of political and regulatory focus.

Concern over potential climate change, including global warming, has led to legislative and regulatory initiatives directed at limiting GHG emissions.

In addition to certain federal proposals in the United States to regulate GHG emissions, many states and countries have enacted, are enacting or are considering enacting GHG legislation, regulations or international accords, either individually and/or as part of regional initiatives.

It is likely that additional climate change related mandates will be forthcoming, and it is expected that they may adversely impact our costs by increasing energy costs and raw material prices, requiring operational or equipment modifications to reduce emissions and creating costs to comply with regulations or to mitigate the financial consequences of such compliance.

While United States federal climate policy has recently shifted toward deregulation, including efforts to roll back GHG reporting requirements and federal GHG emissions oversight, some states in the United States and several countries have enacted, are enacting or are considering enacting GHG legislation, regulations or international accords, either individually and/or as part of regional initiatives.

It is likely that additional climate change related mandates will be forthcoming primarily in jurisdictions outside the United States, and it is expected that they may adversely impact our costs by increasing energy costs and raw material prices, requiring operational or equipment modifications to reduce emissions and creating costs to comply with regulations or to mitigate the financial consequences of such compliance.

Additional law and rulemaking at the state level in the United States is also anticipated, which may have similar adverse impacts on our compliance costs.

Our environmental strategy focuses on responsible sourcing and manufacturing sustainable products that address numerous water infrastructure challenges.

We have established reduction targets for key environmental performance indicators such as GHG emissions, internal water withdrawal intensity and waste to landfill, as well as targets for increased use of recycled materials in our products.

We have established reduction targets for key environmental performance indicators such as GHG emissions, internal water withdrawal intensity and waste to landfill.

In connection with these efforts, we work to minimize the amount of water we use at our manufacturing facilities and maintain stringent water quality standards.

Our processes are designed to return the water used in manufacturing to a quality level that does not negatively impact the receiving environment.

We continue to design our processes to return the water used in manufacturing to a quality level that does not negatively impact the receiving environment.

Future events, such as changes in existing laws and regulations, new legislation to limit GHG emissions or contamination of sites owned, operated or used for waste disposal by us, including currently unknown contamination and contamination caused by prior owners and operators of such sites or other waste generators, may give rise to additional costs which could have a material effect on our financial condition, results of operations or liquidity.

Our anticipated capital expenditures for environmental projects are not expected to have a material effect on our financial condition, results of operations or liquidity.

Index to Financial Statements

Human Capital

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We are committed to upholding fundamental human rights and believe that all human beings should be treated with dignity, fairness, and respect.

Index to Financial Statements

Employee Total Compensation and Benefits Philosophy.

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401(k) retirement plans with a 5% company match and several pre-tax and after-tax savings options Health plan programs, including smoking cessation Employee engagement activities including family friendly events

Short- and long-term disability insurance On-site and no-cost vaccinations Virtual healthcare options for general medicine and mental health needs

Short- and long-term disability insurance On-site and no-cost vaccinations and biometric screenings (with at-home physical kits available) Virtual healthcare options for general medicine, dermatology, and mental health needs

Healthcare navigation service for managing existing benefits

On-site health fairs and free health screenings

Commitment to Diversity and Inclusion.

Commitment to Inclusion.

We strive to promote inclusion in the workplace, to build on our understanding of potential human rights issues by engaging with appropriate communities, and to interact with our employees and all communities in a manner that respects human rights.

We encourage our suppliers to follow these practices as well.

As of September 30, 2024, women and minorities each represented 36% of our Board of Directors.

As of September 30, 2025, women and minorities represented 33% and 44% of our Board of Directors, respectively.

We condemn human rights abuses and do not condone the use of slave or forced labor, human trafficking, child labor, the degrading treatment of individuals, physical punishment, or unsafe working conditions.

All employees are required to understand and obey local laws, to report any suspected violations, and to act in accordance with our Core Values and Code of Conduct.

All employees are required to understand and obey local laws, to report any suspected violations, and to act in accordance with our Core Values and Code of Business Conduct and Ethics.

We are committed to providing fair and equitable pay.

In 2021, we completed a pay equity analysis to ensure we met this commitment.

Based on the results of this analysis, we introduced a comprehensive, pay structure and promotion program.

We have a comprehensive pay structure that allows for employee development and provides promotional opportunities.

In 2024, we invested in a leading software solution to conduct workforce pay equity audits that consider gender, race/ethnicity, age, and disabilities.

We believe this program will provide us with the ability to conduct ad hoc and annual pay equity audits.

We have a series of Diversity and Inclusion (“D&I”) councils including an executive council, a company-wide employee council, local employee councils at each manufacturing facility, a corporate council and a sales team council.

As a result of this pay equity review, we found no systemic issues but did appropriately adjust the pay of several individuals in 2025.

We believe this program will provide us with the tools needed to perform annual pay equity audits, and we intend to continue that practice.

Our Employee Inclusion Advisory Council embeds and fosters inclusionary principles while also determining the Company’s overarching initiatives and priorities as they relate to our culture and values.

Three executive sponsors lead the council, and local representatives from each United States plant and our headquarters support the council’s work at the local

Index to Financial Statements

These local representatives support the council’s priorities, supporting ownership and driving engagement through personalized initiatives and local activities.

Talent Acquisition and Retention.

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We prioritize employee engagement and transparency by implementing programs and processes to ensure our employees have opportunities to ask questions, voice concerns, and share feedback.

This communication is accomplished in part by conducting an annual employee satisfaction survey, global quarterly town halls and periodic facility employee meetings.

This communication is accomplished in part by conducting employee experience surveys, global quarterly town halls, and periodic facility employee meetings.

Our fiscal year 2025 United States employee turnover rate was approximately 20%.

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We created the Mueller Development Program (“MDP”) to provide a pathway for upcoming talent.

We offer a Frontline Leader training program, which includes resources in time management, communication, team building, as well as personal coaching.

Index to Financial Statements

At September 30, 2024, we employed approximately 3,400 people, of whom 83% work in the United States.

At September 30, 2024, approximately 42 % of our United States workforce was represented by collective bargaining agreements.

Additionally, certain foreign countries where we have employees, such as China, provide by law for employee rights which include requirements similar to collective bargaining agreements.

We partner with a third party to bring leadership development programs to our frontline supervisors and managers, which cover topics including resources in time management, communication and team building, as well as personal coaching.

As of September 30, 2025, we employed approximately 3,500 people, 83% of whom work in the United States.

As of September 30, 2025, approximately 42 % of our United States workforce was represented by collective bargaining agreements.

Additionally, we have employees in foreign countries, such as China, which have employee rights laws that include requirements similar to collective bargaining agreements.

We believe we have good relations with our employees including those represented by collective bargaining agreements.

We have successfully negotiated and extended several of our collective bargaining agreeme nts in the past.

We have successfully negotiated and extended several of our collective bargaining agreements in the past.

Our locations with employees covered by such agreements are presented below.

Location Expiration of current agreement(s)

Chattanooga, TN November 2025

Chattanooga, TN December 2025

Chattanooga, TN January 2027

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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 1. Business