What changed in this filing

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Item 1. Financial Statements

2023-04-27 compared with 2022-10-25 · 74 added, 133 removed, 269 unchanged (43% of the section changed)

2 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per-share amounts) Third Quarter Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

(in thousands, except per-share amounts) Three Months Ended March 31,

Net sales $ 702,789 $ 662,552

15 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands) Third Quarter Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

(in thousands) Three Months Ended March 31,

Net income $ 97,583 $ 59,318

1 unchanged sentence

Pension plans and other postretirement benefits:

Prior service credit (cost) arising during the period, net of income tax expense (benefit) of $ 0 in third quarter and nine months 2022, $ 8 in third quarter and nine months 2021

Amortization of prior service cost (credit) included in net periodic benefit cost (income), net of income tax expense (benefit) of $( 157 ) in third quarter 2022, $( 157 ) in third quarter 2021, $( 470 ) in nine months 2022, and $( 472 ) in nine months 2021

( 500 ) ( 496 ) ( 1,494 ) ( 1,481 )

Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $ 583 in third quarter 2022, $( 433 ) in third quarter 2021, $ 590 in nine months 2022, and $( 652 ) in nine months 2021

1,812 ( 1,363 ) 1,828 ( 2,020 )

Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $ 145 in third quarter 2022, $ 593 in third quarter 2021, $ 493 in nine months 2022, and $ 1,697 in nine months 2021

Amortization of prior service cost (credit) included in net periodic benefit cost (income), net of income tax expense (benefit) of $( 171 ) in 2023 and $( 156 ) in 2022

( 547 ) ( 496 )

Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $ 0 in 2023 and $ 7 in 2022

Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $( 118 ) in 2023 and $ 175 in 2022

Total pension plans and other postretirement benefits

1,757 ( 26 ) 1,849 1,871

Foreign currency translation adjustments, net of income tax expense (benefit) of $( 194 ) in third quarter 2022, $( 535 ) in third quarter 2021, $ 279 in nine months 2022, and $( 214 ) in nine months 2021

Foreign currency translation adjustments, net of income tax expense (benefit) of $ 207 in 2023 and $ 1,131 in 2022

11,366 ( 3,102 )

4 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts) September 30,

(in thousands, except share amounts) March 31,

2023 December 31,

1 unchanged sentence

Cash and cash equivalents $ 70,115 $ 68,712

Marketable securities 0 375,918

Trade and other accounts receivable, less allowance for credit losses

16 unchanged sentences

Operating lease liabilities 14,948 15,569

Current portion of long-term debt 0 349,434

Other current liabilities 5,826 11,562

8 unchanged sentences

authorized shares - 80,000,000 ;

issued and outstanding shares - 9,871,440 at September 30, 2022 and 10,362,722 at December 31, 2021)

issued and outstanding shares - 9,625,959 at March 31, 2023 and 9,702,147 at December 31, 2022)

Accumulated other comprehensive loss ( 61,551 ) ( 71,995 )

9 unchanged sentences

Shares Amount

Balance at June 30, 2021 10,928,129 $ 1,748 $ ( 164,947 ) $ 1,012,409 $ 849,210

Net income 52,038 52,038

Other comprehensive income (loss) ( 7,427 ) ( 7,427 )

Cash dividends ($ 2.10 per share)

( 22,590 ) ( 22,590 )

Repurchases of common stock ( 292,392 ) ( 2,748 ) ( 96,712 ) ( 99,460 )

Stock-based compensation 1,310 1,000 2 1,002

Balance at September 30, 2021 10,637,047 $ 0 $ ( 172,374 ) $ 945,147 $ 772,773

Balance at June 30, 2022 10,079,643 $ 0 $ ( 114,413 ) $ 835,748 $ 721,335

Net income 63,226 63,226

Other comprehensive income (loss) ( 34,216 ) ( 34,216 )

Cash dividends ($ 2.10 per share)

( 20,930 ) ( 20,930 )

Repurchases of common stock ( 209,538 ) ( 298 ) ( 62,042 ) ( 62,340 )

Stock-based compensation 1,335 298 3 301

Balance at September 30, 2022 9,871,440 $ 0 $ ( 148,629 ) $ 816,005 $ 667,376

Balance at December 31, 2021 10,362,722 $ 0 $ ( 82,227 ) $ 844,356 $ 762,129

5 unchanged sentences

Stock-based compensation 7,777 597 6 603

Balance at September 30, 2021 10,637,047 $ 0 $ ( 172,374 ) $ 945,147 $ 772,773

Balance at March 31, 2022 10,254,703 $ 0 $ ( 85,270 ) $ 845,360 $ 760,090

Balance at December 31, 2022 9,702,147 $ 0 $ ( 71,995 ) $ 834,402 $ 762,407

4 unchanged sentences

Repurchases of common stock ( 82,486 ) ( 1,223 ) ( 27,525 ) ( 28,748 )

Tax withholdings related to stock-based compensation

( 2,417 ) 0 ( 803 ) ( 803 )

Stock-based compensation 8,715 1,223 ( 14 ) 1,209

Balance at September 30, 2022 9,871,440 $ 0 $ ( 148,629 ) $ 816,005 $ 667,376

Balance at March 31, 2023 9,625,959 $ 0 $ ( 61,551 ) $ 883,351 $ 821,800

See accompanying Notes to Condensed Consolidated Financial Statements

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) Nine Months Ended

September 30,

(in thousands) Three Months Ended March 31,

Cash and cash equivalents at beginning of year $ 68,712 $ 83,304

3 unchanged sentences

Depreciation and amortization 20,313 21,072

Deferred income tax (benefit) expense ( 33,685 ) 6,205

Deferred income tax benefit ( 4,932 ) ( 12,135 )

Loss on early extinguishment of debt 0 7,545

10 unchanged sentences

Cash flows from financing activities:

Redemption of 4.10 % senior notes

( 350,000 ) 0

Net borrowings under revolving credit facility 218,000 1,000

Issuance of 2.70 % senior notes

Net (repayments) borrowings under revolving credit facility ( 46,000 ) 51,000

Dividends paid ( 20,292 ) ( 21,570 )

Repurchases of common stock ( 28,479 ) ( 37,347 )

Redemption of 4.10 % senior notes

0 ( 350,000 )

Cash costs of 4.10 % senior notes redemption

Debt issuance costs 0 ( 3,897 )

Other, net ( 2,280 ) ( 833 )

1 unchanged sentence

Effect of foreign exchange on cash and cash equivalents 420 867

(Decrease) increase in cash and cash equivalents ( 11,332 ) ( 65,559 )

Increase in cash and cash equivalents 1,403 1,246

Cash and cash equivalents at end of period $ 70,115 $ 84,550

3 unchanged sentences

Financial Statement Presentation

In the opinion of management, the accompanying consolidated financial statements of NewMarket Corporation and its subsidiaries contain all necessary adjustments for the fair presentation of, in all material respects, our consolidated financial position as of September 30, 2022 and December 31, 2021, and our consolidated results of operations, comprehensive income, and changes in shareholders' equity for the third quarter and nine months ended September 30, 2022 and September 30, 2021, and our cash flows for the nine months ended September 30, 2022 and September 30, 2021.

In the opinion of management, the accompanying consolidated financial statements of NewMarket Corporation and its subsidiaries contain all necessary adjustments for the fair presentation of, in all material respects, our consolidated financial position as of March 31, 2023 and December 31, 2022, and our consolidated results of operations, comprehensive income, and changes in shareholders' equity for the three months ended March 31, 2023 and March 31, 2022, and our cash flows for the three months ended March 31, 2023 and March 31, 2022.

All adjustments are of a normal, recurring nature, unless otherwise disclosed.

These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the NewMarket Corporation Annual Report on Form 10-K for the year ended December 31, 2022 (2022 Annual Report), as filed with the Securities and Exchange Commission (SEC).

The results of operations for the nine month period ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

The results of operations for the three month period ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

The December 31, 2022 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America.

Unless the context otherwise indicates, all references to “we,” “us,” “our,” the “company,” and “NewMarket” are to NewMarket Corporation and its consolidated subsidiaries.

We offer our vendors a supplier finance program, which allows our vendors to receive payment from a third-party finance provider earlier than our normal payment terms would provide.

NewMarket and its subsidiaries are not a party to the arrangement between our vendor and the finance provider, and there are no assets pledged as security or other forms of guarantees provided by NewMarket to the finance provider.

For those vendors who opt to participate in the program, we pay the finance provider the full amount of the invoices on the normal due date.

At March 31, 2023, the amount of confirmed invoices under the supplier finance program was not material.

Our revenues are primarily derived from the manufacture and sale of petroleum additives products.

6 unchanged sentences

Some of our contracts include variable consideration in the form of rebates or business development funds.

We regularly review both rebates and business development funds and make adjustments when necessary, recognizing the full amount of any adjustment in the period identified.

We regularly review both rebates and business development funds and make adjustments to estimated amounts when necessary, recognizing the full amount of any adjustment in the period identified.

The following table provides information on our net sales by geographic area.

Information on net sales by segment is in Note 3.

Third Quarter Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in thousands) 2023 2022

United States $ 256,398 $ 224,688

China 30,578 56,470 145,008 202,523

Europe, Middle East, Africa, India 204,210 195,987

Asia Pacific, except China 119,566 81,174 338,405 247,575

Asia Pacific 151,949 157,544

Other foreign 90,232 84,333

4 unchanged sentences

The tables below show our consolidated segment results.

The “All other” category includes the operations of the antiknock compounds business, as well as certain contract manufacturing and services associated with Ethyl Corporation (Ethyl).

The “All other” category includes the operations of the antiknock compounds business, as well as certain contracted manufacturing and related services associated with Ethyl Corporation (Ethyl).

Net Sales by Segment

Third Quarter Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in thousands) 2023 2022

6 unchanged sentences

Segment Operating Profit

Third Quarter Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in thousands) 2023 2022

8 unchanged sentences

$ 125,148 $ 73,507

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Pension Plans and Other Postretirement Benefits

The table below shows cash contributions made during the nine months ended September 30, 2022, as well as the remaining cash contributions we expect to make during the year ending December 31, 2022, for our domestic and foreign pension plans and domestic postretirement benefit plan.

(in thousands) Actual Cash Contributions for Nine Months Ended September 30, 2022 Expected Remaining Cash Contributions for Year Ending December 31, 2022

The table below shows cash contributions made during the three months ended March 31, 2023, as well as the remaining cash contributions we expect to make during the year ending December 31, 2023, for our domestic and foreign pension plans and domestic postretirement benefit plan.

(in thousands) Actual Cash Contributions for Three Months Ended March 31, 2023 Expected Remaining Cash Contributions for Year Ending December 31, 2023

Domestic plans

3 unchanged sentences

Pension benefits 1,373 4,543

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan.

4 unchanged sentences

Pension Benefits Postretirement Benefits

Third Quarter Ended September 30,

(in thousands) 2022 2021 2022 2021

Service cost $ 4,490 $ 4,858 $ 299 $ 310

Interest cost 3,332 3,282 294 285

Expected return on plan assets ( 10,945 ) ( 9,666 ) ( 185 ) ( 213 )

Amortization of prior service cost (credit) 68 66 ( 757 ) ( 757 )

Amortization of actuarial net (gain) loss 419 1,502 22 2

Net periodic benefit cost (income) $ ( 2,636 ) $ 42 $ ( 327 ) $ ( 373 )

Pension Benefits Postretirement Benefits

Nine Months Ended September 30,

Three Months Ended March 31,

(in thousands) 2023 2022 2023 2022

5 unchanged sentences

Net periodic benefit cost (income) $ ( 4,720 ) $ ( 2,091 ) $ ( 514 ) $ ( 404 )

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Pension Benefits

Third Quarter Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in thousands) 2023 2022

6 unchanged sentences

Earnings Per Share

We had 33,070 shares of nonvested restricted stock at September 30, 2022 and 26,618 shares of nonvested restricted stock at September 30, 2021 that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive.

We had 34,579 shares of nonvested restricted stock at March 31, 2023 and 34,349 shares of nonvested restricted stock at March 31, 2022 that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive.

The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends.

1 unchanged sentence

The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share.

Third Quarter Ended

September 30, Nine Months Ended

September 30,

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended March 31,

(in thousands, except per-share amounts) 2023 2022

1 unchanged sentence

Net income attributable to common shareholders before allocation of earnings to participating securities $ 97,583 $ 59,318

$ 63,226 $ 52,038 $ 189,016 $ 173,702

Earnings allocated to participating securities

4 unchanged sentences

Weighted-average number of shares of common stock outstanding - basic and diluted

9,965 10,821 10,130 10,875

Earnings per share - basic and diluted $ 10.09 $ 5.75

September 30, December 31,

March 31, December 31,

(in thousands)

3 unchanged sentences

$ 566,136 $ 631,383

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Intangibles (Net of Amortization) and Goodwill

The net carrying amount of intangibles and goodwill was $ 126 million at September 30, 2022 and $ 128 million at December 31, 2021.

The net carrying amount of intangibles and goodwill was $ 126 million at both March 31, 2023 and December 31, 2022.

The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below.

September 30, 2022 December 31, 2021

March 31, 2023 December 31, 2022

(in thousands) Gross

9 unchanged sentences

All of the intangibles relate to the petroleum additives segment.

The change in the gross carrying amount between December 31, 2021 and September 30, 2022 is due to foreign currency fluctuation.

The change in the gross carrying amount between December 31, 2022 and March 31, 2023 is due to foreign currency fluctuation.

There is no accumulated goodwill impairment.

Amortization expense was (in thousands):

Third quarter ended September 30, 2022 $ 356

Nine months ended September 30, 2022 1,067

Third quarter ended September 30, 2021 356

Nine months ended September 30, 2021 1,800

Three months ended March 31, 2023 356

Three months ended March 31, 2022 355

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Estimated amortization expense for the remainder of 2023, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands):

1 unchanged sentence

Long-term Debt

(in thousands) September 30,

(in thousands) March 31,

2023 December 31,

3 unchanged sentences

250,000 250,000

Senior notes - 4.10 % due 2022 (net of related deferred financing costs)

Revolving credit facility 315,000 361,000

$ 957,958 $ 1,003,737

Current maturity of 4.10 % senior notes

$ 1,008,516 $ 789,853

Senior Notes - The outstanding 2.70 % senior notes, which were issued in 2021, are unsecured with an aggregate principal amount of $ 400 million.

Senior Notes - The 2.70 % senior notes, which were issued in 2021, are unsecured with an aggregate principal amount of $ 400 million.

The offer and sale of the notes were registered under the Securities Act of 1933, as amended.

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The outstanding 3.78 % senior notes are unsecured and were issued in a 2017 private placement with The Prudential Insurance Company of America and certain other purchasers.

On March 15, 2022, we redeemed the 4.10 % senior notes at a redemption price of 100 % of the principal amount of $ 350 million plus the accrued and unpaid interest on the notes and the applicable premium as outlined in the Indenture dated December 20, 2012.

The 4.10 % senior notes were due December 2022.

We recognized a loss of $ 7.5 million on the early extinguishment including cash paid of $ 7.1 million for the premium on the early redemption and a write-off of $ 0.4 million of unamortized deferred financing costs.

We were in compliance with all covenants under all issuances of outstanding senior notes as of September 30, 2022 and December 31, 2021.

The 3.78 % senior notes are unsecured and were issued in a 2017 private placement with The Prudential Insurance Company of America and certain other purchasers.

We were in compliance with all covenants under all issuances of senior notes as of March 31, 2023 and December 31, 2022.

Revolving Credit Facility - The revolving credit facility has a borrowing capacity of $ 900 million, a term of five years , and matures on March 5, 2025.

The obligations under the revolving credit facility are unsecured.

The average interest rate for borrowings under the credit agreement was 2.7 % during the first nine months of 2022 and 1.6 % during the full year of 2021.

We were in compliance with all covenants under the revolving credit facility as of September 30, 2022 and December 31, 2021.

Outstanding borrowings under the revolving credit facility amounted to $ 366 million at September 30, 2022 and $ 148 million at December 31, 2021.

Outstanding letters of credit amounted to approximately $ 2 million at both September 30, 2022 and December 31, 2021.

The unused portion of the credit facility amounted to $ 532 million at September 30, 2022 and $ 750 million at December 31, 2021.

The average interest rate for borrowings under the credit agreement was 5.8 % during the first three months of 2023 and 3.5 % during the full year of 2022.

We were in compliance with all covenants under the revolving credit facility as of March 31, 2023 and December 31, 2022.

Outstanding borrowings under the revolving credit facility amounted to $ 315 million at March 31, 2023 and $ 361 million at December 31, 2022.

Outstanding letters of credit amounted to approximately $ 2 million at both March 31, 2023 and December 31, 2022.

The unused portion of the credit facility amounted to $ 583 million at March 31, 2023 and $ 537 million at December 31, 2022.

Commitments and Contingencies

4 unchanged sentences

While it is not possible to predict or determine with certainty the outcome of any legal proceeding, we believe the outcome of any of these proceedings, or all of them combined, will not result in a material adverse effect on our consolidated results of operations, financial condition, or cash flows.

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Environmental

1 unchanged sentence

While we believe we are currently adequately accrued for known environmental issues, it is possible that unexpected future costs could have a significant impact on our consolidated financial position, results of operations, and cash flows.

Our total accruals for environmental remediation, dismantling, and decontamination were approximately $ 10 million at September 30, 2022 and $ 11 million at December 31, 2021.

Our total accruals for environmental remediation, dismantling, and decontamination were approximately $ 10 million at both March 31, 2023 and December 31, 2022.

Of the total accrual, the current portion is included in accrued expenses and the noncurrent portion is included in other noncurrent liabilities on the Condensed Consolidated Balance Sheets .

Our more significant environmental sites include a former plant site in Louisiana and a Houston, Texas plant site.

Together, the amounts accrued on a discounted basis related to these sites represented approximately $ 7 million of the total accrual above at September 30, 2022 and $ 8 million at December 31, 2021, using discount rates ranging from 3 % to 9 % for both periods.

The aggregate undiscounted amount for these sites were $ 9 million at September 30, 2022 and $ 10 million at December 31, 2021.

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Together, the amounts accrued on a discounted basis related to these sites represented approximately $ 7 million of the total accrual above at March 31, 2023 and $ 8 million at December 31, 2022, using discount rates ranging from 3 % to 9 % for both periods.

The aggregate undiscounted amount for these sites were $ 10 million at both March 31, 2023 and December 31, 2022.

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss

7 unchanged sentences

Amounts reclassified from accumulated other comprehensive loss (a)

3,864 0 3,864

Other comprehensive income (loss)

59 ( 3,102 ) ( 3,043 )

Balance at September 30, 2021 $ ( 90,900 ) $ ( 81,474 ) $ ( 172,374 )

Balance at March 31, 2022 $ 1,581 $ ( 86,851 ) $ ( 85,270 )

Balance at December 31, 2022 $ 54,562 $ ( 126,557 ) $ ( 71,995 )

2 unchanged sentences

Amounts reclassified from accumulated other comprehensive loss (a)

( 922 ) 0 ( 922 )

Other comprehensive income (loss)

( 922 ) 11,366 10,444

Balance at September 30, 2022 $ 3,371 $ ( 152,000 ) $ ( 148,629 )

Balance at March 31, 2023 $ 53,640 $ ( 115,191 ) $ ( 61,551 )

(a) The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income).

1 unchanged sentence

Fair Value Measurements

The carrying amount of cash and cash equivalents in the Consolidated Balance Sheets, as well as the fair value, was $ 72 million at September 30, 2022 and $ 83 million at December 31, 2021.

The carrying amount of cash and cash equivalents in the Consolidated Balance Sheets, as well as the fair value, was $ 70 million at March 31, 2023 and $ 69 million at December 31, 2022.

The fair value is classified as Level 1 in the fair value hierarchy.

No material events occurred during the nine months ended September 30, 2022 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis.

Long-term debt – We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to our registered senior notes.

No material events occurred during the three months ended March 31, 2023 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis.

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Long-term debt – We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to our 2.70% senior notes.

The estimated fair value of our long-term debt is shown in the table below and is based primarily on estimated current rates available to us for debt of the same remaining duration and adjusted for nonperformance risk and credit risk.

The estimated fair value of our registered senior notes included in the table below is based on the last quoted price closest to September 30, 2022.

The fair value of our debt instruments are classified as Level 2.

September 30, 2022 December 31, 2021

The estimated fair value of our 2.70% senior notes included in the table below is based on the last quoted price closest to March 31, 2023.

The fair value of our debt instruments is classified as Level 2.

March 31, 2023 December 31, 2022

(in thousands) Carrying

Value Carrying

Long-term debt, including current maturities $ 1,008,516 $ 896,982 $ 1,139,287 $ 1,178,066

Recent Accounting Pronouncements

In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No.

2022-04, "Liabilities - Supplier Finance Programs - Disclosure of Supplier Finance Program Obligations" (ASU 2022-04).

FASB issued ASU 2022-04 to enhance the transparency of supplier finance programs by requiring disclosures surrounding the programs be included in the financial statements.

ASU 2022-04 is effective for our reporting period beginning January 1, 2023.

We are evaluating the impact of ASU 2022-04 on our consolidated financial statements.

Long-term debt $ 957,958 $ 882,023 $ 1,003,737 $ 906,891

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