What changed in this filing

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Item 1. Financial Statements

2023-07-27 compared with 2023-04-27 · 146 added, 92 removed, 533 unchanged (31% of the section changed)

2 unchanged sentences

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

Three months ended

In millions, except per-share data March 31,

2023 March 31,

Three months ended Six months ended

In millions, except per-share data June 30,

2023 June 30,

2022 June 30,

2023 June 30,

Net sales $ 1,082.5 $ 1,064.2 $ 2,111.1 $ 2,063.8

4 unchanged sentences

Operating income 208.5 190.8 392.1 336.6

Other expense

Other (income) expense

Net interest expense 31.8 9.2 64.2 14.9

Other expense 0.7 0.1

Other (income) expense ( 4.8 ) 0.1 ( 4.1 ) 0.2

Income from continuing operations before income taxes 181.5 181.5 332.0 321.5

1 unchanged sentence

Net income from continuing operations 154.2 153.0 282.7 271.5

Income (loss) from discontinued operations, net of tax 1.2 ( 0.9 )

Loss from discontinued operations, net of tax ( 1.3 ) ( 0.1 ) ( 0.1 ) ( 1.0 )

Net income $ 152.9 $ 152.9 $ 282.6 $ 270.5

44 unchanged sentences

Commitments and contingencies (Note 16)

Ordinary shares $ 0.01 par value, 426.0 authorized, 165.0 and 164.5 issued at March 31, 2023 and December 31, 2022, respectively

Ordinary shares $ 0.01 par value, 426.0 authorized, 165.1 and 164.5 issued at June 30, 2023 and December 31, 2022, respectively

Additional paid-in capital 1,569.8 1,554.9

6 unchanged sentences

Condensed Consolidated Statements of Cash Flows (Unaudited)

Three months ended

In millions March 31,

2023 March 31,

Six months ended

In millions June 30,

2023 June 30,

Operating activities

Net income $ 282.6 $ 270.5

(Income) loss from discontinued operations, net of tax ( 1.2 ) 0.9

Loss from discontinued operations, net of tax 0.1 1.0

Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities

6 unchanged sentences

Amortization of bridge financing fees — 7.7

Gain on sale of assets ( 3.4 ) ( 2.3 )

Changes in assets and liabilities, net of effects of business acquisitions

6 unchanged sentences

Other non-current assets and liabilities ( 1.5 ) ( 5.7 )

Net cash used for operating activities ( 106.6 ) ( 131.5 )

Net cash provided by operating activities of continuing operations 340.1 176.3

Net cash used for operating activities of discontinued operations ( 1.6 ) ( 1.0 )

Net cash provided by operating activities 338.5 175.3

Investing activities

1 unchanged sentence

Proceeds from sale of property and equipment 5.0 2.9

Settlement of net investment hedges — 8.8

Acquisitions, net of cash acquired 0.2 ( 1.4 )

1 unchanged sentence

Financing activities

Net borrowings of revolving long-term debt 173.6 199.6

Net (repayments) borrowings of revolving long-term debt ( 204.3 ) 19.8

Debt issuance costs — ( 8.9 )

Shares issued to employees, net of shares withheld 0.8 ( 5.4 )

Repurchases of ordinary shares — ( 50.0 )

Dividends paid ( 72.5 ) ( 69.5 )

Net cash provided by financing activities 133.3 153.8

Receipts upon the maturity of cross currency swaps — 0.2

Net cash used for financing activities ( 276.0 ) ( 113.8 )

Effect of exchange rate changes on cash and cash equivalents ( 3.7 ) 8.9

18 unchanged sentences

Balance - March 31, 2023 165.0 $ 1.7 $ 1,558.0 $ 1,483.9 $ ( 234.1 ) $ 2,809.5

Net income — — — 152.9 — 152.9

Other comprehensive loss, net of tax — — — — ( 2.5 ) ( 2.5 )

Dividends declared, $ 0.22 per share

— — — ( 36.4 ) — ( 36.4 )

Exercise of options, net of shares tendered for payment 0.1 — 6.3 — — 6.3

Shares surrendered by employees to pay taxes — — ( 1.4 ) — — ( 1.4 )

Share-based compensation — — 6.9 — — 6.9

Balance - June 30, 2023 165.1 $ 1.7 $ 1,569.8 $ 1,600.4 $ ( 236.6 ) $ 2,935.3

In millions Ordinary shares Additional paid-in capital Retained earnings Accumulated

11 unchanged sentences

Balance - March 31, 2022 165.4 $ 1.7 $ 1,584.3 $ 1,132.6 $ ( 214.7 ) $ 2,503.9

Net income — — — 152.9 — 152.9

Other comprehensive loss, net of tax — — — — ( 15.4 ) ( 15.4 )

Dividends declared, $ 0.21 per share

— — — ( 34.6 ) — ( 34.6 )

Share repurchases ( 0.9 ) — ( 50.0 ) — — ( 50.0 )

Exercise of options, net of shares tendered for payment — — 0.2 — — 0.2

Shares surrendered by employees to pay taxes — — ( 0.3 ) — — ( 0.3 )

Share-based compensation — — 6.3 — — 6.3

Balance - June 30, 2022 164.5 $ 1.7 $ 1,540.5 $ 1,250.9 $ ( 230.1 ) $ 2,563.0

See accompanying notes to condensed consolidated financial statements.

14 unchanged sentences

Geographic net sales information, based on geographic destination of the sale, was as follows:

Three months ended

In millions March 31,

2023 March 31,

Three months ended Six months ended

In millions June 30,

2023 June 30,

2022 June 30,

2023 June 30,

$ 757.6 $ 757.0 $ 1,473.4 $ 1,463.0

1 unchanged sentence

Developing (1)

142.5 127.4 263.6 238.0

Other Developed (2)

62.9 63.9 126.8 129.0

Consolidated net sales $ 1,082.5 $ 1,064.2 $ 2,111.1 $ 2,063.8

2 unchanged sentences

Vertical market net sales information was as follows:

Three months ended

In millions March 31,

2023 March 31,

Three months ended Six months ended

In millions June 30,

2023 June 30,

2022 June 30,

2023 June 30,

Residential $ 536.0 $ 730.3 $ 1,102.4 $ 1,413.1

3 unchanged sentences

Performance obligations

On March 31, 2023, we had $ 98.1 million of remaining performance obligations on contracts with an original expected duration of one year or more.

On June 30, 2023, we had $ 121.4 million of remaining performance obligations on contracts with an original expected duration of one year or more.

We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months.

3 unchanged sentences

Contract assets and liabilities consisted of the following:

In millions March 31,

In millions June 30,

2023 December 31,

3 unchanged sentences

Net contract liabilities $ ( 3.5 ) $ ( 9.7 ) $ 6.2 ( 63.9 ) %

The $ 8.6 million decrease in net contract liabilities from December 31, 2022 to March 31, 2023 was primarily the result of timing of milestone payments.

Approximately 60 % of our contract liabilities at December 31, 2022 were recognized in revenue in the first quarter of 2023.

The $ 6.2 million decrease in net contract liabilities from December 31, 2022 to June 30, 2023 was primarily the result of timing of milestone payments.

Approximately 80 % of our contract liabilities at December 31, 2022 were recognized in revenue in the first half of 2023.

In July 2022, as part of our Water Solutions reporting segment, we acquired the issued and outstanding equity securities of certain subsidiaries of Welbilt, Inc.

7 unchanged sentences

There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocation.

The following table summarizes our preliminary estimates of the fair values of the assets acquired and liabilities assumed in the Manitowoc Ice acquisition as previously reported as of December 31, 2022 and revised as of March 31, 2023:

In millions As Previously Reported As Revised

18 unchanged sentences

The following table presents unaudited pro forma financial information as if the Manitowoc Ice acquisition had occurred on January 1, 2021:

Three months ended

In millions, except per share data March 31, 2022

Three months ended Six months ended

In millions, except per share data June 30, 2022 June 30, 2022

Pro forma net sales $ 1,166.7 $ 2,241.1

1 unchanged sentence

Pro forma earnings per ordinary share - continuing operations

The unaudited pro forma net income from continuing operations includes Manitowoc Ice’s identifiable intangible asset amortization expense of $ 8.5 million for the three months ended March 31, 2022.

The unaudited pro forma net income from continuing operations for the three months ended March 31, 2022 excludes the impact of $ 8.9 million of transaction-related charges and acquisition-related bridge financing costs.

Basic $ 0.99 $ 1.73

Diluted 0.98 1.72

The unaudited pro forma net income from continuing operations includes Manitowoc Ice’s identifiable intangible asset amortization expense of $ 8.5 million for the three months ended June 30, 2022, and $ 17.1 million for the six months ended June 30, 2022.

The unaudited pro forma net income from continuing operations for the three and six months ended June 30, 2022 excludes the impact of $ 6.6 million and $ 15.5 million, respectively, of transaction-related charges and acquisition-related bridge financing costs.

The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above.

4 unchanged sentences

Notes to condensed consolidated financial statements (unaudited)

Total share-based compensation expense for the three months ended March 31, 2023 and 2022 was as follows:

Three months ended

In millions March 31,

2023 March 31,

Total share-based compensation expense for the three and six months ended June 30, 2023 and 2022 was as follows:

Three months ended Six months ended

In millions June 30,

2023 June 30,

2022 June 30,

2023 June 30,

Restricted stock units $ 3.7 $ 3.3 $ 7.4 $ 6.9

19 unchanged sentences

The Transformation Program is structured in multiple phases and is expected to empower us to work more efficiently and optimize our business to better serve our customers while meeting our financial objectives.

During the three months ended March 31, 2023, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business.

During the six months ended June 30, 2023, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business.

In addition, we have continued to execute certain initiatives associated with the Transformation Program.

These initiatives included a reduction in hourly and salaried headcount of approximately 200 employees during the three months ended March 31, 2023.

These initiatives included a reduction in hourly and salaried headcount of approximately 220 employees during the six months ended June 30, 2023.

Pentair plc and Subsidiaries

1 unchanged sentence

Restructuring and transformation-related costs included within Cost of goods sold and Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income included the following:

Three months ended

In millions March 31,

2023 March 31,

Three months ended Six months ended

In millions June 30,

2023 June 30,

2022 June 30,

2023 June 30,

Restructuring Initiatives

Severance and related costs $ 0.9 $ 0.8 $ 3.4 $ 2.7

Other restructuring costs (1)

Other restructuring costs and related adjustments (1)

( 0.1 ) 0.2 0.5 0.2

Total restructuring costs 0.8 1.0 3.9 2.9

2 unchanged sentences

Other transformation costs (2)

5.7 5.2 12.3 10.7

Total transformation costs 6.0 5.2 14.5 10.7

Total restructuring and transformation costs $ 6.8 $ 6.2 $ 18.4 $ 13.6

(1) Other restructuring costs primarily consist of certain accruals, various contract termination costs and inventory write-offs associated with business and product line exits.

(2) Other transformation costs primarily consist of professional services and project management and related costs.

(1) Other restructuring costs and related adjustments primarily consist of certain accruals, various contract termination costs, asset impairments and inventory write-offs associated with business and product line exits.

(2) Other transformation costs primarily consist of professional services and project management and related costs, partially offset by gain on sale of assets.

Restructuring and transformation costs by reportable segment were as follows:

Three months ended

In millions March 31,

2023 March 31,

Three months ended Six months ended

In millions June 30,

2023 June 30,

2022 June 30,

2023 June 30,

Industrial & Flow Technologies $ 0.8 $ 0.6 $ 1.2 $ 1.2

Water Solutions ( 2.6 ) 0.1 ( 1.1 ) 0.4

Pool 1.9 0.4 5.2 1.4

Other 6.7 5.1 13.1 10.6

Consolidated $ 6.8 $ 6.2 $ 18.4 $ 13.6

Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the three months ended March 31, 2023:

In millions March 31,

Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the six months ended June 30, 2023:

In millions June 30,

Beginning balance $ 23.2

6 unchanged sentences

Basic and diluted earnings per share were calculated as follows:

Three months ended

In millions, except per-share data March 31,

2023 March 31,

Three months ended Six months ended

In millions, except per-share data June 30,

2023 June 30,

2022 June 30,

2023 June 30,

Net income $ 152.9 $ 152.9 $ 282.6 $ 270.5

4 unchanged sentences

Dilutive impact of stock options, restricted stock units and performance share units

1.1 0.7 1.0 1.0

Diluted 166.1 165.5 165.9 166.0

7 unchanged sentences

Anti-dilutive stock options excluded from the calculation of diluted earnings per share

0.3 0.9 0.6 0.7

Accounts Receivable

5 unchanged sentences

We review our allowance for credit losses on a quarterly basis.

Activity related to our allowance for credit losses is summarized as follows for the three months ended March 31, 2023:

In millions March 31,

Activity related to our allowance for credit losses is summarized as follows for the six months ended June 30, 2023:

In millions June 30,

Beginning balance $ 10.8

Bad debt expense 0.1

Bad debt expense (benefit) ( 0.9 )

Write-offs, net of recoveries ( 0.3 )

4 unchanged sentences

Supplemental Balance Sheet Information

In millions March 31,

In millions June 30,

2023 December 31,

48 unchanged sentences

In millions December 31,

2022 Purchase Accounting Adjustments Foreign

Translation March 31,

2022 Purchase Accounting Adjustments Foreign Currency

Translation June 30,

Industrial & Flow Technologies $ 747.6 $ — $ 10.9 $ 758.5

11 unchanged sentences

Other — — — 14.4 ( 14.4 ) —

Total finite-life intangibles 1,192.2 ( 360.3 ) 831.9 1,204.6 ( 358.9 ) 845.7

Total definite-life intangibles 1,192.6 ( 374.6 ) 818.0 1,204.6 ( 358.9 ) 845.7

Indefinite-life intangibles

1 unchanged sentence

Total intangibles $ 1,443.0 $ ( 374.6 ) $ 1,068.4 $ 1,453.5 $ ( 358.9 ) $ 1,094.6

Identifiable intangible asset amortization expense was $ 13.8 million and $ 6.6 million for the three months ended March 31, 2023 and 2022, respectively.

Identifiable intangible asset amortization expense was $ 13.9 million and $ 6.3 million for the three months ended June 30, 2023 and 2022 and $ 27.7 million and $ 12.9 million for the six months ended June 30, 2023 and 2022, respectively.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows:

4 unchanged sentences

Debt and the average interest rates on debt outstanding were as follows:

In millions Average interest rate as of March 31, 2023 Maturity

Year March 31,

In millions Average interest rate as of June 30, 2023 Maturity

Year June 30,

2023 December 31,

17 unchanged sentences

The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.

As of March 31, 2023, total availability under the Senior Credit Facility was $ 406.4 million.

As of June 30, 2023, total availability under the Senior Credit Facility was $ 784.3 million.

In addition, PFSA has the option to request to increase the revolving credit facility and/or to enter into one or more additional tranches of term loans in an aggregate amount of up to $ 300.0 million, subject to customary conditions, including the commitment of the participating lenders.

12 unchanged sentences

Loan Facility provide for the calculation of EBITDA giving pro forma effect to certain acquisitions, divestitures and liquidations during the period to which such calculation relates.

In addition to the Senior Credit Facility and the Term Loan Facility, we have various other credit facilities with an aggregate availability of $ 21.1 million, of which there were no outstanding borrowings at March 31, 2023.

In addition to the Senior Credit Facility and the Term Loan Facility, we have various other credit facilities with an aggregate availability of $ 20.8 million, of which there were no outstanding borrowings at June 30, 2023.

Borrowings under these credit facilities bear interest at variable rates.

We have $ 25.0 million of Term Loan Facility payments due in the next twelve months.

We classified this debt as long-term as of March 31, 2023 as we have the intent and ability to refinance such obligation on a long-term basis under the revolving credit facility under the Senior Credit Facility.

Debt outstanding, excluding unamortized issuance costs and discounts, at March 31, 2023 matures on a calendar year basis as follows:

We classified this debt as long-term as of June 30, 2023 as we have the intent and ability to refinance such obligation on a long-term basis under the revolving credit facility under the Senior Credit Facility.

Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2023 matures on a calendar year basis as follows:

In millions 2023 2024 2025 2026 2027 2028 Thereafter Total

14 unchanged sentences

The majority of our foreign currency contracts have an original maturity date of less than one year.

At March 31, 2023 and December 31, 2022, we had outstanding foreign currency derivative contracts with gross notional U.S.

At June 30, 2023 and December 31, 2022, we had outstanding foreign currency derivative contracts with gross notional U.S.

dollar equivalent amounts of $ 23.5 million and $ 9.4 million, respectively.

1 unchanged sentence

Cross currency swaps

At March 31, 2023 and December 31, 2022, we had outstanding cross currency swap agreements with a combined notional amount of $ 759.1 million and $ 746.3 million, respectively.

At June 30, 2023 and December 31, 2022, we had outstanding cross currency swap agreements with a combined notional amount of $ 763.9 million and $ 746.3 million, respectively.

The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges to manage our exposure to fluctuations in the Euro-U.S.

Dollar exchange rate.

We had deferred foreign currency losses of $ 47.6 million and $ 40.3 million at March 31, 2023 and December 31, 2022, respectively, recorded in Accumulated other comprehensive loss associated with our cross currency swap activity.

We had deferred foreign currency losses of $ 47.9 million and $ 40.3 million at June 30, 2023 and December 31, 2022, respectively, recorded in Accumulated other comprehensive loss associated with our cross currency swap activity.

The periodic interest settlements related to our cross currency swap agreements are classified as operating activities.

2 unchanged sentences

On March 31, 2023, we entered into floating-to-fixed interest rate swap agreements to hedge the interest rate variability related to a portion of our Senior Credit Facility and Term Loan Facility referenced in Note 10.

The swaps have a combined notional amount of $ 300.0 million, an average fixed one-month U.S.

Dollar secured overnight financing rate (“SOFR”) of 3.795 % and settle monthly through April 2026.

The swaps have a combined notional amount of $ 300.0 million and an average fixed one-month U.S.

Dollar secured overnight financing rate (“SOFR”) of 3.795 %.

They have an effective date of April 4, 2023 and settle monthly through April 2026.

Pentair plc and Subsidiaries

6 unchanged sentences

Unrealized gains and losses related to the fair value of the interest rate swaps are recorded in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets.

We had a gain of $ 6.4 million at June 30, 2023 recorded in Accumulated other comprehensive loss associated with our interest rate swap and collar activity.

The periodic interest settlements related to our interest rate swaps and collars are classified as operating activities.

Fair value measurements

23 unchanged sentences

Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows:

March 31, 2023

June 30, 2023

In millions Level 1 Level 2 Level 3 NAV Total

Recurring fair value measurements

Foreign currency contract assets $ — $ 0.5 $ — $ — $ 0.5

Interest rate contract assets $ — $ 6.4 $ — $ — $ 6.4

Foreign currency contract liabilities — ( 70.1 ) — — ( 70.1 )

12 unchanged sentences

Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates.

The effective income tax rate for the three months ended March 31, 2023 was 14.6 %, compared to 15.4 % for the three months ended March 31, 2022.

The effective income tax rate for the six months ended June 30, 2023 was 14.8 %, compared to 15.6 % for the six months ended June 30, 2022.

We continue to actively pursue initiatives to reduce our effective tax rate.

The tax rate in any quarter can be affected positively or negatively by the mix of global earnings or adjustments that are required to be reported in the specific quarter of resolution.

The total gross liability for uncertain tax positions was $ 39.6 million at March 31, 2023 and December 31, 2022.

The total gross liability for uncertain tax positions was $ 37.0 million and $ 39.6 million at June 30, 2023 and December 31, 2022, respectively.

We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense , respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income, which is consistent with our past practices.

2 unchanged sentences

Benefit Plans

Components of net periodic benefit expense for our pension plans for the three months ended March 31, 2023 and 2022 were as follows:

Three months ended

In millions March 31,

2023 March 31,

Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2023 and 2022 were as follows:

Three months ended Six months ended

In millions June 30,

2023 June 30,

2022 June 30,

2023 June 30,

Service cost $ 0.4 $ 0.6 $ 0.8 $ 1.2

2 unchanged sentences

Net periodic benefit expense $ 1.2 $ 1.1 $ 2.4 $ 2.2

Components of net periodic benefit expense for our other post-retirement plans for the three months ended March 31, 2023 and 2022 were not material .

Components of net periodic benefit expense for our other post-retirement plans for the three and six months ended June 30, 2023 and 2022 were not material .

Shareholders’ Equity

2 unchanged sentences

The authorization expires on December 31, 2025 .

During the three months ended March 31, 2023, no ordinary shares were repurchased.

As of March 31, 2023, we had $ 600.0 million available for share repurchases under this authorization.

During the three and six months ended June 30, 2023, no ordinary shares were repurchased.

As of June 30, 2023, we had $ 600.0 million available for share repurchases under this authorization.

Dividends payable

On February 20, 2023, the Board of Directors declared a quarterly cash dividend of $ 0.22 , payable on May 5, 2023 to shareholders of record at the close of business on April 21, 2023.

As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $ 36.3 million at March 31, 2023, compared to $ 36.2 million at December 31, 2022.

On May 8, 2023, the Board of Directors declared a quarterly cash dividend of $ 0.22 per share, payable on August 4, 2023 to shareholders of record at the close of business on July 21, 2023.

As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $ 36.4 million at June 30, 2023, compared to $ 36.2 million at December 31, 2022.

Segment Information

20 unchanged sentences

Financial information by reportable segment is as follows:

Three months ended

In millions March 31,

2023 March 31,

Three months ended Six months ended

In millions June 30,

2023 June 30,

2022 June 30,

2023 June 30,

Industrial & Flow Technologies $ 411.6 $ 377.4 $ 803.4 $ 735.5

10 unchanged sentences

The following table presents a reconciliation of consolidated segment income to consolidated income from continuing operations before income taxes:

Three months ended

In millions March 31,

2023 March 31,

Three months ended Six months ended

In millions June 30,

2023 June 30,

2022 June 30,

2023 June 30,

Segment income $ 234.2 $ 205.9 $ 445.2 $ 378.0

7 unchanged sentences

Interest expense, net ( 31.8 ) ( 9.2 ) ( 64.2 ) ( 14.9 )

Other expense ( 0.9 ) ( 0.6 )

Other income (expense) 4.2 ( 0.5 ) 3.3 ( 1.1 )

Income from continuing operations before income taxes $ 181.5 $ 181.5 $ 332.0 $ 321.5

5 unchanged sentences

Adjustments are made to accruals as claim data and historical experience warrant.

The changes in the carrying amount of service and product warranties from continuing operations for the three months ended March 31, 2023 were as follows:

In millions March 31,

The changes in the carrying amount of service and product warranties from continuing operations for the six months ended June 30, 2023 were as follows:

In millions June 30,

Beginning balance $ 63.1

1 unchanged sentence

Payments ( 38.5 )

Foreign currency translation 0.1

Ending balance $ 67.7

3 unchanged sentences

In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs.

As of March 31, 2023 and December 31, 2022, the outstanding value of bonds, letters of credit and bank guarantees totaled $ 101.6 million and $ 99.7 million, respectively.

As of June 30, 2023 and December 31, 2022, the outstanding value of bonds, letters of credit and bank guarantees totaled $ 100.4 million and $ 99.7 million, respectively.

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