What changed in this filing

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Item 1. Financial Statements

2025-10-28 compared with 2025-07-24 · 204 added, 158 removed, 750 unchanged (33% of the section changed)

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

5 unchanged sentences

Percent to Net sales 30.7 % 30.7 % 32.0 % 31.1 %

Other general expense (income) - net 6.3 ( 33.6 ) 15.2 ( 31.6 )

Other general (income) expense - net ( 4.7 ) 0.7 10.5 ( 30.9 )

Interest expense 117.2 103.4 333.4 317.2

13 unchanged sentences

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED)

(in millions) Three Months Ended Six Months Ended

June 30, June 30,

(in millions) Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

12 unchanged sentences

Comprehensive income $ 840.9 $ 906.9 $ 2,376.8 $ 2,149.4

(1) The three months ended June 30, 2025 and 2024 include unrealized (losses) gains, net of taxes of $( 109.0 ) million and $ 5.8 million, respectively, related to net investment hedges.

The six months ended June 30, 2025 and 2024 include unrealized (losses) gains, net of taxes of $( 145.3 ) million and $ 24.1 million, respectively, related to net investment hedges.

(1) The three months ended September 30, 2025 and 2024 include unrealized gains (losses), net of taxes of $ 11.9 million and $( 31.4 ) million, respectively, related to net investment hedges.

The nine months ended September 30, 2025 and 2024 include unrealized losses, net of taxes of $( 133.4 ) million and $( 7.3 ) million, respectively, related to net investment hedges.

See Note 12 for additional information.

(2) Net of taxes of $ 1.1 million and $ 1.4 million for the three months ended June 30, 2025 and 2024, respectively.

Net of taxes of $ 2.2 million and $ 2.9 million for the six months ended June 30, 2025 and 2024, respectively.

(3) Net of taxes of $( 1.0 ) million for the three and six months ended June 30, 2025.

(2) Net of taxes of $ 1.3 million and $ 1.6 million for the three months ended September 30, 2025 and 2024, respectively.

Net of taxes of $ 3.5 million and $ 4.5 million for the nine months ended September 30, 2025 and 2024, respectively.

(3) Net of taxes of $( 0.5 ) million for the three months ended September 30, 2025.

Net of taxes of $( 1.5 ) million for the nine months ended September 30, 2025.

See Note 12 for additional information.

(4) Net of taxes of $ 0.3 million for the three months ended June 30, 2025 and 2024.

Net of taxes of $ 0.6 million for the six months ended June 30, 2025 and 2024.

(4) Net of taxes of $ 0.3 million for the three months ended September 30, 2025 and 2024.

Net of taxes of $ 0.9 million for the nine months ended September 30, 2025 and 2024.

See notes to condensed consolidated financial statements.

1 unchanged sentence

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions) June 30,

(in millions) September 30,

2025 December 31,

2024 June 30,

2024 September 30,

Current assets:

28 unchanged sentences

247.9 million, 251.3 million and 251.9 million shares outstanding

at June 30, 2025, December 31, 2024 and June 30, 2024, respectively

at September 30, 2025, December 31, 2024 and September 30, 2024, respectively

92.9 92.5 92.4

8 unchanged sentences

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)

(in millions) Six Months Ended

2025 June 30,

(in millions) Nine Months Ended

September 30,

2025 September 30,

Operating Activities

24 unchanged sentences

Net increase in short-term borrowings 1,184.1 541.4

Proceeds from long-term debt 1,499.2 848.7

Payments of long-term debt ( 1,050.0 ) ( 1,100.0 )

Payments for credit facility and debt issuance costs ( 13.6 ) ( 8.6 )

Payments of cash dividends ( 594.0 ) ( 543.6 )

36 unchanged sentences

Balance at June 30, 2025 $ 92.7 $ 4,680.2 $ 8,106.6 $ ( 7,880.7 ) $ ( 597.9 ) $ 4,400.9

Net income 833.1 833.1

Other comprehensive income 7.8 7.8

Treasury stock purchased ( 668.2 ) ( 668.2 )

Stock-based compensation activity 0.2 98.9 ( 0.3 ) 98.8

Other adjustments ( 51.4 ) ( 51.4 )

Cash dividends -- $ 0.79 per share

( 195.7 ) ( 195.7 )

Balance at September 30, 2025 $ 92.9 $ 4,727.7 $ 8,744.0 $ ( 8,549.2 ) $ ( 590.1 ) $ 4,425.3

(in millions, except per share data) Common

20 unchanged sentences

Balance at June 30, 2024 $ 92.1 $ 4,342.0 $ 6,322.3 $ ( 6,227.7 ) $ ( 776.9 ) $ 3,751.8

Net income 806.2 806.2

Other comprehensive loss 100.7 100.7

Treasury stock purchased ( 448.7 ) ( 448.7 )

Stock-based compensation activity 0.3 130.7 ( 1.1 ) 129.9

Other adjustments ( 1.3 ) ( 1.3 )

Cash dividends -- $ 0.715 per share

( 182.5 ) ( 182.5 )

Balance at September 30, 2024 $ 92.4 $ 4,471.4 $ 6,946.0 $ ( 6,677.5 ) $ ( 676.2 ) $ 4,156.1

See notes to condensed consolidated financial statements.

2 unchanged sentences

(millions of dollars, unless otherwise noted)

Periods ended June 30, 2025 and 2024

Periods ended September 30, 2025 and 2024

NOTE 1 - BASIS OF PRESENTATION

7 unchanged sentences

The Company has historically experienced, and expects to continue to experience, variability in quarterly results.

The results of operations for the three and six months ended June 30, 2025 are not indicative of the results to be expected for the full year as business is seasonal in nature with the majority of Net sales for the reportable segments traditionally occurring during the second and third quarters.

The results of operations for the three and nine months ended September 30, 2025 are not indicative of the results to be expected for the full year as business is seasonal in nature with the majority of Net sales for the reportable segments traditionally occurring during the second and third quarters.

However, periods of economic uncertainty can alter the Company’s seasonal patterns.

Since December 31, 2024, a ccounting estimates were revised as necessary during the first six months of 2025 based on new information and changes in facts and circumstances.

Since December 31, 2024, a ccounting estimates were revised as necessary during the first nine months of 2025 based on new information and changes in facts and circumstances.

The following represents updates to certain significant accounting policy disclosures.

2 unchanged sentences

As part of our strategy to manage working capital, we have entered into agreements with various financial institutions that act as intermediaries between the Company and certain suppliers.

Liabilities associated with these arrangements are recorded in Accounts payable on the Consolidated Balance Sheets and amounted to $ 222.2 million, $ 215.7 million and $ 242.6 million at June 30, 2025, December 31, 2024 and June 30, 2024, respectively.

Liabilities associated with these arrangements are recorded in Accounts payable on the Consolidated Balance Sheets and amounted to $ 228.4 million, $ 215.7 million and $ 255.2 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

Non-Traded Investments

6 unchanged sentences

Both the amortization and related tax credits and other tax benefits are recognized in Income tax expense on the Statements of Consolidated Income.

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30, September 30, September 30,

2025 2024 2025 2024

5 unchanged sentences

On the Statements of Condensed Consolidated Cash Flows, the tax credits and other tax benefits are presented as a Change in working capital accounts - net and in Deferred income taxes within Operating activities.

Tax credits and other tax benefits reduced Accrued taxes by $ 63.4 million, $ 104.9 million and $ 47.4 million at June 30, 2025, December 31, 2024 and June 30, 2024, respectively.

Tax credits and other tax benefits reduced Accrued taxes by $ 93.2 million, $ 104.9 million and $ 75.2 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

The following table summarizes the balances related to Non-Traded Investments and related tax credits and other tax benefits on the Consolidated Balance Sheets:

June 30, December 31, June 30,

September 30, December 31, September 30,

2025 2024 2024

5 unchanged sentences

Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity’s operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows.

This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold.

Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions.

This ASU is effective for fiscal years beginning after December 15, 2024 and will expand the Company’s annual income tax disclosures, but will not affect the Company’s financial position, results of operations or cash flows.

In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software”.

This ASU clarifies and modernizes the accounting for costs related to internal-use software by removing references to prescriptive and sequential software development states and clarifies the threshold entities apply to begin capitalizing costs.

Additionally, this ASU specifies that the disclosures in Subtopic 360-10, Property, Plant and Equipment - Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

This ASU is effective for fiscal years beginning after December 15, 2027, with early adoption permitted.

The Company is evaluating the impact of adopting ASU 2025-06.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

6 unchanged sentences

The Company is evaluating the impact of adopting ASU 2024-03.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions.

NOTE 3 - ACQUISITIONS

In February 2025, the Company signed an agreement to acquire the Brazilian decorative paints business of BASF SE (BASF), which is a leading provider of architectural paints in Brazil with annual sales of approximately $ 525 million.

The business develops, manufactures and sells a comprehensive portfolio of innovative products under the Suvinil and Glasu!

brand names to professional painters, designers, architects, general contractors and consumers across the country.

The business also operates two production facilities located in the Northeast and Southeast regions of Brazil.

The closing of the transaction is subject to receipt of Brazilian antitrust approval, satisfaction or waiver of certain other customary closing conditions, as well as BASF’s completion in all material respects of its carve-out of all relevant assets, properties, contracts, permits, rights and employees of the decorative paints business into a separate entity.

The Company will acquire all issued and outstanding equity interests in this separate entity for an agreed-upon cash purchase price of $ 1.15 billion, subject to customary post-closing adjustments.

The Company intends to finance the transaction through a combination of cash on hand, liquidity available under existing facilities and new debt.

The acquired business is expected to be reported within the Company’s Consumer Brands Group.

Closed in Current Year

10 unchanged sentences

The acquired business develops, manufactures and sells coatings for the food and household product markets and is reported within the Company’s Performance Coatings Group.

The Company finalized the purchase price allocation for the acquisition during the third quarter of 2025.

Pro forma results of operations have not been presented as the impact on the Company’s consolidated financial results is not material.

Subsequent Event

In October 2025, the Company completed the acquisition of BASF SE’s Brazilian decorative paints business (Suvinil) which is a leading provider of architectural paints in Brazil with annual sales of approximately $ 525 million.

Suvinil develops, manufactures and sells a comprehensive portfolio of innovative products under the well-known Suvinil and Glasu!

brand names to professional painters, designers, architects and consumers across the country.

The business also operates two manufacturing facilities located in the Northeast and Southeast regions of Brazil.

The acquired business will be reported within the Company’s Consumer Brands Group.

The Company expects to finalize the purchase price allocation for the acquisition within the allowable measurement period.

Pro forma results of operations have not been presented as the impact on the Company’s consolidated financial results is not material.

The purchase price of $ 1.150 billion was funded with cash predominantly through a delayed draw term loan (DDTL) in September 2025.

The proceeds from the draw were received and, as of September 30, 2025, are recognized in Other assets in the Administrative function as the funds were on deposit in advance of closing the Suvinil acquisition.

The cash outflow for the deposit is presented in Other investing activities on the Statements of Condensed Consolidated Cash Flows for the nine months ended September 30, 2025.

See Note 6 for additional information on the DDTL.

NOTE 4 - INVENTORIES

Included in Inventories were the following:

June 30, December 31, June 30,

September 30, December 31, September 30,

2025 2024 2024

9 unchanged sentences

Included in Property, plant and equipment, net were the following:

June 30, December 31, June 30,

September 30, December 31, September 30,

2025 2024 2024

9 unchanged sentences

The following table summarizes the Company’s outstanding debt:

June 30, December 31, June 30,

September 30, December 31, September 30,

2025 2024 2024

4 unchanged sentences

The Company’s long-term debt primarily consists of senior notes.

In July 2025, the Company issued $ 500.0 million of 4.30 % senior notes due 2028, $ 500.0 million of 4.50 % senior notes due 2030 and $ 500.0 million of 5.15 % senior notes due 2035 in a public offering.

The net proceeds from the issuance of these senior notes were used to repay the outstanding principal of $ 400.0 million related to the Company’s 3.45 % senior notes due August 1, 2025, the outstanding principal of $ 400.0 million related to the Company’s 4.25 % senior notes due August 8, 2025 and a portion of the outstanding borrowings under the Company’s domestic commercial paper program.

The newly issued senior notes contain customary qualitative covenants as defined in their respective agreements.

The Company is in compliance with these and all other covenants related to the senior notes as of September 30, 2025.

During the first quarter of 2025, the Company repaid the principal of $ 250.0 million related to the Company’s 3.3 % senior notes due February 1, 2025 using commercial paper.

For further details on the Company’s long-term debt, see Note 7 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

In April 2025, in anticipation of a probable issuance of new long-term fixed rate debt within the next twelve months, the Company entered into interest rate lock contracts with an aggregate notional amount of $ 300 million.

See Notes 12 and 13 for additional information.

Short-Term Borrowings

In August 2025, the Company amended its existing revolving credit agreement dated July 31, 2024 to extend the maturity of $ 2.5 billion of the commitments under the agreement from July 31, 2029 to August 8, 2030, remove a credit spread adjustment and modify the pricing grid.

Also in August 2025, the Company entered into a new 364 -day senior unsecured DDTL credit agreement which provided for a $ 750.0 million US dollar-denominated senior unsecured delayed draw term loan (USD DDTL) and € 250.0 million Euro-denominated senior unsecured delayed draw term loan (EUR DDTL) tranches available as a single draw for general corporate purposes, including to finance working capital requirements.

The Company exercised the full amount of the draw in September 2025 to fund the acquisition of Suvinil.

See Note 3 for additional information on the acquisition of Suvinil.

In March 2025, the Company amended its credit agreement dated August 2, 2021, as amended, to extend the maturity of $ 75.0 million of the commitments available for borrowing and issuing letters of credit under the credit agreement from June 20, 2025 to June 20, 2030.

The Company’s available capacity under its committed credit agreements is reduced for amounts outstanding under its domestic commercial paper program, various credit agreements and letters of credit.

At June 30, 2025, the Company had unused capacity under its various credit agreements of $ 2.235 billion.

At September 30, 2025, the Company had unused capacity under its various credit agreements of $ 3.131 billion.

The following table summarizes the Company’s short-term borrowings:

June 30, December 31, June 30,

September 30, December 31, September 30,

2025 2024 2024

Domestic commercial paper $ 799.5 $ 655.6 $ 904.0

USD DDTL 750.0 — —

EUR DDTL 293.3 — —

Foreign facilities 4.1 6.8 11.5

12 unchanged sentences

2025 2024 2025 2024 2025 2024

Three Months Ended June 30:

Three Months Ended September 30:

Service cost $ 0.7 $ 0.9 $ 1.1 $ 1.2 $ 0.1 $ 0.1

4 unchanged sentences

Net periodic pension and benefit (credit) cost $ ( 0.4 ) $ 0.5 $ 1.3 $ 1.1 $ ( 2.4 ) $ ( 4.3 )

Six Months Ended June 30:

Nine Months Ended September 30:

Service cost $ 2.1 $ 2.7 $ 3.3 $ 3.6 $ 0.3 $ 0.3

20 unchanged sentences

If the reasonably estimable costs can only be identified as a range and no specific amount within that range can be determined more likely than any other amount within the range, the minimum of the range is provided.

and remediation-related activities, upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued.

At June 30, 2025 and 2024, the Company had accruals reported on the Consolidated Balance Sheets as Other long-term liabilities of $ 218.6 million and $ 222.1 million, respectively.

Estimated costs of current investigation and remediation activities of $ 65.0 million and $ 94.4 million are included in Other accruals at June 30, 2025 and 2024, respectively.

The Company routinely assesses its potential liability for investigation and remediation-related activities and adjusts its environmental-related accruals as information becomes available, including as a result of sites progressing through investigation and remediation-related activities, upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued.

At September 30, 2025 and 2024, the Company had accruals reported on the Consolidated Balance Sheets as Other long-term liabilities of $ 218.8 million and $ 209.8 million, respectively.

Estimated costs of current investigation and remediation activities of $ 65.0 million and $ 93.6 million are included in Other accruals at September 30, 2025 and 2024, respectively.

Actual costs incurred may vary from the accrued estimates due to the inherent uncertainties involved including, among others, the number and financial condition of parties involved with respect to any given site, the volumetric contribution which may be attributed to the Company relative to that attributed to other parties, the nature and magnitude of the wastes involved, the various technologies that can be used for remediation and the determination of acceptable remediation with respect to a particular site.

If the Company’s future loss contingency is ultimately determined to be at the unaccrued maximum of the estimated range of possible outcomes for every site for which costs can be reasonably estimated, the Company’s accrual for environmental-related activities would be $ 88.4 million higher than the minimum accruals at June 30, 2025.

If the Company’s future loss contingency is ultimately determined to be at the unaccrued maximum of the estimated range of possible outcomes for every site for which costs can be reasonably estimated, the Company’s accrual for environmental-related activities would be $ 88.6 million higher than the minimum accruals at September 30, 2025.

Additionally, costs for environmental-related activities may not be reasonably estimable at early stages of investigation and therefore would not be included in the unaccrued maximum amount.

Four of the Company’s currently and formerly owned manufacturing sites (Major Sites) account for the majority of the accrual for environmental-related activities and the unaccrued maximum of the estimated range of possible outcomes at June 30, 2025.

At June 30, 2025, $ 239.8 million, or 84.6 % of the total accrual, related directly to the Major Sites.

In the aggregate unaccrued maximum of $ 88.4 million at June 30, 2025, $ 66.1 million, or 74.8 %, related to the Major Sites.

At September 30, 2025, $ 239.6 million, or 84.7 % of the total accrual, related directly to the Major Sites.

In the aggregate unaccrued maximum of $ 88.6 million at September 30, 2025, $ 66.3 million, or 74.9 %, related to the Major Sites.

The significant cost components of this liability continue to be related to remedy implementation, regulatory agency interaction and project management and other costs.

17 unchanged sentences

Unasserted claims could have a material effect on the Company’s loss contingency as more information becomes available over time.

At June 30, 2025 , the Company did not have material loss contingency accruals related to unasserted claims.

At September 30, 2025 , the Company did not have material loss contingency accruals related to unasserted claims.

Management does not expect that a material portion of unrecognized loss contingencies will be recoverable through insurance, indemnification agreements or other sources.

In the event any future loss contingency significantly exceeds the current amount accrued, the recording of the ultimate liability may result in a material impact on Net income for the annual or interim period during which the additional costs are accrued.

Moreover, management does not believe that any potential

liability ultimately attributed to the Company for its environmental-related matters will have a material adverse effect on the Company’s financial condition, liquidity or cash flow due to the extended length of time during which environmental investigation and remediation takes place.

Moreover, management does not believe that any potential liability ultimately attributed to the Company for its environmental-related matters will have a material adverse effect on the Company’s financial condition, liquidity or cash flow due to the extended length of time during which environmental investigation and remediation takes place.

An estimate of the potential impact on the Company’s operations cannot be made due to the aforementioned uncertainties.

12 unchanged sentences

The following tables summarize the activity related to this transaction and the corresponding balances recognized in the Consolidated Balance Sheets.

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30, September 30, September 30,

2025 2024 2025 2024

3 unchanged sentences

(1) Interest is capitalized within construction in progress in Property, plant and equipment, net.

June 30, December 31, June 30,

September 30, December 31, September 30,

2025 2024 2024

11 unchanged sentences

These uncertainties will ultimately be resolved when one or more future events occur or fail to occur confirming the incurrence of a liability or the reduction of a liability.

In accordance with the Contingencies Topic of the ASC, the Company accrues for these contingencies by a charge to income when it is both probable that one or more future events will occur confirming the fact of a loss and the amount of the loss can be reasonably estimated.

In accordance with the Contingencies Topic of the ASC, the Company accrues for contingencies by a charge to income when it is both probable that one or more future events will occur confirming the fact of a loss and the amount of the loss can be reasonably estimated.

In the event that the Company’s loss contingency is ultimately determined to be significantly higher than currently accrued, the recording of the additional liability may result in a material impact on the Company’s results of operations, liquidity or financial condition for the annual or interim period during which such additional liability is accrued.

1 unchanged sentence

In those cases where no accrual is recorded or exposure to loss exists in excess of the amount accrued, the Contingencies Topic of the ASC requires disclosure of the contingency when there is a reasonable possibility that a loss or additional loss may have been incurred.

Due to the uncertainties involved in litigation, management is unable to predict the outcome of the litigation identified below, the number or nature of possible future claims and proceedings or the effect that any legislation and/or administrative regulations may have on the litigation or against the Company.

Due to the uncertainties involved in litigation, management is unable to predict the outcome of the litigation identified below, the number or nature of possible future claims and proceedings, or the effect that any legislation and/or administrative regulations may have on the litigation or the Company.

In addition, management cannot reasonably determine the scope or amount of the potential costs and liabilities related to such litigation, or resulting from any such legislation and regulations.

With respect to the litigation identified below, the Company has only accrued for the court-approved agreement related to the California Proceedings, identified in the Public Nuisance Claim Litigation section.

For the remaining litigation identified below, the Company does not believe it is probable that a loss has occurred, or the Company believes it is not possible to estimate the range of potential losses.

During the third quarter of 2025, the Company made its last payment in the court-approved agreement related to the California Proceedings, identified in the Public Nuisance Claim Litigation section, and accordingly there is no remaining accrual recorded for this matter as of September 30, 2025.

For the remaining lead pigment and lead-based paint litigation identified below, the Company does not believe it is probable that a loss has occurred, or the Company believes it is not possible to estimate the range of potential losses.

In addition, any potential liability that may result from any changes to legislation and regulations cannot reasonably be estimated.

Due to the uncertainties associated with the amount of any such liability and/or the nature of any other remedy which may be imposed in litigation, any potential liability determined to be attributable to the Company arising out of such litigation may have a material adverse effect on the Company’s results of operations, liquidity or financial condition.

Due to the uncertainties associated with the amount of any such liability and/or the nature of

any other remedy which may be imposed in litigation, any potential liability determined to be attributable to the Company arising out of such litigation may have a material adverse effect on the Company’s results of operations, liquidity or financial condition.

An estimate of the potential impact on the Company’s results of operations, cash flow, liquidity or financial condition cannot be made due to the aforementioned uncertainties.

43 unchanged sentences

On November 8, 2024, the district court granted in part and denied in part defendants’ motions to dismiss the amended complaints, dismissing the second cause of action for general negligence and plaintiffs’ abatement allegations, but otherwise permitting the case to proceed.

On December 6, 2024, the Company and some of the other defendants filed a third-party complaint against NL Industries, Inc.

(NL) and the owners and landlords of the properties where plaintiffs resided.

On December 6, 2024, the Company and some of the other defendants filed a third-party

complaint against NL Industries, Inc.

(NL) and the owners and landlords of the properties where the Gibson and Valoe plaintiffs resided.

On January 30, 2025, the district court entered a stipulated order dismissing NL pursuant to the execution of a Pierringer release settlement agreement between plaintiffs and NL where the plaintiffs have agreed to indemnify NL against claims for contribution from the Company and some of the other defendants.

Some of the owners and landlords have filed motions to dismiss the third-party complaints, to which the Company has filed oppositions;

these motions are pending.

Some of the owners and landlords filed motions to dismiss the third-party complaints, to which the Company filed oppositions.

On September 4, 2025, the district court denied all of the motions to dismiss that were filed by the owners and landlords.

In the separate state court proceeding, on August 24, 2021, Arrieona Beal filed an amended complaint in Milwaukee County Circuit Court, naming the Company and other alleged former lead pigment manufacturers as defendants pursuant to the risk contribution liability theory.

3 unchanged sentences

On February 27, 2025, landlord defendants Hattie and Jerry Mitchell were voluntarily dismissed pursuant to the execution of a Pierringer release settlement agreement between plaintiff and the landlord defendants where the plaintiff has agreed to indemnify the landlord defendants against claims for contribution from the Company and the other defendants.

On October 6, 2025, the court entered an amended scheduling order indicating that trial will be scheduled between January 15, 2027 and March 31, 2027, on dates to be set by the court.

Other matters.

2 unchanged sentences

Following expert discovery, on November 20, 2024, the Company filed a motion in the United States District Court for the District of New Jersey seeking to enforce the terms of an April 2019 Remedial Design/Remedial Action Consent Decree between the Company and the United States Environmental Protection Agency that is being attacked by the NJ DEP’s state court lawsuit.

On December 21, 2024, the United States filed a brief in opposition to the

Company’s motion, to which the Company filed a reply brief.

On December 21, 2024, the United States filed a brief in opposition to the Company’s motion, to which the Company filed a reply brief.

On July 16, 2025, the federal court held a hearing on the Company’s motion and denied the motion without prejudice.

1 unchanged sentence

The state court has set a trial date of February 23, 2026.

In July 2024, a third-party assurance, testing, inspection and certification provider changed its listing for one of the Company’s protective coatings products, an intumescent coating used for fire protection of steel beam assemblies.

The Company has received claims regarding this matter, including from a competitor, and is working with its customers and end users to assist in understanding the potential impacts of the listing change, including the extent of potential remedial action that may involve the application of additional product.

The Company is also investigating potential inaccuracies for certain other Firetex intumescent products arising out of tests conducted on those products by the same third-party provider.

In July 2024, a third-party assurance, testing, inspection and certification provider (the Third-Party Provider) changed its listing for Firetex FX9502, one of the Company’s protective coatings products, an intumescent coating used for fire protection of steel beam assemblies.

The Company has received claims regarding this matter, including from a competitor (which culminated in the false advertising claim described below), and is working with its customers and end users to assist in understanding the potential impacts of the listing change, including the extent of potential remedial action that may involve the application of additional product.

The Company is also investigating potential inaccuracies for certain other Firetex intumescent products arising out of tests conducted on those products by the Third-Party Provider.

Additionally, the Company is investigating an issue in connection with its Firetex Design Estimator software in which the software recommended estimated dry film thicknesses (DFT) for certain intumescent products that were in excess of published maximum DFTs, for which the Company has also received claims.

The Company’s review of these matters is ongoing.

Except for an immaterial product warranty liability which remains recorded on the Consolidated Balance Sheets as of June 30, 2025, any additional amount or range of potential loss cannot be reasonably estimated at this time.

On September 2, 2025, Carboline Global Inc.

(Carboline) filed a lawsuit against the Company in the Eastern District of Missouri, which alleges that the Company violated the Lanham Act by disseminating false advertisements related to Firetex FX9502, an intumescent coating used for fire protection of steel beam assemblies.

Carboline’s claim arises from a change to the product’s listing by the Third-Party Provider.

Carboline seeks actual damages, treble damages, fees and costs, and injunctive relief.

The Company intends to vigorously defend itself.

NOTE 10 - SHAREHOLDERS’ EQUITY

6 unchanged sentences

Second Quarter 0.79 197.9 0.715 178.6

Third Quarter 0.79 195.7 0.715 182.5

Total $ 2.37 $ 594.0 $ 2.145 $ 543.6

1 unchanged sentence

The Company acquires its common stock for general corporate purposes through its publicly announced share repurchase program.

As of June 30, 2025, the Company had remaining authorization from its Board of Directors to purchase 32.0 million shares of its common stock.

As of September 30, 2025, the Company had remaining authorization from its Board of Directors to purchase 30.0 million shares of its common stock.

The table below summarizes share repurchases:

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

2 unchanged sentences

Average price per share $ 334.10 $ 358.96 $ 345.70 $ 328.41

Other Activity

During the six months ended June 30, 2025, 380,520 stock options were exercised at a weighted average price per share of $ 135.47 .

In addition, 175,344 restricted stock units vested during the same period.

Other Capital

During the nine months ended September 30, 2025, 943,013 stock options were exercised at a weighted average price per share of $ 126.99 .

175,578 restricted stock units vested during the same period.

In addition, $ 58.9 million was recorded to Other capital related to settlements associated with accelerated treasury stock repurchase agreements during the nine months ended September 30, 2025.

Effective April 16, 2025, the Company’s shareholders approved The Sherwin-Williams Company 2025 Equity and Incentive Compensation Plan (2025 Plan).

11 unchanged sentences

— ( 10.0 ) ( 2.8 ) ( 12.8 )

Balance at June 30, 2025 $ ( 690.1 ) $ 66.3 $ 25.9 $ ( 597.9 )

(1) Foreign currency translation adjustments include changes in the fair value of cross currency swap contracts of $( 145.3 ) million, net of taxes during the six months ended June 30, 2025.

(2) Unrealized net gains on cash flow hedges are net of taxes of $( 1.0 ) million for the six months ended June 30, 2025.

(3) Pension and other postretirement benefits adjustments are net of taxes of $ 2.2 million for the six months ended June 30, 2025.

(4) Unrealized net gains on cash flow hedges are net of taxes of $ 0.6 million for the six months ended June 30, 2025.

Balance at September 30, 2025 $ ( 679.7 ) $ 63.1 $ 26.5 $ ( 590.1 )

(1) Foreign currency translation adjustments include changes in the fair value of cross currency swap contracts of $( 133.4 ) million, net of taxes during the nine months ended September 30, 2025.

(2) Unrealized net gains on cash flow hedges are net of taxes of $( 1.5 ) million for the nine months ended September 30, 2025.

(3) Pension and other postretirement benefits adjustments are net of taxes of $ 3.5 million for the nine months ended September 30, 2025.

(4) Unrealized net gains on cash flow hedges are net of taxes of $ 0.9 million for the nine months ended September 30, 2025.

See Statements of Consolidated Comprehensive Income.

7 unchanged sentences

— ( 13.4 ) ( 2.7 ) ( 16.1 )

Balance at June 30, 2024 $ ( 858.8 ) $ 55.4 $ 26.5 $ ( 776.9 )

(1) Foreign currency translation adjustments include changes in the fair value of cross currency swap contracts of $ 24.1 million, net of taxes during the six months ended June 30, 2024.

(2) Pension and other postretirement benefits adjustments are net of taxes of $ 2.9 million for the six months ended June 30, 2024.

(3) Unrealized net gains on cash flow hedges are net of taxes of $ 0.6 million for the six months ended June 30, 2024.

Balance at September 30, 2024 $ ( 752.7 ) $ 50.9 $ 25.6 $ ( 676.2 )

(1) Foreign currency translation adjustments include changes in the fair value of cross currency swap contracts of $( 7.3 ) million, net of taxes during the nine months ended September 30, 2024.

(2) Pension and other postretirement benefits adjustments are net of taxes of $ 4.5 million for the nine months ended September 30, 2024.

(3) Unrealized net gains on cash flow hedges are net of taxes of $ 0.9 million for the nine months ended September 30, 2024.

See Statements of Consolidated Comprehensive Income.

6 unchanged sentences

Dollar denominated fixed-rate debt to euro denominated fixed-rate debt.

The outstanding contracts as of June 30, 2025 are summarized by maturity date in the table below.

The outstanding contracts as of September 30, 2025 are summarized by maturity date in the table below.

Notional Value Maturity Date

$ 200.0 August 8, 2025

$ 687.7 June 1, 2027

1 unchanged sentence

200.0 August 15, 2028

525.0 August 15, 2029

200.0 September 1, 2031

The following table summarizes the balance sheet location of the cross currency swap contracts.

In August 2025, the Company extended the maturity date of a net investment hedge with a notional value of $ 200.0 million from August 8, 2025 to August 15, 2028.

The following table summarizes the location of the cross currency swap contracts on the Consolidated Balance Sheets.

See Note 13 for additional information on the fair value of these contracts.

June 30, December 31, June 30,

September 30, December 31, September 30,

2025 2024 2024

4 unchanged sentences

The changes in fair value of the cross currency swap contracts are recognized in the foreign currency translation adjustments component of AOCI.

The following table summarizes the unrealized (losses) gains:

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

The following table summarizes the unrealized gains (losses):

Three Months Ended Nine Months Ended

September 30, September 30, September 30, September 30,

2025 2024 2025 2024

(Losses) gains $ ( 144.7 ) $ 7.7 $ ( 192.9 ) $ 32.0

Gains (losses) $ 15.8 $ ( 41.7 ) $ ( 177.1 ) $ ( 9.7 )

Tax effect ( 3.9 ) 10.3 43.7 2.4

(Losses) gains, net of taxes

Gains (losses), net of taxes

$ 11.9 $ ( 31.4 ) $ ( 133.4 ) $ ( 7.3 )

Cash Flow Hedges

In April 2025, the Company entered into interest rate lock contracts with an aggregate notional amount of $ 300 million in anticipation of a probable issuance of new long-term fixed rate debt within the next twelve months.

These contracts hedge the variability in the benchmark interest rate (US Treasury) and were recorded as an asset of $ 4.1 million within Other current assets at June 30, 2025.

See Notes 11 and 13 for information on the related component recognized in AOCI and fair value, respectively.

In April 2025, in anticipation of a probable issuance of new long-term fixed rate debt within the next twelve months, the Company entered into a series of interest rate lock contracts with an aggregate notional amount of $ 300 million.

The interest rate locks were designated as cash flow hedges with an objective to hedge the variability in the benchmark interest rate (US Treasury).

The interest rate locks settled in July 2025 for a $ 4.7 million gain, net of tax, which was recognized in Other comprehensive income (loss), net of tax in the Statements of Consolidated Comprehensive Income.

Derivatives Not Designated as Hedging Instruments

2 unchanged sentences

See Note 15 for further details.

There were no material foreign currency option and forward contracts outstanding at June 30, 2025, December 31, 2024 and June 30, 2024.

There were no material foreign currency option and forward contracts outstanding at September 30, 2025, December 31, 2024 and September 30, 2024.

NOTE 13 - FAIR VALUE MEASUREMENTS

5 unchanged sentences

Significant unobservable inputs

There were no assets and liabilities measured at fair value on a recurring basis classified as Level 3 at June 30, 2025, December 31, 2024 and June 30, 2024.

There were no assets and liabilities measured at fair value on a recurring basis classified as Level 3 at September 30, 2025, December 31, 2024 and September 30, 2024.

Except for the acquisition related fair value measurements described in Note 3, there were no assets and liabilities measured at fair value on a nonrecurring basis.

The following table presents the Company’s financial assets that are measured at fair value on a recurring basis, categorized using the fair value hierarchy.

June 30, 2025 December 31, 2024 June 30, 2024

September 30, 2025 December 31, 2024 September 30, 2024

Total Level 1 Level 2 Total Level 1 Level 2 Total Level 1 Level 2

1 unchanged sentence

Net investment hedges — — — 48.9 — 48.9 — — —

Interest rate locks 4.1 — 4.1 — — — — — —

$ 98.3 $ 98.3 $ — $ 147.5 $ 98.6 $ 48.9 $ 94.0 $ 94.0 $ —

3 unchanged sentences

The Level 1 investments are valued using quoted market prices multiplied by the number of shares.

There was $ 7.0 million, $ 7.0 million and $ 6.6 million of deferred compensation plan assets held in partnership funds measured using net asset value (or its equivalent) as a practical expedient as of June 30, 2025, December 31, 2024 and June 30, 2024, respectively.

There was $ 7.3 million, $ 7.0 million and $ 6.8 million of deferred compensation plan assets held in partnership funds measured using net asset value (or its equivalent) as a practical expedient as of September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

These investments are not classified in the fair value hierarchy.

The cost basis of all investments within the deferred compensation plan was $ 86.1 million, $ 82.7 million and $ 80.3 million at June 30, 2025, December 31, 2024 and June 30, 2024, respectively.

The cost basis of all investments within the deferred compensation plan was $ 77.4 million, $ 82.7 million and $ 78.6 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

The net investment hedges represent the fair value of the cross currency swaps.

1 unchanged sentence

The fair value is based on a valuation model that uses observable inputs, including interest rate curves and the euro foreign currency rate.

The interest rate locks represent the fair value of the hedging contracts entered into in anticipation of a probable issuance of new long-term fixed rate debt.

See Note 12 for further details.

The fair value is based on a valuation model that uses observable inputs, including interest rate curves.

The carrying amounts reported for Cash and cash equivalents and Short-term borrowings approximate fair value.

3 unchanged sentences

The following table summarizes the carrying amounts and fair values of the Company’s publicly traded debt and non-publicly traded debt.

June 30, 2025 December 31, 2024 June 30, 2024

September 30, 2025 December 31, 2024 September 30, 2024

Value Carrying

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Contracts are at standalone pricing.

The performance obligation in these contracts is determined by each of the

individual purchase orders and the respective stated quantities, with revenue being recognized at a point in time when obligations under the terms of the agreement are satisfied.

The performance obligation in these contracts is determined by each of the individual purchase orders and the respective stated quantities, with revenue being recognized at a point in time when obligations under the terms of the agreement are satisfied.

This generally occurs with the transfer of control of our products to the customer.

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Balance at December 31, 2024 $ 2,388.8 $ 55.0 $ 231.0 $ 386.2 $ 1.6

Balance at June 30, 2025 3,111.9 85.9 247.7 304.0 14.8

Balance at September 30, 2025 3,122.3 74.1 236.4 361.6 11.8

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the contractual performance obligation and the associated payment.

13 unchanged sentences

The following table summarizes the movement in the Company’s allowance for current expected credit losses:

Six Months Ended

Nine Months Ended

September 30,

Beginning balance $ 60.4 $ 59.6

3 unchanged sentences

NOTE 15 - OTHER (INCOME) EXPENSE

Other general expense (income) - net

Included in Other general expense (income) - net were the following:

Other general (income) expense - net

Included in Other general (income) expense - net were the following:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

2 unchanged sentences

Other 8.5 ( 0.1 ) 23.6 2.0

Other general expense (income) - net $ 6.3 $ ( 33.6 ) $ 15.2 $ ( 31.6 )

Other general (income) expense - net $ ( 4.7 ) $ 0.7 $ 10.5 $ ( 30.9 )

Provisions for environmental matters - net represent initial provisions for site-specific estimated costs of environmental investigation or remediation and increases or decreases to environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued.

Provisions for environmental matters - net for the three and six months ended June 30, 2024 included an immaterial amount of insurance proceeds related to environmental cleanup at a current manufacturing site.

Provisions for environmental matters - net for the nine months ended September 30, 2024 included an immaterial amount of insurance proceeds related to environmental cleanup at a current manufacturing site.

See Note 8 for further details on the Company’s environmental-related activities.

Gain on sale or disposition of assets represents the net gains associated with the sale or disposal of property, plant and equipment and intangible assets previously used in the conduct of the primary business of the Company, and also includes insurance recoveries related to previous asset losses at a current manufacturing site.

There were no items within the Other caption that were individually significant.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net investment gains $ ( 6.3 ) $ ( 3.8 ) $ ( 9.5 ) $ ( 8.9 )

Net investment losses (gains) $ 3.9 $ ( 1.9 ) $ ( 5.6 ) $ ( 10.8 )

Net expense from banking activities 4.1 3.6 12.2 11.3

Foreign currency transaction related losses (gains) - net 13.1 ( 4.6 ) 23.1 3.0

Foreign currency transaction related losses - net 6.6 6.8 29.7 9.8

Miscellaneous pension and benefit income ( 3.4 ) ( 4.9 ) ( 10.2 ) ( 14.7 )

2 unchanged sentences

Other expense (income) - net $ 2.3 $ 9.5 $ 9.9 $ ( 30.2 )

Net investment gains primarily relate to the change in market value of the investments held in the deferred compensation plans.

The three and six months ended June 30, 2024 also included the change in market value related to bonds issued by a foreign government.

Net investment losses (gains) primarily relate to the change in market value of the investments held in the deferred compensation plans.

The nine months ended September 30, 2024 also included the change in market value related to bonds issued by a foreign government.

See Note 13 for further details on the fair value of these investments.

Foreign currency transaction related losses (gains) - net include the impact from foreign currency transactions, including from highly inflationary economies such as Argentina, and net realized losses (gains) from foreign currency option and forward contracts.

Foreign currency transaction related losses - net include the impact from foreign currency transactions, including from highly inflationary economies such as Argentina, and net realized losses from foreign currency option and forward contracts.

See Note 12 for further details regarding these foreign currency contracts.

2 unchanged sentences

Other income and Other expense include items of revenue, gains, expenses and losses that were unrelated to the primary business purpose of the Company.

There were no items within the other income or other expense caption that were individually significant.

There were no items within the Other income or Other expense captions that were individually significant .

NOTE 16 - INCOME TAXES

The effective tax rate was 23.4 % and 23.2 % for the second quarter and first six months of 2025, respectively, compared to 24.2 % and 23.1 % for the second quarter and first six months of 2024.

The decrease in the effective tax rate for the second quarter was primarily due to a more favorable impact from tax benefits related to employee share-based payments.

The effective tax rate was essentially flat for the first six months of 2025 when compared to the same period last year.

The other significant components of the Company’s effective tax rate were consistent year-over-year.

The effective tax rate was 21.4 % and 22.5 % for the third quarter and first nine months of 2025, respectively, compared to 21.2 % and 22.4 % for the third quarter and first nine months of 2024.

The effective tax rate was essentially flat for the first nine months of 2025 when compared to the same period last year.

The significant components of the Company’s effective tax rate were consistent year-over-year.

At December 31, 2024, the Company had $ 99.3 million in unrecognized tax benefits, the recognition of which would have an effect of $ 84.0 million on the effective tax rate.

2 unchanged sentences

At December 31, 2024, the Company had accrued $ 18.8 million for the potential payment of income tax interest and penalties.

There were no significant changes to any of the balances of unrecognized tax benefits at December 31, 2024 during the first six months of 2025.

There were no significant changes to any of the balances of unrecognized tax benefits at December 31, 2024 during the first nine months of 2025.

The Company and its subsidiaries file income tax returns in the U.S.

2 unchanged sentences

The Company paid the related interest assessment in the second quarter of 2025.

As of June 30, 2025, the federal statute of limitations has not expired for the 2020 through 2024 tax years.

At June 30, 2025, the Company is subject to non-U.S.

The IRS is currently auditing the Company’s 2020 through 2022 income tax returns.

As of September 30, 2025, the federal statute of limitations has not expired for the 2020 through 2024 tax years.

At September 30, 2025, the Company is subject to non-U.S.

income tax examinations for the tax years of 2014 through 2024.

2 unchanged sentences

tax reform legislation known as the One Big Beautiful Bill Act (the Tax Act) was signed into law.

Key provisions of the Tax Act relevant to the Company’s operations include immediate expensing of certain capital expenditures and domestic research and development expense beginning in 2025 and changes to various U.S.

Key provisions of the Tax Act relevant to the Company’s operations include immediate expensing of certain domestic capital expenditures and domestic research and development expense beginning in 2025 and changes to various U.S.

international tax provisions going forward.

The Company does not anticipate the Tax Act will materially change its effective tax rate for 2025 and is in the process of evaluating the full impact on the condensed consolidated financial statements.

The Company does not anticipate the Tax Act will materially change its effective tax rate for 2025, however, the Company is continuing to evaluate the full impact of the Tax Act on the condensed consolidated financial statements as further information becomes available.

The Company has reflected the effects of the Tax Act in the condensed consolidated financial statements for the quarter ending September 30, 2025, in accordance with the Income Taxes Topic of the ASC.

NOTE 17 - NET INCOME PER SHARE

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

9 unchanged sentences

Diluted net income per share $ 3.35 $ 3.18 $ 8.34 $ 8.65

(1) There were 1.0 million of stock options and other contingently issuable shares excluded due to their anti-dilutive effect for the three and six months ended June 30, 2025.

There were 0.1 million of stock options and other contingently issuable shares excluded due to their anti-dilutive effect for the three and six months ended June 30, 2024.

(1) There were 1.0 million of stock options and other contingently issuable shares excluded due to their anti-dilutive effect for the three and nine months ended September 30, 2025, respectively.

There were 0.1 million of stock options and other contingently issuable shares excluded due to their anti-dilutive effect for the three and nine months ended September 30, 2024.

NOTE 18 - REPORTABLE SEGMENT INFORMATION

11 unchanged sentences

Refer to Note 22 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for further details on the Company’s Reportable Segments.

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Group Consumer

18 unchanged sentences

nm - not meaningful

(1) Other segment items includes Other general expense (income) - net, Interest income and Other expense (income) - net.

(1) Other segment items includes Other general (income) expense - net, Interest income and Other expense (income) - net.

(2) Depreciation is recorded within Cost of goods sold and Selling, general and administrative expenses.

(3) Amortization is recorded with Selling, general and administrative expenses.

Three Months Ended June 30, 2024

(3) Amortization is recorded within Selling, general and administrative expenses.

Three Months Ended September 30, 2024

Group Consumer

18 unchanged sentences

nm - not meaningful

(1) Other segment items includes Other general expense (income) - net, Interest income and Other expense (income) - net.

(1) Other segment items includes Other general (income) expense - net, Interest income and Other expense (income) - net.

(2) Depreciation is recorded within Cost of goods sold and Selling, general and administrative expenses.

(3) Amortization is recorded with Selling, general and administrative expenses.

Six Months Ended June 30, 2025

(3) Amortization is recorded within Selling, general and administrative expenses.

Nine Months Ended September 30, 2025

Group Consumer

18 unchanged sentences

nm - not meaningful

(1) Other segment items includes Other general expense (income) - net, Interest income and Other expense (income) - net.

(1) Other segment items includes Other general (income) expense - net, Interest income and Other expense (income) - net.

(2) Depreciation is recorded within Cost of goods sold and Selling, general and administrative expenses.

(3) Amortization is recorded with Selling, general and administrative expenses.

Six Months Ended June 30, 2024

(3) Amortization is recorded within Selling, general and administrative expenses.

Nine Months Ended September 30, 2024

Group Consumer

18 unchanged sentences

nm - not meaningful

(1) Other segment items includes Other general expense (income) - net, Interest income and Other expense (income) - net.

(1) Other segment items includes Other general (income) expense - net, Interest income and Other expense (income) - net.

(2) Depreciation is recorded within Cost of goods sold and Selling, general and administrative expenses.

(3) Amortization is recorded with Selling, general and administrative expenses.

(3) Amortization is recorded within Selling, general and administrative expenses.

In the Reportable Segment financial information, Segment profit represents each Reportable Segment’s Income before income taxes.

6 unchanged sentences

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM and includes intersegment expenses within the amounts shown.

Net sales of all consolidated foreign subsidiaries were $ 1.155 billion and $ 1.143 billion for the three months ended June 30, 2025 and 2024, respectively.

Net sales of all consolidated foreign subsidiaries were $ 2.200 billion and $ 2.246 billion for the six months ended June 30, 2025 and 2024, respectively.

Long-lived assets of these subsidiaries totaled $ 3.797 billion and $ 3.456 billion at June 30, 2025 and 2024, respectively.

Net sales of all consolidated foreign subsidiaries were $ 1.135 billion and $ 1.124 billion for the three months ended September 30, 2025 and 2024, respectively.

Net sales of all consolidated foreign subsidiaries were $ 3.335 billion and $ 3.370 billion for the nine months ended September 30, 2025 and 2024, respectively.

Long-lived assets of these subsidiaries totaled $ 4.995 billion and $ 3.631 billion at September 30, 2025 and 2024, respectively.

Domestic operations accounted for the remaining Net sales and long-lived assets.

5 unchanged sentences

Group Administrative Consolidated

June 30, 2025 $ 6,446.1 $ 7,151.8 $ 8,293.4 $ 3,472.3 $ 25,363.6

September 30, 2025 $ 6,608.6 $ 6,964.1 $ 7,990.0 $ 4,643.7 $ 26,206.4

December 31, 2024 5,878.0 6,854.7 7,847.4 3,052.5 23,632.6

June 30, 2024 6,202.9 6,709.1 8,138.3 2,683.7 23,734.0

September 30, 2024 6,104.8 6,769.8 8,139.9 2,953.8 23,968.3

For further details on the Company’s Reportable Segments, see Note 22 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 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